Impac Mortgage Dives Back Into Non-QM Lending

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Impac Mortgage Corp., a national wholesale lender and correspondent investor, has restarted its non-QM lending programs.

The company is now offering bank statement, agency plus (for borrowers who fall just outside of GSE guidelines), investor and asset qualification loans with 48-hour underwriting decisions and loan limits as high as $3 million and cash-outs up to $2 million.

“Impac intends to participate in non-QM and other originations in the same thoughtful and risk-focused way as in the past,” says Brian Robinett, the company’s chief production officer. “Impac has a storied history around alternative credit, being a pioneer in both the Alt-A and non-QM space. We continue to have strong appetite around non-QM and continue to pay attention to the overall investor landscape, borrower behavior and appropriate risk-based pricing for these products.”

Impac is eyeing an initial target run rate of $15 million to $20 million per month for non-QM, with plans to increase that figure to $75 million monthly by the middle of 2021.

Photo: Brian Robinett

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