Lower head counts at the mortgage giant reduced administrative expenses by $145 million in the second quarter, though profits were still down 9% sequentially.

Borrower demand is shifting month to month, largely tied to trends in mortgage rates.

“There is still plenty of uncertainty surrounding the economy and job market, which is weighing on prospective homebuyers’ decisions,” said Joel Kan, a vice president and deputy chief economist at the MBA.

The Senate Committee on Banking, Housing and Urban Affairs approved the ROAD to Housing Act on a 24-0 vote.

“We’ve been very proactive in seeing the housing market decelerate and trying to be on our front foot,” said Mike Fania, co-chief investment officer and head of residential credit at Annaly.

Home prices were down 0.2% on a monthly basis in May, according to FHFA.

At June 30, Rithm's owned mortgage servicing rights totaled $593.0 billion.

The bank's president said, "Our pipelines remain full, so we expect to continue to see loan growth."

The spring homebuying season and some refinance activity helped to boost production thus far this year.

The lender had pre-tax income of $3.2 million in the second quarter of 2025, including a pre-tax benefit of $9.5 million associated with legal settlements.