Impac Mortgage Enters the Correspondent Lending Business
Impac Mortgage has entered the residential correspondent lending business. Impact's correspondent lending and capital markets experience dates back to the mid-1990s with more than $90 billion in mortgage originations and acquisitions. Impac Mortgage's client-centric approach is managed by the team of Mike Falce and Larry Matlin who bring 20-plus years of deep secondary and capital markets experience to Impac.
Impac Mortgage Correspondent Lending is going back to the basics of mortgage banking by offering top-tier customer service, including 48-hour file reviews, 24-hour underwriting scenario response times and five to seven day funding timelines.
Impac's correspondent unit purchases conventional loans in 49 states (including the District of Columbia) and government loans (FHA, VA & USDA) in 43 states (including D.C.), for sale through its affiliate to Ginnie Mae, Fannie Mae and Freddie Mac. The company plans to extend its product offering in the future to include FHA 203(k)s (both streamline and standard) and prime jumbo loans.
Impac's strategy in building a correspondent platform focuses on community and regional banks as wells as credit unions and smaller select mortgage banking firms. The strategy focuses on being a take-out investor for institutions that originate quality conventional and government loans eligible for sale to Agencies. By providing better turn times and more immediate liquidity than the competitors, Impac has successfully grown its approved correspondent client list through word of mouth and reputation of providing superior customer service.
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