operates as a mortgage real estate investment trust (REIT), which engages in the acquisition, origination, sale, and securitization of nonconforming Alt-A mortgages.
The company’s operations include long-term investment, mortgage, and warehouse lending.
The long-term investment operations primarily invest in adjustable rate and fixed rate Alt-A mortgages that are acquired and originated by the mortgage operations.
They also originate and invest in small-balance, multifamily residential mortgages.
The mortgage operations acquire, originate, sell, and securitize primarily adjustable rate and fixed rate Alt-A mortgages, as well as sub-prime mortgages from correspondents, mortgage brokers, and retail customers.
The warehouse lending operations provide short-term financing to mortgage loan originators, including the mortgage operations, by funding mortgages from their closing date until they are sold to preapproved investors.
The company has elected to qualify as a REIT for tax purposes and must distribute at least 90% of its taxable income to its stockholders, of which 85% must be distributed within the taxable year in order to avoid the imposition of an excise tax.
Impac Mortgage Holdings was incorporated in 1995 and is headquartered in Newport Beach, California.
