Impac Mortgage Holdings Is Going Broker. Company Says Desperate Times Require Drastic Changes Starting With Winding Down It’s TPO Channel
Impac Mortgage Holdings is going broker. The company announced major changes Wednesday. It said it was converting to a mortgage broker model. In addition, Impac announcing plans to “wind down” its third-party origination channel. It will also voluntarily giving up its seller/servicer designation with the government-sponsored enterprises.
Impac said the changes are being made in order to better navigate current market and industry conditions.
The goal is to originate a variety of products that serve its national consumer base at a reduced cost per loan. The company says the broker channel will support an expanded suite of loan products and programs.
As part of the change, Impac said it has partnered with established lenders.
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