Servicing

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.

The acquisition of the mortgage servicer has costs, but it'll give the company offsetting efficiencies of scale, executives said in an earnings call Tuesday.

The latest increase marks the seventh straight quarterly rise, per an Attom report.

The number of sellers it works with in the correspondent channel has grown due to pending capital requirements affecting larger depositories' interest in loans.

The company posted third-quarter profits of $194 million but gave no details about a potential split of its mortgage business.

The company took another net loss but some of its numbers improved as it slashed expenses and prospects improved for distressed loan services.