Impac Mortgage Holdings,Inc. (NYSEMKT:IMH) Files An 8-K Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive
Agreement.

On February10, 2017,Impac Mortgage Corp. (the Borrower), a
subsidiary of Impac Mortgage Holdings,Inc. (the Company), entered
into a Loan and Security Agreement (the Loan Agreement) with
Western Alliance Bank (the Lender) providing for a revolving loan
commitment of $40.0 million for a period of two years (the Loan).
The Borrower is able to borrow up to 55% of the fair market value
of Fannie Mae pledged servicing rights. Upon the two year
anniversary of the Loan Agreement, any amounts outstanding will
automatically be converted into a term loan due and payable in
full on the one year anniversary of the conversion date. Interest
payments are payable monthly and accrue interest at the rate per
annum equal to LIBOR plus 4.0% and the balance of the obligation
may be prepaid at any time. The Borrower initially drew down
$35.1 million, and used a portion of the proceeds to pay off the
term loan with Macquarie Alpine Inc. (approximately $30.1
million) originally entered into in June2015. The Borrower also
paid the Lender an origination fee of $100,000. The obligations
under the Loan Agreement are secured by Fannie Mae pledged
mortgage servicing rights.

The Loan Agreement is subject to customary affirmative and
negative covenants of the Borrower, including covenants not
incurring certain debt, making investments, permitting a change
in management or ownership, and financial covenants related to
liquidity, adjusted tangible net worth, pre-tax profitability and
financial ratios, among others. Upon an event of default that is
not cured, if applicable, all outstanding amounts under the Loan
may become immediately due and payable.

The description of the terms and conditions of the Loan Agreement
set forth herein do not purport to be complete and are qualified
in their entirety by reference to the terms of the Loan
Agreement, a copy of which is filed as an exhibit to this Current
Report on Form8-K.

Item 1.02 Termination of Material
Definitive Agreement.

On February10, 2017, in connection with entering into the Loan
Agreement with the Lender, the Company paid off and terminated
the Loan Agreement with Macquarie Alpine Inc. dated June19, 2015.

Item 2.03 Creation of a Direct Financial
Obligation or an Obligation under an Off-Balance Sheet
Arrangement of a Registrant.

The information set forth under Item 1.01 of this Current Report
is hereby incorporated by reference into this Item 2.03.

Item 9.01 Financial Statements and
Exhibits.

(d)Exhibits

About Impac Mortgage Holdings, Inc. (NYSEMKT:IMH)

Impac Mortgage Holdings, Inc. is an independent residential mortgage lender. The Company operates through three segments: Mortgage Lending, Real Estate Services and Long-Term Mortgage Portfolio. It originates, sells and services conventional, conforming agency and Government insured residential mortgage loans. Its Real Estate Services segment provides various real estate related services and loss mitigation services, including managing distressed mortgage portfolios and foreclosed real estate assets; surveillance services for residential and multifamily mortgage portfolios; loan modification services, and the master servicing on various residential mortgage and multifamily loan pools for loans. It manages its long-term mortgage portfolio, which consists of residual interests in the securitization trusts reflected as trust assets and liabilities. Its Corporate segment includes corporate services groups, such as information technology, human resources, legal, facilities and accounting.

Impac Mortgage Holdings, Inc. (NYSEMKT:IMH) Recent Trading Information

Impac Mortgage Holdings, Inc. (NYSEMKT:IMH) closed its last trading session up +0.36 at 14.30 with 42,816 shares trading hands.