Newport Beach’s Impac Mortgage Holdings Inc. may be gearing up for some acquisitions.
The real estate investment trust, which invests in mortgages, said Monday it filled a new position: executive vice president of mergers and acquisitions. Impac hired William Morris for the new spot.
“Mr. Morris will concentrate on examining strategic options, potential acquisitions and evaluating post acquisition integration,” the company said in a release.
Morris has spent 15 years handling mergers among midsize companies, according to Impac.
His resume includes stints as chief financial officer of Media Arts Group, now Thomas Kinkade Co., and head of Citigroup Inc.’s middle market group.
Executives with other mortgage companies based or operating in the county said the industry is due for a correction, with consolidation in the offing. The industry is under increasing strain from a drop in home loan refinancing from 2003’s peak, and signs of a cooling housing market.
Impac’s income available to shareholders dropped nearly 30% in the second quarter to $41 million.
