Secondary

Applications related to Zillow Offers made up 70% of the mortgage lender's purchase business in the third quarter.

Stronger collateral and less credit enhancement reflect lessening pandemic risk.

After closing its merger with Caliber, the company also hopes to pare down expenses by at least 10%.

Numbers fell across all investor types, but exits hit their slowest pace since August.

The company, which was accused of cutting corners in originations by a former top executive, produced $32 billion in the third quarter and is guiding between $26 billion and $31 billion in the fourth.

When added to other staffing and acquisitions additions since year-end 2019, the mortgage services provider has more than tripled the company’s headcount.

The mortgage giant’s net worth of $42 billion at the end of the quarter was more than double what it was a year earlier. CEO Hugh Frater said that financial strength puts the company on better footing to support affordable housing goals outlined by the Federal Housing Finance Agency.

The move by the agency, which is an arm of the Department of Housing and Urban Development, will help further efforts to give servicers more leeway to modify mortgage terms.

The combined refinance and purchase total was nearly double the average quarterly volume logged before the pandemic, the company said in its third-quarter earnings call.

Benchmark will issue 21 classes of certificates, with 13 entitled to principal and interest payments. Six classes will receive interest only.