Originations

The company experienced further declines in production volume but reported an intra-quarter improvement in its gain on the sale of loans.

Other firms disclosing cuts in Worker Adjustment and Retraining Notifications include American Advisors Group and Pennymac.

An inflation metric came in lower than expected, which caused the benchmark 10-year Treasury to drop well below the 4% mark.

But its tight lead indicates that originators are struggling to differentiate themselves from the competition J.D. Power's Craig Martin said.

Former employees say the New Jersey-based lender had its biggest reduction round yet, impacting close to a thousand positions.

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 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.