“The retail lending platform will also be a great distribution channel for other product initiatives we anticipate deploying, including FHA and reverse mortgages.”
Joseph R. Tomkinson, Chairman and CEO of Impac Mortgage Holdings, Inc.
On Monday Impac Mortgage Holdings, Inc. announced its plans to create a national retail franchise by purchasing certain assets compromising the retail and wholesale lending platform of Pinnacle Financial Corp. Pinnacle is a prime and Alt-A residential lender that is based out of Orlando, and operates more than 133 branches in 26 states.
The deal is expected to close by the end of May 2007. To read a full copy of the press release click the link below.