Impac Mortgage Extends Forbearance Agreement

Mortgage company reaches deal to delay debt payments until June 2026

Published on Mar. 2, 2026

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Impac Mortgage Holdings, Inc., a mortgage company based in Irvine, California, has extended its forbearance agreement with creditors until June 1, 2026. The company originally entered into the forbearance agreement in connection with its Junior Subordinated Indenture Notes, which it has amended seven times previously. This latest eighth amendment extends the expiration date of the forbearance agreement.

Why it matters

The extension of the forbearance agreement provides Impac Mortgage with more time to reach a satisfactory resolution with its debt holders regarding defaults on its debt instruments. This is critical for the company to continue operating as a going concern amid challenges in the mortgage industry, including interest rate hikes, margin compression, and increased competition.

The details

Impac Mortgage's forbearance agreement is related to its Junior Subordinated Indenture Notes, which have a total original principal amount of $62 million. The company has been working to reach an agreement with creditors to delay debt payments, having previously amended the forbearance agreement seven times. This latest eighth amendment extends the expiration date of the forbearance agreement to June 1, 2026.

  • Impac Mortgage originally entered into the forbearance agreement in connection with its Junior Subordinated Indenture Notes.
  • The company has amended the forbearance agreement seven times previously.
  • On February 25, 2026, Impac Mortgage entered into the eighth amendment to extend the expiration date of the forbearance agreement to June 1, 2026.

The players

Impac Mortgage Holdings, Inc.

A mortgage company based in Irvine, California that is a party to a forbearance agreement related to its Junior Subordinated Indenture Notes.

The Bank of New York Mellon Trust Company, National Association

The trustee for Impac Mortgage's Junior Subordinated Indenture Notes.

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What’s next

The judge overseeing Impac Mortgage's case will decide whether to allow the company to continue operating under the extended forbearance agreement.

The takeaway

Impac Mortgage's extension of its forbearance agreement highlights the ongoing challenges facing the mortgage industry, as companies work to navigate rising interest rates, margin compression, and increased competition. The ability to reach satisfactory resolutions with creditors will be crucial for Impac Mortgage's long-term viability.