Known as the "Interest Only" program, it includes an option to pay interest only for up to the first five years. Designed to make adjustable rate mortgages attractive even in rising interest rate cycles, the program "provides borrowers with monthly payment savings which can be used to offset the cost of rising rates," says Joseph R. Tomkinson, Impac's chairman and CEO.
The program is being introduced through the company's mortgage operations, Impac Funding Corp. This business acquires, originates, sells and securitizes primarily non-conforming Alt-A mortgages loans. Impac also operates two other core businesses, the long-term investment operations that invests primarily in non-conforming Alt-A mortgage loans, and the warehouse lending operations that provides short-term financing to mortgage loan originators.
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