For the full year 2025, Spector said results improved sharply from 2024 levels. Pretax income increased 38% and net income rose 61% year over year. The company generated a 12% return on equity and grew book value per share by 11%, citing disciplined execution across both its production and servicing segments.While production income increased compared with earlier in the year, Spector said competitive dynamics limited the typical margin expansion associated with declining rates. Many originators added capaci ...