May HECM endorsements fell to 1,967, down 4.7% from April. Mutual of Omaha Mortgage led with 423 and a 21.5% market share.

Executives pointed to improving order counts, larger commercial deal sizes, expense management and growing investment in AI.

New York-based Rithm Capital Corp. priced a $500 million offering of senior unsecured notes due in 2031, marking another step to strengthen its balance sheet following a string of recent acquisitions.