The Detroit company intends to pay at least $1.9 billion of the servicer's senior notes due through 2028, and could cover another $3 billion due through 2032.

The reverse stock split, consolidating eight shares into one, is designed to bring the Luxembourg-based company back into listing compliance on Nasdaq.

The company is positioning its Tinman platform as a serious industry competitor and suggests it's eying product costs of around $1,500 per loan.

April was a mixed bag for title companies, executives said on earnings calls, but some are expecting a stronger market the rest of the year.

The first quarter showed a narrowing in the market share spread between the six active underwriters, but that was before April's economic uncertainty.

The mortgage fintech looks to transition to a model of strategic platform partnerships rather than offer its own closing services as it simplifies operations.

Company management touted its wins, including with total volume of $21 billion, the Redfin and Mr. Cooper purchases plus a record quarter for home equity.

The reverse mortgage division reported a loss due to hedging costs but on a net basis the company proved profitable ahead of peak market disruption in April.

The San Diego-based lender reported a net loss of $23.9 million for the January-March period, down from a net income of $97.9 million the quarter prior.

Much of the increase came from the wholesale channel, where margins were thinner, leaving them flat on for the origination unit on a sequential quarter basis.