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IRVINE, CA-Impac Mortgage Holdings Inc. has announced a strategic transaction to sell its active “brick and mortar” retail lending branches and centralize its lending operations. The move is expected to improve the profitability of the firm’s lending segment, streamline the mortgage operations and better position the company for profitability and growth in 2014.

According to Joe Tomkinson, chairman and CEO of Impac, the move is being made in light of the significant regulatory and compliance changes that are occurring in January 2014, which are expected to add significant complexities to the already challenging mortgage market. As part of this transaction, Impac will be eliminating 23 retail branch locations and a fulfillment center and reducing its current headcount by approximately 180 employees, which it anticipates will result in monthly net savings of approximately $700,000.

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