Mortgages

The San Francisco-based company recently raised $14 million in Series A funding and closed more than $400 million in sales in the first quarter.

But the overall employment picture was bright in July, returning to a level last seen before the pandemic, the Bureau of Labor Statistics data found.

The company is withdrawing from consumer-direct lending and making other reductions given that widening spreads failed to offset savings from aggressive layoffs and gains in servicing advisory services.

More cost reduction is on the way in the third quarter, but management says it will not layoff staffers, despite having some excess capacity.

Even with the cooling housing market, the percentage of equity-rich properties will keep increasing.

NMN rounds up the latest technology launches and partnerships between fintechs and lenders.

The company managed a small profit even though industry-wide challenges were compounded by struggles in its reverse mortgage business lines.

While declining to comment on the pending Black Knight transaction and reporting a decline in earnings from the first quarter, management remains bullish on the home lending business.

Rates are expected to increase to 3.75% to 4% by the end of the year, and it's anticipated to stay high for longer.

The 30-year average has declined by 55 basis points in two weeks.

The REIT is paying a $10.5 million premium to acquire the company, which will allow it to bring servicing in-house.

Servicing income and cost cutting bolstered the company's earnings, but not enough to prevent a reduction compared to comparable quarters.

The Tennessee-based originator is now a private-label retail group, which has branches in Alabama and Kentucky in addition to its home state.

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

But many expect only a slight increase in completions, with the rate at which delinquent mortgages cure outperforming the historic average, according to Auction.com.

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.