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The enterprise was able to improve on its year-over-year number for loan purchases and earnings in the seasonally weak period, but both were down on a consecutive quarter basis.

Both purchase and refinance activity slowed, with inflation likely to keep interest rates at challenging levels for future borrowers, according to the Mortgage Bankers Association.

Plaintiffs seeking class certification claim the bank uses an underwriting system that discriminates against minority mortgage applicants.

Profits in the originations and servicing segment at Newrez drove earnings, while a possible spinoff of Rithm's mortgage operations is still seen as a "work in progress," according to company leaders.

Consolidation has slowed since the pandemic, but UMB's agreement to buy Heartland Financial — the largest deal in three years — is one of several merger announcements in the past two weeks. Talks among other potential buyers and sellers are said to be picking up.

Rep. French Hill, the No. 2 Republican on the House Financial Services Committee, promised bankers Tuesday that he will continue to push back against Biden administration regulators, especially on bank-fintech partnerships and digital assets.

Though written before the internet era, the book about working at Salomon Brothers in the 1980s that launched Michael Lewis' writing career still holds important lessons about the true costs of success.

The investment giant said its direct-to-consumer channel will offer ancillary products in preparation for any future refinance environment.

But strong g-fees, a positive credit-loss adjustment and stable home prices bolstered results despite declines in mortgage purchases to lows not seen in some time.

Prices nationally climbed 6.4% from a year earlier, an S&P CoreLogic Case-Shiller index shows. That's larger than the 6% annual gain in January.