The Future IDASL will become our portal for handling all aspects of the mortgage origination process. It clearly serves as a barrier to entry for other potential entrants in our niche market and is our key strategy for expansion going forward. Technology is also a key component of our business plan to automate and expand the Warehouse Lending Operations. We believe this core business, which enables mortgage bankers to fund loans to their customers, holds the greatest potential for growth among our businesses. Our goals for 2001 include increasing the group’s outstanding balances, an initiative made possible by automating the Warehouse Lending Operation’s internal systems  and expanding and implementing their Web-based delivery and reporting capabilities. As we move into 2001, we are confident that we  are poised to capture a greater share of the non- conforming investment grade mortgage market, which is undergoing constant change. Recent interest rate cuts are expected to improve our profit margins  at the Long Term Investment Operations and  increase the flow of loans we originate, purchase  and securitize in our Mortgage Operations. We  expect continued consolidation in the mortgage industry and believe that we are well positioned  for growth and continued profitability. We believe the Company is ideally positioned  to meet the opportunities and challenges of the  future. Our ongoing strategy is to use the combined strengths of our synergistic business lines, cutting- Given the ways we have strengthened our operations and our expectations for early 2001, we may resume dividend payments as early as the third quarter of 2001. We feel the cessation of the dividend payment allowed us to make investments that will return stronger and more sustainable dividends in  the future than would otherwise be possible. 33. The Impac Companies – Letter to Shareholders 32. The Impac Companies – Letter to Shareholders In order to mitigate interest rate and market risk, the Company in late 2000 began securitizing its mortgage loans more frequently. Through more  frequent securitizations, we can reduce the accu- mulation and holding period of mortgage loans. That, in turn, requires less capital and affords more liquidity with less interest rate and price volatility. We believe our leadership position will be further assured by our ability to capitalize on the strengths we have conscientiously built into our business. In 2001 and beyond, we expect that IDASL will become a complete lending system, propelling us  to the forefront of our industry. Given that growth, current financial market conditions and the financial safeguards we have incorporated, we foresee much improved performance in the future.