as long as investors think that interest rates will go up and mortgage originations will go down big time
the stock will remain under huge selling pressure as the company looks like a great pure play short opportunity on the mortgage sector. While the company has made great inroads in reducing the dependence on mortgage processing volumes they still rely heavily on scale.
The current carnage might seem unjustified but it won't stop as long as the macro headlines won't change.
Who said anything about rates going up? Housing sales new and old and way up. This is BS though. You know I went with and held through earning on ELLI and it was a great report with consensus up this thing should have taken off. But no, not in my case. Whatever, I'm holding anyway.
Like you I am quite sure the company will be able to put up good numbers throughout the year - but with investor convinced of rising interest rates the stock is an almost ideal short candidate. Again very weak today as predicted.