Finance

The changes, which appear to be separate from a controversial nonbank proposal that's pending, will reduce red tape for credit unions and housing finance agencies and clarify a calculation for loans eligible for repurchase.

Waning mortgage activity slashed net income 72% in the second quarter to $58.3 million.

The company is withdrawing from consumer-direct lending and making other reductions given that widening spreads failed to offset savings from aggressive layoffs and gains in servicing advisory services.

More cost reduction is on the way in the third quarter, but management says it will not layoff staffers, despite having some excess capacity.

The tech company's earnings are reflecting a cooling market.

The company managed a small profit even though industry-wide challenges were compounded by struggles in its reverse mortgage business lines.

While declining to comment on the pending Black Knight transaction and reporting a decline in earnings from the first quarter, management remains bullish on the home lending business.

The non-qualified mortgage company allegedly failed to follow through on approximately $38 million it contractually agreed to buy.

Servicing income and cost cutting bolstered the company's earnings, but not enough to prevent a reduction compared to comparable quarters.

But private-label securitization issuance this year is expected to be lower than 2021's activity.