Secondary

Bank turmoil caused a reduction in adjustable-rate and refinancings, but jumbo product availability actually grew in April.

Even with lower new insurance written, the six active underwriters remained profitable.

After a selloff toward the end of 2022 when it sought to reduce liquidity risk, the company resumed purchases of whole loans last quarter.

Management provided upbeat commentary both about the period and how the second quarter is progressing.

Earnings dipped for both companies coming in at $236 million and $328.2 million, respectively.

In a quarterly earnings call, CEO Michael Nierenberg said the company was evaluating options and would likely file forms for a new public company in the near future.

MSR marks weighed down results again but by less than in the previous quarter as the company worked on offsets and restated some adjusted numbers.

Changes to loan-level price adjustments are perfectly consistent with the FHA's mission and with the safety and soundness of Fannie Mae and Freddie Mac.

The government-sponsored enterprise improved slightly upon the previous quarter's numbers, but contraction in lending remains a risk.

Although the company reported a loss, executives expressed confidence in its funding and liquidity.