Company: RITM-PC
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001556593-25-000024
Chunk: 10

Company: Rithm Capital Corp.
Filing Date: 2025-08-01
Form: 10-Q
Item: Item 2
Chunk 10
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 consolidated financial statements).

(D)Excludes MSR revenue on recaptured loan volume reported in the servicing segment.

Total gain on originated residential mortgage loans, HFS, net increased $19.8 million to $172.7 million for the three months ended June 30, 2025 compared to the three months ended March 31, 2025. The increase is attributable to an increase in pull through adjusted lock volume across channels. Refinance originations comprised 27.2% of funded loans for the three months ended June 30, 2025, relatively flat compared to 27.0% for the three months ended March 31, 2025, as interest rates remained elevated.

Total gain on originated residential mortgage loans, HFS, net increased $31.7 million to $325.7 million for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The increase is attributable to an increase in pull through adjusted lock volume in the Direct to Consumer and Correspondent channels, partially offset by reduced volume in Retail/Joint Venture channel. Refinance originations comprised 27.1% of funded loans for the six months ended June 30, 2025, higher than 15.0% for the six months ended June 30, 2024, as interest rates moved lower year-over-year.

91

For the three months ended June 30, 2025, funded loan origination volume was $16.3 billion, up from $11.8 billion in the three months ended March 31, 2025. Gain on sale margin for the three months ended June 30, 2025 was 1.04%, 19 bps lower than 1.23% for the three months ended March 31, 2025. The lower gain on sale margin for the three months ended June 30, 2025 was primarily due to lower margins in the Correspondent channel (refer to the tables above). 

For the six months ended June 30, 2025, funded loan origination volume was $28.1 billion, up from $25.4 billion in the six months ended June 30, 2024. Gain on sale margin for the six months ended June 30, 2025 was 1.12%, 3 bps higher than 1.09% for the six months ended June 30, 2024. The higher gain on sale margin for the six months