Home lending at Impac Mortgage Holdings Inc. turned sharply lower — plunging by half from the previous period. The servicing portfolio, though, grew.

Net earnings before income taxes at Impac amounted to $5 million during the period that initiated on Jan. 1, 2017, and concluded on March 31.

The Irvine, California-based company disclosed the results, in addition to other financial and operational metrics, in its first-quarter 2017 earnings report.

Source: Mortgage Daily