Impac Mortgage re-engages in lending

• Citing stabilizing market conditions, Impac Mortgage Holdings (NYSE:IMH) elects to re-engage in its lending activities.
• Will focus on segments of the market that have demonstrated adequate and stable capital markets distribution exits, initially expected to be GSE and FHA/VA lending.
• IMH is currently evaluating the Non-Agency jumbo and NonQM products, and will continue to monitor them as facts and circumstances evolve, particularly relating to the reemergence of NonQM.
• For the quarter ended March 31, preliminary core net loss per share was $2.62.
• IMH notes that it reduced its debt-to-equity leverage ratio in its wholly-owned licensed origination subsidiary to 0.5:1 at May 31, 2020 from 4.4:1 at Dec. 31, 2019.
• Created Copperfield Capital to assist with managing  loans held for sale and other activities; it will will provide origination and servicing solutions focusing on loss mitigation strategies, including loan modifications and restructurings to assist borrowers in these challenging times.
• Previously: Impac Mortgage puts lending activity on pause for two weeks (March 30)