Impac Mortgage Holdings has extended its moratorium on originations due to the economic impact of COVID-19.
On March 30, Impac announced a temporary suspension of all lending activity, citing “liquidity concerns.” The suspension was originally slated to run for two weeks. However, in a recent business update, the company said that its lending activities would remain on hold for the rime being.
Impac said that it believed that it was “prudent to de-risk and to protect liquidity during this unprecedented time. These actions are crucial to preserving long-term value for our capital partners and stakeholders.”
“The novel coronavirus outbreak continues to have a real-time impact on all business sectors,” the company said. Impac said that the rapid development of the outbreak “precludes any prediction as to the ultimate adverse impact of the coronavirus on its business.”
Impac did not specify a date when it would resume originations.