Home-lending activity took a giant leap at Impac Mortgage Holdings Inc. In addition, the organization reported sizable growth in its mortgage servicing portfolio.
Net earnings before income taxes during the three months ended Sept. 30, came to $16 million, not as good as the $20 million earned in the third quarter of last year.
The results, along with other financial and operational metrics, were provided in the
Irvine, California-based mortgage banker’s third-quarter 2016 earnings report.
Income, however, was up from $13 million in the second-quarter 2016.
Impac generated $4.217 billion in residential loan originations during the most-recent three-month period. Business accelerated from $3.247 billion three months earlier and $2.303 billion one year earlier.
From Jan. 1, 2016, through Sept. 30, mortgage production amounted to $9.813 billion.
Third-quarter 2016 home lending consisted of $3.274 billion in retail originations, $0.360 billion in wholesale lending and $0.583 billion in correspondent acquisitions.
Business likely picked up in the fourth-quarter based on the locked pipeline, which climbed to $1.2 billion as of Sept. 30 from $1.0 billion as of mid-year 2016.
Impac concluded September 2016 with a mortgage servicing portfolio of $9.451 billion. The company serviced $6.642 billion in loans as of June 30, 2016, and $6.088 billion as of Sept. 30, 2015.
