Finance

The REIT did not issue a securitization in the period because of the upheaval, but found a more receptive marketplace in July.

The lending and servicing giant is also amping up cost-saving efforts with more layoffs after reporting a net loss of $223.8 million in the second quarter.

Mortgage companies will need to obtain and maintain relevant data on loans starting in March of next year even if they are only handling payment-related activity, according to the Federal Housing Finance Agency.

In response, the company is looking to diversify its revenue stream.

The new leaders named at the company highlight what appears to be some heavy recruiting from the ranks of executives who previously worked for a government-sponsored enterprise or a GSE joint venture.

The company is looking at the long-term picture, building business for 2023 and beyond, Chairman and CEO Mat Ishbia said.

Only Essent saw a decline in profitability on a quarter-to-quarter basis during what ended up being a much better period for the business than for its mortgage lender clients.

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.

CEO Michael Nierenberg hinted at an upcoming partnership, as the rebranded New Residential reported a quarterly loss from residential mortgages plus management internalization costs.

This pool was part of the government-sponsored enterprise's RPL3-2022 transaction but unlike the other two portions, it was not awarded in the initial announcement two weeks ago.

Fed Chairman Jerome Powell brushed off concerns that rapidly tightening monetary policy could disrupt the financial system. Some economists and policy experts beg to differ, raising concerns about loan defaults or even the collapse of a key institution or counterparty.