The company is looking at the long-term picture, building business for 2023 and beyond, Chairman and CEO Mat Ishbia said.

Only Essent saw a decline in profitability on a quarter-to-quarter basis during what ended up being a much better period for the business than for its mortgage lender clients.

Waning mortgage activity slashed net income 72% in the second quarter to $58.3 million.

The company is withdrawing from consumer-direct lending and making other reductions given that widening spreads failed to offset savings from aggressive layoffs and gains in servicing advisory services.

More cost reduction is on the way in the third quarter, but management says it will not layoff staffers, despite having some excess capacity.

The tech company's earnings are reflecting a cooling market.

The company managed a small profit even though industry-wide challenges were compounded by struggles in its reverse mortgage business lines.

While declining to comment on the pending Black Knight transaction and reporting a decline in earnings from the first quarter, management remains bullish on the home lending business.

Servicing income and cost cutting bolstered the company's earnings, but not enough to prevent a reduction compared to comparable quarters.

CEO Michael Nierenberg hinted at an upcoming partnership, as the rebranded New Residential reported a quarterly loss from residential mortgages plus management internalization costs.