Impac Mortgage Holdings Inc (IMPM)

[dpsimswm]

Deephaven Readies New Nonprime MBS with Mortgages from Angel Oak, Impac, 61 Others?
By Brandon Ivey
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Deephaven Mortgage is set to issue a $308.2 million nonprime mortgage-backed security, according to a new presale report. Deephaven Residential Mortgage Trust 2018-1 will include non-agency loans funded by Angel Oak Mortgage Solutions and Impac Mortgage Holdings, among others.

The deal is largely backed by adjustable-rate mortgages, including some with interest-only terms. Purchase mortgages account for 67.6 percent of the issuance. Roughly 20.4 percent are loans on investment properties.
The mortgages have an average credit score of 693, an average combined loan-to-value ratio of 74.8 percent and an average debt-to-income ratio of 36.2 percent. Morningstar Credit Ratings and S&P Global Ratings assigned preliminary AAA ratings with credit support from subordination of 35.9 percent on the senior tranche.

Mortgages from 63 lenders were included in the deal led by Angel Oak with a 19.9 percent share and Impac (12.3 percent). While Impac has been originating non-QMs the past few years, its production generally has not found its way into non-agency MBS.

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This may mean that Impac's previously announced Non-QM MBS is not happening. Impac was saying that they would issue $300 or $400 million themselves.