Impac purchased retail loan originator CashCall at the beginning of 2015, and that shrewd acquisition had a major impact on the company's financials, allowing Impac to drastically boost retail mortgage origination, as company's shareholders reaped the benefits as stocks climbed on the company's first quarter earnings.
“CashCall is a consumer direct company that is giving us a very large retail presence,” said Bill Ashmore, president of Impac Mortgage, in an interview with HousingWire
. “It also allows us to expand our non-Qualified Mortgage products and our VA
While the company's loan products have always been a boon for underserved borrowers who feel the squeeze of tight lending requirements, loan origination was down at the beginning of last year. A huge rebound in loan origination performance to open 2015 has catapulted the company upward and reflects the continued need for loan products that serve a wide range of borrowers.
In the first quarter of this year, Impac Mortgage Corp. Retail posted net earnings totalling $34 million. That inspiring performance represented a huge rebound from the same period last year, and spurred investors to buy up company shares.
Impac Mortgage Corp. Retail offers a wide range of products, and that offering was expanded by the acquisition of CashCall. These options make it possible for people who might otherwise be shut out of the mortgage market to get the funds they need.
Chief among the offerings from Impac Mortgage Corp. Retail is the AltQM family of products. These loans are specifically aimed at customers who narrowly miss the strict lending requirements imposed by most traditional lenders. Self-employed borrowers, foreign nationals or anyone else who lacks the extensive tax documentation required by other lenders can benefit from the asset-based qualifications required by AltQM loans.
Last year’s first quarter saw loan originations down – but the purchase of this retail loan originator has definitely turned things around for this mortgage loan company.