Quarterly residential loan originations contracted at Impac Mortgage Holdings Inc., as did the size of its servicing portfolio and its employees on staff.
Home-lending volume during the final three months of last year came to $1.939 billion.
The Irvine, California-based company revealed the numbers, as well as other financial and operational metrics, in its fourth-quarter 2014 earnings report.
Business retreated from the third quarter, when $2.303 billion in mortgages were funded.
“Fourth quarter origination volumes declined due to the normal seasonal decline and implementation of the new TILA-RESPA Integrated Disclosures requirements,” the report said.
But activity ascended from $1.109 billion in the fourth-quarter 2014.
Retail originations accounted for $1.204 billion of the latest volume, while wholesale production was $0.342 billion and correspondent acquisitions were $0.393 billion.
For all 12 months of 2015, total mortgage production was $9.259 billion — exploding from $2.849 billion the previous year. The phenomenal growth reflects the acquisition of CashCall Mortgage.
Impac noted that it plans to aggressively expand its non-QM originations this year.
The mortgage servicing portfolio finished last year at $3.571 billion, declining from $6.088 billion at the end of the third quarter as Impac sold off mortgage servicing rights on $4.5 billion in loans to manage its capital needs.
But the servicing portfolio has grown since the end of 2014, when it serviced $2.267 billion.
Prior to income taxes, Impac earned $12 million, not as much as the $20 million it earned in the third quarter. But the lender swung from a $2 million fourth-quarter 2014 loss.
Full-year earnings swung to a $59 million profit from a $5 million loss in 2014.
“With the reduced mortgage origination volumes in the fourth quarter of 2015, we reduced personnel and advertising costs,” the report stated.
