Figure generated $89.8 million of net income in the third quarter, well beyond the $29.4 million in income the company had in the first half of the year.

“Many prospective homebuyers are watching the news of weakness in the economy and are carefully monitoring their own economic situations,” said Lisa Sturtevant, chief economist at Bright MLS.

The nonbank is marketing a $341.2 million non-agency MBS in which 41.0% of the dollar volume is mortgages eligible for sale to the GSEs, with jumbos accounting for the rest.

“This would be great for consumers and the safety of the mortgage market, to have both FICO 10T Score and Vantage Score 4.0,” FHFA Director Bill Pulte wrote on X.

FICO said the increase in business-to-business revenue was primarily attributable to a higher mortgage origination scores unit price.

“When you think about the [asset-based finance] world ... these are two of the hottest products that [investors want to get access to],” said Michael Nierenberg, chairman, CEO and president of Rithm Capital.

An affiliate of Invictus Capital Partners is set to issue a $707.4 million expanded-credit mortgage-backed security.

Much of the shift in income was due to unrealized gains on portfolios of loans and pieces for non-agency mortgage-backed securities due to spread tightening.

Pennymac is marketing a $426.5 million non-agency mortgage-backed security stocked with investment-property mortgages eligible for sale to the government-sponsored enterprises.

Pennymac was the top issuer of prime non-agency MBS in the third quarter.