Last week Impac announced that they have secured definitive agreements to begin originating and selling reverse mortgage loans through its wholesale and retail platforms. This shouldn’t come as any real surprise, because back in May Impac announced its plans add FHA and reverse mortgages when it acquired the retail and wholesale lending platform of Pinnacle Financial Corp.
The press release also included a statement from CEO Joseph Tomkinson that addressed the UBS analysts speculation that Impac might not be able to satisfy margin calls. Tomkinson said, “I would like to disclose to our stockholders that this UBS analyst wrote this report without speaking to management since our earnings conference call on May 11, 2007.” “Further, we believe that his comments are largely speculative and are adding to the volatility of the stock price. While we can not make any guarantees, we continue to believe that we can successfully navigate through this cycle emerging as a stronger, more competitive company.” To read a copy of the press release click the link below.