Both purchase and refinance activity slowed, with inflation likely to keep interest rates at challenging levels for future borrowers, according to the Mortgage Bankers Association.
Plaintiffs seeking class certification claim the bank uses an underwriting system that discriminates against minority mortgage applicants.
Profits in the originations and servicing segment at Newrez drove earnings, while a possible spinoff of Rithm's mortgage operations is still seen as a "work in progress," according to company leaders.
Rep. French Hill, the No. 2 Republican on the House Financial Services Committee, promised bankers Tuesday that he will continue to push back against Biden administration regulators, especially on bank-fintech partnerships and digital assets.
The investment giant said its direct-to-consumer channel will offer ancillary products in preparation for any future refinance environment.
But strong g-fees, a positive credit-loss adjustment and stable home prices bolstered results despite declines in mortgage purchases to lows not seen in some time.