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.

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.

At mid-year, Newrez owned $596 billion of servicing rights with an additional $214 billion of subservicing contracts on its books.

Mortgage applications declined as potential borrowers ponder where interest rates will go next.

Issuers that weren’t active in the first quarter accounted for 43.5% of the home equity securitization volume seen in the second.

Earnings at the mortgage giant stand at a three-quarter plateau, with year-to-date profits almost unchanged from 2023.

Some 4,998 mortgage-related complaints were received by the bureau in the second quarter, an 11.5% decline from the prior period.

Sarah Brundage, president and CEO of the National Association of Affordable Housing Lenders, noted that the Biden administration has given greater attention to the nation’s housing challenges than any recent administration, including initiatives to boost housing supply, provide relief for homeowners during the pandemic and tackle appraisal bias.