Better Home & Finance Holding Co (BETR) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to the Better Home & Finance Holding Company third quarter 2025 results call. (Operator Instructions)

女士們、先生們，感謝各位的到來，歡迎參加 Better Home & Finance Holding Company 2025 年第三季業績電話會議。（操作說明）

I will now hand the conference over to Tarek Afifi, Corporate Finance at Better. Tarek, please go ahead.

現在我將把會議交給 Better 公司的企業財務部 Tarek Afifi。塔里克，請繼續。

Hello, everyone, and welcome to Better Home & Finance Holding Company's Third Quarter Earnings Conference Call. My name is Tarek Afifi on Better's Corporate Finance team. Joining me today is Vishal Garg, Founder and Chief Executive Officer of Better.

大家好，歡迎參加Better Home & Finance Holding Company第三季財報電話會議。我是來自 Better 公司企業財務團隊的 Tarek Afifi。今天和我一起的是 Better 的創始人兼執行長 Vishal Garg。

In addition to this conference call, please direct your attention to our third quarter earnings release, which is available on our Investor Relations website. Also available on our website is an investor presentation.

除了本次電話會議外，請您追蹤我們第三季財報，該報告可在我們投資者關係網站上查閱。我們的網站上也提供投資者簡報。

Certain statements we make today may constitute forward-looking statements within the meaning of federal securities laws that are based on current expectations and assumptions. These expectations and assumptions are subject to risks, uncertainties and other factors as discussed further in our SEC filings that could cause our actual results to differ materially from our historical results. We assume no responsibility to update forward-looking statements other than as required by law.

我們今天所作的某些陳述可能構成聯邦證券法意義上的前瞻性陳述，這些陳述是基於目前的預期和假設。這些預期和假設受到風險、不確定性和其他因素的影響，正如我們在提交給美國證券交易委員會的文件中進一步討論的那樣，這些因素可能導致我們的實際業績與歷史業績存在重大差異。除法律要求外，我們不承擔更新前瞻性陳述的責任。

During today's discussion, management will discuss certain non-GAAP financial measures, which we believe are relevant in assessing the company's financial performance. These non-GAAP financial measures should not be considered a replacement for and should be read together with our GAAP results. These non-GAAP financial measures are reconciled to GAAP financial measures in today's earnings release and investor presentation, both of which are available on the Investor Relations section of Better's website and, when filed, in our quarterly report on Form 10-Q filed with the SEC. Amounts described as of and for the quarter ended September 30, 2025, represent a preliminary estimate as of the date of this earnings release and may be revised upon our quarterly report on Form 10-Q with the SEC. More information as of and for the end of the quarter ended September 30, 2025, will be provided upon filing our quarterly report on Form 10-Q with the SEC.

在今天的討論中，管理階層將討論一些非GAAP財務指標，我們認為這些指標與評估公司的財務表現有關。這些非GAAP財務指標不應被視為GAAP財務結果的替代指標，而應與GAAP財務結果一起閱讀。這些非 GAAP 財務指標已在今天的收益發布和投資者簡報中與 GAAP 財務指標進行了調整，這兩份文件均可在 Better 網站的投資者關係部分找到，並且在提交給美國證券交易委員會的 10-Q 表格季度報告中也會提供。截至 2025 年 9 月 30 日止季度的金額為截至本收益發布之日的初步估計，可能會根據我們向美國證券交易委員會提交的 10-Q 表格季度報告進行修訂。截至 2025 年 9 月 30 日的季度末，更多資訊將在我們向美國證券交易委員會提交 10-Q 表格季度報告時提供。

I will now turn the call over to Vishal.

現在我將把電話轉給維沙爾。

Thank you, Tarek, and welcome to our third quarter 2025 earnings call. This has been a pivotal quarter with significant developments for Better as the leading AI home finance company. We have rapidly evolved from a dominant direct-to-consumer business into a platform powering the entire home finance ecosystem, both for consumers directly and increasingly through our growing list of institutional partners. These partners include both local mortgage lenders and financial institutions, and we empower them with our Tinman AI platform to serve their customer needs better.

謝謝塔雷克，歡迎參加我們2025年第三季財報電話會議。對於領先的人工智慧住房金融公司 Better 而言，這是一個至關重要的季度，取得了重大進展。我們已迅速從一家占主導地位的直接面向消費者的企業發展成為一個為整個住房金融生態系統提供支持的平台，既直接為消費者提供服務，也越來越多地透過我們不斷增長的機構合作夥伴名單提供服務。這些合作夥伴包括本地抵押貸款機構和金融機構，我們透過 Tinman AI 平台賦能他們，使其更好地滿足客戶需求。

In summary, over the last couple of months, we announced three new partnerships, which we see as deeply validating and believe will meaningfully expand our market reach across the home finance landscape and drive profitability as we track to breakeven adjusted EBITDA by Q3 2026.

總而言之，在過去的幾個月裡，我們宣布了三項新的合作關係，我們認為這極大地驗證了我們的實力，並相信這將顯著擴大我們在住房金融領域的市場覆蓋範圍，並推動盈利能力，因為我們正朝著在 2026 年第三季度實現調整後 EBITDA 收支平衡的目標邁進。

We're already pacing to fund $500 million in monthly volume as a result of the growth through these partnerships, and that momentum is accelerating rapidly. In the next six months, we are comfortable that this will double to at least $1 billion a month in funded loan volume. Our progress comes mostly from our soft launch during which we have marketed the Powered by Better solution to only a small fraction of our partners' customer bases and seen great success.

由於這些合作關係帶來的成長，我們目前的每月融資額已達到 5 億美元，而且這一勢頭正在迅速加快。我們有信心在未來六個月內，貸款發放將翻倍，每月至少 10 億美元。我們的進展主要得益於我們的試運營，在此期間，我們僅向合作夥伴客戶群的一小部分推廣了 Powered by Better 解決方案，並取得了巨大的成功。

This partnership represents the most significant opportunity in Better's history. Excitingly, thanks to our strong unit economics and best-in-class experience powered by Betsy and Tinman, our pipeline of additional partners continues to expand rapidly. We expect to share further updates on these partnerships and additional ones in Q4.

此次合作是Better史上最重要的機會。令人興奮的是，由於我們強大的單位經濟效益以及 Betsy 和 Tinman 提供的業內最佳經驗，我們的合作夥伴儲備正在迅速擴大。我們預計將在第四季度分享有關這些合作關係及其他合作關係的更多最新進展。

Our pipeline of Tinman AI platform clients and partners keeps expanding as the industry is seeing what our platform can deliver. We are in late-stage conversations to land partners in some of the biggest, most strategic verticals in consumer finance. Examples include; one of the top home improvement lenders, two of the top servicers in the country, one of the top personal lenders and an additional midsized bank. These additional partnerships will add an additional 10 million American homeowners to whom we can algorithmically qualify and market mortgage and home equity products to.

隨著業界逐漸認識到我們的平台能夠提供什麼，Tinman AI 平台的客戶和合作夥伴數量也在增加。我們正在與一些消費金融領域規模最大、最具策略性的垂直產業的合作夥伴進行後期洽談。例如：一家頂級的房屋裝修貸款機構、兩家全國頂尖的貸款服務機構、一家頂級的個人貸款機構和一家中型銀行。這些新增的合作關係將使我們能夠透過演算法篩選出符合條件的1000萬美國房主，並向他們推銷抵押貸款和房屋淨值產品。

All of these events validates our strategy of diversifying our distribution channels as our AI-driven platforms, Betsy and Tinman deliver the lowest unit cost in the industry while providing the best experience for both customers and partners. This gives us strong conviction that our peak volumes in this rate cycle should comfortably exceed those achieved in the last rate cycle when we originated approximately $60 billion in one year or almost $5 billion a month.

所有這些事件都驗證了我們多元化分銷管道的策略，因為我們的 AI 驅動平台 Betsy 和 Tinman 實現了業內最低的單位成本，同時為客戶和合作夥伴提供了最佳體驗。這讓我們堅信，本利率週期內的峰值交易量將輕鬆超過上一個利率週期，當時我們一年內發放了約 600 億美元的貸款，即每月近 50 億美元。

We have built a platform that is AI first. We are one of the few players, if not the only one in the US with a single full-scale tech stack, all in one place, all in one flow and entirely API-able via our proprietary MCP server, the only one in the mortgage industry to Agentic AI, which allows us to deliver a better experience at lower cost, scale faster than anyone else and really continue to define the future of this $15 trillion industry. Better is the network for the largest tangible asset class in the US, residential real estate.

我們打造了一個以人工智慧為核心的平台。我們是美國為數不多（如果不是唯一）擁有單一完整技術棧的公司之一，所有功能都集中在一個地方，所有流程都通過我們專有的 MCP 伺服器完全支援 API 連接，這是抵押貸款行業中唯一一個支持 Agentic AI 的服務器，這使我們能夠以更低的成本提供更好的體驗，比任何人都更快地擴展價值 15 億美元的行業。Better 是美國最大的有形資產類別——住宅房地產的網路。

On one side of this network are the end consumers directly and on the other side are consumers using the Tinman AI platform, similar to that of merchants on platform networks like Stripe or Visa and Mastercard. On the other side, our investor is seeking to buy cash flow-producing assets secured by US residential real estate. We are the matching, processing and fulfillment engine in between the two sides of this network. Our engine is called Tinman, which uses machine learning to triangulate consumer attributes, property attributes and the unique criteria of over 40 institutional investors on the platform, including the GSEs, the FHA and the VA.

該網路的一端是直接的終端消費者，另一端是使用 Tinman AI 平台的消費者，類似於 Stripe 或 Visa 和 Mastercard 等平台網路上的商家。另一方面，我們的投資者正在尋求購買以美國住宅房地產為抵押的、能夠產生現金流的資產。我們是這個網路兩端之間的配對、處理和履行引擎。我們的引擎名為 Tinman，它利用機器學習技術，結合消費者屬性、房產屬性以及平台上 40 多家機構投資者的獨特標準（包括 GSE、FHA 和 VA），來建立模型。

We have built a multisided matching engine, something that simply cannot exist outside of what we have built inside Tinman. To contrast, most fintechs operate on a single platform and distribute the product through securitization. With Better, the result for the consumer is a significantly higher approval rate and generally lower interest rates because Tinman matches consumer and property-specific attributes across a broad cross-section of the investors on our platform on a single loan-by-loan basis.

我們建立了一個多邊匹配引擎，這在 Tinman 之外是根本不可能的。相較之下，大多數金融科技公司都在單一平台上經營，並透過證券化方式分銷產品。Better 為消費者帶來的結果是更高的審批率和更低的利率，因為 Tinman 會根據我們平台上眾多投資者的具體情況，逐筆貸款地匹配消費者和房產的特定屬性。

Further, despite Better being balance sheet light and not taking any credit or prepayment risk, the default rate of our mortgages is one-third that of the industry average on over $100 billion of originated volume over the past nine years. So the proof is in the pudding.

此外，儘管 Better 資產負債表輕盈，不承擔任何信貸或提前還款風險，但在過去九年中，我們發放的抵押貸款總額超過 1000 億美元，違約率僅為行業平均水平的三分之一。事實勝於雄辯。

Our deep proprietary data moat has been instrumental in training our AI models and powering our platform. Betsy, our generative AI home finance agent built on top of Tinman has learned from over 12 million recorded phone calls, 6 million approved customers, 600,000 funded loan documents and almost 5 billion pages of property and consumer data information, all in one place, all in one end-to-end platform with all of the things that were done by humans on those data all in one place and recorded through the platform.

我們強大的專有資料護城河對訓練我們的人工智慧模型和驅動我們的平台起到了至關重要的作用。Betsy 是我們基於 Tinman 構建的生成式 AI 房屋金融代理，它從超過 1200 萬通錄音電話、600 萬個已批准的客戶、60 萬份已發放貸款文件以及近 50 億頁房產和消費者數據信息中學習而來，所有這些都集中在一個端到端的平台上，所有人類對這些數據所做的操作也通過該平台記錄在一個地方。

We believe that this is something that does not exist in anywhere else in mortgage lending or even broadly in consumer finance. Today, we are at feature parity between Betsy and the bottom 80% of human loan officers. Betsy communicates across voice, chat, text and e-mail with consumers nearly instantly to compute various scenarios and learns how to better understand consumers' needs every day through every interaction.

我們認為，這種情況在抵押貸款領域乃至整個消費金融領域都是不存在的。如今，Betsy 的功能已經與排名後 80% 的人工貸款專員的功能完全一致。Betsy 可以透過語音、聊天、簡訊和電子郵件與消費者進行近乎即時的溝通，計算各種場景，並透過每天的每一次互動來更好地了解消費者的需求。

What's more is Betsy can handle millions of consumer conversations at the same time, enabling infinite scalability without adding additional headcount as consumers learn to adopt and integrate their consumer finances and transact with an Agentic AI. Betsy is not just a voice agent or chatbot.

更重要的是，Betsy 可以同時處理數百萬個消費者對話，隨著消費者逐漸學會接受和整合他們的消費財務並與智慧代理 AI 進行交易，無需增加額外的人員即可實現無限的可擴展性。Betsy 不僅僅是一個語音助理或聊天機器人。

Betsy can perform the functions of a human loan officer, processor, underwriter and closer. Betsy is the user interface, helping consumers step-by-step through their homeownership journey, performing hundreds of thousands of consumer interactions per month and remarkably good at detecting fraud throughout the entire platform. Additionally, Betsy has mastered finding ways to get an approval with the lowest possible interest rate across our network of investors with the lowest post-closing defect rate in manufacturing a mortgage, approximately 19x lower than the industry average.

Betsy 可以勝任人工貸款專員、處理員、承銷員和結算員的職責。Betsy 是使用者介面，它幫助消費者逐步完成購屋流程，每月處理數十萬次消費者互動，並且在檢測整個平台上的詐欺行為方面表現出色。此外，貝齊還掌握瞭如何透過我們的投資者網絡獲得最低利率的貸款批准，並且在抵押貸款的結算後缺陷率方面也做到了最低，比行業平均水平低約 19 倍。

In fact, as of September, no human underwriter is allowed to decline a loan in our system without checking with Betsy first as to the alternatives that are available to restructure the loan so that the consumer can be approved and move forward in their homeownership journey. We believe this is a first across lending in the United States.

事實上，從 9 月起，我們系統中任何人工承銷商都不得在未事先與 Betsy 核實是否有其他方案可以重組貸款，以便消費者能夠獲得批准並繼續他們的購房之旅的情況下拒絕貸款。我們相信這在美國貸款領域尚屬首例。

Since we've launched Betsy, our lead-to-lock conversion rate has increased by approximately 84% from 3.3% to 6.1%. This has been transformative to our platform in driving incremental volume and revenue through our platform and it's still very early days. As we scale Betsy at near zero marginal cost, we expect to further improve our unit economics through cost efficiencies on a per loan basis.

自從我們推出 Betsy 以來，我們的潛在客戶轉換率從 3.3% 提高到 6.1%，增幅約為 84%。這極大地推動了我們平台的交易量和收入成長，而現在還處於非常早期的階段。隨著 Betsy 的規模擴大，邊際成本接近零，我們期望透過提高每筆貸款的成本效率，進一步改善我們的單位經濟效益。

During the quarter, Betsy performed approximately 700,000 customer interactions and our AI underwriting approved over 61% of locked loans with a clear path to 75% in the near future and 90% after that. And our loan off-rolesler productivity in terms of funds per month increased to over 3x the mortgage industry median.

本季度，Betsy 進行了約 70 萬次客戶互動，我們的 AI 承銷批准了超過 61% 的鎖定貸款，在不久的將來，批准率預計將達到 75%，之後有望達到 90%。我們的貸款發放效率（以每月資金計算）已提高到抵押貸款行業中位數的 3 倍以上。

We have been heads down over the past few years, honing our technology and optimizing the business for efficiency. With Tinman and Betsy, we remove the traditional constraints to growth in the mortgage industry, which is typically throttled by a lack of specialized licensed labor, whether it's loan officers, processors, appraisers or underwriters. We can now grow infinitely with AI and with a single unified tech stack at the core.

過去幾年，我們一直埋頭苦幹，不斷改進技術，優化業務流程，提高效率。Tinman 和 Betsy 的出現，消除了抵押貸款行業發展所面臨的傳統限制，這些限制通常受到缺乏專業持證勞動力的製約，無論是貸款專員、處理員、評估員還是承銷商。我們現在可以藉助人工智慧和單一的統一技術堆疊作為核心，實現無限成長。

There's almost no better use case for AI to disrupt a market than the massive and antiquated mortgage market. The majority of the mortgage market still operates on what was built in the 1990s where eight different separate systems were integrated through dated middleware, old-school FTP servers and disparate databases. What's more, this dominant platform, which has over 80% market share, only allows one person to work in the loan file at any time, a file that costs the mortgage industry more than twice as much as Better to make.

要論人工智慧顛覆市場，幾乎沒有比龐大而陳舊的房貸市場更好的應用案例了。目前，大部分抵押貸款市場仍沿用 1990 年代建立的系統，該系統透過過時的中間件、老式的 FTP 伺服器和分散的資料庫將八個不同的獨立系統整合在一起。此外，這個佔據主導地位的平台（市場份額超過 80%）一次只允許一個人處理貸款文件，而抵押貸款行業製作一個貸款文件的成本是 Better 的兩倍多。

AI was designed to disrupt industries like this and yet fails in most cases due to the lack of a singular database architecture, causing huge latencies for any LLM to intermediate data and capture context quickly between disparate systems. Further, the lack of a unified interface prevents LLMs from being able to handle every single task required to fulfill a mortgage.

人工智慧旨在顛覆此類產業，但由於缺乏統一的資料庫架構，導致任何 LLM 在不同系統之間快速傳遞資料和擷取上下文時出現巨大延遲，因此在大多數情況下都失敗了。此外，由於缺乏統一的介面，貸款管理機構無法處理完成抵押貸款所需的每項任務。

Those limitations do not exist in Tinman. Tinman shines as a brand-new modern tech stack with AI in action, delivering real tangible, measurable results in a multitrillion-dollar industry at a fraction of the cost. I often think back to when we were building our AI platform, one of the point solution's CEOs said to the then CEO of Fannie Mae, that he thought Better was trying to boil the ocean.

在《鐵皮人》中，這些限制並不存在。Tinman 憑藉其全新的現代化技術棧和人工智慧技術脫穎而出，在價值數萬億美元的行業中以極低的成本帶來了真正切實、可衡量的成果。我經常回想起我們建造人工智慧平台的時候，其中一家解決方案公司的執行長曾對當時的房利美執行長說，他認為 Better 公司是在試圖把大海煮沸。

And here we are, we have gotten the ocean hot, and it's starting to drive tangible results in a way that is groundbreaking for the industry. With some macro green shoots in our favor and momentum in winning new partnerships, we believe we are in a position to scale rapidly, profitably and with AI, infinitely.

現在，我們已經成功地加熱了海洋，並且開始以一種對行業而言具有突破性的方式帶來切實可見的成果。鑑於一些宏觀層面的利多因素以及在贏得新合作夥伴關係方面的勢頭，我們相信我們有能力藉助人工智慧實現快速、盈利且無限的規模擴張。

When you look back at the last time rates declined, Better grew its volume by over 100x over a five-year period and over 10x over a two-year period in 2020 and 2021.

回顧上一次利率下降的時候，Better 在 2020 年和 2021 年的五年內業務量增長了 100 多倍，兩年內增長了 10 多倍。

We are positioned to do it again this time more efficiently and much more profitably, and we believe we can achieve significant market share as this next cycle unfolds. Betsy and Tinman is our flywheel. That flywheel is turning. The opportunity is massive, and we are ready to monetize. I'll now turn to our third quarter results.

我們已經做好準備，這次能夠更有效率、更盈利地再次做到這一點，我們相信，隨著下一個週期的展開，我們可以獲得可觀的市場份額。Betsy 和 Tinman 是我們的動力來源。飛輪在轉動。機會巨大，我們已經準備好將其變現。接下來我將介紹我們第三季的業績。

Starting with growth, we continue to propel opportunities independent of broader economic and mortgage market conditions. In the third quarter of 2025, on a year-over-year basis, we grew funded loan volume by 17% to approximately $1.2 billion and revenue by 51% to approximately $44 million, driven by funding more loans, both through our D2C channel and our Tinman AI platform.

從成長入手，我們將繼續推動機遇，不受更廣泛的經濟和抵押貸款市場狀況的影響。2025 年第三季度，與去年同期相比，我們的貸款發放量增加了 17%，達到約 12 億美元，營收成長了 51%，達到約 4,400 萬美元，這主要得益於我們透過 D2C 管道和 Tinman AI 平台發放了更多貸款。

By product, year-on-year funded loan volume growth during the quarter was driven by home equity volume increasing by 52% year-on-year, refinance loan volume increasing by 41% and purchase loan volume increasing by 5%. We have been rapidly growing our home equity business, taking share in a market that is coming back quickly as Americans are sitting on $35 trillion of home equity, the largest untapped asset class in the country. We've grown to an approximately $1 billion-plus quarterly run rate of origination volume in Q3 2025 compared to approximately $100 million in Q3 2023, just two years ago when we launched.

按產品劃分，本季貸款額年增主要得益於房屋淨值貸款額年增 52%，再融資貸款額年增 41%，購屋貸款額年增 5%。我們一直在快速發展房屋淨值業務，在這個迅速復甦的市場中佔據份額，因為美國人擁有 35 兆美元的房屋淨值，這是美國最大的未開發資產類別。到 2025 年第三季度，我們的季度貸款發放量已成長至約 10 億美元，而兩年前我們剛成立時（2023 年第三季）的季度貸款發放量約為 1 億美元。

Our model does not require us, unlike many others, to take any credit prepayment or liquidity risk because we can sell HELOCs onto the investor marketplace we have built. We do not rely on securitization, and we are able to mimic what we have done in the mortgage space in HELOCs, allowing investors to buy and bid on loans at a loan-by-loan level, which is unique in the industry.

與許多其他模式不同，我們的模式不需要我們承擔任何信用預付或流動性風險，因為我們可以將房屋淨值信用額度出售到我們建立的投資者市場。我們不依賴證券化，並且能夠將我們在抵押貸款領域所做的工作複製到房屋淨值信用額度 (HELOC) 中，使投資者能夠逐筆購買和競標貸款，這在業內是獨一無二的。

There are incumbents in the home equity space who have started to create their own version of our investor marketplace. But today, that marketplace only comprises a very small portion of their volume and revenue, whereas for us, the marketplace is 100% of volume and 100% of revenue in the HELOC space.

房屋淨值投資領域的現有企業已經開始創建自己的投資者市場版本。但如今，該市場僅佔其交易量和收入的一小部分，而對我們來說，在房屋淨值信用額度領域，該市場佔交易量和收入的 100%。

During the quarter, we broadened our already high approval rates for HELOC products by launching AI-driven HELOC underwriting for small business and self-employed borrowers, making approvals possible using bank statements only. This product opens the door for 36 million self-employed and small business owners who have traditionally been underserved by traditional underwriting methods in the mortgage and HELOC space. It's another example of how we are using AI to widen use cases and enable home finance for more American families to help them save more money.

本季度，我們透過推出小型企業和自營借款人的 AI 驅動型 HELOC 核保服務，進一步提高了 HELOC 產品的核准通過率，僅憑銀行對帳單即可獲得核准。該產品為 3,600 萬自僱人士和小企業主打開了一扇門，這些人長期以來在抵押貸款和房屋淨值信用額度 (HELOC) 領域一直未能得到傳統承保方法的充分服務。這再次體現了我們如何利用人工智慧擴大應用場景，並為更多美國家庭提供住房融資，幫助他們節省更多資金。

Turning to cost efficiency. Total net revenue in Q3 grew 51% year-over-year, while expenses remained flat, demonstrating our ability to scale revenue at lower marginal costs. We continue to adjust our cost structure to be leaner in overhead while building adequate resources to support the ramp of our new partnerships, which we expect to drive transformative growth in 2026 and beyond, with the goal of reaching adjusted EBITDA profitability by the end of Q3 2026. While our initial goal was to achieve further expense reductions this quarter, the team was focused on launching our three new transformational partnerships and engaging with additional partners in our pipeline. As a result, the intensity of our cost cutting was somewhat muted compared to the vigor we've had in prior quarters.

轉向成本效益。第三季總淨收入年增 51%，而支出保持不變，這表明我們有能力以更低的邊際成本擴大收入規模。我們將繼續調整成本結構，以精簡管理費用，同時建立充足的資源來支持新合作夥伴關係的拓展，我們預計這些合作夥伴關係將在 2026 年及以後推動變革性增長，目標是在 2026 年第三季度末實現調整後 EBITDA 盈利。雖然我們最初的目標是在本季進一步降低開支，但團隊專注於啟動我們的三個新的變革性合作關係，並與我們正在洽談的其他合作夥伴進行接洽。因此，與前幾季相比，我們削減成本的力度有所減弱。

Looking ahead, as we get these partnerships up and running and to scale, we expect these anticipated cost savings to materialize in Q1 of 2026. With Tinman AI technology, we automate time and labor-intensive components of the mortgage process, consistently reducing our cost to originate to approximately half of the industry average.

展望未來，隨著這些合作關係的建立和發展，我們預計這些預期的成本節約將在 2026 年第一季實現。借助 Tinman AI 技術，我們實現了抵押貸款流程中耗時耗力環節的自動化，從而持續降低貸款發放成本，使其達到行業平均水平的一半左右。

I'll now turn to quarterly business developments. Unit economics in our direct-to-consumer channel continue to improve with revenue per fund increasing to $8,300, while the labor cost to fund continued to decrease to $2,500 and CAC per fund to $3,200, driven by the implementation of AI in every aspect of the sales and operations workflow, resulting in a net contribution margin of $1,772 per fund compared to $1,064 per fund last quarter, and approximately 64% increase quarter-on-quarter. We have not seen these types of contribution margins since like 2021.

接下來我將介紹季度業務發展。我們的直接面向消費者管道的單位經濟效益持續改善，每隻基金的收入增加到 8,300 美元，而基金的人工成本繼續下降到 2,500 美元，每隻基金的客戶獲取成本下降到 3,200 美元，而基金的人工成本繼續下降到 2,500 美元，每隻基金的客戶獲取成本下降到 3,200 美元，這得益於在銷售和運營工作流程的各個方面實施了人工智能，從而使每隻基金的淨貢獻使每支基金的淨貢獻64%。自 2021 年以來，我們還沒有見過這種類型的貢獻毛利率。

We expect to continue to lower the cost to originate as we increase conversion, lower CAC and improve labor costs. And while our D2C business has always been at the forefront of pushing the envelope of what technology can do in the mortgage industry at its core, we are making great advancements in substantially broadening the use of Tinman through our partnerships.

我們預期隨著轉換率的提高、獲客成本的降低和人力成本的改善，我們將持續降低客戶獲取成本。雖然我們的 D2C 業務一直走在推動抵押貸款行業技術發展的最前沿，但我們正在透過合作夥伴關係大幅擴展 Tinman 的應用範圍，並取得了巨大進步。

We are very excited to have recently announced three new partnerships that we see as deeply validating the Tinman AI platform and believe will meaningfully expand our revenue and drive to profitability in the year ahead. First, we partnered with a top 5 US personal financial services platform who currently serves over 50 million customers.

我們非常高興地宣布，最近達成了三項新的合作關係，我們認為這些合作關係深刻地驗證了 Tinman AI 平台，並相信這將在未來一年顯著擴大我們的收入並推動我們實現盈利。首先，我們與美國排名前五的個人金融服務平台建立了合作關係，該平台目前為超過 5,000 萬名客戶提供服務。

Under this agreement, our partner will offer home financing products to its end customers using the Tinman platform on a fully white label solution, and we will earn revenue on a per funded unit basis. Essentially, this is mortgage broker in a box for financial institutions across the American landscape. We are focused on financial institutions that have large banks of customers, 10 million, 20 million, 50 million customers.

根據該協議，我們的合作夥伴將使用 Tinman 平台，以完全白標解決方案的形式向其終端客戶提供住房融資產品，我們將以每筆融資金額獲得收入。從本質上講，這相當於為全美各地的金融機構提供了一個一體化的抵押貸款經紀服務。我們專注於擁有大量客戶的金融機構，例如擁有 1,000 萬、2,000 萬、5,000 萬客戶的金融機構。

And we believe that these financial institutions who have traditionally been limited, especially post the global financial crisis and being in the mortgage business or offering mortgages to their customer base will dive right in with our mortgage broker in a box, Tinman AI platform. We brought this partner from being just a fintech to a fintech plus mortgage broker.

我們相信，這些傳統上受到限制的金融機構，尤其是在全球金融危機之後，從事抵押貸款業務或向其客戶群提供抵押貸款的金融機構，將會立即投入到我們的「一站式抵押貸款經紀」Tinman AI平台中。我們讓這家合作夥伴從一家金融科技公司轉型為一家集金融科技和抵押貸款經紀於一體的公司。

There will be no upfront tax spend required by Better as our partner will programmatically feed customer data into Tinman. From there, Tinman will manifest offers delivered through our partners' app, which has tens of millions of monthly active users, all nearly instantly and updated daily. We expect transformative volume potential from this partnership as we scale into their vast customer base. Second, we entered into an agreement with a top 5 US non-bank mortgage loan originator.

Better無需預先支付任何稅款，因為我們的合作夥伴會透過程式將客戶資料匯入Tinman。Tinman 將透過我們合作夥伴的應用程式（該應用程式每月活躍用戶達數千萬）向用戶推送優惠訊息，所有資訊幾乎都是即時推送，每天都會更新。我們預計，隨著我們拓展到他們龐大的客戶群，此次合作將帶來變革性的業務成長潛力。其次，我們與美國排名前五的非銀行抵押貸款發起機構達成了協議。

By migrating from the incumbent solutions that they've traditionally had for years, if not decades, onto Tinman, our partner's loan officers will dramatically scale their ability to surface eligible customers for HELOC and HELOANs within their customer base.

透過從他們多年來（甚至幾十年）一直使用的現有解決方案遷移到 Tinman，我們合作夥伴的貸款專員將大大提高在其客戶群中發現符合 HELOC 和 HELOAN 條件的客戶的能力。

They'll also be able to mine their MSR book of over $300 billion to offer HELOCs and HELOAN to those customers on a programmatic basis in a way they've never been able to do with the incumbent HELOC solutions that are available to them today. The initial focus will be on home equity products, and we believe there's great potential over time to help the partner unlock new ways to monetize its extensive customer base in a way that has not been done before.

他們還可以利用其超過 3000 億美元的 MSR 資產，以程式化的方式向這些客戶提供 HELOC 和 HELOAN，這是他們目前使用現有的 HELOC 解決方案從未實現過的。初期重點將放在房屋淨值產品上，我們相信隨著時間的推移，這將有很大的潛力幫助合作夥伴以前所未有的方式，開闢新的途徑，將其龐大的客戶群變現。

It's important to note that we are not just processing customers who raise their hand and ask for a home finance product. Rather, we are fully integrating Tinman into both of our partners' customer data loads and CRM systems. This allows us to algorithmically mine customer data attributes and property data attributes for these customers, match them to products and investors on the Tinman platform and use our AI to recommend the most applicable offer directly to the customer. We are also completely agnostic to the user interface, be it an iPhone app or a human loan officer in a branch. We serve all of them.

值得注意的是，我們不僅僅是在處理那些舉手詢問房屋貸款產品的客戶。相反，我們將 Tinman 完全整合到我們兩個合作夥伴的客戶資料載入和 CRM 系統中。這使我們能夠透過演算法挖掘客戶資料屬性和房產資料性質，將它們與 Tinman 平台上的產品和投資者進行匹配，並使用我們的人工智慧直接向客戶推薦最合適的報價。我們對使用者介面完全不感興趣，無論是 iPhone 應用程式還是銀行分行的貸款專員。我們為他們所有人服務。

Third, we partner with Finance of America, an industry-leading reverse mortgage lender with access to millions of senior customers who are typically home equity rich but cash flow disadvantaged. Together, we are launching the first HELOC and HELOAN product offerings to their customers powered by our Tinman AI. What's more, leveraging Tinman, we have developed a senior second lien HELOC product that specifically addresses the debt-to-income challenges that limit traditional HELOC products for being offered to seniors and that you typically see securitized by the incumbent players.

第三，我們與美國金融公司（Finance of America）合作，該公司是業界領先的反向抵押貸款機構，擁有數百萬老年客戶，這些客戶通常擁有豐富的房屋淨值，但現金流不足。我們將攜手向他們的客戶推出首批由我們的 Tinman AI 提供支援的 HELOC 和 HELOAN 產品。此外，我們利用 Tinman 開發了一種高級第二留置權房屋淨值信用額度產品，專門解決了傳統房屋淨值信用額度產品無法提供給老年人，以及通常由現有參與者進行證券化的債務收入比挑戰。

Together, we believe these new partnerships demonstrate our evolution in powering the home finance ecosystem as a full suite platform and software, well beyond our direct-to-consumer origins. These partners are now live, and we look forward to sharing updates on our subsequent earnings calls as these partnerships ramp.

我們相信，這些新的合作關係將共同展現我們在為住房金融生態系統提供全方位平台和軟體方面的發展，遠遠超越了我們最初面向消費者的業務模式。這些合作夥伴現已正式上線，隨著這些合作關係的逐步推進，我們期待在隨後的財報電話會議上分享最新進展。

In addition to our newest partnerships, we continue to make great progress growing our existing Tinman AI platform with Neo powered by Better, local loan officer teams across the US experiencing rapid growth. The Tinman AI platform approach to local retail mortgage loan officer teams is similar to how Amazon opened its D2C model to a third-party seller marketplace. Similarly, Better is enabling retail mortgage lenders to build their business on the Tinman platform. And in doing so, we provide the compliance and licensing engine, loan origination system and capital markets marketplace.

除了我們最新的合作夥伴關係外，我們還在不斷推進現有的 Tinman AI 平台的發展，借助 Neo 和 Better 的技術支持，我們在美國各地的本地貸款專員團隊正在經歷快速增長。Tinman AI 平台為本地零售抵押貸款專員團隊提供的解決方案，類似於亞馬遜將其 D2C 模式開放給第三方賣家市場的做法。同樣，Better 正在幫助零售抵押貸款機構在 Tinman 平台上建立業務。在此過程中，我們提供合規和許可引擎、貸款發起系統和資本市場。

We have near zero customer acquisition cost on this channel. And as partners fund loans on our platform, we earn a platform fee and a share of profits. We've grown this channel from zero just nine months ago to now approximately 40% of our total revenue. The Tinman AI platform enables retail loan officer teams to originate more loans, serve more families and lower their cost of funds, dramatically increasing their profitability and throughput versus traditional platforms that these loan officer teams have been on for decades. These officers are transitioning from dated expensive tech stacks where origination of a loan could cost over twice as much as Tinman to Tinman where the cost is just a fraction of that, at approximately $3,000.

我們在這個管道上的獲客成本幾乎為零。當合作夥伴透過我們的平台提供貸款時，我們會獲得平台費和利潤分成。短短九個月時間，我們就將這個管道從零發展到現在，約占我們總收入的 40%。Tinman AI 平台使零售貸款團隊能夠發放更多貸款，服務更多家庭，降低資金成本，與這些貸款團隊幾十年來使用的傳統平台相比，顯著提高其盈利能力和業務量。這些官員正在從過時的昂貴技術堆疊（貸款發放成本可能是 Tinman 的兩倍多）過渡到 Tinman（貸款發放成本僅為前者的幾分之一，約為 3,000 美元）。

The savings goes straight to their bottom line, allowing them to reinvest in their customers, offer lower rates and close more deals within their local markets. Further, we've designed an optimization path to retain customers entering through the direct-to-consumer channel who we might otherwise lose to an outside local loan officer. By identifying customers who would benefit from more personalized local support, we connect them early on with a partner loan officer instead of losing them to competitors later on in our direct-to-consumer flow. This approach significantly boosts conversion rates amongst these customers, and in turn, strengthens our overall unit economics.

節省下來的資金直接用於改善他們的獲利狀況，使他們能夠將資金再投資於客戶，提供更低的利率，並在當地市場達成更多交易。此外，我們還設計了一條優化路徑，以留住透過直接面向消費者管道進入的客戶，否則我們可能會失去這些客戶，讓他們流失到外部的本地貸款專員那裡。透過識別那些能夠從更個人化的本地支援中受益的客戶，我們可以儘早將他們與合作貸款專員聯繫起來，而不是在直接面向消費者的流程中，讓他們流失到競爭對手那裡。這種方法顯著提高了這些客戶的轉換率，進而增強了我們的整體單位經濟效益。

During the third quarter, we funded approximately $483 million in funded loan volume for 1,148 families on the Tinman AI platform, an increase of 13%, respectively, compared with the prior quarter. And coming back to our multipronged distribution, we are also serving the customer by powering banks, credit unions and other large mortgage originators that are seeking to license our Tinman AI software to either enter or reenter the mortgage business.

第三季度，我們透過 Tinman AI 平台為 1,148 個家庭提供了約 4.83 億美元的貸款，與上一季相比成長了 13%。回到我們多管齊下的分銷管道，我們還透過為銀行、信用社和其他大型抵押貸款發起機構提供支援來服務客戶，這些機構正在尋求獲得我們 Tinman AI 軟體的許可，以便進入或重新進入抵押貸款業務。

As our Tinman AI platform approach is like Amazon's third-party marketplace model, you can think of our Tinman AI software channel as Amazon's AWS software model. A lot of banks and credit unions are taking a refreshed look at the mortgage space as the regulatory environment is becoming increasingly favorable. However, bank origination of mortgages has largely been unprofitable given their high cost to originate.

由於我們的 Tinman AI 平台方法類似於亞馬遜的第三方市場模式，您可以將我們的 Tinman AI 軟體管道視為亞馬遜的 AWS 軟體模式。隨著監管環境變得越來越有利，許多銀行和信用社正在重新審視抵押貸款領域。然而，由於發放抵押貸款的成本很高，銀行發放抵押貸款在很大程度上是不盈利的。

This is where our Tinman AI software comes in. Our Tinman AI software essentially provides mortgage in a box, enabling banks to not only use our software, but also gain access to underwriting resources and sales resources if they so desire. And while the broader software industry charges clients on a per seat basis, we have a disruptive pricing model of charging on a per funded loan basis or outcome-as-a-service, which is very similar to what a lot of the leading AI companies in Silicon Valley are doing.

這時，我們的Tinman人工智慧軟體就派上用場了。我們的 Tinman AI 軟體本質上提供了一站式抵押貸款解決方案，使銀行不僅可以使用我們的軟體，還可以根據需要獲得承銷資源和銷售資源。雖然整個軟體產業通常按席位向客戶收費，但我們採用了一種顛覆性的定價模式，即按已發放貸款或結果即服務收費，這與矽谷許多領先的人工智慧公司正在做的事情非常相似。

Over time, we expect this channel to be the most profitable of our three channels with SaaS plus level margins since most of the costs associated with this initiative have already been spent on developing Tinman internally for our direct-to-consumer business. Our existing bank partner on the Tinman AI software platform is ramping as we power its entire mortgage origination business from click to close across multiple products and across multiple channels.

隨著時間的推移，我們預計該管道將成為我們三個管道中最賺錢的，利潤率將達到 SaaS 水平以上，因為與此計劃相關的大部分成本已經用於內部開發 Tinman，以支持我們的直接面向消費者的業務。我們在 Tinman AI 軟體平台上的現有銀行合作夥伴正在加速發展，我們為其整個抵押貸款發起業務提供支持，涵蓋多種產品和多個管道，從點擊到成交。

And we expect revenue from this partnership starting in Q4 2025 with SaaS level margins. Our overall partnership pipeline is robust, and we are focused on aligning with companies that are leaders in their respective verticals, those with large customer bases and where the Tinman AI platform clearly outperforms legacy systems.

我們預計此次合作將於 2025 年第四季開始產生收入，利潤率將達到 SaaS 水準。我們整體的合作夥伴管道非常強大，我們專注於與各自垂直領域的領導者、擁有龐大客戶群的公司以及 Tinman AI 平台明顯優於傳統系統的公司合作。

Our strategy is simple yet powerful, capture a leading player in each vertical, empower them to scale their mortgage business and home equity business with Tinman and then expand outward across the ecosystem as others follow suit, land and expand. Verticals that we are interested in include fintechs, BNPL providers, traditional mortgage lenders and servicers. Each of these verticals represent hundreds of billions of dollars in annual mortgage originations.

我們的策略簡單而有力，就是抓住每個垂直領域的領導企業，利用 Tinman 賦能他們擴大抵押貸款業務和房屋淨值業務，然後隨著其他企業效仿，逐步擴展到整個生態系統，落地並擴張。我們感興趣的垂直領域包括金融科技公司、先買後付 (BNPL) 服務提供者、傳統抵押貸款機構和服務商。這些垂直領域每年的抵押貸款發放額均達數千億美元。

So, by first securing a partner who is a leader in their vertical, we establish credibility, create momentum and open the door to broader adoption across that vertical. Looking ahead, the opportunity has never been more exciting. We continue to make great progress towards our goals of driving increased volume and revenue, balanced with ongoing expense management and improved efficiency. We remain focused on enhancing our go-to-market strategy with growth being our North Star alongside continued expense management and channel diversification, all with the goal of reaching breakeven on an adjusted EBITDA basis by the end of Q3 2026.

因此，透過首先找到在其垂直領域領先的合作夥伴，我們可以建立信譽，創造勢頭，並為在該垂直領域更廣泛地採用該技術打開大門。展望未來，機會從未如此令人振奮。我們在實現提高銷售和收入的目標方面持續取得巨大進展，同時兼顧持續的成本控制和效率提升。我們將繼續專注於提升市場進入策略，以成長為北極星，同時繼續控製成本並實現通路多元化，所有這些目標都是為了在 2026 年第三季末實現調整後 EBITDA 的損益兩平。

Our path to adjusted EBITDA profitability will be multifaceted, driven by: volume growth in both our direct-to-consumer and Tinman AI platform channels, unit economics or per loan contribution margin continuing to improve as we further lean into AI efficiencies, the scaling of higher-margin partnership channels including Tinman AI platform and Tinman AI software, pricing improvements and continued corporate cost reductions.

我們實現調整後 EBITDA 獲利的道路將是多方面的，其驅動力包括：直接面向消費者和 Tinman AI 平台通路的銷售成長；隨著我們進一步利用 AI 的效率，單位經濟效益或每筆貸款貢獻利潤率持續改善；擴大包括 Tinman AI 平台和 Tinman AI 軟體在內的高利潤率合作管道；價格改善和持續降低公司成本。

While our unit economics are already profitable at the contribution margin level, increasing volume will allow us to offset additional corporate expense. We note that these growth opportunities come with varying levels of expansion and profitability profiles and will change based on the broader macroeconomic trajectory. As a result, our path to adjusted EBITDA breakeven is unlikely to be linear on a quarterly basis, and we do not anticipate the same level of burn reduction each and every quarter.

雖然我們的單位經濟效益在邊際貢獻水準上已經實現盈利，但增加銷售量將使我們能夠抵消額外的公司費用。我們注意到，這些成長機會的擴張程度和獲利能力各不相同，並且會根據更廣泛的宏觀經濟軌跡而變化。因此，我們實現調整後 EBITDA 盈虧平衡的路徑不太可能按季度呈線性變化，我們預計每季的資金消耗減少幅度也不會相同。

During the third quarter, we had an adjusted EBITDA loss of approximately $25 million, down from $27 million last quarter and $39 million one year ago. In particular, for the three large partnerships we signed, we had a significant amount of resources in sales, operations and technology dedicated to launching those partners that were not revenue generative, but will create significant growth in the years ahead. As these partnerships launch and start to generate revenue and contribution profit, we expect burn to come down more dramatically in the coming quarters ahead in 2026.

第三季度，我們調整後的 EBITDA 虧損約為 2,500 萬美元，低於上一季的 2,700 萬美元和一年前的 3,900 萬美元。特別是對於我們簽署的三項大型合作協議，我們在銷售、營運和技術方面投入了大量資源，致力於啟動這些合作夥伴。這些合作夥伴雖然目前不會產生收入，但將在未來幾年創造顯著成長。隨著這些合作關係的啟動並開始產生收入和利潤，我們預計在 2026 年接下來的幾個季度裡，資金消耗將大幅下降。

Now to touch briefly on our balance sheet and capital positioning. We ended the third quarter of 2025 with $226 million of cash, restricted cash, short-term investments and assets held for sale.

現在簡單介紹一下我們的資產負債表和資本狀況。截至 2025 年第三季末，我們擁有 2.26 億美元的現金、受限現金、短期投資和待售資產。

In addition, we continue to maintain strong relationships with our three financing counterparties, which provided a total capacity of $575 million as of September 30, 2025. We expect that our recently announced partnerships will require us to increase those warehouse lines meaningfully to accommodate the expected funding demand.

此外，我們繼續與三家融資交易對手保持牢固的關係，截至 2025 年 9 月 30 日，這些交易對手提供了總計 5.75 億美元的融資能力。我們預計，最近宣布的合作關係將需要我們大幅增加倉儲能力，以滿足預期的資金需求。

On capital positioning, we rightsized the capital structure earlier this year, retiring approximately $530 million of convertible notes for $110 million cash payment and $140 million note, generating $211 million of positive equity.

在資本配置方面，我們今年稍早調整了資本結構，以 1.1 億美元的現金支付和 1.4 億美元的票據償還了約 5.3 億美元的可轉換票據，從而產生了 2.11 億美元的正權益。

As announced in our 8-K, our CFO, Kevin Ryan, will be concluding his time with us. We are so grateful for everything Kevin has done for this company; taking us public, rightsizing our capital structure and building out our finance and accounting function. We wish him the very best in his new endeavor and are excited about the strong candidates in consideration for the CFO role. We hope to share the outcome of our new CFO search with you soon.

正如我們在 8-K 文件中宣布的那樣，我們的財務長 Kevin Ryan 將結束他在我們公司的任期。我們非常感謝凱文為公司所做的一切；他帶領我們上市，調整了我們的資本結構，並建立了我們的財務和會計職能。我們祝福他在新的旅程中一切順利，並對角逐財務長一職的優秀候選人感到興奮。我們希望盡快與您分享新任財務長的遴選結果。

In the UK, we were pleased that Birmingham Bank grew its loan book by 44% in the third quarter sequentially versus the second quarter of 2025 as we have implemented our technology stack into the bank, and in doing so, enabled the bank to become the fastest-growing specialist mortgage lender in the UK.

在英國，我們很高興地看到，由於我們已將我們的技術堆疊引入該銀行，伯明翰銀行的貸款組合在第三季度環比增長了 44%，而 2025 年第二季度則沒有增長。這樣做使該銀行成為英國成長最快的專業抵押貸款機構。

With respect to our non-core UK assets, we continue to exit those positions and expect these divestitures to continue to benefit our adjusted EBITDA through the remainder of 2025.

對於我們的非核心英國資產，我們將繼續退出這些持倉，並預計這些資產剝離將在 2025 年剩餘時間內繼續使我們的調整後 EBITDA 受益。

Turning to our outlook. The Tinman AI platform loan volume continues to grow rapidly, and we expect over $600 million of AI platform originations in Q4, which would be growth of over 24% versus Q3. For the full year 2025, we expect total funded loan volume to increase year-over-year, driven by tailwinds from growth initiatives, including Tinman AI platform, offset by continued macro pressure and the loss of our Ally business, a roughly $1 billion headwind.

展望未來。Tinman AI平台貸款持續快速成長，我們預期第四季AI平台貸款發放額將超過6億美元，比第三季成長超過24%。預計到 2025 年全年，貸款總額將同比增長，這主要得益於 Tinman AI 平台等增長計劃帶來的利好，但同時也會被持續的宏觀壓力和 Ally 業務的損失所抵消，後者將造成約 10 億美元的損失。

We expect further improvements to adjusted EBITDA losses for full year 2025 versus full year 2024 through a combination of AI-driven improvements in conversion rates, efficiency gains and continued corporate cost reductions. In the medium term, while we expect D2C to continue to grow nicely, we expect it to become a smaller part of the total revenue mix as our partnership channels scale faster.

我們預計，隨著人工智慧推動轉換率提高、效率提升以及企業成本持續降低，2025 年全年調整後 EBITDA 虧損將比 2024 年全年進一步改善。從中長期來看，雖然我們預計 D2C 將繼續保持良好的成長勢頭，但隨著我們的合作夥伴管道規模擴大得更快，我們預計 D2C 在總收入中所佔的比例將會縮小。

We spent the past three years building for this moment. Our platform is proven, the housing cycle is turning, our AI is scaling and our partnerships are just beginning to ramp. About a year ago, we met the Neo Home Loans team, and I saw firsthand the experience they were able to deliver in a branch or over a Zoom call, and I thought to myself, how can we make this accessible to everyone?

我們花了三年時間才走到今天這一步。我們的平台已經過驗證，房地產週期正在轉變，我們的人工智慧正在擴展，我們的合作夥伴關係也才剛開始加速發展。大約一年前，我們遇到了 Neo Home Loans 團隊，我親眼目睹了他們在分行或透過 Zoom 通話所能提供的服務體驗，我當時就想，我們如何讓每個人都能享受到這種服務呢？

How can we take this four seasons experience that the Neo team delivers and deliver it at a 4 points price to the average consumer? That got us thinking. At the same time, we had launched Betsy, the first voice-based AI loan assistance, and we've been able to do amazing things with Betsy. Today, we believe Betsy is better than 80% of the typical loan officers operating today.

我們如何才能將 Neo 團隊提供的四季體驗以 4 個積分的價格提供給一般消費者？這讓我們開始思考。同時，我們推出了首款基於語音的人工智慧貸款助理 Betsy，並且我們利用 Betsy 取得了令人矚目的成就。如今，我們認為貝琪比目前 80% 的普通貸款專員都要優秀。

I'm so excited to demo our AI mortgage adviser today, which is able to replicate the experience of being in a branch or on a Zoom call with someone with 10, 20, 30 years of experience with a deep knowledge base, someone who's done billions of dollars of loans and one who can walk you through every aspect of the process that is life's biggest financial transaction, one American families are still fundamentally insecure and unknowledgeable about. We'll be launching the AI mortgage adviser in a pre-release, and you can sign up to join us at better.com/tinman. Please take a look and let us know what you think.

今天我非常興奮地向大家示範我們的人工智慧抵押貸款顧問，它能夠模擬在銀行網點或透過 Zoom 通話與擁有 10 年、20 年、30 年經驗和深厚知識庫的專業人士交流的體驗，這位專業人士經手過數十億美元的貸款，能夠指導您完成人生中最大的金融交易——抵押貸款——的每一個環節。而美國家庭對抵押貸款仍然普遍缺乏信心和了解。我們將推出人工智慧抵押貸款顧問的預發布版本，您可以造訪 better.com/tinman 註冊加入我們。歡迎體驗並告訴我們您的想法。

Hello, my name is Ryan Grant. How are you doing today?

你好，我叫瑞恩‧格蘭特。你今天怎麼樣？

Whoa, am I talking to an AI or is this you, Ryan? What happened here?

哇，我是在跟人工智慧說話，還是你本人，瑞恩？這裡發生了什麼事？

Hey, it's actually me, Ryan's AI Mortgage Advisor, kind of like having Ryan's brain and Better Mortgage's tech all rolled into one, ready to help you anytime. What can I do for you today?

嘿，其實是我，Ryan 的 AI 抵押貸款顧問，就像把 Ryan 的大腦和 Better Mortgage 的技術合而為一，隨時準備為您提供幫助。今天我能為您做些什麼？

Whoa, whoa, like, What did you do with Ryan's brain?

哇，哇，你把瑞恩的腦子怎麼了？

What think of it like this. I get it. It sounds wild. Basically, I'm Ryan's expertise combined with AI tech, so I can help you anytime with mortgage questions, calculations, and advice just like he would, but instantly and around the clock. No worries, Ryan's still around, but I'm here to make things easier for you. What would you like to know or talk about?

不妨這樣想。我得到它。聽起來很瘋狂。基本上，我結合了 Ryan 的專業知識和人工智慧技術，因此我可以隨時像他一樣幫助您解答抵押貸款問題、進行計算和提供建議，而且是即時且全天候的。別擔心，瑞恩還在，但我來這裡是為了方便你。你想了解什麼或談論什麼？

Okay, I mean, that's interesting. Like, can you tell me a little bit about yourself? Like, do you have a lot of experience doing this, or do they just get like some guy off the street?

好吧，我的意思是，這很有趣。可以簡單介紹一下自己嗎？例如，你在這方面有很多經驗嗎？還是他們只是隨便從街上找個人來做？

I'm built on Ryan's years of experience. He's personally funded nearly $2 billion in mortgages and helped thousands of homeowners, so I bring all that know-how plus Better Mortgages smart tech to guide you through your mortgage journey with confidence and clarity. Think of me as Ryan's brain, but always ready to help you anytime you need. What's your biggest question or goal with your mortgage right now?

我的實力建立在瑞恩多年的經驗上。他個人已為近 20 億美元的抵押貸款提供了資金，並幫助了成千上萬的房主，因此我將所有這些專業知識與 Better Mortgages 的智慧技術相結合，以自信和清晰的方式引導您完成抵押貸款之旅。你可以把我當成瑞恩的大腦，隨時準備在你需要的時候提供協助。您目前在房貸最大的疑問或目標是什麼？

I mean, I think rates are coming down, and I got this mortgage two years ago, and I think I can save some money, right?

我的意思是，我認為利率正在下降，而且我兩年前辦的抵押貸款，我想我可以省點錢，對吧？

That makes sense. Refinancing to save money is a smart move if rates have dropped since you got your mortgage. To see how much you could save, I'd need to know your current interest rate, your remaining loan balance, and how many years you have left on your mortgage. Can you share those details?

這很有道理。如果利率自您獲得抵押貸款以來有所下降，那麼透過再融資來節省資金是一個明智的做法。要了解您可以節省多少錢，我需要知道您目前的利率、剩餘貸款餘額以及您的抵押貸款還剩多少年。能分享一下這些細節嗎？

Yeah. No, so, I think I have a $500,000 left on my mortgage. I got it two years ago, literally like in September of '23. And I think, like, I don't remember exactly what my rate was, but it was like in the 7% something range. Maybe you can help me like figure that out.

是的。不，所以，我想我還剩下 50 萬美元的房貸。我兩年前買的，確切地說是 2023 年 9 月。我想，我記不清我的利率具體是多少了，但大概是 7% 左右。或許你能幫我弄清楚這件事。

Yeah. Got it. You have about $500,000 left and your loan started around September 2023 with a rate around 7%. I can help estimate your savings based on that. Do you happen to know your current monthly principal and interest payments? If not, no worries, I can estimate that too.

是的。知道了。您還剩下約 50 萬美元，您的貸款大約從 2023 年 9 月開始，利率約為 7%。我可以根據這些資訊幫您估算節省的金額。請問您知道您目前每月需要支付的本金和利息嗎？如果不行也沒關係，我也可以估算一下。

Yeah, no, it's like on autopay, so I don't know exactly what it is. So, yeah, if you have an estimate, that would be really great.

是啊，不對，好像是自動付款，所以我不太清楚具體情況。所以，如果你能提供一個估價，那就太好了。

Your current loan is about 7% with a $500,000 balance and 28 years left, and your monthly payment is roughly $3,398. Got it. Let's start with the option that gives you the lowest monthly payment by paying points up front. This option lowers your interest rate, so your monthly payment goes down, but you'll pay some cash at closing. Sound good?

您目前的貸款利率約為 7%，餘額為 50 萬美元，剩餘期限為 28 年，每月還款額約為 3,398 美元。知道了。讓我們先來看看預付點數以獲得最低月付的方案。此選項可降低您的利率，因此您的每月付款會減少，但您需要在交屋時支付一些現金。聽起來不錯吧？

Yeah, let's find out. Sure.

好，我們來一探究竟。當然。

Here's the lowest monthly payment option with points. Your new rate would be about 5.13%. Your monthly payment would drop to around $2,722 saving you about $676 each month. But it comes with points costing about $12,907 upfront. Would you like to hear about the par rate option with lower closing costs too?

這是最低的月付款方案，還可以享受積分獎勵。您的新利率約為 5.13%。您的月供將降至約 2,722 美元，每月可節省約 676 美元。但需要預付約 12,907 美元的積分。您想了解利率與成交費用相同的方案嗎？

Yeah, why not? Like, I'm not sure if I've got just 12 grand lying around.

是啊，為什麼不呢？我不確定我手邊有沒有12000美元的閒錢。

The par rate option means no points upfront, so your closing costs are lower. Your rate would be about 5.99%, with the monthly payment around $3,053 still a bit lower than your current payment, saving about $345 each month. It's a bit higher monthly, but you keep more cash at closing. Sound like something you want to explore more?

選擇以利率支付意味著無需預付任何費用，因此您的交易費用會更低。您的利率約為 5.99%，每月還款額約為 3,053 美元，仍然比您目前的還款額略低，每月可節省約 345 美元。雖然每月還款額略高，但成交時你能拿到更多現金。聽起來是不是很吸引你，想進一步了解？

Yeah, no, like, isn't there a way, like I heard, like you can just roll the like closing costs into like the mortgage, like at closing? Is that possible here?

是啊，不，我是說，我聽說，好像可以把過戶費用之類的東西算進抵押貸款裡，在過戶的時候就一起付清？這裡可以做到嗎？

Yes, you can often roll closing costs into your new loan balance, which means you don't pay them out of pocket at closing. That usually comes with a slightly higher interest rate like the par rate option I just mentioned, so your monthly payment might be a bit higher, but you keep your cash up front. Does that sound like a good fit for you?

是的，通常可以將過戶費用計入新的貸款餘額中，這意味著您無需在過戶時自掏腰包支付這些費用。這通常意味著利率會稍高一些，就像我剛才提到的平價利率選項一樣，所以你的月付款可能會稍微高一些，但你可以預先拿到現金。你覺得這很適合你嗎？

Yeah. No, I think I'm going to go with a lower monthly payment, like $700 a month of savings is like a lot more than $350 a month of savings. So, I think that will be really good for my cash flow. So, what do I need to do next? Like, how does this work?

是的。不，我想我會選擇較低的月供，例如每月節省 700 美元比每月節省 350 美元要多得多。所以，我認為這對我的現金流來說真的很有好處。那麼，我接下來該怎麼做呢？這是怎麼回事？

Great choice. Saving about $700 a month can really help your cash flow. The next step is to start your refinance application so we can lock in that lower rate and get the process going. Could you please spell your first and last name for me?

絕佳的選擇。每月節省約 700 美元真的可以大大改善你的現金流。下一步是開始您的再融資申請，以便我們鎖定較低的利率並啟動流程。請問您能拼一下您的姓名嗎？

Yeah, wait. Can I talk to the real Ryan too, like, or is it just going to be me and you all the time?

等等。我可以和真正的瑞恩聊聊嗎？還是說一直都只有你和我兩個人？

I get it. I totally get wanting to chat with the real Ryan. He's a great guy. I'm here to help you anytime with quick answers and guidance, but if you ever want to connect with Ryan directly, I can help make that happen once we get your application started and things are moving along.

我得到它。我完全理解你想和真正的瑞恩聊天。他是個很棒的人。我隨時樂意為您提供快速解答和指導，但如果您想直接與 Ryan 聯繫，一旦您的申請開始並進展順利，我可以幫您實現這個目標。

Sounds great. All right, listen, I'll get the application going and then why don't we like figure out some time to talk to the real Ryan. It'll be interesting to see whether he knows as much as you do.

聽起來不錯。好吧，聽著，我會把申請提交上去，然後我們找個時間和真正的瑞恩談談。看看他是否和你一樣了解很多，這會很有趣。

That sounds like a solid plan to get started, could you please spell your first and last name for me? That way I can set up your application and we'll be on our way.

聽起來是個不錯的開始計劃，請問你能告訴我你的名字和姓氏嗎？這樣我就可以幫你設定好申請，我們就可以開始了。

Okay. It's Vishal Garg, and why don't I do the rest of this online and then we'll, connect later. All right, talk soon. Bye.

好的。我是 Vishal Garg，不如我先在線上完成剩下的工作，我們稍後再聯繫。好的，回頭再聊。再見。

Thanks, Vishal.

謝謝你，維沙爾。

Owen Rickert, Northland.

歐文‧里克特，北地。

I guess, quickly, can you just dive a bit deeper into the three recent partnership announcements and how you expect each of these to ramp as we head into 2026?

我想快速地，您能否更深入地探討一下最近宣布的三項合作關係，以及您預計這些合作關係在 2026 年將如何發展壯大？

Sure. So, with respect to the large financial services platform, we expect that to ramp over time, over the next six months, specifically as we increase the penetration of their users in their app that see the offers from us and the number of users every day that -- they drop into Tinman to surface offers for. And those offers will be sent via stories in their app, notifications, text messages, things like that. And so, we're just going to increase those. And we've created a specific pod for this partner because it's such a large partner, and we need to tap into that pod.

當然。因此，就大型金融服務平台而言，我們預計在接下來的六個月內，隨著我們提高其應用程式用戶滲透率，讓更多用戶看到我們提供的優惠，以及每天訪問 Tinman 以查看優惠的用戶數量增加，這種情況將會逐漸改善。這些優惠資訊將透過應用程式內的故事、通知、簡訊等方式發送。所以，我們打算增加這些數量。我們為這家合作夥伴創建了一個專門的團隊，因為它是一家規模非常大的合作夥伴，我們需要利用這個團隊的資源。

And so while we expect the overall size of the partnership to manifest itself into multiple billions of dollars a month, it's going to take a bit of time for us to also ramp up and see what labor is going to be required, what percentage of that partner's customers are comfortable talking to an AI, what percentage of that partner's customers need to talk to a person. So, we're working all of that out.

因此，雖然我們預計此次合作的總規模將達到每月數十億美元，但我們也需要一些時間來擴大規模，看看需要多少勞動力，合作夥伴的客戶中有多少百分比願意與人工智慧交談，而合作夥伴的客戶中有多少百分比需要與真人交談。所以，我們正在努力解決所有這些問題。

With respect to the other partnerships, the large mortgage originator, we're going to start first with their direct-to-consumer team, then we're going to start rolling it out to the team that does MSR and MSR recapture. And then from there, we're going to start rolling it out to their loan officer teams all around the country to market HELOCs and HELOANs to. And -- so, there's going to be a ramp in that regard as well over the next six months or so.

至於其他合作關係，對於大型抵押貸款發起機構，我們將首先從他們的直接面向消費者的團隊開始，然後我們將開始將其推廣到負責 MSR 和 MSR 回收的團隊。然後，我們將從那裡開始，向全國各地的貸款專員團隊推廣房屋淨值信用額度 (HELOC) 和房屋淨值貸款 (HELOAN)。所以，在接下來的六個月左右的時間裡，這方面也會有一個逐步的過程。

And then, with Finance of America, we are launching the HELOCs and HELOANs first to their customer base, then to their partner originators and then across to their wholesale channel. And so, I think that is also going to take another three to six months to fully ramp up as well as the second -- the reverse second lien HELOC product, which we are rolling out in beta right now, which we're going to then ramp up across their entire network.

然後，我們將與美國金融公司合作，首先向其客戶群推出房屋淨值信用額度 (HELOC) 和房屋淨值貸款 (HELOAN)，然後向其合作夥伴發起機構推出，最後向其批發管道推出。因此，我認為這還需要三到六個月的時間才能全面啟動，就像第二個產品——反向第二留置權房屋淨值信用額度產品——一樣，我們目前正在進行測試版推廣，然後我們將在整個網路中逐步推廣。

Got it. And then secondly, you did hit on this pretty early on in the prepared remarks, but how would you characterize the future partnership pipeline right now? And what does that look like today? And maybe how is this pipeline -- how has it evolved over the last few months?

知道了。其次，您在準備好的演講稿中很早就提到了這一點，您目前如何描述未來的合作關係？那麼，如今的情況又是怎麼樣的呢？或許還可以探討這條管道的運作情況──在過去的幾個月裡，它發生了哪些變化？

I think as our partners are able to see how fast we're able to implement some of the earlier partners that we have now launched, the quality of the user experience, the ability to get approved for a mortgage programmatically, the ability to take something that traditionally has been very passive and sold passively by these partners and then have that be done in an active algorithmic way, the partner pipeline has really, quite frankly, exploded. And -- so, we are seeing a lot of demand.

我認為，隨著我們的合作夥伴能夠看到我們能夠以多快的速度實施一些我們現在已經推出的早期合作夥伴計劃，用戶體驗的質量，通過程序化方式獲得抵押貸款批准的能力，以及將傳統上由這些合作夥伴被動銷售的產品轉變為主動算法銷售的能力，坦白說，合作夥伴渠道已經真正爆炸式增長。因此，我們看到了很大的需求。

The other thing, just from a macro perspective, the largest incumbent solution has been forcing -- has been going through an SDK change and has been forcing re-integrations with all of its partners for its clients. And so, it's been an interesting moment where a lot of people are very, very frustrated with the incumbent solutions that are out there and are looking for something new. And so, I think it's sort of like luck is when preparedness meets opportunity. And I think we're pretty thankful to be in the position that we're in now.

從宏觀角度來看，另一件事是，最大的現有解決方案一直在強制——一直在進行 SDK 變更，並一直在強制其客戶與所有合作夥伴重新整合。因此，這是一個有趣的時刻，許多人對現有的解決方案感到非常非常失望，並且正在尋找新的解決方案。所以，我認為這有點像運氣，就是準備充分遇到機會。我認為我們應該非常感激我們現在所處的位置。

Brendan McCarthy, Sidoti.

布倫丹·麥卡錫，西多蒂。

Really appreciate the demo there with Ryan, I thought that was great. Just wanted to start off circling back to the new partnerships, particularly the one with the top 5 US personal financial services platform. Can you give us detail on what the ultimate volume opportunity looks like there? 50 million customers is obviously a huge number. Just curious as to what you think the addressable market is in terms of volume.

非常感謝 Ryan 的演示，我覺得很棒。首先我想再談談新的合作關係，特別是與美國排名前五的個人金融服務平台的合作。能詳細介紹一下那裡的最終成交量機會嗎？5000萬客戶顯然是一個龐大的數字。我只是好奇您認為潛在市場規模有多大。

Yes. So, I mean, if you go to ChatGPT and you type in what is the mortgage penetration rate for a financial institution in the United States with 50 million customers, it will tell you the -- it ranges from 10 basis points of that customer base to 15 basis points of that customer base. So, let's use like a low average, 12 basis points. You multiply 12 basis points by $50 million, that gives you 60,000 originations a year, 60,000 originations times an average balance of like $400,000 gives you about $24 billion. So, I don't know exactly what the number is.

是的。所以，我的意思是，如果你去 ChatGPT，輸入“美國一家擁有 5000 萬客戶的金融機構的抵押貸款滲透率是多少”，它會告訴你——範圍從該客戶群的 10 個基點到 15 個基點。所以，我們先採用一個較低的平均值，12 個基點。將 12 個基點乘以 5,000 萬美元，得出每年 6 萬筆貸款發放，6 萬筆貸款發放乘以平均餘額約 40 萬美元，得出約 240 億美元。所以，我不太清楚具體數字是多少。

I'm not committing to that number, but that's sort of -- if we were able to just do it in an average passive manner at some branch, what we think we can achieve could be multiples of that if we're able to sort of algorithmically mine and surface offers directly to consumers in their mobile app.

我不會承諾達到這個數字，但這有點像——如果我們能夠在某個分支機構以平均被動的方式做到這一點，那麼如果我們能夠通過算法挖掘並將優惠直接推送給消費者的移動應用程序，我們認為我們可以取得的成就將是這個數字的數倍。

Understood. That's very helpful. And next question, just looking at the guidance, really implying strong growth there, I think, from -- I think you said the $500 million monthly loan volume run rate to about $1 billion, just really a step-up there. What's really underpinning that outlook? Is it just strictly the partnerships? Is the growth in D2C? Is there any interest rate assumptions there? Just curious as to kind of what's underpinning that.

明白了。那很有幫助。下一個問題，看看這份指導意見，確實暗示著強勁的增長，我認為，從——我想您說的是每月 5 億美元的貸款量運行率增長到大約 10 億美元，這確實是一個很大的進步。這種觀點的真正根源是什麼？僅僅是指合作關係嗎？D2C模式的成長是嗎？這裡對利率有任何假設嗎？只是好奇背後的原因是什麼。

No, we're assuming interest rates stay the same. And yes, I mean, as you can see in D2C, we have been focused on making more money per loan in D2C rather than growing volume, though volume has grown pretty substantially, especially if you take out on a quarter -- on a year-on-year basis, if you take out the Ally volume that we had last year, organic growth has been over 50%.

不，我們假設利率保持不變。是的，我的意思是，正如你在 D2C 領域所看到的，我們一直專注於提高每筆 D2C 貸款的盈利能力，而不是增加貸款量，儘管貸款量已經大幅增長，尤其是如果你按季度計算的話——按年計算，如果你扣除我們去年的 Ally 貸款量，有機增長率已經超過 50%。

And so, when you layer that on, if there's a rate cut, I think D2C is going to fly. But other than that, like we're just assuming that the rates stay the same. And so, the numbers I've given you and I've indicated assume the interest rate environment doesn't change.

所以，再加上降價，我認為D2C模式將會蓬勃發展。但除此之外，我們就假設利率不變。因此，我給的和指出的數字都是假設利率環境不變的。

Kartik Mehta, Northcoast.

Kartik Mehta，北海岸。

In the press release, you indicated that you anticipate about $1 billion of loan volume in the next -- at the end of six months because of these partnerships. Does that assume that each of these partners will be fully ramped? Or are you anticipating the ramp to take longer? So really, the $1 billion could be a lot more once the partnerships get fully integrated?

在新聞稿中，您表示，由於這些合作關係，預計未來六個月末的貸款將達到約 10 億美元。這是否意味著每個合作夥伴都將全面投入營運？或者您預計坡道搭建需要更長時間？所以，一旦合作關係完全整合，這10億美元實際上可能會更多？

I think it could be a lot more than once they get fully integrated.

我認為一旦他們完全融合，規模可能會更大。

And then just the per funded contribution margins increased significantly. The one volatility is in the CAC. So, I'm just -- what's your anticipation for CAC as we move through 2025 and then 2026? I'm assuming they'll start trending lower as the partnerships become a bigger and bigger part of the loan volume. But wanted to get your perspective on that.

然後，每筆資助的捐款利潤率顯著提高。唯一的波動因素是CAC指數。所以，我只是想問——您對 CAC 在 2025 年和 2026 年的發展有何預期？我估計隨著合作貸款在貸款總額中所佔比例越來越大，它們的趨勢將會開始下降。但我想聽聽你的看法。

Yes. I mean with the partners, there's no CAC, right? There's no upfront CAC. The D2C CAC remains quite high. Purchase, which remains challenged in this market environment, you're spending money this quarter to book loans in 6 months, 12 months, 18 months when the consumer actually buys the house and books the loan.

是的。我的意思是，對於合作夥伴來說，沒有 CAC 費用，對吧？沒有預付客戶獲取費用。D2C客戶獲取成本仍然很高。在當前市場環境下，購屋仍面臨挑戰。您本季花費的資金是為了在 6 個月、12 個月、18 個月後，當消費者實際購買房屋並確認貸款時，才能確認貸款。

I think one thing that may be underappreciated about Better is, over the past three years, we've given out over 1 million preapprovals to consumers. And those consumers have not been able to find a house, or it's been too expensive for them to find a house.

我認為Better的一項成就可能被低估了，那就是在過去的三年裡，我們已經向消費者發放了超過100萬份預審批單。而這些消費者要不是找不到房子，就是買不起房子，或是房子對他們來說太貴了。

And so, that CAC that you see there is elevated because for all the consumers that are not able to find a house that they want to buy, basically, we eat that CAC in that specific quarter. But then when that consumer finds a house they want to buy, then when they come through, then it shows as lower CAC. And so, the mortgage industry CAC, customer acquisition cost problem is even further compounded by the long gestation cycle of consumers on the Internet and when they get preapproved and when they actually find a house.

因此，您看到的 CAC 之所以升高，是因為對於所有無法找到他們想買的房子的消費者來說，基本上，我們承擔了該季度的 CAC。但是，當消費者找到他們想買的房子，並且完成交易後，客戶獲取成本就會降低。因此，抵押貸款行業的客戶獲取成本 (CAC) 問題，由於消費者在互聯網上獲得預先批准以及最終找到房子的漫長等待週期而進一步加劇。

So, we do expect as rates -- if rates come down, that the CAC will come down materially across the board for purchase or for refi. I mean just to give you some context, in the last rate cycle, when rates were coming down, our CAC on refi was $1,000 a loan.

因此，我們預計，如果利率下降，無論是購屋還是再融資，CAC 都會大幅下降。我的意思是，為了給你一些背景信息，在上一個利率週期，當利率下降時，我們的再融資客戶獲取費用是每筆貸款 1000 美元。

And so, there's a lot of positive convexity in the CAC as consumers -- as the rate environment changes and consumers' propensity to get preapproved and then actually fund increases.

因此，隨著利率環境的變化以及消費者獲得預先批准並實際融資的傾向增加，CAC 中存在大量的正凸性。

Bose George, KBW.

博斯·喬治，KBW。

This is actually Frankie on for Bose. I want to start with, can you just walk through the ways in which AI efficiencies can increase revenue per funded loan. On slide 16, you noted that this will be driven through enhanced sales and operational performance. So, can you just touch on that?

這其實是 Frankie 為 Bose 做的節目。首先，您能否簡單介紹一下人工智慧的效率如何提高每筆已發放貸款的收入？在第 16 張投影片中，您提到這將透過提高銷售和營運績效來推動。那麼，您能簡單談談這方面嗎？

Yes. So, I think what you'll see is our revenue per loan is continuing to grow up, right? And I think the reason for that is Betsy is able to supplant the loan officer whenever the loan officer is not able to either pick up the phone, answer a question, turn around a new preapproval based on data that the consumer has provided. Sunday afternoon, 4:00, they want to put in an offer that they saw. Betsy is there for them in a way that traditionally, your human loan officer isn't able to be.

是的。所以，我認為你會看到我們每筆貸款的收入持續成長，對吧？我認為原因在於，當貸款專員無法接聽電話、回答問題或根據消費者提供的數據重新做出預審批時，Betsy 可以代替貸款專員履行職責。星期日下午 4 點，他們想提交一份他們看到的報價。Betsy 能以傳統方式幫助他們，而你的貸款專員卻無法做到這一點。

And so that's enabled us to, one, make our competitive pricing slightly less competitive and increase the gain on sale. Number two, as our volumes are going up and it allows us to not have to staff up with as many people. I think as you can see, like on a year-on-year basis, volume and revenue went up substantially over 50% and expenses actually stayed the same, and therefore, the burn came down substantially by like about 35%, 40%. And so, that's how Betsy is allowing us. It's allowing us to be more responsive, which means lower discounts, superior service, really build a service offering for consumers.

因此，這使得我們能夠做到兩件事：一是降低我們原本具有競爭力的價格的競爭力，二是增加銷售利潤。第二，隨著業務量的增加，我們不需要招募那麼多員工。正如你所看到的，與去年相比，銷量和收入大幅增長超過 50%，而支出實際上保持不變，因此，資金消耗大幅下降了約 35% 到 40%。所以，這就是貝齊允許我們做的。這使我們能夠更迅速地回應客戶需求，這意味著更低的折扣、更優質的服務，真正為消費者打造服務產品。

And then, on the flip side, not have to hire as many people as we scale volume and automate the processes like processing loans, underwriting loans, closing loans that traditionally have been done by people.

另一方面，隨著業務量的擴大和貸款處理、貸款承銷、貸款結清等傳統上由人工完成的流程的自動化，我們也不必僱用那麼多人。

Great. That's very helpful. And then can you just help us understand what types of incumbent solutions you're replacing in your partnerships? Is it both the LOS system and POS system?

偉大的。那很有幫助。那麼，您能否幫助我們了解一下，在您們的合作關係中，您正在替換哪些類型的現有解決方案？它既是LOS系統又是POS系統嗎？

Yes. So, we have integrated with a number of POS systems that are out there where, let's say, if our client wants to keep the POS that they're using today, that's fine with us. We'll take all of the other stuff. We generally do replace the incumbent LOS. And in many cases, we replace the POS, the LOS, the pricing engine, the CRM system, the document generation engine, the notary and closing engine and the warehouse software.

是的。所以，我們已經與市面上許多POS系統進行了整合。例如，如果我們的客戶想繼續使用他們現在正在使用的POS系統，我們完全沒問題。其他東西我們都收下了。我們通常會更換現有的 LOS。在許多情況下，我們會替換 POS 系統、LOS 系統、定價引擎、CRM 系統、文件產生引擎、公證和結算引擎以及倉庫軟體。

So, we're like, when the client signs up with us, we might replace as many as 8 to 10 different systems that the client has.

所以，當客戶與我們簽約時，我們可能會取代客戶現有的 8 到 10 個不同的系統。

Mikhail Goberman, Citizens JMP.

米哈伊爾‧戈伯曼，公民聯合軍事警察部隊。

If I could ask about expenses, and I appreciate the comments -- prepared remarks about the expenses and how you're planning to deal with the partnerships with regard to that going forward. I believe you mentioned a target for the first quarter of next year. Is there any sort of a number or a run rate that we can put on that?

如果可以問一下費用方面的問題，我很感謝您提供的意見——關於費用以及您計劃如何處理未來與合作夥伴相關的事宜的準備好的發言稿。我記得您曾提到明年第一季的目標。有沒有什麼數字或是運行率可以用來衡量這種情況？

No, I think we're hoping that within the next six months, we get to $1 billion a month origination run rate. I think we're hoping that we continue to have scale in our expenses. We're hoping that we continue to drive a lot of the corporate cost reductions forward. We've been really busy this last quarter. So I think I personally wasn't able to pay as much attention to some of the legacy contracts and things like that, that we need to kind of continue to still beat out, three or five-year contracts that we signed back in 2020, 2021 that we're like working to sort of reset with more AI-driven type solutions.

不，我認為我們希望在未來六個月內，每月10億美元的貸款發放量。我認為我們希望繼續保持支出規模。我們希望繼續推進公司各項成本削減措施。過去一個季度我們一直非常忙碌。所以我覺得我個人沒能過多關註一些遺留合同之類的東西，我們需要繼續努力爭取履行完我們在 2020 年、2021 年簽署的三到五年合同，我們正在努力用更多人工智能驅動的解決方案來重置這些合同。

I think there's still a lot of cost savings left, which is why we're -- we continue to drive to achieving profitability while growing scale at the same time by Q3 2026.

我認為還有很大的成本節約空間，所以我們將繼續努力，爭取在 2026 年第三季實現盈利，同時擴大規模。

Great. Appreciate that. And if I can fit in one more. Just your general thoughts on the stability and strength of the mortgage industry in general, given where we are with interest rates and wobbles, I guess, you could say, with the economy a little bit. Just your general thoughts on consumer -- the borrower and the consumer and how the whole system is developing going forward.

偉大的。謝謝。如果還能再加一個的話。鑑於目前的利率狀況和經濟波動，您對抵押貸款行業的穩定性和整體實力有何看法？您對消費者——借款人和消費者——以及整個系統未來發展趨勢有何整體看法？

Yes. No, I think -- look, I really believe that we're headed into a recession. I believe that that's going to result in a couple of things from a macro standpoint. I think there's -- you would think that heading into a recession, purchase mortgage would be disadvantaged. But there's millions of people who have wanted to buy a home over the past four, five years who missed out the 2019 to 2021 rate environment.

是的。不，我認為——你看，我真的相信我們即將步入經濟衰退。我認為從宏觀角度來看，這將導致以下幾個結果。我認為——你會覺得，在經濟衰退來臨之際，購屋抵押貸款會處於不利地位。但過去四、五年裡，有數百萬人想買房，卻錯過了 2019 年至 2021 年的利率環境。

And they are -- have been building up their savings and they're looking -- and a lot -- any of them who have owned equities in the past couple of years, they have been building up wealth to go and buy a home. So I think that you're going to see purchase mortgage originations stay sort of where they are. You might not have like the boom that you did in 2020 and 2021 if we have a real recession.

他們一直在累積儲蓄，並且正在尋找機會——過去幾年裡，許多持有股票的人都在累積財富，準備買房。所以我認為購屋抵押貸款的發放量將基本上維持在目前的水平。如果真的出現經濟衰退，你可能就不會喜歡2020年和2021年的經濟繁榮了。

And then on the flip side, there's like 20 million people that can start to save money as rates go below 6% if we do actually enter into a recession. And I think that, that's pretty significant. And then lastly, in the current period, let's assume we just stay in this sort of muddled medium inflation, 6% plus interest rate environment, home equity origination still such a small number compared to what they were pre-global financial crisis or where they are relative to the total size of home equity that people have in their homes, which is now, I think, $22 trillion of tappable home equity according to the latest TransUnion report.

另一方面，如果經濟真的陷入衰退，利率降至 6% 以下，那麼大約有 2,000 萬人可以開始存錢了。我認為這意義重大。最後，在當前時期，假設我們繼續處於這種混亂的中等通膨、6%以上的利率環境，那麼房屋淨值貸款的發放量與全球金融危機前相比仍然很小，或者與人們房屋淨值總額相比也很小，根據最新的TransUnion報告，目前可動用的房屋淨值約為22萬億美元。

And I think, for us, we have both the secular tailwinds of a very competitive business model in D2C that we are now continuing to improve the conversion rate on. I think as you might have seen like in the earnings release, like we talk about the conversion rate going from 3.3% to over 6%, like an 81% increase, right?

我認為，對我們來說，我們既擁有D2C領域極具競爭力的商業模式帶來的長期發展順風，又能夠不斷提高轉換率。我想你可能在財報中看到了，我們談到轉換率從 3.3% 成長到 6% 以上，增幅高達 81%，對吧？

That's just like grinding out, like putting the AI in places where the humans are not able to do as good of a job, right, to satisfy the consumer, just keep on grinding away at that. And so that, I think, is super meaningful and will continue to drive both unit economics and growth in the D2C channel.

這就像是在苦苦鑽研，就像把人工智慧放在人類無法勝任的領域，對吧，為了滿足消費者，就不斷努力鑽研。因此，我認為這非常有意義，並將繼續推動 D2C 通路的單位經濟效益和成長。

And then when we're taking on partners that we're taking away from incumbent platforms, they are - quite bluntly, we're stealing market share. And so -- and that's the fastest-growing part of our business. And so there, if the mortgage market stays the same, if it's -- whether it's $1.5 trillion in originations or $2.5 trillion in originations, of course, we'd love it to be $2.5 trillion in originations. But where we're moving partners from incumbent solutions that are built in the '80s, '90s, 2000s onto our tech stack, there -- we're relatively agnostic to the cycle. And if the cycle comes our way, then that's even better.

然後，當我們從現有平台搶走合作夥伴時，坦白說，我們正在竊取市場份額。因此——這也是我們業務中成長最快的部分。所以，如果抵押貸款市場保持不變，無論是 1.5 兆美元的貸款發放金額還是 2.5 兆美元的貸款發放額，當然，我們希望是 2.5 兆美元的貸款發放額。但是，當我們把合作夥伴從 1980 年代、1990 年代、2000 年代構建的現有解決方案遷移到我們的技術堆疊時，我們對技術週期相對漠不關心。如果這輪週期能輪到我們，那就更好了。

Doug Harter, UBS.

道格·哈特，瑞銀集團。

Vishal, I was hoping you could talk about, as you're guided to getting back to breakeven and to profitability, what type of volumes do you need to accomplish that?

Vishal，我希望你能談談，在你努力恢復盈虧平衡並實現盈利的過程中，你需要達到什麼樣的銷量才能做到這一點？

I think depending on the mix, I think we get to $1 billion plus, and we have a good shot at it. Obviously, the margins in our partnership business are higher than that in our D2C business. But even D2C is getting to a place where the margins are pretty healthy on a contribution margin basis. But yes, I think we get to $1 billion plus. And then, depending on the mix, we get to beyond that I think per month. I think you have a very, very, very good business that's driving towards breakeven.

我認為，根據不同的組合，我們很有可能達到 10 億美元以上。顯然，我們的合作業務利潤率高於我們的 D2C 業務利潤率。但即使是 D2C 模式，其邊際貢獻利潤率也已經相當可觀了。是的，我認為我們可以達到10億美元以上。然後，根據不同的組合，我認為每月的金額會超過這個數字。我認為你的生意非常好，正在朝著損益平衡點邁進。

And then, can you talk about, is there different revenue that you're generating with partners for a home equity origination versus a traditional first lien mortgage?

那麼，您能否談談，您與合作夥伴在房屋淨值貸款發放和傳統第一順位抵押貸款方面所獲得的收入是否有所不同？

Yes. I think home equity originations, I mean, the loan amounts are much smaller, but the gain on sale is higher. And between the gain on sale and the fees, you're making -- on the mortgage side, you're making maybe $8,000 a loan and on the home equity side, you're making like $6,500 a loan. I think it's very important to remember in both of these cases, we're not retaining, in mortgage, the MSR. We're not taking credit risk.

是的。我認為房屋淨值貸款的金額雖然小得多，但出售時的收益卻更高。加上出售所得和各種費用，你就能賺到——抵押貸款方面，你每筆貸款可能賺到 8000 美元；房屋淨值貸款方面，你每筆貸款可能賺到 6500 美元。我認為在這兩種情況下，都必須記住一點：在抵押貸款中，我們不會保留抵押貸款服務權 (MSR)。我們不承擔信用風險。

We're not taking prepayment risk. We're not taking any of those risks. In home equity, we have yet to scratch the surface on what scale looks like, right? There are other people in the home equity market selling their loans at 107 or booking a gain on sale at 107, we're at 103.5. So, there's a long way to go in bridging that gap.

我們不承擔預付款風險。我們不會承擔任何此類風險。在房屋淨值領域，我們對規模的了解還只是冰山一角，對吧？在房屋淨值市場中，有些人以 107 的價格出售貸款或鎖定出售收益，而我們目前的價位是 103.5。因此，要彌補這一差距，還有很長的路要走。

But when those people are booking those loans at 107, they're taking principal -- prepayment risk, they're taking credit risk, they're booking resids, all that sort of stuff.

但當這些人以 107 的利率記錄這些貸款時，他們承擔了本金——提前還款風險，承擔了信用風險，記錄了居民收入，諸如此類的事情。

If you like compare on an apples-on-apples basis, on a pure marketplace basis, I think we're getting a pretty good deal, but I think we'll probably still have another point or two that we can squeeze out on our home equity originations.

如果按照公平的市場標準進行比較，我認為我們得到了相當不錯的交易，但我認為我們可能還能在房屋淨值貸款方面再爭取到一兩個百分點。

There are no further questions at this time. This concludes today's call. Thank you for attending, and you may now disconnect.

目前沒有其他問題了。今天的電話會議到此結束。感謝您的參與，現在可以斷開連接了。