Servicing

The company experienced further declines in production volume but reported an intra-quarter improvement in its gain on the sale of loans.

But the likelihood of a recession and higher unemployment should drive the rate higher in the future, the Mortgage Bankers Association said.

Other firms disclosing cuts in Worker Adjustment and Retraining Notifications include American Advisors Group and Pennymac.

The company was profitable on a net basis but took a comprehensive loss linked to market volatility's effect on mortgage bonds.

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.

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

The $1.3 trillion decline was the largest quarterly drop in dollar volume and the biggest falloff on a percentage basis since 2009, according to Black Knight.

The lender reported a 24% drop in volume quarter-over-quarter but said it compared favorably to the average 29% decline projected by the Mortgage Bankers Association.

The company's volume fell behind its wholesale-focused chief competitor's in the third quarter but management foresees potential weakness in the broker channel.

Without the increase in valuations, the company recorded a reduced, adjusted, pretax loss in the third quarter; so it's doing more to cut costs and focus on subservicing strategies.