Impac Mortgage Holdings Inc. in Irvine will close its retail branches in favor of a national call center.
The company said it will sell its 23 branch buildings to a competitor that it wouldn’t reveal, and that some 180 of its employees will go to work for that company. Its remaining workers will continue with Impac.
Operating the branches had become unprofitable for the company, and impending regulatory changes will increase costs, said Justin Moisio, Impac’s director of investor relations. He added that selling the branches will save it $700,000 a month.
The company had a $5 million loss in the September quarter as the mortgage lending business declines. It has a market cap of $55.8 million.
―Staff Report
