**Exhibit99.1**

**Information incorporated byreference from proxy statement filed with the SEC on April 27, 2007**
| NAME                | ** ** | **AGE** | ** ** | **POSITION**                                                                       |
|---------------------|------------|---------|------------|------------------------------------------------------------------------------------|
| Joseph R. Tomkinson |       | 59      |       | Chairman of the Board, Chief  Executive Officer and Director of  IMH, IFC and IWLG |

 

**Joseph R.Tomkinson** has beenChairman of the Board since April 1998 and Chief Executive Officer and aDirector of IMH as well as Chairman of the Board and Chief Executive Officerand Director of IFC, also known as the mortgage operations, and IWLG also knownas the warehouse lending operations, since their formation. FromAugust 1995 to April 1998, he was Vice Chairman of the Board and CEOof IMH. From February 1997 to May 1999, he was Chairman of the Boardand Chief Executive Officer of Impac Commercial Holdings, Inc. (“ICH”), areal estate investment trust investing in commercial mortgage assets. He servedas President and Chief Operating Officer of Imperial CreditIndustries, Inc. (“ICII”) from January 1992 to February 1996, andfrom 1986 to January 1992, he was President of Imperial Bank Mortgage, oneof the divisions that later was combined to become ICII in 1992. He was aDirector of ICII from December 1991 to June of 1999. Mr. Tomkinsonbrings over 28 years of combined experience in real estate, real estatefinancing and mortgage banking.

There are no familyrelationships between any of the directors or executive officers of IMH

**Employment Agreement**

OnApril 1 2003, the employment agreement between IFC and Joseph R.Tomkinson, (the “Employment Agreement”) became effective. The Agreement, unlessterminated earlier pursuant to the terms of such agreement, expires onDecember 31, 2007.

*Guaranty.*      SinceIMH will receive direct and indirect benefits from the performance of theofficer under the Employment Agreement, IMH executed a guaranty in favor of theofficer. Under the terms of the guaranty, IMH promises to pay any and allobligations owed to the officer in the event of default by IFC.

*Base and Other Compensation.*     Pursuant to the terms of the EmploymentAgreements, Joseph R. Tomkinson receives an annual base salary of $600,000. Theofficer’s base salary is not subject to any annual adjustment. The executiveofficers receive other benefits, such as a car allowance, health benefits andaccrued vacation. The executive officers are prohibited, without the priorapproval of the Board of Directors, from receiving compensation, directly orindirectly, from companies with whom we have any financial, business oraffiliated relationship.

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*Incentive Compensation.*    The executive officer receives incentivecompensation, which is paid to the executive officer in an amount equal to ourexcess income, which is the greater of zero or net income, minus the product of(i) the ten year U.S. treasury rate plus 200 basis points and(ii) the average net worth multiplied by the number of days in the quarterand divided by 365, multiplied by 4.0875% in the case of Joseph Tomkinson. OnSeptember 9, 2004, Impac Funding Corporation entered into an amendment tothe Employment Agreement. The amendment to the Employment Agreement, effectiveas of May 25, 2004, changed the definitions for net income and average networth to take into account preferred stock equity of IMH. As amended, netincome is, at any date of determination, determined in accordance with thethen-current tax law after the deduction of dividends, whether declared or paidon any of IMH’s preferred stock equity during the period; however, before thetotal incentive compensation is paid to such officers, net income calculationshall be adjusted for the deduction for dividends paid on IMH’s common stockequity and any net operating loss deductions arising from prior periods.

Asamended, average net worth is, for any quarter, IMH’s accumulated net worth of$514.8 million at December 31, 2002 plus subsequent toDecember 31, 2002, the weighted average daily sum of the gross proceedsfrom any sale of IMH’s common stock equity, before deducting any underwritingdiscounts and commissions and other expenses; plus the average balancequarter-to-date of the retained earnings for the quarter; less the weightedaverage daily sum of the gross proceeds used to repurchase IMH’s stock, lessthe average balance quarter-to-date of the cumulative dividends declared onboth IMH’s common and preferred stock equity; plus an amount equal to the priorperiod losses, as defined in the Employment Agreements. The ten year U.S.treasury rate is generally the arithmetic average of the weekly per annum tenyear average yields published by the Federal Reserve during the quarter.

Theincentive compensation will generally be calculated and reviewed by thecompensation committee within 30 days after each quarter. The incentivecompensation will be paid in cash, and the executive officer may elect to deferany component of their compensation in an approved, Company sponsored, deferredcompensation plan.

*Severance Compensation.*    Ifthe executive officer’s employment is terminated for any reason, other thanwithout cause or good reason (as such terms are defined in the agreement), theexecutive officer will receive his base compensation, benefits, and pro rataincentive compensation through the termination date. In addition, if theexecutive officer is terminated without cause or if the executive resigns withgood reason, the executive officer will receive the following:

(i) an additional 30 months of base salary of which12 month’s worth of base salary will be paid on the termination date andthe other 18 month’s worth of base salary will be paid on the normal salarypayment dates over that period;

(ii) benefits paid over the 30 month period following thetermination date, provided certain conditions are met; and

(iii) incentive compensation payments determined andpaid as follows:

a. on the termination date, the executive officer will be paid anamount equal to the prior three quarters’ worth of incentive compensation;

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b. 30 days after thequarter in which the termination date occurs, the incentive compensation forthat quarter that the executive officer would have been entitled to receive hadthe executive officer not been terminated; and

 

c. for the six quarters after the quarter in which the termination dateoccurs, the executive officer will be paid his incentive compensation at thetime such compensation would have been paid had the executive officer not beenterminated; provided that the executive officer’s incentive compensation foreach quarter will not be less than 50% nor more than 100% of the averagequarterly new incentive compensation for the four quarters immediatelypreceding the termination date.

Theexecutive officer has agreed not to compete with us and our subsidiaries andaffiliates during the 30 months that severance payments are made to theexecutive officer, provided that the agreement not to compete will be waived ifthe executive officer forgoes the severance compensation.

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