|Over a month ago|
Impac Mortgage options imply 55.5% move in share price post-earnings » 15:3406/2506/25/20
Pre-earnings options volume in Impac Mortgage is normal with calls leading puts 15:1. Implied volatility suggests the market is anticipating a move near 55.5%, or $1.05, after results are released. Median move over the past eight quarters is 11.4%.
|Over a quarter ago|
IMPAC Mortgage's Paul Licon assumes position of CFO » 16:0405/0105/01/20
Impac Mortgage Holdings…
Impac Mortgage Holdings announced that Paul Licon, the company's current Chief Accounting Officer / Controller has assumed the position of Chief Financial Officer as part of a planned transition. Licon became a Certified Public Accountant in 2008 and has been with Impac since April 2016. Prior to that, he served as a Senior Manager and as a Principal with the accounting firms KPMG and Squar Milner, respectively. Licon holds a Bachelor of Science degree from the University of Southern California-Marshall School of Business. Chief Financial Officer Brian Kuelbs has stepped down effective April 30, 2020, in advance of the May 14, 2020 expiration of his contract term, to pursue other professional opportunities.
IMPAC Mortgage says lending activities to remain on hold » 17:0104/1504/15/20
Impac Mortgage Holdings…
Impac Mortgage Holdings announced a company-wide business update: On March 30, 2020, the Company announced that it had instituted a temporary suspension of all lending activity. While mortgage markets may appear to be normalizing, the industry, most acutely for non-bank mortgage originators and servicers, continues to manage to the uncertainties of the various initiatives promulgated by the U.S. Federal Government, the Federal Reserve and other state and local governmental and quasi-governmental agencies relating to economic stimulus, mortgage principal and interest forbearance, liquidity and origination and servicing practices. Until the industry achieves clarity on these items, the Company's lending activities will remain on hold. The Company continues to believe it prudent to de-risk and to protect liquidity during this unprecedented time. These actions are crucial to preserving long-term value for our capital partners and stakeholders. As facts and circumstances change, the Company will update the market. The novel coronavirus outbreak continues to have a real-time impact on all business sectors. The Company remains focused on prioritizing liquidity, preserving its business relationships and caring for its employees, their families and its community. The rapid development and fluidity of the effects of the coronavirus precludes any prediction as to the ultimate adverse impact of the coronavirus on its business. Nevertheless, the coronavirus presents material uncertainty and risk with respect to the Company's performance, financial condition, results of operations and cash flows.
Number of mortgage loans in forbearance jumps, MBA says » 16:4004/1304/13/20
FNMA, FMCC, IMH, FBC, PNC, WFC, AGNC, NLY, ARR, GNW, RDN, CLGX
The surge in unemployment…
The surge in unemployment claims filed since mid-March resulting from the mitigation efforts to slow the spread of the coronavirus, COVID-19, are straining household budgets and leading to more requests for mortgage forbearance. That is according to the Mortgage Bankers Association's, MBA, latest Forbearance and Call Volume Survey, which revealed that the total number of loans in forbearance jumped from 2.73% to 3.74% during the week of March 30 to April 5, 2020. Mortgages backed by Ginnie Mae showed the largest weekly growth (1.58%) and the largest overall share in forbearance requests by investor type (5.89%), while independent mortgage bank, IMB, servicers continue to have a higher share of loans in forbearance (4.17%)."The nationwide shutdown of the economy to slow the spread of COVID-19 continues to create hardships for millions of households, and more are contacting their servicers for relief in accordance with the forbearance provisions under the CARES Act," said Mike Fratantoni, MBA's Senior Vice President and Chief Economist. "The share of loans in forbearance grew the first week of April, and forbearance requests and call center volume further increased. With mitigation efforts seemingly in place for at least several more weeks, job losses will continue and the number of borrowers asking for forbearance will likely continue to rise at a rapid pace." Company's that may be impacted by this include companies that may be impacted include: Fannie Mae (FNMA), Freddie Mac (FMCC), IMPAC Mortgage (IMH), Flagstar Bancorp (FBC), PNC Financial (PNC, ) Wells Fargo (WFC) AGNC Investment, Annaly Capital (AGNC), Genworth (GNW) Radian Group (RDN) CoreLogic (CLGX). Reference Link
IMPAC Mortgage institutes two-week ban on all lending activity » 09:2603/3003/30/20
IMPAC Mortgage announced…
IMPAC Mortgage announced a company-wide business update. The company has instituted a two week temporary suspension of all lending activity effective as of the opening of business. The company is a micro-cap residential mortgage originator and servicer navigating the dislocation associated with the interest rate and credit risk mortgage markets. Liquidity constraints are being experienced by, and de-risking mandates are being initiated by, some of the company's capital markets counterparties that have direct access to the Federal Reserve's funding mechanisms, including certain of the company's warehouse lenders, repurchase counterparties and whole loan investors. The actions and continued lack of communication from one of the company's whole loan investors has created uncertainty and concern amongst some of the company's other capital markets counterparties that the whole loan investor in question might breach its mandatory purchase commitment to the company, as required by the contract. In light of these events, the company believes it is necessary to take the temporary and precautionary action of suspending mortgage originations for a two week interval. The company further believes this interval should permit the unprecedented liquidity being delivered by the Federal Reserve, through its purchases of mortgage backed securities under its quantitative easing program, to cascade through the financial system to the relief of capital markets participants, independent mortgage originators and servicers and, ultimately, to the American homeowner. The two week interval should also provide time for the industry and the company to determine how to manage the effects of the various initiatives promulgated by the U.S. Federal Government, the Federal Reserve and other state and local governmental and quasi-governmental agencies relating to economic stimulus, mortgage principal and interest forbearance, liquidity and mortgage origination and servicing practices. The company will reassess facts and circumstances as they evolve and respond accordingly as market conditions normalize. The company is actively engaged with capital markets counterparties to various business contracts to ensure that they continue to perform under the terms of these contracts, including contracts relating to the company's warehouse and repurchase funding of loans and contracts relating to the company's forward sale of loans to whole loan investors. The company expects these counterparties to honor their commitments. In the event that these counterparties fail to do so, the company will explore all means of remedy, including but not limited to, requiring specific performance by the counterparty, and other damages against the counterparty. The company will maintain a core team to actively manage its business during the two week interval commencing on March 30, 2020. The company will furlough the remainder of its employee base during the two week interval. The company has volunteered, consistent with the company's furlough policy, to cover its employees' costs of health and medical benefits under the furlough period to provide tangible support during this time of hardship. The company remains focused on prioritizing liquidity, preserving its business relationships and caring for its employees, their families and its community. The rapid development and fluidity of the effects of the coronavirus precludes any prediction as to the ultimate adverse impact of the coronavirus on its business.
IMPAC Mortgage announces remote work plan due to COVID-19 » 16:0403/1903/19/20
Impac Mortgage announced…
Impac Mortgage announced that the company is implementing organizational-wide remote work programs to protect the health and safety of its employee and associates and to comply with recommendations and requirements of various health organizations and state and county officials related to the coronavirus. The company, headquartered in Orange County, CA, received notice yesterday that the Orange County Public Health Officer issued an order for the ceasing of all non-essential activities effective immediately and until March 31, 2020.
IMPAC Mortgage files $200M mixed securities shelf 16:5412/0612/06/19