The company's balanced and diversified business model helped offset the impact of a higher interest rate and spread environment.

Results were driven by appreciation of owned MSRs and a shift to higher margin originations products in Correspondent.

Losses and transaction costs of planned asset sales, and lower revenue in reverse originations due to widening spreads and higher rates, partially offset gains.

The company continues to execute on expense reduction actions to align its cost structure to lower forward originations market demand.