The nonbank acquired servicing with a total unpaid principal balance of $20.8 billion during the second quarter with an eye on refinances.

Michael Bright, CEO of the Structured Finance Association, predicted that the CFPB will soon bring another lawsuit involving ABS following a tepid reaction from the securitization market to a lawsuit by the bureau against a student loan ABS.

“We consider ourselves the most optimistic company in America,” said Varun Krishna, CEO of Rocket Companies.

Rate cuts are coming, but they might not be that helpful for mortgage companies in the short term.

Onity stressed that both its originations and servicing segments were profitable on a pre-tax basis.

At the end of June, large nonbanks accounted for 39.0% of all government-sponsored enterprise servicing, up from 37.6% in March.

The jumbo originator and seller saw its profits decline some from the first to the second quarter.

Nierenberg was asked during the call if Rithm is still considering spinning off Newrez. “Yes,” he said. “I don’t know if it’s just a direct listing or something. We’re looking at anything and everything as a way to increase value for shareholders.”

GSE purchase-mortgage volume — both with private mortgage insurance and without private MI — increased at a faster pace in the second quarter of 2024 than FHA purchase-mortgage business.

Increases in loan loss provisions in the second quarter offset the beneficial impact of higher interest rates.