UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 or 15(d) OF THE
SECURTIES AND EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported December 31, 2003
IMPAC MORTGAGE HOLDINGS, INC.
(Exact Name of Registrant as Specified in its Charter)
Maryland 0-19861 33-0675505
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification No.)
1401 Dove Street Newport Beach, CA 92660
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (949) 475-3600
Item 9. Regulation FD
Impac Mortgage Holdings, Inc. ("IMH"), a real estate investment trust
("REIT"), is announcing the posting of its unaudited Monthly Fact Sheet, which
will be available on the Company's web site at www.impaccompanies.com.
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For the Month Ended For the
-------------------------- Year Ended
The REIT (in millions) 11/30/03 10/31/03 12/31/2002
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Total Assets $ 10,063.5 $ 9,578.2 $ 6,551.8
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Long Term Investment Operations
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(in millions, except Average Size of Loan)
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Collateralized Mortgage Obligations ("CMO") Collateral (a) $ 7,913.9 $ 7,159.5 $ 5,149.7
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Finance Receivables (b) $ 559.6 $ 621.4 $ 1,140.2
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Mortgage Loans Held For Sale ("LHFS")(c) $ 812.5 $ 507.3 $ NA*
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Mortgage Loans Held For Investment ("LHFI") (d) $ 526.6 $ 1,078.8 $ 57.5
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Investment Securities Available for Sale (e) $ 13.4 $ 13.6 $ 26.1
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Total Mortgage Assets (a+b+c+d+e) $ 9,826.0 $ 9,380.6 $ 6,373.5
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Long Term Investment Portfolio: (a+d)
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Percentage of Fixed 14% 16% 15%
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Percentage of Adjustable 86% 84% 85%
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Weighted Average Coupon 5.60% 5.65% 6.59%
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Weighted Average Margin 3.10% 3.08% 3.01%
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Weighted Average Loan to Value 79% 79% 82%
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Average Size of Loan (in thousands) $ 236.8 $ 234.1 $ 211.9
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Credit Grade: "A, A-" 99% 99% 98%
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Credit Grade: "B" and Below 1% 1% 2%
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Total Loans (90 days+ delinquent, and other real estate owned) $ 201.9 $ 196.8 $ 130.6
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Loan Delinquency Rate (60 days +) 2.87% 2.87% 3.22%
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CMO Prepayment Amount (reporting period delay-30 days) N/A N/A $ 915.8
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Yield of CMO Borrowings 2.53% 2.69% 3.57%
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Warehouse Lending Operations (in millions)
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Average Outstanding Finance Receivables with Non Affiliated Customers $ 423.7 $ 471.2 $ 341.5
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Total Outstanding Warehouse Lines Approved to Non Affiliated Customers $ 943.0 $ 903.0 $ 665.0
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Mortgage Operations (in millions, except Master Servicing Portfolio)
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Total Loan Acquisitions and Originations $ 866.0 $ 1,177.2 $ 6,044.2
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Percentage of Fixed 19% 30% 38%
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Percentage of Adjustable 81% 70% 62%
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Master Servicing Portfolio (in billions) $ 13.4 $ 12.9 $ 8.7
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Weighted Average Coupon 6.17% 6.23% 7.32%
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Loan Delinquency Rate (60+ days) 3.62% 3.58% 4.73%
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Impac Direct Access System for Lending
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IDASLg2 Utiliation(in millions)
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IDASLg2 Volume Submitted $ 1,836.8 $ 2,351.2 $ 16,230.7
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Approval Rate 74% 73% 71%
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* Not Available
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No opinion, advice, statement or other information ("Information") contained or
provided herein or hereby is intended or shall be construed as a prediction of
the performance of any security, fund, or obligation. Reliance upon any
Information shall be at the sole risk of the reader. Prior to the execution of a
purchase or sale of any security or investment, you are advised to consult with
your broker or other financial advisor or other professionals as appropriate.
Neither IMPAC, its affiliates, information providers nor content providers shall
have any liability for investment decisions based upon, or the results obtained
from the Information. The Information provided herein is unaudited and neither
IMPAC, its affiliates, information providers nor content providers guarantee nor
warrant the timeliness, sequence, accuracy, or completeness of the Information.
Nothing contained in this Fact Sheet or Web Site is intended to be, nor shall be
construed as, investment advice.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Report to be signed on its behalf by the
undersigned, hereunto duly authorized.
IMPAC MORTGAGE HOLDINGS, INC.
Date: December 31, 2003
By: /s/ Richard J. Johnson
---------------------------------
Name: Richard J. Johnson
Title: Executive Vice President
and Chief Financial Officer