But the consumer credit reporting agency’s adjusted results slightly exceeded consensus estimates from analysts.

Mike Roffler, the San Francisco bank’s incoming chief executive, says he’s not shifting strategy. During the first quarter, the company leaned on its mortgage business, where customers moved to lock in refinancings before interest rates rose.

The gain on sale from first quarter originations increased as the bank shifted more volume share to the higher-margin channel.

But it was the second-most successful year ever for IMB originations since the Mortgage Bankers Association began collecting this data in 2008.

Following steep quarterly and annual losses, executives were optimistic that new revenue estimates are achievable in a rising interest rate environment, especially as customers transition to the Blend Title platform from Title365.

Production costs reached a high as secondary-market loan sale margins continued to decline.

Net income declined by over 40% for both the quarter and year due to smaller gain-on-sale margins, but its servicing financials picked up.

Despite the current upheaval in pricing on the secondary market, the company sees its future in non-qualified mortgage production.

Minus the adjustment made to account for stock price declines and goodwill, the company’s countercyclical mix of loan products was profitable, but secondary-market volatility presents a challenge ahead.

The company had its best fourth quarter ever for loan production, with purchases making up nearly 45% of that.

But the company turned its first full-year profit since 2013.

With an Q4 earnings report that showed declining revenues, Jay Farner called out lenders who reduce pricing and threw shade at certain unnamed lenders who fire employees via video call.

These companies benefited from the strong refinance market in 2021, but are facing a different environment with fewer mortgage originations expected this year.

The company has been working to improve its bottom-line results by aggressively cutting expenses and repositioning its servicing operation to maximize its profitability, according to CEO Willie Newman.

Current president Joe Nackashi will become CEO in place of Anthony Jabbour who will be taking the role of executive chairman.

"The quality of our new business is high. The pricing of that business does not reflect the capital requirements of our regulatory rule," CEO Hugh Frater said.

The companies plan to collaborate on the development of a cloud-native servicing platform, which could result in a stronger competitor to dominant player Black Knight in the marketplace.

The nation's second largest title insurer reported lower fourth quarter earnings, but the shift to purchase transactions pushed revenue higher.

However, leadership noted that 2021 was the second record year for new single-family mortgages and also discussed how the government sponsored-enterprise plans to further rebuild its capital.

The company said it would increase efforts in non-QM lending and dropped hints about further acquisitions.