While the company produced $88 billion during the period, it had a major margin squeeze in its TPO Pro channel.

The company is repositioning its secondary market sales of loans and servicing and implementing cost-cutting measures as the market normalizes.

Applications related to Zillow Offers made up 70% of the mortgage lender's purchase business in the third quarter.

After closing its merger with Caliber, the company also hopes to pare down expenses by at least 10%.

The company, which was accused of cutting corners in originations by a former top executive, produced $32 billion in the third quarter and is guiding between $26 billion and $31 billion in the fourth.

The mortgage giant’s net worth of $42 billion at the end of the quarter was more than double what it was a year earlier. CEO Hugh Frater said that financial strength puts the company on better footing to support affordable housing goals outlined by the Federal Housing Finance Agency.

The combined refinance and purchase total was nearly double the average quarterly volume logged before the pandemic, the company said in its third-quarter earnings call.

The company is making progress on a focus shift to recurring revenues from transactional activities.

The company sees an opportunity as its competitors have to sell to make up for lost income due to tighter origination margins.

The company also locked a record $4.7 billion in jumbo loans and significantly increased its business purpose lending from a year ago as its revenue mix shifted toward its taxable subsidiary.