Originations

Refinances inched up 2% as interest rates dipped, but accounted for only 31% of activity, compared to two-thirds a year ago.

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.

Volumes set a record in 2021 and they've held up better than expected this year, but declines are forecasted for the sector some banks are using to partially offset single-family's slump.

Housing values remain historically healthy, but the year-over-year slowdown seen during the month was the most severe seen since at least the 1970s, according to a new Black Knight analysis.

LendingTree participants made 11 fixed-rate mortgage offers for every one ARM in the first half of 2022. Last year it was a 41-to-1 ratio.

At the same time, homes bought with FHA-backed loans accounted for the smallest share since 2007, according to an Attom sales report.

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

The decline was driven by a $307M provision to cover potential credit losses, primarily from its single-family business.

Investors had largely factored in an anticipated increase in the federal funds rate, but latest GDP numbers could result in more volatility.