Onity is a non-bank residential mortgage servicer and originator, operating through its PHH Mortgage (forward mortgages) and Liberty Reverse Mortgage (reverse mortgages) brands. Servicing is the core business — Onity collects payments, manages escrow, and handles delinquent loans on a portfolio of approximately 1.4 million loans totaling $328B in unpaid principal balance. Onity services loans in two ways: owning MSRs outright (capturing full economics but bearing fair value risk and advance funding obligations) and subservicing on behalf of institutions that own MSRs (capital-light, fee-based, no advance risk). Management targets a roughly 50/50 split between owned MSR and subservicing UPB. Originations — through consumer direct, correspondent, wholesale, and bulk MSR purchase channels — serve primarily to replenish and grow the servicing portfolio, with loans sold into the secondary market on a servicing-retained basis. A key earnings driver is recapture: originating new loans for borrowers who refinance out of Onity's own servicing book, which offsets MSR runoff. The two segments provide a natural hedge — servicing earnings dominate in high-rate environments, while originations earnings rise when rates fall. Roughly 75% of Onity's ~4,300 employees are based in India and the Philippines, which management argues gives Onity a below-average cost-to-service versus large non-bank peers. Growth priorities include subservicing client additions, owned MSR expansion, recapture improvement, and new product launches including second liens and non-QM mortgages.