The technology provider is in the midst of a large reduction in spending including the dismissal of approximately 340 employees.

In its last full quarter using a mortgage banker business model, the company originated just $21.5 million, well down from $759.4 million one year prior.

The company sold off several segments of its business last year and also completed four securitizations of reverse mortgage loans as it fully commits to the 'retirement home-equity market.'

Despite ending 2022 in the red, the lender and servicer saw full-year profits exceed 2021's total.

The REIT failed to post profits in any quarter last year, as the mortgage industry encountered a steep originations slowdown.

The company lost $163.7 million last year as funded origination volume fell 71% annually to $27.6 billion in 2022.

Executives at the company pointed to market volatility, year-end seasonality and its exit from the wholesale channel as reasons for the deficit.

The business is heavily reliant on mortgage originations and some participants are turning to other sources of income to bolster results.

CEO Mat Ishbia touted his firm's competitive pricing strategy as the reason why the company has remained stable against major setbacks and losses at competitors like Wells Fargo and Rocket Mortgage.

In Jay Farner's last earnings call as CEO, management emphasized long-term client development efforts like the forthcoming credit card program.

The company reported an $80 million loss for the three-month period on mortgage servicing rights declines but $26 million in net income for the year.

But the company expects positive margins in the first quarter from Bay Equity Home Loans and increased cross-sell capture from real estate agents.

The company's shares jumped after it reported quarterly revenue that wasnhelped by a better-than-expected period for its core advertising business.

All six companies were profitable in the fourth quarter and the full year, but had far less new volume than in 2021.

The government-sponsored enterprise expects a "moderate recession" in the first half of 2023.

Executives at the company said building special-servicing capacity will help the company brace itself for a potential change in the credit cycle.

The company, which recorded positive comprehensive income based on unrealized RMBS gains, sees potential buying opportunities in bulk mortgage-servicing rights amid a wave of sales by Wells Fargo and others.

The company's mortgage operations posted a $24 million pretax profit thanks to servicing, while loan production saw a loss.

Servicing was strong relative to some analysts' estimates, but thin margins and higher-than-expected expenses in originations reduced earnings for the fiscal period.

Industry headwinds led numbers at the software and data provider downward at the end of the year, but company leaders said the unit is positioned well for a market snapback.