Secondary

More cost reduction is on the way in the third quarter, but management says it will not layoff staffers, despite having some excess capacity.

The tech company's earnings are reflecting a cooling market.

The company managed a small profit even though industry-wide challenges were compounded by struggles in its reverse mortgage business lines.

While declining to comment on the pending Black Knight transaction and reporting a decline in earnings from the first quarter, management remains bullish on the home lending business.

The non-qualified mortgage company allegedly failed to follow through on approximately $38 million it contractually agreed to buy.

Servicing income and cost cutting bolstered the company's earnings, but not enough to prevent a reduction compared to comparable quarters.

But private-label securitization issuance this year is expected to be lower than 2021's activity.

CEO Michael Nierenberg hinted at an upcoming partnership, as the rebranded New Residential reported a quarterly loss from residential mortgages plus management internalization costs.

This pool was part of the government-sponsored enterprise's RPL3-2022 transaction but unlike the other two portions, it was not awarded in the initial announcement two weeks ago.

Net interest income was the driver, as increases from investments more than offset a decline related to its guaranty book of business.