Impac Mortgage Holdings, Inc. (NYSE MKT: IMH), announced today that it
entered into a $30 million credit facility with Macquarie Group
(“Macquarie”) to provide liquidity needed to opportunistically retain
mortgage servicing rights and to fund the continued growth of mortgage
loan origination volumes.
Mr. Joseph Tomkinson, Chairman and CEO of Impac Mortgage Holdings, Inc.,
commented, “We are pleased to further our relationship with Macquarie
Group and believe it is a significant accomplishment to raise capital,
allowing us to continue to grow our mortgage lending platform. This
transaction not only strengthens our liquidity, but also provides the
ability to selectively retain mortgage servicing rights as well as a
greater ability to take advantage of opportunities that may arise in the
mortgage lending industry.”
Forward-Looking Statements
This press release contains certain forward looking statements within
the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. Forward looking statements, some
of which are based on various assumptions and events that are beyond our
control, may be identified by reference to a future period or periods or
by the use of forward looking terminology, such as “may,” “will,”
“intends,” “believe,” “expect,” “likely,” ”appear,” “should,” “could,”
“anticipate,” “expectations,” “plan,” “considers,” or similar terms or
variations on those terms or the negative of those terms. The forward
looking statements are based on current management expectations. Actual
results may differ materially as a result of several factors, including,
but not limited to the following: failure to achieve the benefits
expected of the transaction; ability to increase our market share in the
various residential mortgage businesses; volatility in the mortgage
industry; unexpected interest rate fluctuations and margin compression;
increased competition in the mortgage lending industry by larger or more
efficient companies; more than expected increases in default rates or
loss severities and mortgage related losses; increase in loan repurchase
requests and ability to adequately settle repurchase obligations;
failure to create brand awareness; the outcome, including any
settlements, of litigation or regulatory actions pending against us or
other legal contingencies; and our compliance with applicable local,
state and federal laws and regulations and other general market and
economic conditions.
For a discussion of these and other risks and uncertainties that could
cause actual results to differ from those contained in the forward
looking statements, see the annual and quarterly reports we file with
the Securities and Exchange Commission. This document speaks only as of
its date and we do not undertake, and specifically disclaim any
obligation, to release publicly the results of any revisions that may be
made to any forward looking statements to reflect the occurrence of
anticipated or unanticipated events or circumstances after the date of
such statements.
About the Company
Impac Mortgage Holdings, Inc. (IMH or Impac) provides innovative
mortgage lending and warehouse lending solutions, as well as real estate
solutions that address the challenges of today’s economic environment.
Impac’s operations include mortgage and warehouse lending, servicing,
portfolio loss mitigation and real estate services as well as the
management of the securitized long-term mortgage portfolio, which
includes the residual interests in securitizations.
For additional information, questions or comments, please call Justin
Moisio, VP Investor Relations at (949) 475-3988 or email Justin.Moisio@ImpacMail.com.
Web site: http://ir.impaccompanies.com
or www.impaccompanies.com.
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