Impac Mortgage Holdings, a former Alt-A giant that survived both the housing bubble and a NYSE delisting, has launched a new wholesale division, promising the industry "pipeline transparency" and "industry innovation."
Moreover, according to lending officials and other sources, GMAC Bank is one of its warehouse providers.
At press time Impac and GMAC officials had not responded to telephone calls about the matter.
According to a wholesale rate sheet provided to National Mortgage News, Impac will table fund Fannie Mae products.
Based in Irvine, Impac is managed by industry veterans Joe Tomkinson and Bill Ashmore. The company was delisted by the NYSE a few years ago, but restructured and now trades on the AMEX. Its stock trades at just under $3 a share.
GMAC Bank is part of Ally Financial, which is majority owned by the U.S. government.
