Impac Mortgage Holdings, Inc. (NYSE American: IMH) (the “Company” or “Impac”) has announced the hiring of Obi Nwokorie as EVP, Alternative Credit Products and Chief Investment Officer effective June 1, 2021.
Mr. Nwokorie most recently served as Managing Director for Mortgage Trading at Seer Capital Management LP, where he was responsible for the acquisition of large loans and the securitization of NonQM, NPL and Fix and Flip mortgages. Prior to Seer Capital, Mr. Nwokorie held a variety of roles at both Credit Suisse Securities (USA) LLC and UBS Securities LLC, including subprime and second-line whole loan trading, head of asset finance structuring team, and am New Issue Syndicate Desk.
Commenting on his new role, Mr. Nwokorie said: “I am delighted to join Impac’s talented team to regain their position as one of the dominant players in alternative credit mortgages. I look forward to doing my part to achieve these goals.”
George A. Mangiaracina, Chairman and CEO of Impac Mortgage Holdings, Inc. stated, “The addition of seasoned capital markets expertise signals the company’s renewed commitment to the design, issuance and distribution of alternative credit products after the COVID shift. Obi offers a high level of sophistication and precision in the disciplines required for pricing and risk management in our growing product offerings and origination channels. The company intends to revisit securitization and asset management activities and welcomes Obi as a leader in driving these initiatives forward. “
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, some of which are based on various assumptions and events that are beyond our control by reference to or several future periods or through the use of forward-looking terminology such as “may”, “capable”, “will”, “intends”, “believes”, “expects”. likely, “” possibly “” appear “,” should “,” could “,” seem “,” anticipate “,” expect “,” plan “,” ensure “,” wish “or similar terms or variations of these terms or that Negative of these terms. Forward-looking statements are based on management’s current expectations. Actual results could differ materially from various factors including, but not limited to: the impact on the US economy and financial markets from the novel coronavirus outbreak and adverse effects or disruptions to the company’s business; successful development, marketing, sale and financing of new and existing financial products, including NonQM products; ability to successfully re-engage in lending activities, recruit and hire talent to rebuild our TPO NonQM origination team, and increase NonQM originations; Ability to successfully sell loans to third party investors; Volatility in the mortgage industry; unexpected interest rate fluctuations and margin compression; Performance of sub-service providers of third parties; our ability to manage staff costs in relation to the amount of mortgage production; our ability to successfully use storage space and meet financial covenants; increased competition in the mortgage lending industry from larger or more efficient companies; Problems and systemic risks related to our technology; Ability to successfully achieve cost and product efficiency through emerging technologies, including cyber risk and data security risk; more than expected increases in default rates or loss severities and mortgage-related losses; Ability to obtain additional funding through credit and repurchase facilities, debt or equity financing, strategic relationships, or otherwise; the terms of any finance, whether debt or equity, that we receive and our expected use of the proceeds from any finance; Increase in loan repurchase requests and ability to adequately meet repurchase obligations; Inability to create brand awareness; the outcome of any claims to which we are subject, including any settlement of litigation or regulatory action pending against us or other contingent legal liabilities; our compliance with applicable local, state, and federal laws and regulations; the effects of any acquisitions or disposals of assets that we may make; and other general market and economic conditions.
For a discussion of these and other risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, please refer to our most recent Annual Report on Form 10-K and the Quarterly Reports on Form 10-Q, which we provide Submit on Securities and Exchange Commission and specifically discuss the “Risk Factors” therein. This press release is only valid as of the date on which it is published. We do not undertake, and expressly undertake, to publicly release the results of changes made in any forward-looking statement to reflect the occurrence of expected or unexpected events or circumstances after the date of such statements, unless required by law.
about the company
Impac Mortgage Holdings, Inc. (IMH or Impac) provides innovative mortgage and real estate solutions that meet the challenges of today’s economic environment. Impac’s business activities include mortgage lending, servicing, portfolio loss mitigation and real estate services, as well as the management of securitized long-term mortgage portfolios, including the remainder of such securitisations.
For more information, questions, or comments, please contact Justin Moisio, Chief Administrative Officer at (949) 475-3988 or email [email protected]. Website: http://ir.impaccompanies.com or www.impaccompanies.com
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Justin Moisio, Head of Administration