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Former employees say the New Jersey-based lender had its biggest reduction round yet, impacting close to a thousand positions.

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.

But refinances dwindled further and helped drive overall volumes to a slight decline last week.

The package, which Incenter is brokering on behalf of an unnamed mortgage banker, is primarily concentrated in California and Colorado.

Of 26 fired employees in a layoff round, 17 were either currently on paternity or maternity leave or planning to take it in the near future, according to the legal filing.

The company is floating the possibility of selling a portion of its loan portfolio to free up liquidity in coming months, leaders said.

The government-sponsored enterprise put more money aside as mortgage interest rates rise and home prices start to decline.

The six active underwriters wrote 14% less business compared with the second quarter and 30% from one year prior.