Onity Group Inc at Bank of America Leveraged Finance Conference Transcript
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My name is Sean O'Neill, I'm the CFO at Onity. -- and spend a few minutes telling you a little bit about our company and then see if you have any questions. You can read that at your leisure. Okay. So this is the place mat of kind of who we are, what businesses we're in. We are a nonbank mortgage servicer and originator. So a servicer means we take care of MSRs for ourselves.
Those are the ones we own, we take care of them for other people, that's subservicing. Difference between those two businesses is the MSRs you own are a higher risk, higher return asset. You have to hedge them, you have to finance them. If they lose value, that's a problem on your balance sheet and your P&L. And if you're taking care of them for someone else, you don't have to advance on them.
You don't have to hedge them. If they lose money, you typically actually make more money because you get paid more to subservice a delinquent loan, but it's a thinner revenue stream. So we like both of those businesses. Our
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