| Business Summary | | IMC
Mortgage
Company
was
a
consumer
finance
company
engaged
in
purchasing,
originating,
servicing
and
selling
home
equity
loans
secured
by
first
liens
on
one-
to
four-family
properties.
The
Company
focused
on
lending
to
individuals
whose
borrowing
needs
were
not
being
served
by
traditional
financial
institutions
due
to
such
individuals'
impaired
credit
profiles
and
other
factors.
Loan
proceeds
typically
were
used
by
such
individuals
to
consolidate
debt,
to
refinance
debt,
to
finance
home
improvements,
to
pay
educational
expenses
and
for
a
variety
of
other
uses.
By
focusing
on
individuals
with
impaired
credit
profiles
and
by
providing
prompt
responses
to
their
borrowing
requests,
the
Company
was
able
to
charge
higher
interest
rates
for
its
loan
products
than
typically
were
charged
by
conventional
mortgage
lenders.
On
November
15,
1999,
the
Company
sold
to
CitiFinancial
Mortgage
(CFM)
its
mortgage
loan
servicing
business
and
substantially
all
of
its
mortgage
loan
origination
business. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | IMCC
was
a
specialized
consumer
finance
company
engaged
in
purchasing,
originating,
servicing
and
selling
home
equity
loans.
In
November
1999,
the
Company
sold
its
mortgage
loan
origination
business.
For
the
nine
months
ended
9/30/00,
total
revenues
fell
94%
to
$6.4
million.
Net
loss
applicable
to
Common
decreased
58%
to
$111.7
million.
Results
reflect
decreases
in
loans
sold,
offset
by
the
absence
of
servicing
fees
and
impairment
charges. | More
from
Market Guide: Significant
Developments |
| Officers | | | FY1999 Pay | |
| Dennis Pitocco, 47 Pres,
CEO, Chief Operating Officer, Chief Financial Officer, Director | $259K | Dollar
amounts are as of 31-Dec-1999 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|