Impac Mortgage has established a residential correspondent lending business unit that will purchase conventional loans in 49 states and government loans in 43 states. Industry veterans Mike Falce and Larry Matlin are leading the new business.
The company says it intends to focus on serving mainly community and regional banks, as wells as credit unions and smaller mortgage banking firms. ‘The strategy focuses on being a take-out investor for institutions that originate quality conventional and government loans eligible for sale to agencies,’ according to Impac.
The company' says it offers 48-hour file reviews, 24-hour ‘underwriting scenario’ response times and a five- to seven-day funding timeline. Impac plans to extend its product offerings in the future to include FHA 203k and prime jumbo loans.