Quarterly mortgage originations turned lower at Impac Mortgage Holdings Inc. , with even year-over-year lending activity came up short.
Home loan production amounted to $0.576 billion during the three months ended Sept. 30, according to third-quarter earnings data.
Business declined from the second quarter, when $0.780 billion in residential loans were closed.
Volume also slumped from a year earlier, when Impac originated $0.709 billion in mortgages.
During all three quarters this year, mortgage production totaled $2.030 billion.
Retail originations accounted for 29 percent of third-quarter volume, the wholesale share was 34 percent and the correspondent portion was 37 percent.
Refinance share fell to 45 percent from the second quarter’s 60 percent.
The mortgage servicing portfolio finished September at $2.689 billion.
The portfolio was up from the end of the second quarter, when Impac serviced $2.110 billion, and at the same point last year, when it stood at $1.222 billion.
The Irvine, Calif.-based company swung to a $5 million loss before income tax expense from a $2 million second-quarter profit. Earnings were also worse than the $7 million earned in the third quarter of last year.
Impac blamed the poor earnings on an industry-wide decline in originations and compressed gain-on-sale margins.
The lender said that its warehouse lending business went live in the third quarter.
