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IMPAC Mortgage to sell retail lending branches and reduce workforce by 180

Impac Mortgage has decided to sell its active “brick and mortar” retail lending branches and centralize its lending operations. The measure is expected to improve the profitability of its lending segment, streamline the mortgage operations and better position the company for profitability and growth in 2014. As part of this transaction, it will be eliminating 23 retail branch locations and a fulfillment center, and reducing current headcount by approximately 180 employees, which it anticipates will result in monthly net savings of approximately $700K.