Impac Mortgage’s Solana Beach office offers wide variety of loan services
By Joe Tash
With 18 years in the mortgage lending business, Kathy Larson prides herself on her communications skills and ability to solve problems so loans close on time and with a minimum of hassle.
Larson, a Carmel Valley resident and manager of Impac Mortgage’s Solana Beach office, which is celebrating its first anniversary, enjoys interacting with customers and helping them close loans, whether for a purchase or refinance.
“It’s something I’ve had a passion for from the very beginning. I truly love lending,” said Larson.
Impac is a mortgage lender with local ties but a national reach, said Ondar Tarlow, senior vice president and director of marketing.
The company is a direct lender, meaning it is licensed by mortgage lending giants Fannie Mae and Freddie Mac, as well as the Federal Housing Administration or FHA.
Those relationships, said Tarlow, allow Impac to offer a wide variety of loan products and close loans quickly, on an average of 24 days from application to closing.
Among the loan products offered by Impac are conventional fixed-rate mortgages; jumbo loans; HARP refinance loans for those who owe more than their home is worth; reverse mortgages; and 203K home renovation loans.
Tarlow encouraged anyone who is considering purchasing a home or refinancing to meet with an Impac loan officer. “Let’s figure out what makes the most sense for you,” he said.
Even though interest rates are at historic lows, some people sit on the fence, waiting for rates to go even lower.
“When people ask me, when should I refinance, I say now,” said Larson. “Because I know what the rates are now and I know I can save you money now. I don’t know what I can do a month from now or six months from now.”
Impac’s parent company, Impac Mortgage Holdings, Inc., was founded in Irvine in 1995. Impac operates primarily in the western states of California, Oregon, Washington, Nevada and Idaho. The company has three operations centers and 29 branch offices.
As of the end of Quarter 1 for 2013, Impac’s mortgage servicing portfolio was in excess of $1.7 billion.
Impac’s business is in direct retail lending to consumers; wholesale lending through mortgage brokers and correspondent lending through credit unions; community banks and other financial institutions, said Tarlow.
The company places a premium on experience for its employees. Larson said that all of the loan officers working in her branch, at 437 S. Highway 101, Suite 110, Solana Beach, have at least 10 years of experience in the mortgage industry.
“We’re able to manage any type of situation with a borrower that comes across. Experience is definitely a pre-requisite,” she said.
Among the company’s loan products is the 203K renovation loan, which allows a home buyer to get financing for both a purchase or refinance, and home renovation, at the same time.
One advantage of such a loan, she said, is that it allows purchasers to consider homes that need extensive renovation, or have structural problems, such as a cracked slab or worn-out roof. Such properties often are not eligible for conventional financing, meaning they can only be purchased by all-cash buyers.
A 203K loan “opens up the inventory for a buyer looking for homes, knowing they can do the improvements after the loan closes, making the property financeable now,” Larsen said.
Other products offered by the company include jumbo loans, where the loan amount is above $546,250 in San Diego, and reverse mortgage loans, which might be helpful for seniors who have cash savings, but little or no income.
Seniors who don’t qualify for a conventional refinance loan may qualify for a reverse mortgage, Tarlow and Larson said.
With rates for 30-year, fixed rate loans below 4 percent, Tarlow said, those who haven’t refinanced for a year or two — or longer — might be able to save a lot of money by refinancing to a lower interest rate.
“It’s a good time to buy, a good time to refinance, a good time to call,” Larson said.
For more information, contact Kathy Larson, branch manager, Solana Beach office, 858-356-5606;
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