Company: RITM-PC
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001556593-25-000016
Chunk: 350

Company: Rithm Capital Corp.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 2
Chunk 350
---
March 31, 2025December 31, 2024March 31, 2024QoQ ChangeYoY ChangeProduction by Channel:Direct to Consumer $1,170$1,661$670$(491)$500 Retail / Joint Venture5807421,185(162)(605)Wholesale1,5372,3301,098(793)439 Correspondent8,54212,5267,867(3,984)675 Total Production by Channel$11,829$17,259$10,820$(5,430)$1,009

Three months ended March 31, 2025 compared to the three months ended December 31, 2024

Gain on originated residential mortgage loans, HFS, net decreased $41.9 million driven by a decrease in the pull through adjusted lock volume primarily driven by decreased production volume in the Correspondent channel. 

For the three months ended March 31, 2025, funded loan origination volume was $11.8 billion, down from $17.3 billion in the prior quarter. 27.0% of all funded origination volume was refinance, down from 28.9% in the prior quarter, as interest rates remained elevated. While funded loan origination volume decreased quarter over quarter, gain on sale margin for the three months ended March 31, 2025 was 1.23%, 9 bps higher than 1.14% for the prior quarter, primarily due to a lower Correspondent channel mix.

100

Three months ended March 31, 2025 compared to the three months ended March 31, 2024

Gain on originated residential mortgage loans, HFS, net increased $17.3 million driven by an increase in the pull through adjusted lock volume due to seasonal volume increases. 

For the three months ended March 31, 2025, funded loan origination volume was $11.8 billion, up from $10.8 billion in the prior year. 27.0% of all funded origination volume was refinance, up from 17.0% in the prior year, as interest rates moved lower year-over-year. Gain on sale margin for the three months ended March 31, 2025 was 1.23%, 3 bps higher than 1.20% for the prior year, primarily due to improvements in Correspondent margins.

Other Revenues

Three months ended March 31, 202