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Stock Market & Financial Investment News

News Breaks
December 4, 2013
05:41 EDTIMHIMPAC Mortgage announces sale of AmeriHome Mortgage
Impac Mortgage announces the sale of its fully licensed and agency approved seller/servicer subsidiary, AmeriHome Mortgage. This transaction is expected to close early in Q1 at a significant gain. The transaction includes the sale of AmeriHome’s primarily agency servicing portfolio of approximately $700M in unpaid principal balance, but will not affect the ongoing operations of Excel Mortgage Servicing, doing business as Impac Mortgage. Excluding AmeriHome, Excel’s originations are estimated to be $2.7B in 2013 and the retained portion of the servicing portfolio is estimated to be $2.5B by December 31. Currently, Impac Mortgage is originating over $500M per quarter which are predominately Ginnie Mae, Fannie Mae and Freddie Mac eligible loans.
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