Servicing

The company posted net income of under $301 million in the third quarter, including a $93 million positive mortgage servicing mark.

The lender and servicer is still planning for another $120 million in annualized expense reductions in the next few quarters.

The company also renewed key partnerships, recorded some reverse mortgage charges it'd previously foreseen and eked out an adjusted pretax origination gain.

The retention rate among servicers is at a 17-year low the latest Intercontinental Exchange Mortgage Monitor report found.

The Federal Housing Administration has a floated modernized policy that could permanently replace the temporary one but was asked for more implementation time.

The withdrawal of pandemic housing relief and high home prices have heightened consumer strain, according to nonprofit Money Management International.

But the company was profitable for the second consecutive period under standard accounting principles in the third quarter.

The seizure of servicing from Reverse Mortgage Funding's bankruptcy has had ripple effects ranging from a private legal challenge to broader policy changes.

Some of the lender and servicer's systems are offline following the attack on Oct. 31.

While the addition of Black Knight is already paying off in terms of cross-sell success, the unit has posted operating losses in five of the last six quarters.