Finance of America Companies Inc (FOA) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Finance of America first-quarter 2026 earnings call. (Operator Instructions)

大家好。感謝各位加入，歡迎參加 Finance of America 2026 年第一季財報電話會議。（接線員指示）

I will now hand the conference over to Michael Fant, Senior Vice President, Finance. Michael, please go ahead.

現在我將把會議交給財務資深副總裁 Michael Fant。Michael，請開始。

Thank you. Good afternoon, everyone, welcome to Finance of America’s first quarter 2026 earnings call. With me today are Graham Fleming, Chief Executive Officer; Kristen Sieffert, President; and Matthew Engel, Chief Financial Officer.

謝謝。各位下午好，歡迎參加 Finance of America 2026 年第一季財報電話會議。今天與我一同出席的有執行長 Graham Fleming、總裁 Kristen Sieffert，以及財務長 Matthew Engel。

As a reminder, this call is being recorded. You can find the earnings release and related presentation on our investor relations website at ir.financeofamericacompanies.com. Also, I would like to remind everyone that comments on this conference call may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the company’s expected operating and financial performance for future periods.

提醒各位，本次電話會議將被錄音。您可在我們的投資人關係網站 ir.financeofamericacompanies.com 上找到財報新聞稿及相關簡報。此外，我也要提醒各位，本次電話會議中的評論可能構成《1995 年私人證券訴訟改革法》所定義的前瞻性陳述，涉及公司對未來期間預期的營運與財務表現。

These statements are based on the company’s current expectations and are subject to the safe harbor statement for forward-looking statements that you will find in today’s earnings release. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of risks or other factors, including those that are described in the Risk Factors section of Finance of America’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 13, 2026. Such risk factors may be amended and updated in our subsequent filings with the SEC. We are not undertaking any commitment to update these statements if conditions change. Please note, today we will be discussing interim period financials for our continuing operations, which are unaudited.

這些陳述係基於公司目前的預期，並受今日財報新聞稿中所載之前瞻性陳述安全港聲明所規範。由於多項風險或其他因素，未來期間的實際結果可能與這些前瞻性陳述所明示或暗示者存在重大差異，包括 Finance of America 截至 2025 年 12 月 31 日止年度之 Form 10-K 年報中「風險因素」章節所述者；該年報已於 2026 年 3 月 13 日向美國證券交易委員會（SEC）提交。此等風險因素可能在我們後續向 SEC 提交的文件中修訂與更新。若情況改變，我們不承擔更新這些陳述的任何義務。請注意，今天我們將討論持續營運之期中財務資訊，該等資訊未經審計。

In addition, we will refer to certain non-GAAP financial measures on this call. You can find reconciliations of non-GAAP to GAAP financial measures to the extent available without unreasonable efforts in our earnings press release and presentation on the Investor Relations page of our website.

此外，我們在本次電話會議中將提及若干非 GAAP 財務衡量指標。在不需付出不合理努力即可取得的範圍內，您可於我們網站投資人關係頁面的財報新聞稿與簡報中，找到非 GAAP 與 GAAP 財務衡量指標之調節表。

I will turn the call over to our Chief Executive Officer, Graham Fleming. Graham?

接下來我將把電話會議交給我們的執行長 Graham Fleming。Graham？

Thank you, Michael, and good afternoon, everyone. The first quarter of 2026 was an outstanding quarter with operational momentum and originations driving an acceleration of volumes, excellent profitability in our portfolio management segment, and steady improvement in our financial results, liquidity, and capital position.

謝謝你，Michael，各位下午好。2026 年第一季表現非常出色：營運動能與放款承作推動量能加速成長；我們的投資組合管理部門獲利表現優異；同時，我們的財務成果、流動性與資本部位也持續穩健改善。

On our call today, I will take you through the highlights, then spend a moment commenting on the market opportunity in reverse mortgages, which we believe is significant. Kristen will dive into our originations performance. Matt will comment on the financials, and then we will take your questions.

在今天的電話會議中，我將先帶各位回顧重點，接著花一點時間談談反向抵押貸款的市場機會，我們認為其規模相當可觀。Kristen 將深入說明我們的放款承作表現。Matt 將評論財務數據，之後我們將回答各位的提問。

To start with, if you turn to slide 5 of the accompanying presentation, Finance of America generated net income of $35 million and adjusted net income of $26 million, or $1.10 per share, up 112% from last year’s first quarter results. This powered a strong increase in tangible equity to $268 million or approximately $15 per share. These results are consistent with the guidance we have issued for 2026, which Matt will update you on in a moment.

首先，若您翻到隨附簡報的第 5 頁，Finance of America 本季淨利為 3,500 萬美元，調整後淨利為 2,600 萬美元，或每股 1.10 美元，較去年第一季結果成長 112%。這也帶動有形股東權益大幅提升至 2.68 億美元，或約每股 15 美元。這些結果與我們先前發布的 2026 年財測一致，Matt 稍後也會為各位更新。

From a production standpoint, we funded $596 million in the quarter, up 6% year-over-year. As you will recall, we talked about operational enhancements to our platform driving an inflection point in results, and we are starting to see that in the March and April fundings, consistent with the volume guidance we have shared with you. Separately, I’m excited to see us rolling out a new second lien reverse mortgage line of credit, which is a great product to help seniors tap their equity with the timing and amounts that precisely suit their needs.

從生產端來看，我們本季撥款金額為 5.96 億美元，年增 6%。各位應該記得，我們曾談到平台的營運強化將推動成果出現轉折點；我們已開始在 3 月與 4 月的撥款中看到這一點，並與我們先前分享的量能指引一致。另外，我也很高興看到我們推出新的第二順位抵押反向抵押貸款循環信用額度產品，這是一項很棒的產品，可協助高齡族群依其需求精準掌握動用自住房屋淨值的時點與金額。

Regarding the previously announced PHH transaction, the transaction has been modified to close in two distinct phases. The first phase, consisting of the origination, marketing of our products, and sub-servicing components, is expected to close in May. The second phase, which includes the purchase of HECM servicing rights, will follow as we continue to work with our primary regulator, Ginnie Mae, on the related approval. Additional information can be found in today’s 8-K filing with the SEC.

關於先前公告的 PHH 交易，該交易已調整為分兩個不同階段完成交割。第一階段包含放款承作、我們產品的行銷，以及次級服務（sub-servicing）等組成部分，預計將於 5 月完成交割。第二階段包含購買 HECM 服務權（servicing rights），我們將在持續與主要監管機構 Ginnie Mae 就相關核准進行合作後再行完成。更多資訊請參閱我們今日向 SEC 提交的 8-K 文件。

Before turning the call over to Kristen, I would like to spend a moment on the opportunity in reverse mortgages, which are typically viewed as a niche product in the broader mortgage universe, and in our experience, are not well understood by investors missing the growth potential.

在把電話會議交給 Kristen 之前，我想花一點時間談談反向抵押貸款的機會。反向抵押貸款通常在更廣泛的房貸市場中被視為利基產品；依我們的經驗，投資人對其理解並不充分，因此可能錯失其成長潛力。

If you turn to slide 6, let me share with you a snapshot on current industry volumes. As you can see from the top chart of this slide, government-insured reverse mortgages or HECMs have been running roughly flat for the last three years at approximately $4 billion per year, down significantly from the boom experienced during the pandemic driven by refinance activity.

若您翻到第 6 頁，我想與各位分享目前產業量能的概況。如同本頁上方圖表所示，政府保險的反向抵押貸款（HECM）在過去三年大致持平，每年約 40 億美元，較疫情期間因再融資活動帶動的榮景高峰明顯下滑。

What is noteworthy but is somewhat hard to see given the lack of consistently available industry data is the market expansion related to proprietary products. This is one of the reasons we believe the equity markets have been slow to pick up on the opportunity. These proprietary products significantly expand the market by making reverse mortgages available to borrowers aged 55 and older in certain states, compared to age 62 for government-insured products, and by offering jumbo balances and a range of product structures, including first liens, second liens, and lines of credit.

值得注意的是（但由於產業資料並非一貫可得，因此不太容易清楚看出），與自有（proprietary）產品相關的市場正在擴張。這也是我們認為股權市場較慢察覺此一機會的原因之一。這些自有產品透過多種方式大幅擴大市場：在部分州將反向抵押貸款的適用借款人年齡下修至 55 歲以上（相較政府保險產品為 62 歲），並提供巨額（jumbo）貸款額度與多元產品結構，包括第一順位抵押、第二順位抵押，以及循環信用額度。

For example, Finance of America’s second lien products can provide a solution for borrowers who want to access home equity while maintaining a low-rate primary mortgage. These products are really important to watch because their increasing origination volumes demonstrate the growing mainstream acceptance of reverse mortgages by American seniors. Finance of America has been the market leader in proprietary reverse products for over a decade. These products have been a significant and accelerating driver of our growth over the last three years as they continue to gain acceptance from our customers and from our investors alike.

例如，Finance of America 的第二順位抵押產品可為希望動用房屋淨值、同時維持低利率第一順位房貸的借款人提供解決方案。這些產品非常值得關注，因為其放款承作量持續增加，顯示美國高齡族群對反向抵押貸款的主流接受度正在提升。Finance of America 在自有反向抵押產品領域已連續十多年保持市場領導地位。過去三年來，隨著這些產品持續獲得客戶與投資人的認可，它們已成為推動我們成長的重要且加速的動能來源。

With this thought in mind, if you will turn to slide 7, I will end my prepared remarks by reminding you that American seniors control a massive amount of home equity, approximately $14.6 trillion. This equity is expected to continue to grow as homes continue to appreciate and as the population ages.

基於這個觀點，若您翻到第 7 頁，我將以提醒各位作為我事先準備講稿的結尾：美國高齡族群掌握龐大的房屋淨值，約 14.6 兆美元。隨著房價持續上漲以及人口老化，預期這些淨值仍將持續成長。

Between 2024 and 2026, census data shows that over 11,000 Americans turn 65 every day. These are big numbers, making the addressable market more than 100 times greater than the size of the entire reverse mortgage population outstanding today. Not everyone is going to become a reverse customer. However, as the proprietary product set continues to expand and American seniors turn to home equity for an ever-widening set of use cases, we believe there is a massive multi-year growth opportunity shaping up for Finance of America.

在人口普查資料顯示，2024 年至 2026 年期間，每天有超過 11,000 名美國人年滿 65 歲。這些數字相當可觀，使得可服務市場規模比目前整體反向抵押貸款存量人口的規模大出 100 倍以上。並非每個人都會成為反向抵押貸款客戶。然而，隨著自有產品組合持續擴張，且美國高齡族群愈來愈多元地運用房屋淨值以滿足各種需求，我們相信 Finance of America 正面臨一個龐大的、跨多年期的成長機會正在成形。

With that, I’ll turn the call over to Kristen.

說到這裡，我把電話交給 Kristen。

Thanks, Graham, and good afternoon, everyone. Last quarter, I said we were reaching an inflection point in the platform. What we saw in the first quarter reinforces that view, and we can see it clearly in the numbers.

謝謝你，Graham，各位下午好。上個季度我提到，我們的平台正接近一個拐點。第一季所見進一步強化了這個觀點，而且從數字上也能清楚看出來。

Turning to slide 8, overall originations were up 6% year-over-year, and first quarter submissions reached a new high of $918 million, which is up 20% year-over-year. Submissions represent customers who’ve completed their application and provided all supporting paperwork. They’re one of our clearest leading indicators of future funded volume and why we remain confident in our volume guidance.

請看第 8 頁投影片，整體承作量（originations）年增 6%，第一季提交案件（submissions）創新高達 9.18 億美元，年增 20%。提交案件指的是已完成申請並提供所有佐證文件的客戶。這是我們最明確的未來撥款量（funded volume）領先指標之一，也因此我們對量能指引仍然有信心。

Our volumes reflect a mix of both HECM and proprietary products across first and second liens. I specifically call out our HomeSafe Second, which reached a high watermark in the quarter, increasing 32% year-over-year. And as Graham mentioned, we rolled out a new line of credit option for HomeSafe Second, further expanding the use cases for our customers.

我們的量能涵蓋 HECM 與自有（proprietary）產品，並橫跨第一順位與第二順位抵押。我特別要提到 HomeSafe Second，本季創下新高水位，年增 32%。此外，如 Graham 所提到，我們為 HomeSafe Second 推出新的信用額度（line of credit）選項，進一步擴大客戶的使用情境。

Finance of America has long been a leader in proprietary products supported by our understanding of the customer and strong capital markets relationships, which continue to support growth across both our retail and wholesale channels. While HECM is structured to a one-size-fits-all approach, FOA’s industry-leading product development and partnerships allow us to better target the various and bespoke needs of our massive customer base, which will lead to continued profitable growth.

Finance of America 長期以來一直是自有產品的領導者，這得益於我們對客戶的理解以及強健的資本市場關係，並持續支持我們在零售與批發通路的成長。HECM 的設計偏向一體適用（one-size-fits-all），而 FOA 在業界領先的產品開發與合作夥伴關係，使我們能更精準地滿足龐大客群多元且客製化的需求，進而帶來持續的獲利成長。

Turning to slide 9, at the top of the funnel, momentum exiting the quarter was strong. Inquiry volume in March was up 84% versus the 2025 average, while cost per inquiry declined 19%. Opportunities defined as qualified warm transfers to loan officers also reached a new high in March, up roughly 58% over 2025 levels.

請看第 9 頁投影片，在漏斗頂端，本季末的動能依然強勁。3 月的詢問量（inquiry volume）較 2025 年平均水準增加 84%，同時每次詢問成本（cost per inquiry）下降 19%。機會量（opportunities；定義為合格的暖轉接至貸款專員）在 3 月也創新高，較 2025 年水準約增加 58%。

Further down the funnel, we’re seeing equally strong progress in early conversion. Borrowers opting into our digital prequalification experience more than doubled sequentially, and submissions per loan officer in March reached the highest level in the history of our retail channel, up 47% compared to 2025 levels.

在漏斗更下游，我們在早期轉換（early conversion）也看到同樣強勁的進展。選擇使用我們數位預先資格審核（digital prequalification）體驗的借款人，較前一季增加逾一倍；而 3 月每位貸款專員的提交案件數在我們零售通路史上達到最高，較 2025 年水準提升 47%。

These improvements are being driven by the operating model we’ve been building. Helix is our proprietary industry first end-to-end platform that connects how we acquire, evaluate, and move customers through the process with Joy operating as the AI layer across that system. The deployment of AI is helping us in two ways. First, by allowing us to more consistently match customers with the right solution and improve their overall experience.

這些改善來自我們正在打造的營運模式。Helix 是我們自有、業界首創的端到端平台，串聯我們如何獲客、評估，並推動客戶完成流程；Joy 則作為該系統的 AI 層。AI 的部署以兩種方式幫助我們。第一，讓我們能更一致地為客戶匹配正確的解決方案，並提升整體體驗。

Second, by improving our top-of-funnel marketing and resulting cost per lead. Incorporating AI across the platform is driving meaningful improvements that will compound as we grow and scale. Helix and Joy give us a competitive advantage over peers who rely on vendor systems, and I look forward to updating you on our progress as we build out new capabilities.

第二，改善我們漏斗頂端的行銷，並降低每條線索成本（cost per lead）。在整個平台導入 AI 正帶來顯著改善，且將隨著我們成長與規模化而持續累積。Helix 與 Joy 讓我們相較依賴供應商系統的同業具備競爭優勢，我也期待在我們建置新能力的過程中，持續向各位更新進展。

Stepping back, this is happening in a market that remains significantly under-penetrated. As Graham mentioned, today, there’s less than $100 billion of reverse mortgage volume outstanding, compared to an estimated $14.6 trillion of senior home equity. As the category leader with approximately 30% market share, our scale, product breadth, and operating model position us to capture more of this under-penetrated opportunity, supporting better outcomes for customers in retirement and strengthening the durability and scalability of our earnings.

從更宏觀的角度來看，這一切發生在一個滲透率仍顯著偏低的市場。如 Graham 所提到，目前未償還的逆向房貸（reverse mortgage）規模不到 1,000 億美元，相較之下，估計高齡族群的房屋淨值約為 14.6 兆美元。作為類別領導者、約 30% 市占率，我們的規模、產品廣度與營運模式，使我們能掌握更多這個低滲透的機會，為退休客戶帶來更佳成果，並強化我們獲利的耐久性與可擴展性。

With that, I’ll turn it over to Matt.

說到這裡，我把電話交給 Matt。

Thank you, Kristen, and good afternoon all. Graham already gave you the headline results, so I’ll give you some added color for the quarter, which you can find in today’s earnings release and summarized by segment on slide 11.

謝謝你，Kristen，各位下午好。Graham 已經提供了重點結果，因此我會補充一些本季的細節，相關內容可在今天的財報新聞稿中找到，並在第 11 頁投影片按部門彙總。

As mentioned, we generated $35 million of net income and $26 million of adjusted net income. Adjusted earnings per share of $1.10 was up 112% year-over-year. Starting with retirement solutions, which represents our originations platform, adjusted net income was $14 million, down from the fourth quarter due to the typical seasonality in originations, but up substantially year-over-year, in fact, up by 56%.

如前所述，我們實現淨利 3,500 萬美元，以及調整後淨利 2,600 萬美元。調整後每股盈餘（EPS）1.10 美元，年增 112%。先看退休解決方案（retirement solutions），也就是我們的承作平台，調整後淨利為 1,400 萬美元，因承作量的典型季節性因素較第四季下降，但年增幅度顯著，實際上年增 56%。

Driving these results was the higher conversion rates Kristen mentioned, as well as improved revenue margins, which increased year-over-year, reflecting the strong execution we are seeing as proprietary production continues to grow.

推動這些成果的因素包括 Kristen 提到的較高轉換率，以及改善的營收利差（revenue margins）；該利差年增，反映我們在自有產品產量持續成長下所展現的強勁執行力。

Portfolio management delivered strong results for the quarter, generating $28 million in adjusted net income. Performance was driven primarily by $1.7 billion of securitization activity across both proprietary, reverse, and HECM buyouts. Results benefited from favorable market conditions, including tight spreads and relatively lower interest rates, as well as the timing of execution within the quarter. While timing can vary quarter-to-quarter, our results reflect the strength of our platform and our ability to consistently identify and execute on attractive capital markets opportunities.

本季投資組合管理（portfolio management）表現強勁，創造 2,800 萬美元的調整後淨利。績效主要由 17 億美元的證券化活動所帶動，涵蓋自有產品、逆向房貸以及 HECM 回購（buyouts）。結果受惠於有利的市場環境，包括利差收斂以及相對較低的利率，亦受惠於本季內執行時點。雖然時點在各季之間可能有所不同，但我們的結果反映了平台的實力，以及我們持續辨識並把握具吸引力的資本市場機會、並有效執行的能力。

Corporate segment adjusted earnings, which reflects overhead and interest expense on our non-funding debt, was materially in line with prior quarters, reflecting reduced non-funding interest expense offset by investments in technology. Overall, these results drove a sequential increase in tangible equity to $268 million or approximately $15 per share. With respect to our evaluation, we believe the growing origination and earnings power that we continue to demonstrate will, over time, warrant a higher multiple on both an earnings and tangible equity basis.

公司部門（Corporate segment）的調整後獲利（反映管理費用以及非融資性負債的利息費用）與前幾季大致一致，反映非融資利息費用下降，但被科技投資所抵銷。整體而言，這些結果推動有形股東權益（tangible equity）較前一季增加至 2.68 億美元，約合每股 15 美元。就估值而言，我們相信我們持續展現的承作與獲利能力成長，隨時間推進，將使市場在盈餘與有形股東權益兩個基礎上，給予更高的倍數。

Turning to key balance sheet metrics on slide 12, you can see that our cash balances increased from $90 million at the end of 2025 to $108 million at the end of the first quarter, and they’re up by 108% year-over-year. During the quarter, we generated $58 million in cash flow from our originations and capital markets activities and utilized $40 million to complete the repurchase of Blackstone’s equity position.

請看第 12 頁投影片的關鍵資產負債表指標，你可以看到我們的現金餘額從 2025 年底的 9,000 萬美元增加到第一季末的 1.08 億美元，年增 108%。本季我們從承作與資本市場活動產生 5,800 萬美元的現金流，並使用 4,000 萬美元完成回購 Blackstone 的股權部位。

At this time, we view our plan to retire the $150 million balance of our senior secured corporate notes later this year as the most prudent use of our liquidity and capital in the near term. This de-leveraging plan will create a very strong balance sheet, which we view as an appropriate foundation for the valuable operating franchise we have built. Having said that, given the strong results we posted this quarter, we also see considerable value in our own shares. We expect to revisit capital allocation priorities as we make progress against the de-leveraging plan.

目前，我們認為在今年稍晚償還 1.5 億美元餘額的優先擔保公司票據（senior secured corporate notes），是短期內最審慎的流動性與資本運用方式。這項去槓桿計畫將打造非常強健的資產負債表，我們認為這是我們所建立之高價值營運特許權（operating franchise）的適當基礎。話雖如此，鑑於本季的強勁表現，我們也認為自家股票具備相當價值。隨著我們在去槓桿計畫上取得進展，我們預期將重新檢視資本配置的優先順序。

If you turn to slide 13, I’ll conclude my prepared remarks by giving you an update on our guidance. For 2026, we are maintaining our funded volume outlook from $2.8 billion to $3.1 billion. We’re also increasing our guidance for full year adjusted earnings per share above our previously stated range to between $4.50 and $5 per share, reflecting the strong first quarter performance and the momentum we are seeing in our business.

如果您翻到第 13 張投影片，我將以更新我們的財測指引作為我事先準備講稿的結語。針對 2026 年，我們維持已撥款量（funded volume）展望不變，區間為 28 億美元至 31 億美元。我們也將全年調整後每股盈餘（adjusted EPS）的指引上調至高於先前所述區間，至每股 4.50 美元至 5.00 美元，反映第一季強勁表現以及我們在業務上看到的動能。

With that, I’d like to ask the operator to open your call for questions.

接下來，我想請接線員開放提問。

(Operator Instructions)

（接線員指示）

Timothy D’Agostino, B. Riley Securities.

Timothy D’Agostino，B. Riley Securities。

Congrats on the quarter. On origination volume, it sounds like March was a pretty strong month, and I was wondering if you could add some color as to maybe why March was stronger than February and January and if that -- is that volume that was seen in March persisted through April and into the beginning of May?

恭喜本季表現。關於承作量（origination volume），聽起來 3 月是相當強勁的一個月，我想請您多補充一些背景，說明為什麼 3 月會比 2 月和 1 月更強，以及——3 月看到的這個量是否延續到 4 月並持續到 5 月初？

Hi, Tim. It’s Matt. Yeah, I think a couple of things. One, I mentioned there’s some normal seasonality, right? Our lead generation capabilities in November and December is always curtailed a little bit just from the holiday periods at the end of November and the end of December, of course. That will lead naturally to some lower fundings in January and February.

嗨，Tim。我是 Matt。是的，我想有幾個因素。第一，我提到有一些正常的季節性，對吧？我們在 11 月和 12 月的名單／線索開發（lead generation）能力，通常都會因為 11 月底與 12 月底的假期而稍微受限。這自然會導致 1 月與 2 月的撥款量較低。

But as you start to get into the new year and start to crank that engine back up, you start to see a lead flow come in which really starts to kick in in February, March. That’s just kind of the normal seasonal stuff. Maybe let Kristen expand on the improved performance we’re seeing from that marketing spend as well.

但當你進入新的一年、開始把引擎重新拉起來時，就會看到線索流量進來，而這通常在 2 月、3 月開始真正發力。這就是一般的季節性因素。也許讓 Kristen 補充一下我們在行銷支出上看到的改善成效。

Yeah. I touched on Helix, and really what we saw in March was the work that we’ve been doing actually producing the results that we expected it to starting to come together in March. We really started to hit a different speed as it relates to our origination volume in March as a result, and we expect that to continue through the year.

好的。我提到過 Helix，而我們在 3 月看到的，其實是我們一直在做的工作開始產生我們預期的成果，並在 3 月開始整合到位。因此，就承作量而言，我們在 3 月確實進入了不同的速度檔，並且我們預期這種趨勢會延續到全年。

Okay, great. That’s super helpful. On the funded volume by product, especially thinking about the first quarter, obviously, it’s shifted, more towards that proprietary product. I guess regarding origination in the first quarter from the HECM product and the proprietary product, was there any changes in demand or any color you can provide on how homeowners are interacting with each product? Is the proprietary product gaining more traction? Just kind of color on how homeowners are interacting.

好的，很棒。這非常有幫助。就各產品的已撥款量來看，尤其是第一季，顯然結構已經轉移，更多偏向自有產品。我想問的是，第一季在 HECM 產品與自有產品的承作方面，需求是否有任何變化？或您能否提供一些背景，說明屋主如何與各產品互動？自有產品是否正在獲得更多採用？就是想了解一下屋主的使用情況。

Homeowners typically choose the product that best suits their needs, which in most cases is a function of the amount of proceeds relative to the debt that they have and their home value. Where we see proprietary as natural fits are more of the jumbo home sizes on our traditional suite. But the difference for us in Q1 is we’re really starting to see our second lien product increase in originations.

屋主通常會選擇最符合其需求的產品，而在多數情況下，這取決於可取得資金（proceeds）相對於其負債金額，以及其房屋價值。我們看到自有產品較自然的適配情境，是在我們傳統產品組合中、房屋金額較大的「巨額（jumbo）」房產。但我們在第一季的差異在於，我們真的開始看到第二順位抵押（second lien）產品的承作量增加。

And those products are for people that really have a different use case in the sense that they’re happy with their first mortgage, typically a low interest rate. They can afford that payment, but they have a tremendous amount of home equity that they’d like to tap and can’t afford or don’t want another payment to impact their cash flow.

而這些產品是提供給有不同使用情境的人：他們對第一順位房貸很滿意，通常利率也很低。他們負擔得起那筆月付金，但他們有大量房屋淨值想要動用，且無法負擔或不希望再增加一筆月付金來影響現金流。

So for a HECM versus HomeSafe on the traditional side, it’s typically a function of which product provides the customer access to the most funds and dependent on property value. And then on the HomeSafe Second lien, it’s based on what I just described, borrowers looking for a different alternative.

因此，在傳統產品線中，HECM 與 HomeSafe 的選擇，通常取決於哪一個產品能讓客戶取得最多資金，並且與房產價值相關。至於 HomeSafe 第二順位抵押，則是基於我剛才描述的情況——借款人尋求不同的替代方案。

(Operator Instructions)

（接線員指示）

Timothy D’Agostino, B. Riley Securities.

Timothy D’Agostino，B. Riley Securities。

Just take the third question here. I just wanted to see if you had any more updates or just kind of touch on anything else regarding the PHH acquisition. I know in the slide deck it was mentioned as progressing, but I don’t know if there was any additional color you could provide.

我再問第三個問題。我想看看您是否有更多更新，或能否再談談與 PHH 收購案相關的其他事項。我知道投影片中提到正在推進中，但不確定您是否能提供更多細節。

All the additional information, Tim, will be in the 8-K that we filed after the market today. As I said in my remarks, right? We’ve bifurcated the transaction into the originations, the marketing of our product, and some servicing which we expect to close here in May.

Tim，所有เพิ่มเติม資訊都會在我們今天收盤後提交的 8-K 裡。如我在講稿中所說，對吧？我們已將交易拆分為承作、我們產品的行銷，以及部分服務（servicing），預期會在 5 月完成交割。

We have a smaller pool of HECM MSR in front of Ginnie Mae, which we -- we’ll work with Ginnie Mae on gaining the appropriate approvals and then close on that when the timing is correct and we’ve received that approval.

我們在 Ginnie Mae 那邊還有一小部分 HECM MSR（抵押貸款服務權）——我們會與 Ginnie Mae 合作取得適當核准，並在時點合適且收到核准後完成該部分交割。

Okay. Great. Thank you so much for taking the questions today, and congrats on the quarter.

好的。很棒。非常感謝今天回答問題，也恭喜本季表現。

We have reached the end of the Q&A session. I will now turn the call back to Graham Fleming for closing remarks.

問答環節到此結束。我現在把電話交回給 Graham Fleming 作結語。

Yeah, thank you. The takeaway from the first quarter is straightforward. We’re seeing clear improvement in the underlying drivers of the business, and that improvement is starting to translate into stronger production and financial results. And with that, we look forward to updating you in August with our Q2 results. Thank you, everybody, for joining the call today.

好的，謝謝。第一季的重點很明確。我們看到業務基本驅動因素有明顯改善，而這些改善正開始轉化為更強的產出與財務結果。此外，我們期待在 8 月以第二季結果向各位更新。謝謝大家今天參與電話會議。

This concludes today’s call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。