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## BUILD SYNERGIES INTO YOUR BUSINESS 

After identifying and helping to open up the niche market of non-conforming mortgage loans, Impac studied the potential customers in that sector. We identified three key end-users and developed core businesses to serve them. Then we went one step further and found ways that our businesses could help one another as they are serving customers. Such synergies extend our reach, balance our risks, increase our market understanding and improve our efficiencies. 

## Three Key Businesses 

1 

The Mortgage Operations works closest to the point of sale and is comprised of two divisions. The first division, a conduit operation, is Impac Funding Corporation (“IFC”). IFC purchases primarily non-conforming mortgage loans, and to a lesser extent, second mortgage loans from its network of third-party correspondents and other sellers. 

The second division, a wholesale/retail operation, is known as Impac Lending Group, (“ILG”). It markets, underwrites, processes and funds mortgage loans for the Company’s wholesale and retail customers. 

