60.5 F
Laguna Hills
Monday, Jun 17, 2024
-Advertisement-

Impac Buys CashCall’s Mortgage Business

Irvine-based Impac Mortgage Holdings Inc. has agreed to acquire the mortgage operations of CashCall Inc.

Terms were undisclosed.

Shares of Impac rose about 9.8% on news of the deal to a market capitalization of about $69 million.

Anaheim-based CashCall is expected to continue operations of its consumer- and business-loans units.

Its mortgage division has been ranked by the Mortgage Bankers Association as one of the largest residential mortgage originators in the U.S. It had about $6.5 billion in total originations in 2013, the latest figure available.

Impac said the deal is expected to add “a centralized retail call center” and “significant retail direct origination volume” to its business.

Impac, headed by Chief Executive Joseph Tomkinson, had about $31.2 million in revenue and net loss of $8 million in 2013.

Financial details of privately held CashCall weren’t available.

Want more from the best local business newspaper in the country?

Sign-up for our FREE Daily eNews update to get the latest Orange County news delivered right to your inbox!

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-
-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-