Overview
- The reverse-mortgage lender posted first-quarter net income of $35 million on $120.1 million in revenue, with adjusted earnings of $1.10 per share.
- Originations picked up speed in March as the AI-enabled Helix platform drove more applications, lifting first-quarter submissions to a record $918 million.
- Portfolio management results strengthened on $1.7 billion of securitizations, which the CFO said improved portfolio economics and boosted earnings contribution.
- Management lifted its full-year adjusted EPS outlook to $4.50 to $5.00 and plans to retire $150 million of secured notes to cut debt.
- The PHH Mortgage servicing deal was reshaped into two phases, leaving the HECM servicing rights pending Ginnie Mae approval, which is required for government-backed reverse mortgage servicing transfers.