As Impac Mortgage Holdings Inc. has grown its servicing portfolio over the past year, it has turned losses on mortgage-servicing rights into gains. Originations declined, and layoffs are ongoing.

Before income taxes, Irvine, California-based Impac earned a $4 million profit during the initial-three months of 2018, according to its first-quarter earnings report.

Income decreased from $5 million in the same three-month period last year. But compared to the preceding quarter, earnings swung from a $28 million loss.

Source: Mortgage Daily