Messina added that the company delivered “record earnings” driven by growth and profitability that enabled a “significant partial release” of its deferred tax valuation allowance. He said Onity’s fourth-quarter results were impacted by approximately $14 million of incremental MSR runoff tied to higher delinquencies, which management attributed to changes in FHA loan modification rules and the timing of a government shutdown. Messina said the company believes this will stabilize in the second quarter of 2026 ...