Better Home & Finance reported a loss of $36.5 million in the third quarter of this year.

Valuations for holdings of mortgages and mortgage-backed securities declined amid rising interest rates.

Lenders see recapture programs as a growth opportunity as origination volume is expected to decline next year.

Though similar in borrower base, securitized closed-end second liens perform much better than home equity lines of credit.

Vishal Garg laid out what Better's new priorities will be now that he has returned to the company he founded.

Home equity lending is being fueled by accumulation of equity and elevated interest rates, which have diminished demand for refis. (Includes three data tables.)

Some 82% of recent homebuyers said they would be swayed to work with a lender that offered the opportunity to close a mortgage virtually.

Even when excluding a large issuance in the first quarter of seasoned closed-end second liens, securitizations of home equity loans declined on a quarterly basis in the second quarter. (Includes three data files.)

“It is time for Better to move forward with new leadership," Better's board said.

Angel Oak Mortgage REIT posted a $3.4 million profit in the second quarter after taking a $7.4 million loss in the first quarter.