Employment with The Impac Companies is based on merit and ability to do the job in addition to the best combination of qualifications in relation to the requirements and duties of the position. It is the policy of Impac and its subsidiaries to treat all employees and applicants in a non-discriminatory manner without regard to race, color, religion, gender, age, sexual orientation, national origin, physical or mental disability, marital status, military status or any other basis protected by law. This applies to the recruiting, hiring, training and promotion of all persons in every job classification.

Impac is a publicly traded real estate investment trust. The parent company is Impac Mortgage Holdings, Inc. (NYSE-IMH). IMH’s primary business is the investment in mortgages and mortgage-backed securities.

Founded in August of 1995, IMH is on of the largest real estate investment trust (REIT) on the New York Stock Exchange with $10 billion in assets. IMH together with its subsidiaries engages in long-term investments, conduit operations and warehouse lending. As a real estate investment trust, it can pass through qualified income to stockholders without federal income tax at the corporate level.

The long-term investments operations invest primarily in non-conforming residential first mortgage loans and securities backed by such loans. Non-conforming residential mortgage loans are those that do not qualify for purchase by government-sponsored agencies such as the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, due to the size of the loan, loan-to-value ratios and other similar factors. These loans generally provide higher yields that closely fit the investment criteria of IMH.

The founders of Impac Mortgage Holdings, Inc., William Ashmore, Joe Tomkinson and Richard Johnson were among the first to focus on non-conforming investment grade loans. Grade loans are those not currently meeting the purchase guidelines of governments-sponsored entities such as Freddie Mac and Fannie Mae. Since 1995, we have been growing and becoming a dominant force in that market.

We have become a leader in our market by embracing innovation in every aspect of our industry starting with questioning the basic assumptions of making mortgage loans. Our legacy of innovation began with our SMART series of loan products, which created the first concept for an Alt A loan bridging the gap between prime and subprime loans. Subsequently, our Progressive Series created a spectrum of loan programs designed to meet borrowers’ varying credit profiles and loan requirements. In 1994, we introduced our most innovative product to date, the Progressive Express Series. A one-page streamlined application, no income or asset verification requirement and same-day credit approval with the concept to underwrite the loans focusing on the borrower’s credit score. Today that process is widely accepted throughout the mortgage industry.

The executive management team for IMH consists of Joseph R. Tomkinson, Chairman of the Board and Chief Executive Officer; William S. Ashmore, President and Chief Operations Officer and Richard J. Johnson, Executive Vice President and Chief Financial Officer. The executive management team has over 75 years of real estate lending experience combined.

Impac Funding Corporation:
Impac Funding Corporation (IFC) is a subsidiary of IMH purchases non-conforming first mortgage loans and second mortgages from a network of third-party correspondents. Subsequently, the loans are securitized or sold to permanent investors, including IMH’s own long-term-investment operations. IFC competes effectively with other non-conforming loan conduits by designing loans to fit the special needs of the correspondent loan originators and their borrowers. Concurrently, IFC supports the long-term-investment operations by supplying IMH with non-conforming mortgage loans and securities that meet its investment criteria.

Impac Lending Group, Inc.:
Impac Lending Group (ILG) originates non-conforming first mortgage loans and second mortgage loans through a network of brokers located nationwide. ILG specializes in loans to borrowers with less than perfect credit or who are seeking minimum employment/income documentation requirements.

Impac Warehouse Lending Group, Inc.:
Impac Warehouse Lending Group, Inc. (IWLG), provides warehouse and repurchase financing to IFC and approved mortgage banks and financial institutions to fund mortgage loans from their closing until their sale or other settlement with pre-approved investors.

The Impac Companies are committed to future innovation, diversification and efficiency along with the growth and profitability our shareholders have enjoyed. This philosophy coupled with the Company’s dedication to customer service and its employees will continue to drive the business in its expansion as an important diversified financial services Company.

At Impac, we continuously seek new ways to better serve and command a growing share of non-conforming mortgage loan industry. We are finding ways to complete transactions better and faster. In 2000, we introduced Impac’s Direct Access System for Lending or “IDASL”. An interactive internet-based system, IDASL is user friendly, an enables our customers to access loan status, current pricing, purchase confirmations and receive consistent and reliable automated loan-underwriting decisions in minutes. IDASL dramatically increases efficiencies for our customers and the Company, while maintaining superior customer service.