Due to this mortgage meltdown the business of people also goes down. The story of Impac Mortgage is awe-inspiring for all of us. As we all have seen how they went down into the crisis and re emerged strongly after that with great success in their business.
They emerged successfully as small business commercial loans and giving residential loans in 1995. In the same year they were publically known. The huge success of the company was from 1995-2007 when their loans and assets almost reached the limits of the sky. They introduced $ 90 billion loans and billions of assets. This was the ideal time for them when they securitized $ 60 billion. But in 2006 the founder Joe Tomkinson and William Bill Ashmore started going towards real estate market. They made their loans much low nearly $ 12. Even their portfolio was decreased to 25 %.
After this despite of their bad condition, they remained strong. They developed partnership with the Auction.com. It brought positive results and in 2007-2008 they produced revenues of $ 45 million. Now Auction is considered to be the largest REO Company in world. In 2010, in California they invested in company titled as Advantage Title, which helped them greatly.
With their efforts and high spirit now they have less than $ 3 billion in loans. They are fully acknowledged by Fannie Mae, Freddie Mac and Ginnie Mae. Their portfolio is of $2 billion. The company is legally doing its business in 36 states, having 3 loan channels and 26 retail offices. Their products and services are much improved. In the quarter of 2012, they were considered to be the main driver of net revenue. In 2013, they have planned to increase their production. Their recent stock price is $ 14 and capitalization is $ 110 million. Their share price has reached 750 %.
Within Impac’s story there is a deep lesson for all people. From 2006-2010 they have strived a lot and reached this position. Their 520 employees are hard working and also fun loving. They advise few thing which are below
One should not react negatively on the hard times they suffer. They have to make the long term planning for this. Planning should be done perfectly with all your mind open.
They give others the opinion of developing themselves. They focus on steadiness, patience and hard work.
Show other partners your skills so they may want to work with you. Ensure them that you will respect them and will take their business to heights.
The best thing they say is never to stop working. Just keep striving hard for getting more in life. Never be satisfied with what you have. By this you have chances of failing.
One should never underestimate one self. Be strong and steady whatever the conditions are. Develop a dark skin which should never ever be removed.They conclude that “To be successful you need to check your ego at the door”.
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