Impac Mortgage Holdings, Inc. Announces Hiring of Obi Nwokorie, EVP, Alternative Credit Products and Chief Investment Officer

Rhea-AI Summary

Impac Mortgage Holdings (NYSE American: IMH) has appointed Obi Nwokorie as EVP of Alternative Credit Products and Chief Investment Officer, effective June 1, 2021. Nwokorie brings extensive experience from Seer Capital Management, Credit Suisse, and UBS, focusing on mortgage trading and risk management. His leadership is expected to enhance the company's engagement in alternative credit mortgages post-COVID. CEO George A. Mangiaracina highlighted that this strategic hire underscores a renewed commitment to the design and distribution of alternative credit products.

Positive

• Appointment of Obi Nwokorie brings seasoned capital markets expertise.
• Focus on alternative credit products may improve market positioning post-COVID.
• Nwokorie's experience in mortgage trading is expected to enhance risk management and pricing.

Negative

• None.

Impac Mortgage Holdings, Inc. (NYSE American: IMH) (the “Company” or “Impac”) announces 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 of mortgage trading at Seer Capital Management LP where he was responsible for bulk whole loan acquisition and securitization of NonQM, NPL and Fix and Flip mortgages. Prior to Seer Capital, Mr. Nwokorie served in various roles at both Credit Suisse Securities (USA) LLC and UBS Securities LLC, including subprime and second lien whole loan trading, head of the asset finance structuring team and on the new issue syndicate desk.

Commenting on his new role, Mr. Nwokorie stated, “I am very excited to be joining the talented team at Impac as they look to regain their position as one of the dominant players in alternative credit mortgages. I look forward to contributing my part to achieving those goals.”

Mr. 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, post-COVID dislocation, to the design, origination, and distribution of alternative credit products. Obi delivers a level of sophistication and precision to the disciplines necessary to price and manage risk across our expanding product offerings and origination channels. The Company intends to re-engage in securitization and asset management activities and welcomes Obi as a leader to drive these initiatives.”

Forward-Looking Statements

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, may be identified by reference to a future period or periods or by the use of forward looking terminology, such as “may,” “capable,” “will,” “intends,” “believe,” “expect,” “likely,” “potentially”” appear,” “should,” “could,” “seem to,” “anticipate,” “expectations,” “plan,” “ensure,” “desire,” or similar terms or variations on those terms or the negative of those terms. The forward-looking statements are based on current management expectations. Actual results may differ materially as a result of several factors, including, but not limited to the following: impact on the U.S. economy and financial markets due to the outbreak of the novel coronavirus, and any adverse impact or disruption to the Company’s operations; 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 third-party sub-servicers; our ability to manage personnel expenses in relation to mortgage production levels; our ability to successfully use warehousing capacity and satisfy financial covenants; increased competition in the mortgage lending industry by larger or more efficient companies; issues and system risks related to our technology; ability to successfully create cost and product efficiencies through new technology 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 financing through lending and repurchase facilities, debt or equity funding, strategic relationships or otherwise; the terms of any financing, whether debt or equity, that we do obtain and our expected use of proceeds from any financing; increase in loan repurchase requests and ability to adequately settle repurchase obligations; failure to create brand awareness; the outcome of any claims we are subject to, including any settlements of litigation or regulatory actions pending against us or other legal contingencies; our compliance with applicable local, state and federal laws and regulations; the effects of any acquisitions or dispositions of assets 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, see our latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q we file with the Securities and Exchange Commission and in particular the discussion of “Risk Factors” therein. This press release speaks only as of its date and we do not undertake, and specifically disclaim any obligation, to release publicly the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements except as required by law.

About the Company

Impac Mortgage Holdings, Inc. (IMH or Impac) provides innovative mortgage lending and real estate solutions that address the challenges of today’s economic environment. Impac’s operations include mortgage lending, servicing, portfolio loss mitigation and real estate services as well as the management of securitized long-term mortgage portfolios, which includes the residual interests in such securitizations.

For additional information, questions or comments, please call Justin Moisio, Chief Administrative Officer at (949) 475-3988 or email Justin.Moisio@ImpacMail.com. Web site: http://ir.impaccompanies.com or www.impaccompanies.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20210520005966/en/

FAQ

Who is Obi Nwokorie and what is his role at Impac Mortgage Holdings?

Obi Nwokorie has been appointed as EVP of Alternative Credit Products and Chief Investment Officer at Impac Mortgage Holdings, effective June 1, 2021.

What experience does Obi Nwokorie bring to Impac Mortgage Holdings?

Nwokorie has extensive experience in mortgage trading, previously serving as Managing Director at Seer Capital Management and in various roles at Credit Suisse and UBS.

What is the significance of Obi Nwokorie's appointment for Impac Mortgage Holdings?

His appointment signifies a renewed commitment to alternative credit mortgages and aims to strengthen the company’s positioning in the market after COVID disruptions.

What are the future plans for Impac Mortgage Holdings following this appointment?

The company plans to re-engage in securitization and asset management activities, focusing on expanding its alternative credit product offerings.