Impac Mortgage

Impac Mortgage Delisted From NYSE American

Posted on by TMN Editor
Impac Mortgage’s common stock has been delisted from the New York Stock Exchange as the lender switches gears. In an announcement Wednesday, officials at the exchange said Impac’s stock would be suspended immediately while the delisting proceedings are underway. According to NYSE, Impac is not in compliance with the $2 million, $4 million, and $6 million shareholders’ equity requirements (Section 1003(a)(i), (ii) and (iii) of the NYSE American Company Guide). “Because the Company informed the NYSE American in its required quarterly plan update that it cannot continue to demonstrate an ability to return to compliance by February 26, 2024, which was the date the NYSE American originally granted the Company to regain compliance with the NYSE American’s continued listing standards,…

Impac Goes Broker, Winds Down TPO

Posted on by TMN Editor
Impac Mortgage is switching to a broker system, winding down its TPO business, and excusing itself from working with the GSEs. The company announced major changes in a business update this week. The company repositioned its retail consumer direct lending division into a mortgage broker fulfillment model. “The shift to a broker model allows the company to originate a variety of products that serve its national consumer base at a reduced cost per loan due to significant expense abatement relative to specialized staffing, operations, technology, and business promotion,” the update reads. Impac will expand its suite of loan products and programs that the broker channel will support. It expects non-QM originations to be the “dominant” product within the broker channel.…