This High-Yield Dividend Stock Has a New Name -- Here's What You Need to Know
So far, 2022 has been a trying time for mortgage originators. After feasting on easy refinancing loans in 2020 and 2021, the industry is struggling to deal with declining volumes as rising rates eliminate almost all refinance activity. Since mortgage origination is so cyclical, the stocks of these companies generally trade with mid-single-digit multiples during good times. During the famine part of the cycle, mortgage originators take the opportunity to cut costs and often build ancillary businesses.
New Residential has done just that -- rebranding itself as Rithm Capital (NYSE: RITM) to emphasize its non-origination businesses.
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Source Fool.com
