Impac Mortgage Corp. Rates, Fees & Info
IRVINE, CALEI: 549300U2WRK55BY8UC05
Tax ID: 80-0233937
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Mortgage Data
Review & Overview
Impac Mortgage Corp. is a smaller mortgage company specializing in Home Purchase loans. Impac Mortgage Corp. has a high proportion of conventional loans. Their top markets by origination volume include: Phoenix, Philadelphia, and Cleveland among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Impac Mortgage Corp. has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Impac Mortgage Corp. is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.
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Originations
4Origination Dollar Volume (All Markets)
$840,000Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $12,343 | 8.50% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,401 | 8.50% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $6,654 | 11.75% |
Similar Lenders
We use machine learning to identify the top lenders compared against IMPAC MORTGAGE CORP. based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 4 | $840,000 | $210,000 | $7,799 | 9.31% |
For 2023, Impac Mortgage Corp.'s most frequently originated type of loan was Conventional, with 4 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 4 | $840,000 | $210,000 | $7,799 | 9.31% |
For 2023, Impac Mortgage Corp.'s most frequently cited loan purpose was Home Purchase, with 4 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 3 | $495,000 | $165,000 | $5,528 | 9.63% |
| 30+ year | 1 | $345,000 | $345,000 | $12,343 | 8.38% |
For 2023, Impac Mortgage Corp.'s most frequently cited loan duration was 30 Year, with 3 originations. The 2nd most popular length was 30+ year, with 1 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 1 | $155,000 | $155,000 |
| $3k-4k | 1 | $145,000 | $145,000 |
| $5k+ | 1 | $345,000 | $345,000 |
Impac Mortgage Corp.'s average total fees were $5,528, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 4 | $840,000 | $210,000 |
During 2023, Impac Mortgage Corp.'s average interest rate for loans was 9.63%, while their most frequently originated rate bucket for loans was Over 8%, with 4 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-200k | 3 | $495,000 | $165,000 | $5,528 | 9.63% |
| $200k-400k | 1 | $345,000 | $345,000 | $12,343 | 8.38% |
2023 saw Impac Mortgage Corp. place emphasis on $100k-200k loans with 3 originations, totaling $495,000 in origination value.
Applicant Income
Impac Mortgage Corp. lent most frequently to those with incomes in the $250k+ range, with 2 originations. The second most popular income band? $100k-150k, with 1 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| <20% | 1 | $155,000 | $155,000 | $4,401 | 8.50% |
| 20-30% | 1 | $145,000 | $145,000 | $6,654 | 11.75% |
| 41% | 1 | $345,000 | $345,000 | $12,343 | 8.38% |
Impac Mortgage Corp. lent most frequently to those with DTI ratios of <20%, with 1 originations. The next most common DTI ratio? 20-30%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 3 | $645,000 | $215,000 | $7,799 | 9.54% |
| Vietnamese | 1 | $195,000 | $195,000 | $0 | 8.63% |
Approval Rates
Total approvals of all applications54.55%
Impac Mortgage Corp. has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination50.00%
Impac Mortgage Corp. has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 4 | $840,000 | $210,000 |