Impac Mortgage Holdings is an independent residential mortgage lender. The Company's business activities are organized and presented in three primary operating segments: Mortgage Lending, Real Estate Services and the Long‑Term Mortgage Portfolio. Its mortgage lending segment provides mortgage lending products through three lending channels, retail, wholesale and correspondent, retains mortgage servicing rights and provides warehouse lending facilities. Impac's real estate services segment performs master servicing and provides loss mitigation services for primarily our securitized long-term mortgage portfolio. And, its long-term mortgage portfolio consists of residual interests in securitization trusts.