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The company was profitable on a net basis but took a comprehensive loss linked to market volatility's effect on mortgage bonds.

But executives put a sunny spin on it, saying that its recent exit from forward mortgages will allow it to leverage reverse lending, where tailwinds will lead to profitability next year, management said.

The company has incurred a combined $91.8 million in expenses in the past two quarters related to its massive cost-cutting plan, which included the layoff of thousands of professionals.

But refinances dwindled further and helped drive overall volumes to a slight decline last week.

The package, which Incenter is brokering on behalf of an unnamed mortgage banker, is primarily concentrated in California and Colorado.

Of 26 fired employees in a layoff round, 17 were either currently on paternity or maternity leave or planning to take it in the near future, according to the legal filing.

The company is floating the possibility of selling a portion of its loan portfolio to free up liquidity in coming months, leaders said.

The government-sponsored enterprise put more money aside as mortgage interest rates rise and home prices start to decline.

The six active underwriters wrote 14% less business compared with the second quarter and 30% from one year prior.

While credit risk has been kept under control to date, the government-sponsored enterprise's leaders said Tuesday that they are concerned it could be on the verge of an uptick.

Both sides in the litigation over 2012 Federal Housing Finance Agency amendments to stock purchase agreements say they're weighing their options.

Both lenders did not disclose how many positions have been terminated.

It came as a surprise to many housing experts that Asian, Black and Hispanic homeownership rates all jumped last year by more than 2 percentage points, according to quarterly Census Bureau data.

A Worker Adjustment and Retraining Notification identified 100 CCM employees impacted, a filing the company has since requested be removed and claims was posted by a former employee.

The $1.3 trillion decline was the largest quarterly drop in dollar volume and the biggest falloff on a percentage basis since 2009, according to Black Knight.

The acquisition, which was originally expected to close at the end of last year, ultimately took more than 18 months to receive regulatory approval. It is now expected to close on Dec. 1.

The limit for high-cost areas for 2023, 50 percent above the baseline limit, would be approximately $1.08 million, writes a former principal economist with the Federal Housing Finance Agency.

The writing on the wall says the market will deteriorate further, the company's executives said in a written statement.

The lender reported a 24% drop in volume quarter-over-quarter but said it compared favorably to the average 29% decline projected by the Mortgage Bankers Association.

But far more staff reductions will be needed to bring numbers back in line with the norm prior to the past two years' extraordinary housing boom.