Here are my 2 cents on the company: 1. Equity didn't grow much this year but lending grew bigtime so bigger loans and bigger warehouse
2. New correspondent lending seem growing fast and revenues from it are offset by REO and other stuff so it needs more growth for the net earnings to grow above say 4M$/Year
3. portfolio seem to not decrease QoQ for first time since the housing crisis but still net revenues from portfolio is down - so it's a black box and I don't understand if it may return to growth and be at least 25% of what it was pre crisis
Yearly earnings down a little from last year because they have been buying and/or leasing alot more Warehouses to gobble up FHA's & others. You will see the quarterly earnings start to really get going shortly. I think this is a really good buy now.
I think with stock prices at these prices, I've been gobbling up what I can afford, and adding to existing position. There's strong long term potential for growth of volume and GP with the warehouse lending, and if they can control G&A Income net earnings will recover.
Risk is rising interest rates, slowing refinancing and home purchases.
Definitely long...I've been with IMH long prior to the the depths and have seen the ups and downs.