Impac Mortage Holdings Inc. (IMPM, Financial) filed Quarterly Report for the period ended 2011-06-30.
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During April 2011 the maximum borrowing capacity of Repurchase Agreement 3 increased to $32.5 million. During May 2011, the lender of Repurchase Agreement 2 offered the Company a $10 million line, however the terms were not favorable and the Company elected not to enter into a new agreement. As of June 30, 2011, the Company had increased its warehouse funding capacity to $77.5 million. In August 2011, the Company, through IRES and its subsidiaries, obtained approval from a lender for an additional $25.0 million warehouse facility, increasing the Companys warehouse funding capacity to $102.5 million.
At June 30, 2011, our residual interest in securitizations (represented by the difference between trust assets and trust liabilities) decreased to $24.9 million, compared to $26.4 million at December 31, 2010. The decrease in residual fair value for the six months ended June 30, 2011 was primarily due to cash received partially offset by changes in the forward LIBOR curve.
The decrease in fair value of securitized mortgage borrowings resulted in gains of $159.0 million, offset by losses from the $147.3 million decrease in the fair value of securitized mortgage collateral within the Level 3 recurring fair value measurements table for the six months ended June 30, 2011. For the six months ended June 30, 2011, the change in the net realizable value (NRV) of REO resulted in a loss of $5.0 million. Inclusive of losses from REO, trust assets reflect a net loss of $152.4 million as a result of losses from the decrease in fair value of securitized mortgage collateral of $147.3 million, losses from REO of $5.0 million and losses from other trust assets of $149 thousand. Net gains on trust liabilities were $154.7 million as a result of $159.0 million in gains from the decrease in fair value of securitized mortgage borrowings partially offset by losses from derivative liabilities of $4.3 million. As a result non-interest incomenet trust assets increased by $2.3 million during the six months ended June 30, 2011.
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Highlight of Business Operations:
During the three and six months ended June 30, 2011, the Company originated $226.3 million and $282.4 million and sold $208.4 million and $231.5 million of loans, respectively, as compared to a minimal amount of loans brokered in the first six months of 2010.During April 2011 the maximum borrowing capacity of Repurchase Agreement 3 increased to $32.5 million. During May 2011, the lender of Repurchase Agreement 2 offered the Company a $10 million line, however the terms were not favorable and the Company elected not to enter into a new agreement. As of June 30, 2011, the Company had increased its warehouse funding capacity to $77.5 million. In August 2011, the Company, through IRES and its subsidiaries, obtained approval from a lender for an additional $25.0 million warehouse facility, increasing the Companys warehouse funding capacity to $102.5 million.
At June 30, 2011, our residual interest in securitizations (represented by the difference between trust assets and trust liabilities) decreased to $24.9 million, compared to $26.4 million at December 31, 2010. The decrease in residual fair value for the six months ended June 30, 2011 was primarily due to cash received partially offset by changes in the forward LIBOR curve.
The decrease in fair value of securitized mortgage borrowings resulted in gains of $159.0 million, offset by losses from the $147.3 million decrease in the fair value of securitized mortgage collateral within the Level 3 recurring fair value measurements table for the six months ended June 30, 2011. For the six months ended June 30, 2011, the change in the net realizable value (NRV) of REO resulted in a loss of $5.0 million. Inclusive of losses from REO, trust assets reflect a net loss of $152.4 million as a result of losses from the decrease in fair value of securitized mortgage collateral of $147.3 million, losses from REO of $5.0 million and losses from other trust assets of $149 thousand. Net gains on trust liabilities were $154.7 million as a result of $159.0 million in gains from the decrease in fair value of securitized mortgage borrowings partially offset by losses from derivative liabilities of $4.3 million. As a result non-interest incomenet trust assets increased by $2.3 million during the six months ended June 30, 2011.
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