Origination

One loan sale is planned for Wednesday, while the other is tentatively happening in September. All-in-all, the two offerings are worth close to $1 billion.

The company also added a new marketing executive to drive growth, with current expansion coming after it also secured an origination purchase deal last month.

While the company exceeded analyst expectations on several fronts, its Q3 outlook includes softer revenue and a slide back into negative EBITDA.

The mortgage numbers are a welcome boost to a market that has struggled to overcome high costs and prolonged economic uncertainty.

Prior to the earnings release, Finance of America announced it was buying out Blackstone's equity stake in the mortgage lender for $80 million.

Groups like the Mortgage Bankers Association and National Housing Conference welcomed the decision to increase the secondary market for the credits.

Americans now hold $34.5T in home equity, fueling a surge in home equity loans as lenders race to capitalize on rising property values.

GSE loans acquired in the period have higher loan-to-value and debt-to-income ratios and lower credit scores, which Milliman said boosted serious default risk.

Late-payment rates among U.S. borrowers rose again in the second quarter, according to a report from the New York Fed. The trend reflects a sharp increase in student loan delinquencies, which have been climbing as pandemic-era policies have expired.

Volatility hiked MSR hedging costs and hurt origination margins. But net income to common shareholders almost matched that seen during the previous quarter.