Guild Holdings Co (GHLD) 2023 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Guild Holdings Company Fourth Quarter 2023 earnings conference call (Operator Instructions) As a reminder, this call will be recorded.

下午好，女士們、先生們，歡迎參加 Guild Holdings 公司 2023 年第四季財報電話會議（操作員說明） 謹此提醒，本次電話會議將被錄音。

I would now like to turn the conference over to Investor Relations.

我現在想將會議轉交給投資者關係部門。

Please go ahead.

請繼續。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

And before we begin, I'd like to remind everyone that comments on this conference call may contain certain forward-looking statements regarding the company's expected operating and financial performance for future periods and industry trends.

在我們開始之前，我想提醒大家，本次電話會議的評論可能包含某些有關公司未來時期的預期營運和財務業績以及行業趨勢的前瞻性陳述。

These statements are based on the Company's current expectations.

這些陳述是基於公司目前的預期。

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 that are described in greater detail under the section titled Risk Factors.

由於許多風險或其他因素，未來時期的實際結果可能與這些前瞻性陳述中明示或暗示的結果存在重大差異，這些風險或其他因素在標題為「風險因素」的部分中進行了更詳細的描述。

Garrett's most recently filed Form 10-Q and in other reports subsequently filed with the US Securities and Exchange Commission.

Garrett 最近提交了 10-Q 表格以及隨後向美國證券交易委員會提交的其他報告。

Additionally, today's remarks will refer to certain non-GAAP financial measures.

此外，今天的評論將涉及某些非公認會計準則財務指標。

Reconciliations of non-GAAP financial measures to the corresponding GAAP measures can be found in our earnings release furnished today with the SEC and are also available on Gail's Investor Relations website.

非公認會計原則財務指標與相應公認會計原則指標的調節可以在我們今天向美國證券交易委員會提供的收益報告中找到，也可以在蓋爾的投資者關係網站上找到。

I'd now like to turn the call over to Chief Executive Officer, Terry Schmidt.

我現在想將電話轉給執行長特里·施密特。

Terry?

特里？

Good afternoon, everyone, and thank you for joining us to discuss our fourth quarter and full year results and strategic update.

大家下午好，感謝您加入我們討論我們的第四季和全年業績以及策略更新。

I am joined by our President, David, Neil, and as well as our Chief Financial Officer, Amber Kramer throughout 2023.

在整個 2023 年，我們的總裁 David Neil 和財務長 Amber Kramer 都會與我一起工作。

In the fourth quarter, we have remained consistent with our strategy to grow market share by being a lender of choice in the communities we serve across the country.

在第四季度，我們仍然堅持我們的策略，透過成為我們在全國服務的社區的首選貸款人來擴大市場份額。

I am proud of our achievements throughout the year as we grew our market share delivered full year positive adjusted net income and executed on attractive acquisitions.

我對我們全年的成就感到自豪，因為我們的市場份額不斷增長，全年調整後淨利潤為正，並進行了有吸引力的收購。

We accomplished this amidst the macro headwinds that we and others in the industry have been discussing, including elevated interest rates and tight housing inventory.

我們是在我們和業內其他人一直在討論的宏觀逆風中實現這一目標的，這些逆風包括利率上升和住房庫存緊張。

For the full year 2023, we generated $15 billion of in-house originations, 93% of which were from purchase business, and we generated a net loss of $39 million and adjusted net income of $48 million.

2023 年全年，我們產生了 150 億美元的內部資金，其中 93% 來自採購業務，淨虧損為 3,900 萬美元，調整後淨利為 4,800 萬美元。

By being disciplined and focusing on maintaining a robust capital position.

透過遵守紀律並專注於維持穩健的資本狀況。

We have successfully completed complementary and compelling acquisitions and team additions, which position us for accelerated growth when the cycle turns.

我們已經成功完成了互補且引人注目的收購和團隊補充，這使我們能夠在周期轉變時加速成長。

Including the post year end announcement of our acquisition of Academy mortgage, which David will discuss, we have completed five transactions over the past 1.5 year.

包括年底宣布我們收購學院抵押貸款（大衛將討論這一點），我們在過去 1.5 年裡完成了五筆交易。

Each of these transactions helps us to further our strategic growth of growing market share by adding new geographies, loan officers, products and enhanced relationships, which support our focus on the purchase market.

這些交易中的每一項都有助於我們透過增加新的地區、信貸員、產品和增強的關係來進一步擴大市場份額的策略性成長，從而支持我們對採購市場的關注。

These transactions have helped to lift Guild to become the eighth largest non-bank retail mortgage lender.

這些交易幫助 Guild 成為第八大非銀行零售抵押貸款機構。

In addition, according to the MLS data, we have increased our number of licensed individuals by 34% since just prior to the first of these transactions in November of 2022.

此外，根據 MLS 數據，自 2022 年 11 月第一筆交易之前以來，我們的授權個人數量增加了 34%。

This illustrates our success at growing and retaining our sales teams and positioning them to take full advantage of the next cycle in the housing market.

這說明我們在發展和留住銷售團隊以及讓他們充分利用房地產市場的下一個週期方面取得了成功。

We've also continued to enhance enhance our product depth with the addition of reverse mortgages and builder products among others, which in turn enhance relationships with key partners such as builders.

我們也繼續透過增加反向抵押貸款和建築商產品等來增強我們的產品深度，從而增強與建築商等主要合作夥伴的關係。

All of this growth has been facilitated by our consistent focus on execution, and we are confident it will continue to distinguish yield in the marketplace and allow us to create meaningful value for our stockholders over time.

所有這些成長都得益於我們對執行力的一貫關注，我們相信它將繼續在市場上脫穎而出，並使我們能夠隨著時間的推移為股東創造有意義的價值。

Market conditions were challenging throughout the year with higher interest rates and limited home inventory.

由於利率上升和房屋庫存有限，全年市場狀況充滿挑戰。

Despite this backdrop, we continue to grow our market share.

儘管存在這種背景，我們的市場份額仍在繼續增長。

We prioritized being integrated members of the communities we serve and the foundation of our approach is our relationship-based loan sourcing strategy and being able to provide our customers with innovative products that serve their needs.

我們優先考慮成為我們所服務社區的綜合成員，我們方法的基礎是基於關係的貸款採購策略，並能夠為客戶提供滿足其需求的創新產品。

While we anticipate the current headwinds will continue through much of 2024.

儘管我們預計當前的不利因素將持續到 2024 年的大部分時間。

We are encouraged by our market share growth and disciplined approach.

我們的市佔率成長和嚴格的方法令我們感到鼓舞。

We'll deliver results when sentiment improves and the rate environment is today more than ever.

當市場情緒改善並且當前的利率環境比以往任何時候都好時，我們將交付成果。

We are confident in our model and that the platform that we have established.

我們對我們的模式和我們建立的平台充滿信心。

This includes our focus on purchase mortgage originations as well as our strategy of retaining our servicing allowing us to generate more reliable cash flow.

這包括我們對購買抵押貸款發放的關注以及我們保留服務的策略，使我們能夠產生更可靠的現金流。

Maintaining our customer relations that supports our Customer for Life philosophy, positions us to be a lender of choice for our customers for future transactions.

維護支持我們終身客戶理念的客戶關係，使我們成為客戶未來交易的首選貸款人。

Furthermore, we continue to view the current environment as an opportunity to be even better positioned as the cycle turns.

此外，我們繼續將當前環境視為隨著週期轉變而獲得更好定位的機會。

We have maintained a disciplined approach to capital management as demonstrated by our year-end leverage ratio of 1.3 times, which allows us to selectively pursue growth opportunities.

我們一直保持嚴格的資本管理方法，年終槓桿率為 1.3 倍，這使我們能夠有選擇地尋求成長機會。

We have built a brand with a stellar reputation and in fact, in the 2023 mortgage CX best in class award by the Strathmore group field had the most overall winners in the large independent mortgage bankers category with six of the top 10 up loan officers working for Guild by maintaining our reputation for integrity and service.

我們已經建立了一個享有盛譽的品牌，事實上，在Strathmore 集團頒發的2023 年抵押貸款CX 同類最佳獎中，大型獨立抵押貸款銀行家類別中總體獲獎者最多，前10 名的貸款官員中有6 名就職於Guild 透過維護我們的誠信和服務聲譽。

We are able to continue to attract loan officers, potential M&A prospects and customers.

我們能夠持續吸引信貸員、潛在的併購前景和客戶。

We are proud of our ability to continue to execute on our plan, expand our platform and create value for our stockholders.

我們為能夠繼續執行我們的計劃、擴展我們的平台並為股東創造價值而感到自豪。

And now I'd like to turn the call over to David Neyla.

現在我想把電話轉給大衛內拉。

David?

大衛？

Thank you, Terry.

謝謝你，特里。

In the fourth quarter, we delivered total in-house loan originations of $3.5 billion compared to $4.3 billion in the third quarter, reflecting both market headwinds and seasonality.

第四季度，我們發放的內部貸款總額為 35 億美元，而第三季為 43 億美元，反映了市場逆風和季節性因素。

We anticipate we will see continued pressure on originations in the coming quarters, aligned with higher rates and limited housing supply.

我們預計，在未來幾個季度，隨著利率上升和住房供應有限，我們將看到持續的壓力。

However, on a relative basis, we benefit from our focus on the purchased mortgage market.

然而，相對而言，我們受益於對購買抵押貸款市場的關注。

In the fourth quarter, we originated 93% of our closed loan origination volume from purchase business compared to the Mortgage Bankers estimate of 81% for the industry for the same period.

第四季度，我們 93% 的已關閉貸款發放量來自購買業務，而抵押貸款銀行家同期對該行業的估計為 81%。

As Terry mentioned, subsequent to quarter end, we acquired the retail lending assets of Academy Mortgage Corp., a privately held Utah based lender that has license to operate in 49 states and Washington, D.C. Academy boasts approximately 200 branches and more than 1,000 employees who have transitioned to yield, including more than 600 licensed mortgage originators.

正如Terry 所提到的，季度末後，我們收購了Academy Mortgage Corp. 的零售貸款資產，這是一家總部位於猶他州的私營貸款機構，擁有在49 個州和華盛頓特區開展業務的許可證。 Academy 擁有約200 個分行和1,000 多名員工，已轉向收益，其中包括 600 多家獲得許可的抵押貸款發起人。

The addition of Academy mortgage represents a 25% increase to origination volume based on results through the third quarter of 2023.

根據截至 2023 年第三季的結果，學院抵押貸款的增加意味著發起量增加了 25%。

According to data from inside mortgage finance publications.

根據內部抵押貸款金融出版物的數據。

Just like the other transactions we have completed in the previous several quarters, we pursued a combination with Academy due to their close alignment to our culture, values and approach of having local sales and fulfillment that supports our customers for life strategy.

就像我們在前幾個季度完成的其他交易一樣，我們尋求與 Academy 合併，因為他們與我們的文化、價值觀以及本地銷售和履行支持我們的客戶終身策略的方法密切一致。

Additionally, we are encouraged by our ability to attract organic talent and M&A opportunities over the past several quarters and that we are being recognized as a partner of choice as the platform for local retail mortgage originators seeking long-term growth and stability.

此外，我們對過去幾季吸引有機人才和併購機會的能力感到鼓舞，我們被公認為是當地零售抵押貸款發起人尋求長期成長和穩定的平台的首選合作夥伴。

We have continued to pursue our goal of facilitating homeownership in the communities that we serve.

我們繼續追求促進我們所服務的社區擁有住房的目標。

And to that end, throughout the year, we introduce a number of new products that make sustainable home ownership attainable, including rate buy-down programs, down-payment assistance and options for no lender fee refinancing.

為此，我們全年推出了許多新產品，使可持續的房屋所有權成為可能，包括利率購買計劃、首付援助和無貸款人費用再融資的選擇。

The entire industry faces ongoing pressure.

整個產業都面臨持續的壓力。

However, we remain confident that Gilead's balanced business model and strategy that we have always adhere to is one that will again prove to be successful in this cycle and will allow us to continue to increase our market share and deliver attractive earnings growth over time.

然而，我們仍然相信，吉利德一直堅持的平衡商業模式和策略將在本週期中再次證明是成功的，並使我們能夠繼續增加市場份額，並隨著時間的推移實現有吸引力的獲利成長。

I will now turn the call over to our Chief Financial Officer, Amber Kramer, to discuss the financials in more detail.

我現在將把電話轉給我們的財務長 Amber Kramer，以更詳細地討論財務狀況。

Thank you, David.

謝謝你，大衛。

As is our standard practice My comments will focus on sequential quarter comparisons.

按照我們的標準做法，我的評論將集中在連續季度的比較。

For the fourth quarter of 2023, we generated $3.5 billion of total in-house loan originations compared to $4.3 billion in the third quarter.

2023 年第四季度，我們的內部貸款總額為 35 億美元，而第三季為 43 億美元。

Net revenue totaled $57 million compared to $257 million in the prior quarter, which generated a net loss of $93 million compared to net income of$ 54 million in the third quarter.

淨收入總計 5,700 萬美元，而上一季為 2.57 億美元，淨虧損為 9,300 萬美元，而第三季淨收入為 5,400 萬美元。

The 2023 results were negatively impacted by fair value adjustments with respect to the Company's MSRs.

2023 年業績受到公司 MSR 公允價值調整的負面影響。

Adjusted net income was $13 million, or $0.2 per diluted share, and adjusted EBITDA was $13.2 million.

調整後淨利為 1,300 萬美元，或稀釋後每股收益 0.2 美元，調整後 EBITDA 為 1,320 萬美元。

For the full year 2023, we generated $15 billion of total in-house loan originations compared to $19.1 billion in 2022.

2023 年全年，我們的內部貸款總額為 150 億美元，而 2022 年為 191 億美元。

Net revenue totaled $0.7 billion compared to $1.2 billion in the prior year, which generated a net loss of $39 million compared to a net income of $329 million in the prior year.

淨收入總計 7 億美元，而前一年為 12 億美元，淨虧損為 3,900 萬美元，而前一年淨收入為 3.29 億美元。

Adjusted net income was $48 million and adjusted EBITDA of $75 million for the full year 2023.

2023 年全年調整後淨利為 4,800 萬美元，調整後 EBITDA 為 7,500 萬美元。

Focusing on our originations segment, our gain-on-sale margins came in at 330 basis points compared to 377 basis points in the third quarter Unfunded origination.

重點關注我們的發起部門，我們的銷售利潤率為 330 個基點，而第三季無資金發起的為 377 個基點。

Gain on sale margins on pull-through adjusted lock volume was 347 basis points compared to 389 basis points in the prior quarter.

拉動調整後的鎖定量的銷售利潤率增益為 347 個基點，而上一季為 389 個基點。

And total pull-through adjusted locked volume was $3.3 billion compared to $4.1 billion in the prior quarter.

總拉動調整鎖定交易量為 33 億美元，而上一季為 41 億美元。

For our servicing segment, our portfolio grew to $85 billion.

對於我們的服務部門，我們的投資組合成長至 850 億美元。

We reported net loss of $32 million compared to net income of $84 million in the third quarter.

我們報告的淨虧損為 3,200 萬美元，而第三季的淨收入為 8,400 萬美元。

The losses due to non-cash downward valuation adjustment of MSRs of $122 million, reflecting the interest rate declined from the fourth quarter.

由於MSR的非現金估值下調而造成的損失為1.22億美元，反映出利率較第四季有所下降。

Our servicing portfolio continues to be a valuable source for ongoing cash flow, future opportunities for loan recapture, and it reinforces our Customer for Life strategy.

我們的服務組合仍然是持續現金流、未來貸款回收機會的寶貴來源，並強化了我們的終身客戶策略。

Our balance sheet remains strong and provides us with the flexibility to continue to invest in our growth.

我們的資產負債表依然強勁，為我們提供了繼續投資於成長的靈活性。

Turning to liquidity, as of December 31st, cash and cash equivalents totaled $120 million for unutilized loan funding capacity was $1 billion and unutilized mortgage servicing rights lines of credit was $336 million based on total committed amounts and borrowing base limitations.

至於流動性，截至12 月31 日，現金和現金等價物總額為1.2 億美元，根據承諾總額和借款基礎限制，未使用的貸款融資能力為10 億美元，未使用的抵押貸款服務權信貸額度為3.36億美元。

Our leverage ratio, defined as total secured debt, including funding divided by tangible stockholders' equity, was 1.3 times.

我們的槓桿率（定義為擔保債務總額，包括資金除以有形股東權益）為 1.3 倍。

Book value per share at the end of the quarter was $19.36, while tangible net book value per share was $15.90. We believe we are well-positioned to manage through the current more challenging operating environment while allowing us to investments to create additional value.

本季末每股帳面價值為 19.36 美元，每股有形淨帳面價值為 15.90 美元。我們相信，我們有能力應對當前更具挑戰性的營運環境，同時允許我們進行投資以創造額外價值。

In addition, during the fourth quarter, we repurchased approximately 98,000 shares at an average stock price of $11.69 per share.

此外，在第四季度，我們以每股 11.69 美元的平均股價回購了約 98,000 股股票。

On March 7, 2024.

2024 年 3 月 7 日。

Our Board of Directors extended the share repurchase program to May 5, 2025.

我們的董事會將股票回購計畫延長至 2025 年 5 月 5 日。

As of December 31, 2023, there were $11.2 million remaining under their original $20 million share repurchase authorization.

截至 2023 年 12 月 31 日，其最初的 2,000 萬美元股票回購授權尚剩餘 1,120 萬美元。

In the first two months of 2024, we generated $2.2 billion of loan originations and $2.6 billion of pull-through adjusted lock volume.

2024 年前兩個月，我們發放了 22 億美元的貸款，並產生了 26 億美元的拉動調整鎖定量。

We closed on the acquisition of Maconomy mortgage at the end of February and consistent, consistent with the experience of prior acquisitions, we anticipate a short term earnings impact as loan originators integrate into our pipeline and production volumes ramp up on the platform.

我們於 2 月底完成了對 Maconomy 抵押貸款的收購，與先前收購的經驗一致，我們預計，隨著貸款發起人融入我們的管道以及平台上產量的增加，我們預計會對短期獲利產生影響。

We anticipate continued pressure on origination volume and gain on sale margin.

我們預計原始數量和銷售利潤成長將繼續面臨壓力。

However, we remain confident in our balanced business model, which we believe results in more durable and sustainable performance across market cycles.

然而，我們對平衡的業務模式仍然充滿信心，我們相信這會在整個市場週期中帶來更持久和可持續的業績。

And with that we'll open up the call for questions.

接下來我們將開始提問。

Operator?

操作員？

(Operator Instructions) Don Fandetti, Wells Fargo.

（操作員說明）Don Fandetti，富國銀行。

Good evening.

晚安.

But can you talk a little bit about gain on sale margins for Q1?

但您能談談第一季的銷售利潤率嗎？

It sounds like there's continued pressure there.

聽起來那裡的壓力持續存在。

And then secondarily, just any comments around the competitive environment?

其次，關於競爭環境有什麼評論嗎？

Sure.

當然。

Thanks, Dan and know we don't provide guidance going forward and we've continued to see gain on sale really stabilized with no change.

謝謝丹，我們知道我們不會提供未來的指導，而且我們繼續看到銷售收益確實穩定下來，沒有任何變化。

And we're not seeing anything that is moving that up or down.

我們沒有看到任何使這一趨勢上升或下降的因素。

And so we know where we've been in this pressured environment over the last year and a half, I think is going to hold until we see some changes in housing inventory capacity opening up and fed rate move.

因此，我們知道過去一年半以來我們在這種壓力環境中所處的位置，我認為這種情況將會持續下去，直到我們看到房屋庫存容量開放和聯準會利率變動發生一些變化。

And then can you just comment a little bit on what you're seeing just competitively in general?

然後你能簡單評論一下你所看到的整體競爭情況嗎？

And also, do you think you have that opportunity bit more acquisitions?

另外，您認為您有機會進行更多收購嗎？

Yes.

是的。

And you know, things are still competitive, and I think there's still some excess capacity in our in our industry.

你知道，事情仍然具有競爭力，我認為我們的行業仍然存在一些產能過剩。

But our growth strategy is working.

但我們的成長策略正在發揮作用。

We're still seeing a lot of activity on the M&A front as well as the organic growth front.

我們仍然看到併購方面以及有機成長的大量活動。

There is others owners that are looking for, you know, another home with a company that's a little bit more larger.

你知道，還有其他業主正在尋找另一處擁有規模更大的公司的住宅。

Can offer more to their employees and same thing with loan originators.

可以為員工提供更多服務，也可以為貸款發起人提供相同的服務。

They're looking for stability and, you know, a company that's growing and investing in their future.

他們正在尋求穩定，以及一家正在成長並為他們的未來投資的公司。

So we feel like there's still opportunity out there and our strategy's working.

所以我們覺得仍然有機會，而且我們的策略正在發揮作用。

If you if you look at the fourth quarter of '23, you compare that to the fourth quarter of '22 for originations in the industry, the industry was down about 2.4%.

如果你看一下 23 年第四季度，將其與 22 年第四季的產業起源進行比較，你會發現該產業下降了約 2.4%。

Guild was we increased by about 18%.

公會被我們增加了大約18%。

So overall, we're about 20% ahead as the industry.

整體而言，我們領先產業約 20%。

And so we believe that our strategy is working.

因此，我們相信我們的策略正在發揮作用。

Thank you.

謝謝。

Rick Shane, JP Morgan.

里克·謝恩，摩根大通。

Thanks for taking my questions, everybody on just one quick thing, and I think given the questions we've chatted about in the past, this isn't going to be a surprise the percentage of MSR that was retained this quarter was down to 77%.

感謝您提出我的問題，每個人都只想快速了解一件事，我認為考慮到我們過去討論過的問題，本季度保留的 MSR 百分比下降至 77 並不令人意外%。

I'm curious if that is related to any on existing contracts related to acquisitions and that you will gravitate back towards your historical target of 90%.

我很好奇這是否與任何與收購相關的現有合約有關，並且您是否會回到 90% 的歷史目標。

And curious on particularly because you've made such a large acquisition entering 2024 on if there's any distortion related to forward sales on MSRs that we should be aware of.

特別好奇的是，因為你們在 2024 年進行瞭如此大規模的收購，我們應該注意是否存在與 MSR 遠期銷售相關的任何扭曲。

Yes.

是的。

Thanks, Rick.

謝謝，瑞克。

Overall the percentage of service retained versus released is going to be driven mostly just by profitability and execution.

整體而言，保留服務與發布服務的百分比將主要由獲利能力和執行力驅動。

And, you know, some of the aggregators are paying up for it, and we're seeing that pickup there, and we'll take that opportunity and capitalize on it to pick up the extra basis points in gain on sale.

而且，你知道，一些聚合商正在為此付出代價，我們看到那裡的回升，我們將抓住這個機會並利用它來獲得銷售收益的額外基點。

The acquisitions are they don't impact it that the last acquisition that we had will take some time to ramp up.

這些收購不會影響我們上次的收購需要一些時間才能加速。

So they're not in any of our volume numbers anyway.

所以無論如何，它們都不在我們的任何卷號中。

And I think the other big part of this is a lot of the recent acquisitions come to Guild is because of our Customer for Life strategy.

我認為另一個重要部分是 Guild 最近的許多收購都是因為我們的終身客戶策略。

And so we continue to focus on that and balance that out with, you know, looking at execution and profitability.

因此，我們繼續關注這一點，並在執行力和盈利能力之間取得平衡。

Got it.

知道了。

And I'm in the context of that customer for life, are you selling on certain when you're doing when you're selling servicing released, are you selling to purchasers who aren't necessarily seeking recapture business on because they have a different intent with the MSR hedge for them and not necessarily potential future pipeline?

我一生都處於該客戶的背景下，當你在銷售已發布的服務時，你是否在銷售某些產品，你是否向那些不一定尋求重新奪回業務的購買者銷售，因為他們有不同的服務有意為他們提供MSR 對沖，而不一定是未來潛在的管道？

Not necessarily.

不必要。

We're just looking at the execution as far as pricing, if there's a correspondent and out there's correspondent lender that that is aggressively pricing to where we can't justify, for example, the value of their servicing, for example, then we're going to take advantage of that, that price and execute through the correspondent on a service release basis.

我們只是關注定價的執行情況，如果有一個代理行，並且有一個代理貸方正在積極定價，以至於我們無法證明其服務的價值，例如，那麼我們'我們將利用這個價格，並通過通訊員在服務發布的基礎上執行。

Got it.

知道了。

And on what on those sales servicing for LeaseStar, I'm parsing my language here on the sales servicing release.

關於 LeaseStar 的銷售服務，我正在解析我在銷售服務發布中的語言。

Is it do you see it as a jump ball going forward, if you're selling to a lender who is seeking recapture, are there any covenants preventing you given your knowledge and frankly, close relationship with the borrower on to be able to recapture refis as that becomes a bigger part of the market.

您是否將其視為未來的一個跳躍球，如果您要出售給尋求重新收回的貸方，鑑於您的了解以及坦率地說，與借款人的密切關係，是否有任何契約阻止您重新收回重新融資因為這將成為市場的一個更大的部分。

I'm trying to understand if there's an opportunity cost that you're giving up by selling the MSR servicing release d.

我試圖了解您透過出售 MSR 服務版本 d 是否會放棄機會成本。

Understood.

明白了。

Yes.

是的。

And I think the one important part of this is that we have a really strong CRM and we are in close contact with our borrowers and the realtors and so just because we're selling them service release doesn't necessarily mean that we're losing touch with that borrower overall.

我認為其中一個重要的部分是我們擁有非常強大的 CRM，我們與借款人和房地產經紀人保持密切聯繫，因此僅僅因為我們向他們出售服務版本並不一定意味著我們正在失去與該借款人進行整體接觸。

And so that's I think that's an important part of this.

所以我認為這是其中的重要組成部分。

Got it.

知道了。

Okay.

好的。

And I misspoke, when I said sold the MSR servicing release or sell the loan servicing released, I want to correct myself on that.

我說錯了，當我說出售 MSR 服務發布或出售發布的貸款服務時，我想糾正自己。

Okay.

好的。

That's very helpful, guys.

這非常有幫助，夥計們。

Thank you.

謝謝。

Eric Hagen, BTIG.

艾瑞克‧哈根，BTIG。

Hey, yes, good afternoon and hope you're well, hey, did you say how much you paid for Academy in that in that acquisition?

嘿，是的，下午好，希望你一切都好，嘿，你有說在那次收購中你為學院支付了多少錢嗎？

And is there a good way to think about the expenses going forward following the onboarding of that platform?

有沒有好的方法來考慮該平台上線後的後續費用？

We did not say what we paid for the acquisition and or fault file our 10 K in the next couple of days.

我們沒有透露我們為收購支付了多少錢，也沒有透露在接下來的幾天內我們的 10 K 故障文件。

And you'll see in our subsequent event with the purchase price was on, but we have that's not public information at this time.

您將在我們隨後的活動中看到購買價格已開啟，但目前我們掌握的資訊還不是公開資訊。

And as far as the expenses going forward, it would fall into our normal expense structure over time, although the acquisition takes time to ramp up, usually 90-ish days plus on ticket onto our system.

就未來的費用而言，隨著時間的推移，它將落入我們的正常費用結構，儘管收購需要時間來增加，通常需要 90 天左右，再加上我們系統上的門票。

They come on as employees on day one and they integrate onto our platform and then we'll start closing their loans on within 90 days.

他們第一天就以員工身分加入我們的平台，然後我們將在 90 天內開始結清他們的貸款。

So you do have an impact, as I mentioned in our my remarks to near term earnings from a cost structure perspective, right?

所以，正如我在從成本結構角度對近期收益的評論中提到的那樣，你確實有影響，對嗎？

Yes, that's helpful.

是的，這很有幫助。

Historically, we used to show a profit on these types of acquisitions within four to six months, but we'll see that the margins being much thinner than they than they have been in the last 1.5 years to 2 years if we we're shooting for within 12 months to start showing profitability on these acquisitions.

從歷史上看，我們過去常常在四到六個月內展示此類收購的利潤，但如果我們進行拍攝，我們會發現利潤率比過去 1.5 年到 2 年要薄得多12 個月內開始顯示這些收購的獲利能力。

Yes, that's helpful.

是的，這很有幫助。

Thank you so much.

太感謝了。

Hey, can you share how conventional mortgage rates are comparing to FHA right now and what you're seeing in terms of any changes in borrower credit quality between the two channels and even in which channel you can potentially be more active or aggressive in if rates were to fall?

嘿，您能否分享一下目前傳統抵押貸款利率與聯邦住房管理局(FHA) 的比較情況，以及您所看到的兩個渠道之間借款人信用質量的變化，甚至在哪個渠道中您可能會更積極或積極調整利率會跌倒嗎？

David, do you want to take that question?

大衛，你想回答這個問題嗎？

Sure.

當然。

Credit quality for our borrowers continues to remain high, and we continue to see in both the conventional and the government side that borrower standards are high.

我們的借款人的信貸品質繼續保持較高水平，我們繼續看到傳統和政府方面的借款人標準很高。

Underwriting standards continue to remain high there.

那裡的承保標準繼續保持在高水準。

There is a bit of a narrowing in the gap in terms of pricing, but we really continue to see options for both, particularly first time homebuyers, downpayment assistance programs being able to close the gap here a little bit.

定價方面的差距有所縮小，但我們確實繼續看到雙方的選擇，特別是首次購房者，首付援助計劃能夠稍微縮小這裡的差距。

So it remains competitive and both we've got a ton of experience in operating in both areas and we have different areas of the country where some of that business shifts a little bit based on the geography.

因此，它仍然具有競爭力，我們在這兩個領域都擁有大量的營運經驗，而且我們在全國不同的地區，其中一些業務根據地理位置略有變化。

But again, we're seeing high credit quality standards, good underwriting, good collateral and some good performance as well.

但我們再次看到了高信用品質標準、良好的承保、良好的抵押品以及良好的業績。

Great.

偉大的。

Thank you guys so much.

非常感謝你們。

Derek Sommers, Jefferies.

德里克·薩默斯，傑弗里斯。

And good afternoon, Tom, just as we're moving into '24 and some of the origination headwinds persist.

下午好，湯姆，正當我們進入 24 世紀時，一些新創逆風仍然存在。

How are you guys feeling about the balance in aggregate between your origination segment and Servicing segments?

你們對原始細分市場和服務細分市場之間的整體平衡有何看法？

I mean, each quarter our and our origination segment continues to we continue to get our cost in order, even even though we're still adding via acquisitions and organic growth, we're still cutting our expenses.

我的意思是，每個季度我們和我們的起源部門都會繼續按順序控製成本，即使我們仍在透過收購和有機成長來增加成本，但我們仍在削減開支。

So we feel good about that.

所以我們對此感覺良好。

It's all going in the right direction.

一切都在朝著正確的方向發展。

And of course, on the servicing side, I mean, we're it's solid.

當然，在服務方面，我的意思是，我們的服務很可靠。

Our cash flows are really solid.

我們的現金流非常穩定。

I know we had an impairment this last quarter but you know, in reality, our prepayments and our payoffs just continue have continued to go down.

我知道我們上個季度出現了減值，但實際上，我們的預付款和付款仍在繼續下降。

So we feel like from the cash flow perspective, the value of our servicing still is still, you know, very strong.

因此，我們覺得從現金流的角度來看，我們的服務價值仍然非常強大。

And we feel like that, that model of having originations and servicing it works well for us.

我們覺得，這種擁有起源和服務的模式對我們來說很有效。

Got it.

知道了。

And then kind of some of the data, we track shows home inventory starting to loosen slightly, at least compared to the past couple of years.

然後，我們追蹤的一些數據顯示，至少與過去幾年相比，房屋庫存開始略有下降。

Does that reflect kind of what you're hearing from the field?

這是否反映了您從現場聽到的情況？

Yes, yes, there has been some relief.

是的，是的，有一些緩解。

It's still there still isn't enough inventory to, you know, to three.

仍然沒有足夠的庫存，你知道，到三個。

I think the demand is still so high compared to the inventory and it looks like the inventory year over year is about 20% higher than it was at.

我認為與庫存相比，需求仍然很高，而且庫存似乎比去年同期高出約 20%。

And we're seeing some price cuts in markets, more price cuts than we have in the past.

我們看到市場上出現了一些降價，比過去降價幅度更大。

So it's going in the right direction.

所以它正在朝著正確的方向發展。

But I think because we can we've continued to work on our growth strategy as this keeps getting better and starts turning, we're going to we're going to be in a great position and benefit greatly from it.

但我認為，因為我們可以繼續致力於我們的成長策略，隨著情況不斷好轉並開始轉變，我們將處於有利地位並從中受益匪淺。

Got it.

知道了。

Thank you.

謝謝。

That's all for me.

這就是我的全部。

Thank you.

謝謝。

And we have reached the end of the question-and-answer session.

我們的問答環節已經結束了。

And I'll now turn the call over to management for closing remarks.

現在我將把電話轉交給管理階層進行總結發言。

Thank you, everyone, and we're just going to keep doing what we do and executing on our strategy and we look forward to give you an update next quarter.

謝謝大家，我們將繼續做我們所做的事情並執行我們的策略，我們期待在下個季度向您提供最新情況。

Thank you.

謝謝。

Thank you for joining us today.

感謝您今天加入我們。

Have a great evening and we look forward to updating you on our next call.

祝您有個愉快的夜晚，我們期待下次通話時向您通報最新情況。