Impac Lending Group (Wholesale) - Wholesale Alt-A, Subprime

Many have written in to note that Impac Lending has decided to exit its Wholesale operations (At least, the external ops). We have yet to hear an official release from Impac as to such closure. In the meantime, we are putting Impac on our "Ailing/Watch list" until we can confirm this news.

We have received numerous forwarded emails apparently from Impac employees that allege that Impac has exited wholesale. Per one email that was forwarded to us apparently sent from an Impac employee:

From: XXXXXX@impaclending.com [mailto: XXXXXX@impaclending.com]

Sent: Monday, August 27, 2007 11:16 AM

Subject: Impac Has Elected to Exit Outside Wholesale Lending

Tri Star/Impac Customers:

It's been a pleasure working with all of you over the past 3 years...and some of you much longer than that. ...

Thanks for all the business over the years and good luck in the crazy mortgage market right now.

Another source has written in to note the following:

Impac has chosen to exit the wholesale lending platform, effective today. Impac corporate in Irvine CA remains open, but the Orlando/Winter Park fulfillment center is no longer operational, and I am no longer connected to Impac. Impac is not accepting new loans from brokers.

For brokers with loans in the Impac pipeline, I will contact you individually as to how those loans will be handled.

And a third tipster writes on to say:

It is with a heavy heart I bring you the news Impac has elected to exit the Outside Wholesale Division. They have chosen to keep a small Inside Sales Model. I have really enjoyed working with all of you. Each AE is handling the execution of their existing pipeline to prevent any loan interruption. I hope to work with each of you at some point in the near future.

We are eagerly awaiting an official release from Impac Group, which is a public company. If anyone can provide estimates as to the peak size of Impac's wholesale operations (loan volume, employees, etc.), please let us know.