Although many megabanks have thrown their correspondent networks overboard, there's a new entrant in the sector: Impac Mortgage Holdings, Irvine, Calif., a once high flying 'alt-A' lender that survived the housing crash and rebuilt itself.
The company late this week announced that it is returning to the correspondent lending channel, hiring Larry Matlin as vice president, managing director, and Michael Falce, as vice president, executive director.
The two men have been tasked with building out the new division.
Previously, Matlin was assistant treasurer and a capital markets executive at the now defunct C-BASS. Falce was a capital markets and sales executive at Aurora Loan Services, which is currently on the auction block.
Impac said it will purchase, in bulk, newly originated and seasoned loan portfolios. It also will require mortgages on a flow basis, one unit a time.
Back in the third quarter of 2007, Impac closed its correspondent channel, and exited traditional lending, living off its receivables portfolio.
Eventually, its stock was de-listed but it has since reemerged on the American Stock Exchange under its old symbol, IMH.
