Impac to Acquire UBS Servicing Branch

July 14, 2008, 4:40 a.m. EDT 1 Min Read

Impac Mortgage Holdings (IMH) has executed a letter of intent to acquire the special servicing platform of UBSs New York Branch, according to a release from Impac.

UBS has agreed to contribute specified balances of loans to the platform as part of a strategic alliance with IMH. As part of the purchase, IMH will issue warrants to UBS to purchase as much as 2% of its current outstanding stock.

Impac Mortgage Holdings CEO Joseph Tomkinson said the platform will be combined with the companys servicing, default department, and real estate auction business.

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