The loss was largely from a negative $878.3 million change in the fair value of mortgage servicing rights.

Officials at the nonbank said they’re “managing towards profitability in the midterm.”

CrossCountry has a separate MBS issuance partnership with Hildene Capital Management, though that’s focused on expanded-credit mortgages.

There was little movement in applications for purchase mortgages or refinances last week.

The uptick bucked a seasonal trend, as locks for purchase mortgages typically decline each month after spring.

Refis account for 15.0% of the planned $365.3 million issuance.

While agency MBS issuance surged in October, some of the top sellers posted declines in volume compared with September.

“The refi boom has not fully materialized, but we have seen a preview of it and were able to capitalize on it instantly while others were caught flat footed,” Mat Ishbia, chairman and CEO of UWM, said Thursday during the lender’s earnings call.

Movements in Treasury yields — rather than actions by the Fed — have been a bigger driver in changes to interest rates on mortgages recently.

The capital relief will be provided via an adjustment to MSR values.