Analysts questioned whether the reductions could have a negative impact in terms of scale, but executives said the move has financial advantages — more so than its correspondent exit.

The impact of a weakening economy on quarterly performance will become clearer by the second week of January as banks begin to report fourth-quarter earnings.

Proceeds from the sales, which might not be the last, will pay down a personal loan secured by Nima Ghamsari's holdings.

NYSE American accepted the mortgage company's plan to resolve an existing concern but its persistent losses raised a new issue.

A combination of fewer mortgage originations and investment losses for some companies contributed to declines.

The non-qualified mortgage lender lost $13 million in the quarter, a slight improvement over the previous period.

The company experienced further declines in production volume but reported an intra-quarter improvement in its gain on the sale of loans.

The company was profitable on a net basis but took a comprehensive loss linked to market volatility's effect on mortgage bonds.

But executives put a sunny spin on it, saying that its recent exit from forward mortgages will allow it to leverage reverse lending, where tailwinds will lead to profitability next year, management said.

The company has incurred a combined $91.8 million in expenses in the past two quarters related to its massive cost-cutting plan, which included the layoff of thousands of professionals.