High interest rates depress new loan acquisitions at the mortgage giant, but also limit prepayments, which keeps portfolio earnings high.

A group of 13 publicly traded nonbank lenders reported a combined $2.20 billion in mortgage-banking income for the second quarter, down 32.3% from the first quarter. (Includes data table.)

Elevated interest rates and declining consumer confidence are cutting in to demand for home purchases.

Cost-cutting measures helped reduce operating expenses by 24.9% from the first to the second quarter of this year.

Profits declined by 22.8% from the first to the second quarter.

Ben Jackson, president of ICE, said during an earnings call last week that the mortgage segment will be aided by a growing artificial intelligence business.

Pennymac Mortgage Investment Trust has seen success in its private-label securitization program causing it to stop acquiring agency-eligible, conventional-conforming loans through correspondent production.

Redwood Trust's second-quarter loss was an improvement on first-quarter performance, reflecting a more cautious operating approach in April and May.

An analysis of earnings reports from 18 lenders showed combined income from production and secondary market rose to $2.75 billion in the first quarter, a 5.0% increase from the previous period.

Net income at the Federal Home Loan Banks fell from $1.36 billion in the fourth quarter of 2025 to $1.30 billion in the first quarter of 2026, according to a new Inside The GSEs ranking and analysis.