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THE GREATEST BREAKTHROUGHS OFTEN RESULT FROM TESTING ACCEPTED HYPOTHESES AND ASSUMPTIONS. IMPAC CLOSELY EXAMINED THE MORTGAGE LENDING INDUSTRY, QUESTIONED ITS LENDING PARAMETERS AND “DISCOVERED” THE VIABLE NON-CONFORMING INVESTMENT GRADE LOAN MARKET. 

## CAPTURE A NICHE MARKET 

Impac Mortgage Holdings, Inc. was among the first companies to focus on non-conforming investment grade loans, those not currently meeting the purchase guidelines of government-sponsored entities such as Freddie Mac and Fannie Mae. Since 1995, we have been growing and becoming a dominant force in that market. We believe that non-conforming investment grade loans provide an attractive net earnings profile, producing higher yields without commensurately higher credit risks. 

We have become a leader in our markets by em- bracing innovation in every aspect of our industry, starting with questioning the basic assumptions of making mortgage loans. We have maintained our strong presence by creating products that marry the needs of our customers with those of secondary market investors. 

Our legacy of innovation began with our SMART series of loan products, which provided mortgage originators across the country with the first loan programs designed to compete directly with the traditional portfolio lenders, banks and thrifts. 

