Irvine-based mortgage investor Impac Mortgage Holdings Inc. on Wednesday posted a third-quarter loss of $16.2 million and said it is ending a profitable partnership with a local auction company to sell foreclosed homes.
Impac said it is being paid $37 million to end its deal with Irvine-based home auctioner Real Estate Disposition Corp., which uses Impac as its primary source of foreclosed homes.
The third-quarter loss at Impac was on par with its second-quarter results, when it lost $16.4 million.
A year ago, Impac reported a charge-laden $1.2 billion loss.
The company,which has seen its already-battered stock fall some 80% the past two months to a market value of about $11 million,largely exited the mortgage lending business last year.
Impac now focuses its efforts on managing mortgages held as investments and earning real estate advisory fees.
For the third quarter, Impac said it saw net interest income, the equivalent of revenue, of $3 million. Most of that income was from the company’s long-term mortgage portfolio.
The company also reported about $7 million in real estate advisory fee revenue in the quarter.
The company had been earning most of its advisory fees from home auctioneer Real Estate Disposition.
