Impac Mortgage Holdings, Inc.
0.1300+0.00 (+0%)
Oct 29, 4:00:00 PM EDT · OTC Markets OTCPK · IMPM · USD
Key Stats
Market Cap
4.75MP/E (TTM)
-Basic EPS (TTM)
-4.30Dividend Yield
0%Recent Filings
8-K
Impac suspends SEC reporting
Impac Mortgage Holdings announced on May 4, 2023, its plan to suspend SEC reporting obligations under the Exchange Act, following delisting from NYSE American on April 27. The board aims to slash costs from legal, accounting, and SOX compliance, deeming it best for the company and stockholders. Waiver secured from Convertible Promissory Notes holders. It will file Form 15 on May 10. Trading persists on OTC Pink with minimal reporting intact.
8-K
NYSE delisting hits Impac
Impac Mortgage Holdings received NYSE American notice on April 26, 2023, triggering delisting proceedings due to persistent failure to meet $2 million, $4 million, and $6 million shareholders' equity thresholds under Section 1003(a). Trading suspended immediately, with no appeal planned. Shares shift to OTC Pink under 'IMPM' starting April 27. This move signals deepening financial distress, curbing institutional access.
8-K
Impac drops GNMA designation
Impac Mortgage Holdings voluntarily gave up its GNMA mortgage-backed security designation on April 15, 2023, due to no eligible government insured loans. It holds no GNMA servicing now. Yet the company keeps its licenses for originating Fannie Mae, Freddie Mac, NonQM, Jumbo, FHA, VA, USDA, and second lien loans. This streamlines operations without halting key originations.
8-K
Impac's 2022 loss widens sharply
Impac Mortgage Holdings swung to a $39.4 million net loss for 2022, up from $3.9 million the prior year, hammered by a 76% plunge in loan originations to $693.7 million amid soaring rates that crushed refinances and squeezed purchase affordability. Margins cratered to 91 bps from 225 bps, prompting a pivot to a leaner broker model in retail and a wholesale wind-down to slash costs—headcount dropped 37%. Yet the balance sheet shrank dramatically, with total assets at $60.3 million and negative equity of $11.6 million. Market dislocations persist.
10-K
FY2022 results
Impac Mortgage Holdings grappled with a brutal 2022, as originations cratered 76% y/y to $693.7M amid soaring rates that gutted refinances (down 81% to $500.4M) and squeezed purchase affordability, slashing gain on sale margins to 91 bps from 225 bps. Q4 volumes limped to $21.5M, with NonQM at $18.4M (down from Q1's $314.3M peak), but sequential Q3-to-Q4 stabilization hinted at broker-model momentum after repositioning retail to brokerage in December—yielding $50K in nascent fees on $2.1M brokered loans. Expenses plunged 31% y/y to $56.1M via headcount cuts (down 37% to 210 avg.) and marketing restraint, yet net loss widened to $39.4M from $3.9M, fueled by $59M drop in sale gains; the Q1 legacy securitization sale unlocked $37.5M cash and $9.2M gain, deconsolidating $1.6B assets/liabilities. Liquidity stood at $25.9M cash plus $37.4M warehouse availability (post-$574M capacity trim), with $15M convertible notes due in $5M tranches through 2025; no dividends paid, broker pivot eyes cost savings. Q4 accelerated NonQM deceleration, but margin compression eased slightly q/q. Regulatory scrutiny on lending practices could crimp quarterly volumes.
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