Company: RITM-PC
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0001556593-25-000007
Chunk: 194

Company: Rithm Capital Corp.
Filing Date: 2025-02-18
Form: 10-K
Item: Item 7
Chunk 194
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 The increase year over year in third-party servicing was largely driven by the Computershare Acquisition in May 2024 (Note 3 to our consolidated financial statements).

Interest Income

Interest income for the year ended December 31, 2024 increased $333.6 million, primarily driven by elevated interest rates and higher average balances of government and government-backed securities investments throughout 2024 and the Computershare Acquisition in May 2024.

Gain on Originated Residential Mortgage Loans, HFS, Net

The following table provides information regarding gain on originated residential mortgage loans, HFS, net as a percentage of pull through adjusted lock volume, by channel:

(dollars in thousands)Year Ended December 31,20242023Pull through adjusted lock volume$59,322,537$36,892,922Gain on Originated Residential Mortgage Loans, as a Percentage of Pull Through Adjusted Lock Volume, by Channel:Direct to Consumer3.34 %3.99 %Retail / Joint Venture3.67 %3.52 %Wholesale1.41 %1.35 %Correspondent0.51 %0.47 %Total Gain on Originated Residential Mortgage Loans, as a Percentage of Pull Through Adjusted Lock Volume1.16 %1.31 %

The following table summarizes funded loan production by channel:

Unpaid Principal Balancefor the Year Ended December 31,Increase (Decrease)(dollars in millions)2024% of Total2023% of TotalAmount%Production by Channel:Direct to Consumer $4,2757%$1,9565%$2,319 118.6 %Retail / Joint Venture3,9657%6,13017%(2,165)(35.3)%Wholesale7,19612%4,79513%2,401 50.1 %Correspondent43,14974%24,01265%19,137 79.7 %Total Production by Channel$58,585100%$36,893100%$21,692 58.8 %

Gain on originated residential mortgage loans, HFS, net increased $149.1 million year over year, driven by an increase in the pull through adjusted lock volume primarily driven by increased production volume in the Correspondent channel and higher margins across most channels. 

For the year ended December 31, 2024, funded loan origination volume was $58.6 billion, up from