Impac Mortgage Holdings, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 10, 2022 at 04:16 pm EST
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Impac Mortgage Holdings, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported negative revenue was USD 0.161 million compared to revenue of USD 19.82 million a year ago. Net loss was USD 13.01 million compared to net income of USD 2.09 million a year ago. Diluted loss per share from continuing operations was USD 0.62 compared to diluted earnings per share from continuing operations of USD 0.08 a year ago.
For the nine months, revenue was USD 7.52 million compared to USD 51.38 million a year ago. Net loss was USD 27.66 million compared to USD 7.46 million a year ago. Diluted loss per share from continuing operations was USD 1.34 compared to USD 0.37 a year ago.
Impac Mortgage Holdings, Inc. is an independent residential mortgage lender that originates, sells, and services residential mortgage loans. The Companyâs operations include mortgage lending, servicing, portfolio loss mitigation, real estate services, and the management of the securitized long-term mortgage portfolio. Its segments include Mortgage Lending, Long-Term Mortgage Portfolio and Real Estate Services. The Mortgage Lending segment provides mortgage lending products through two lending channels, retail and wholesale and retains mortgage servicing rights. The Long-Term Mortgage Portfolio segment consists of residual interests in securitization trusts. The Real Estate Services segment performs master servicing and provides loss mitigation services for primarily its securitized long-term mortgage portfolio. It provides loss mitigation and real estate services primarily on its own long-term mortgage portfolio, including default surveillance, short sale service, and other services.