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.