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“Our results, as well as many of our peers’ performance, reflect the intense pressure on mortgage originations due to the dramatic collapse of the mortgage refinance market and the weakening mortgage purchase market, which has suffered from a lack of housing inventory and the significant increase in mortgage interest rates resulting in affordability issues.”
To mitigate the risks associated with reduced distribution exits and extended settlement timelines, Impac CEO George Mangiaracina shared that the company started to pull back on production, raised the pricing on its loan products, and shifted its focus on non-agency production in the first quarter.
As a result, Impac originated and sold $128.1 million and $248.2 million of mortgage loans. Of this figure, Impac originated $80.2 million in non-QM loans in Q2, down from $314.3 million in Q1.
Read next: Angel Oak Mortgage sees weakening non-QM demand in Q2 financial results
However, Gloeckner noted the recent dislocation within the non-QM market due to the significant increase in interest rates.
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