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.”

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

Prices were flat nationally in May, though they declined in four of nine regions across the country.

Goldman has an ABS with home improvement loans and Kiavi Funding is offering a rated RTL securitization.

Mr. Cooper's servicing portfolio will hit an unpaid principal balance of $1.56 trillion following its acquisition of servicing from Flagstar Bank.

Issuance grew 2.8% on a sequential basis to $9.62 billion in the second quarter of 2024.

“Improvements in problem resolution and satisfaction with digital channels are the primary drivers of this year’s higher scores,” J.D. Power said of servicer satisfaction.

Much of the second-quarter gain came from securitization of home equity loans and deals backed by distressed mortgages.

A decline in interest rates wasn't enough to help push up applications of purchase mortgages last week.