Guild Holdings Co (GHLD) 2024 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen and welcome to the Guild Holdings Company third quarter, 2024 earnings conference call.

下午好，女士們、先生們，歡迎參加 Guild Holdings Company 2024 年第三季財報電話會議。

(Operator instructions) I will now turn the conference over to Investor Relations.

（操作員指示）我現在將會議轉交給投資者關係部。

Please go ahead.

請繼續。

Thank you and good afternoon, everyone.

謝謝大家，大家下午好。

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。

Preliminary results for any portion of a quarter may not be indicative of full quarter results and are subject to management and auditor customary review procedures.

季度任何部分的初步結果可能並不代表整個季度的結果，並須接受管理階層和審計師的慣例審查程序。

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 in Guild's most recent most recently filed annual report on form 10-K and in other reports subsequently filed with the US Securities and Exchange Commission.

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Guild 最近提交的年度報告中標題為「風險因素」的部分中有更詳細的描述。

Additionally, today's remarks will refer to certain non-GAAP financial measures, Reconciliations of non-GAAP financial measures to the corresponding GAAP measures can be found in our earnings release furnished today with the SEC and also available on Guild's Investor Relations website.

此外，今天的評論將涉及某些非 GAAP 財務指標。

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.

大家下午好。

Thank you for joining us to discuss our third quarter results and strategic updates with me today is David Neylan, our President; and Amber Kramer, our CFO.

感謝您今天與我們一起討論我們的第三季業績和策略更新，我們的總裁 David Neylan；以及我們的財務長安柏·克萊默 (Amber Kramer)。

We are pleased not only with our third quarter results and the momentum we're building but also with the benefits.

我們不僅對第三季的業績和我們正在建立的勢頭感到滿意，而且對所帶來的效益感到滿意。

We continue to see from the successful execution of our strategy to invest in market share through the downturn.

我們繼續從成功執行我們的策略中看到，投資市場份額度過了低迷時期。

Guild is very well positioned for better than industry growth as the market normalizes.

隨著市場正常化，Guild 處於非常有利的位置，能夠實現比產業更好的成長。

Let me start by highlighting our third quarter performance which reflects the strength of our retail model and the sustainable positive trajectory of our business.

讓我先強調我們第三季的業績，這反映了我們零售模式的優勢和我們業務的可持續積極發展軌跡。

We delivered adjusted net income of $31.7 million as well as achieving profitability in our origination segment, which demonstrates the favorable operating leverage in our business with $6.9 billion of originations in the quarter.

我們的調整後淨利潤為 3,170 萬美元，我們的發起業務部門實現了盈利，這表明我們業務的營運槓桿良好，本季的發起業務為 69 億美元。

We generated strong growth up 6% sequentially from the second quarter and up 59% from the prior year.

我們實現了強勁成長，較第二季環比成長 6%，較去年同期成長 59%。

This performance demonstrates the strength of our retail origination business as we deliver positive results from the successful integration of our acquisitions and robust organic recruiting.

這一業績證明了我們零售起源業務的實力，因為我們透過收購和強大的有機招聘的成功整合取得了積極的成果。

We also experienced an increase in pull through adjusted lock volume in part due to rate declines in the third quarter.

我們也經歷了調整後鎖定量的增加，部分原因是第三季的利率下降。

Additionally, our balanced business model with a focus on purchase market originations, coupled with our strategy of retaining servicing rights allows us to generate more reliable cash flow.

此外，我們注重採購市場來源的平衡業務模式，加上我們保留服務權的策略，使我們能夠產生更可靠的現金流。

Looking at our growth outlook.

看看我們的成長前景。

There are several reasons, we are optimistic about our prospects, first and foremost and a clear differentiator for Guild is the realization of the growth platform we've been building through our acquisitions and organic recruiting.

有幾個原因，我們對我們的前景感到樂觀，首先也是最重要的是，Guild 的一個明顯的差異化因素是我們透過收購和有機招聘建立的成長平台的實現。

We expect to see the ongoing benefit of our leadership in the retail origination business regardless of the rate environment.

無論利率環境如何，我們都希望看到我們在零售發起業務中的領導地位帶來的持續效益。

While the industry will see the benefits of a more favorable rate environment over time.

隨著時間的推移，產業將看到更有​​利的利率環境的好處。

Guild should see enhanced growth and continue to gain share as we also tap into the increasing production of our new loan officers who we expect to do even more business with the benefit of Guild's leading product and technology offerings.

Guild 應該會看到強勁的成長並繼續獲得份額，因為我們也利用了新信貸員的不斷增加的機會，我們希望他們能夠利用 Guild 領先的產品和技術產品來開展更多業務。

We are also continuing to pursue growth and remain focused on achieving profitable long term market share gains.

我們也將繼續追求成長，並繼續專注於實現可獲利的長期市場份額成長。

While we will be opportunistic with prospective acquisitions, organic recruiting remains robust and reflects the strong Guild story resonating within the industry with the demonstrated strength of our platform and positive brand in the industry.

雖然我們將在潛在收購中抓住機會，但有機招聘仍然強勁，並反映了 Guild 的故事在行業內引起共鳴，以及我們平台的實力和行業中的積極品牌。

We are attracting many quality team members.

我們吸引了許多優秀的團隊成員。

In summary, we're confident in our strategy and our ability to capitalize on market opportunities as they arise our investments in market share during the downturn are positioning us for strong performance as the market improves with that.

總而言之，我們對我們的策略充滿信心，也對我們利用市場機會的能力充滿信心，因為我們在經濟低迷時期對市場份額的投資使我們能夠在市場隨之改善時取得強勁的業績。

I'd like to turn the call over to David for more details on our near term outlook and positioning, David.

我想將電話轉給大衛，以了解有關我們近期前景和定位的更多詳細信息，大衛。

Thank you, Terry.

謝謝你，特里。

Our strong originations, performance and profitability demonstrate the benefit of our consistent strategic focus on the retail purchase business and building customers for life through our retained servicing strategy.

我們強大的起源、業績和盈利能力證明了我們對零售採購業務的一貫戰略重點以及透過我們保留的服務策略建立終身客戶的好處。

Our competitive advantage lies in our customer relationships and community engagements which allow us to deliver on our mission of the promise of homeownership in neighborhoods and communities across the country.

我們的競爭優勢在於我們的客戶關係和社區參與，這使我們能夠履行我們的使命，即在全國各地的鄰里和社區擁有住房的承諾。

We continue to put resources and additional talent towards this goal.

我們持續為實現這一目標投入資源和額外人才。

We're excited to have recently hired Nora Guerra who came from Freddie Mac where she focused on national affordable lending.

我們很高興最近聘請了諾拉·格拉 (Nora Guerra)，她來自房地美 (Freddie Mac)，專注於國家負擔得起的貸款。

She will be developing and expanding our programs policies and initiatives directed toward attainable homeownership.

她將制定和擴大我們旨在實現住房所有權的計劃政策和措施。

We've also piloted an outreach program focusing on underserved communities in and around Saint Louis with great results.

我們還試點了一項外展計劃，重點關注聖路易斯及其周邊地區服務不足的社區，取得了良好的效果。

Alongside Nora's initiatives.

與諾拉的倡議一起。

We intend to begin rolling out this program in select markets across the country to serve more homebuyers of the future.

我們打算開始在全國選定的市場推出該計劃，為未來更多的購房者提供服務。

With regard to our longer-term outlook.

關於我們的長期前景。

We've identified a considerable portion of our loan portfolio that could benefit from new financing opportunities as rates decrease over time with approximately a quarter of our unpaid balance at rates above 6%.

我們已經確定，隨著利率隨著時間的推移而下降，我們的貸款組合中有相當一部分可以從新的融資機會中受益，其中約四分之一的未付餘額利率高於 6%。

However, as we have demonstrated in prior cycles, we will remain disciplined and won't grow share at the expense of favorable economics.

然而，正如我們在先前的周期中所證明的那樣，我們將保持紀律，不會以犧牲有利的經濟狀況為代價來增加份額。

Even with the remaining current uncertainty around rates, we are confident that Guild is well positioned in the current market, and we should continue to see the benefits of our balanced business model.

儘管目前利率仍存在不確定性，但我們相信 Guild 在當前市場中處於有利地位，並且我們應該繼續看到我們平衡的業務模式的好處。

We retain a significant amount of our loans for servicing which provides reliable earnings and opportunities for future business.

我們保留大量貸款用於服務，這為未來的業務提供了可靠的收入和機會。

We have also continued to invest in our technology which allows our loan officers to maximize the opportunity within our customer portfolio.

我們也繼續投資我們的技術，使我們的信貸員能夠最大限度地利用我們的客戶組合中的機會。

Importantly, we support our long-term customer relationships that are built on providing the right products and good customer service which are fundamental to our customer for life strategy.

重要的是，我們支持建立在提供正確的產品和良好的客戶服務基礎上的長期客戶關係，這是我們的客戶終身策略的基礎。

We are proud that our customers recognize this as demonstrated by our net promoter score of 95.4 and Guild has recently become the most reviewed lender on Zillow with an average 4.97 out of five stars.

我們感到自豪的是，我們的客戶認可了這一點，我們的淨推薦分數為 95.4，Guild 最近成為 Zillow 上評價最高的貸方，平均得分為 4.97（滿分五顆星）。

While we anticipate that there will still be some inconsistency in quarter over quarter growth until rates further decline and home inventory becomes more available.

儘管我們預計，在利率進一步下降和房屋庫存變得更多之前，季度環比增長仍將存在一些不一致。

We are optimistic as we see the realization of the platform enhancements we have made over the past few years.

我們很樂觀，因為我們看到過去幾年我們所做的平台增強已經實現。

In conclusion, we believe Guild is well positioned to capitalize on market opportunities and continue our growth trajectory.

總之，我們相信 Guild 處於有利位置，可以利用市場機會並繼續我們的成長軌跡。

We're excited about the future and remain committed to delivering value to our customers and shareholders.

我們對未來感到興奮，並繼續致力於為客戶和股東創造價值。

I'll now hand over to Amber who will provide a more detailed financial overview, Amber.

我現在將交給 Amber，她將提供更詳細的財務概覽，Amber。

Thank you David.

謝謝大衛。

As is our standard practice.

這是我們的標準做法。

My comments will focus on sequential quarter.

我的評論將集中在連續季度。

Comparisons for the third quarter of 2024, we generated $6.9 billion of total loan originations compared to $6.5 billion in the second quarter.

與 2024 年第三季相比，我們的貸款總額為 69 億美元，而第二季為 65 億美元。

Net revenue totaled $159 million compared to $286 million in the prior quarter which generated a net loss attributable to Guild of $67 million compared to a net income of $38 million in the second quarter, adjusted net income was $32 million or $0.51 per diluted share and adjusted EBITDA was $46 million.

淨收入總計 1.59 億美元，上一季為 2.86 億美元，Guild 淨虧損為 6,700 萬美元，而第二季淨收入為 3,800 萬美元，調整後淨收入為 3,200 萬美元，或稀釋後每股 0.51 美元EBITDA 為4600 萬美元。

Now turning to our origination segment, we are proud to report that we realized net income of $6 million marking a profitable quarter for the segment despite the ongoing volatile market conditions, this demonstrates the growth we have made as a business both through acquisitions and organic recruiting and our ability to capture originations across market environments.

現在轉向我們的起源部門，我們很自豪地報告，儘管市場狀況持續波動，但我們實現了600 萬美元的淨利潤，標誌著該部門實現了盈利季度，這表明我們作為一家企業通過收購和有機招聘取得了成長以及我們捕捉跨市場環境的起源的能力。

Our gain on sale margin in the third quarter came in at 333 basis points compared to 326 basis points in the prior quarter.

第三季的銷售利潤率成長了 333 個基點，而上一季為 326 個基點。

On funded originations year-to-date.

年初至今的資助發起情況。

The gain on sale margin is 337 basis points which is in line with our expectations gain on sale margins on pull through adjusted lock volume was 321 basis points compared to 315 basis points in the prior quarter and total pull through adjusted lock volume was $6.9 billion compared to $6.5 billion in the prior quarter.

銷售利潤成長 337 個基點，符合我們的預期，調整後鎖定交易量的銷售利潤成長為 321 個基點，而上一季度為 315 個基點，調整後鎖定交易量的總拉動為 69 億美元上一季度增至65 億美元。

For our servicing segment, our portfolio grew to $91 billion.

對於我們的服務部門，我們的投資組合成長至 910 億美元。

We reported a net loss of $75 million compared to a net income of $70 million in the second quarter.

我們報告的淨虧損為 7,500 萬美元，而第二季的淨收入為 7,000 萬美元。

The loss was primarily due to the downward valuation adjustment of MSRs of $124 million.

虧損主要是由於 MSR 估值下調 1.24 億美元。

Reflecting the interest rate decline.

反映利率下降。

Our servicing portfolio continues to be a valuable source for ongoing cash flow future opportunities for loan recapture.

我們的服務組合仍然是未來持續現金流收回貸款機會的寶貴來源。

And it reinforces our customer for life strategy.

它強化了我們的終身客戶策略。

Furthermore, our business model which combines the origination, and the servicing segments provides for natural hedge over time as rate declines should translate into higher originations, both purchase and refinances.

此外，我們的業務模式結合了起源和服務領域，隨著時間的推移，隨著利率下降，可以提供自然對沖，這應該轉化為更高的起源，包括購買和再融資。

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 September 30, cash and cash equivalents totaled $106 million will unutilized loan funding capacity was $488 million and unutilized mortgage servicing right lines of credit was $295 million based on total committed amounts and borrowing base limitations.

至於流動性，截至9 月30 日，現金和現金等價物總額為1.06 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4.88 億美元，未使用的抵押貸款服務權信貸額度為2.95億美元。

Maintaining a well-positioned balance sheet continues to be a key priority for Guild.

維持良好的資產負債表仍然是 Guild 的首要任務。

Our leverage ratio was two times at quarter end.

季度末我們的槓桿率是兩倍。

A strong indicator of our prudent financial management book value per share at the end of the quarter was $18.85. Well, tangible net book value per share was $15.14. We are confident in our ability to navigate any market environment while simultaneously making strategic investments to enhance our long-term value proposition.

本季末每股帳面價值為 18.85 美元，這是我們審慎財務管理的有力指標。每股有形帳面淨值為 15.14 美元。我們對駕馭任何市場環境的能力充滿信心，同時進行策略性投資以增強我們的長期價值主張。

In addition, we continued our efforts to return capital to shareholders specifically during the third quarter, we repurchased approximately 24,000 shares at an average stock price of $14.29 per share.

此外，我們繼續努力向股東返還資本，特別是在第三季度，我們以每股 14.29 美元的平均股價回購了約 24,000 股股票。

As of September 30, 2024.

截至 2024 年 9 月 30 日。

There was $10.3 million remaining under the original $20 million share repurchase authorization.

最初的 2,000 萬美元股票回購授權還剩 1,030 萬美元。

In October, we generated $2.7 billion of loan originations and $1.6 billion of pull through adjusted lock volume.

10 月份，我們發放了 27 億美元的貸款，並透過調整後的鎖定量拉動了 16 億美元。

While near term market dynamics suggest that there could be some variability as we close out the year.

雖然近期市場動態表明，隨著今年的結束，可能會出現一些變化。

Our performance year-to-date is encouraging, marked by significant market share growth and a profitable origination segment.

我們今年迄今的業績令人鼓舞，市佔率顯著成長，原創業務部門獲利。

Looking forward, we anticipate long term benefits from our organic expansion, strategic acquisitions and investments in our platform all supporting our goal of creating customers for life.

展望未來，我們預計我們的有機擴張、策略性收購和平台投資將帶來長期利益，所有這些都支持我們創造終身客戶的目標。

However, we acknowledge that while we expect continued growth, the market continues to recover at a slower pace than expected.

然而，我們承認，雖然我們預計將持續成長，但市場的復甦速度仍慢於預期。

It will take time for the market to fully recover and for us to achieve the accelerated growth, we are confident our platform can deliver over time.

市場完全恢復需要時間，我們實現加速成長需要時間，我們相信我們的平台能夠隨著時間的推移實現交付。

And with that, we'll open up the call for questions, Operator?

接下來，我們將開始提問，接線生？

Thank you.

謝謝。

(Operator instructions)

（操作員說明）

our first question is from Eric Hagen with BTIG.

我們的第一個問題來自 BTIG 的 Eric Hagen。

Please go ahead.

請繼續。

Hey, thanks, hope all is.

嘿，謝謝，希望一切順利。

Well, the fair value mark of $124 million in the quarter looks like it was maybe a little bit bigger than we've seen from some of the other services.

嗯，本季 1.24 億美元的公允價值看起來可能比我們從其他一些服務中看到的要大一些。

I mean, I'm curious if you were maybe surprised by the size of the mark and what some of the more specific inputs that, changed in the period were and also just how much has been recovered with rates backing up since the end of September.

我的意思是，我很好奇您是否對標記的大小以及在此期間發生的一些更具體的輸入變化感到驚訝，以及自 9 月底以來利率回升已經恢復了多少。

Yeah, on the in Amber, you can kind of sure try him in the 10 year today is at [445] and if you look at where it was at [930] it was at about

是的，在 Amber 中，你可以肯定在 10 年後嘗試一下今天的 [445]，如果你看看它在 [930] 的位置，它大約是

[380].

[380]。

And we're back to where the 10 year was in around the July 1.

我們又回到了 7 月 1 日左右的 10 年。

So that gives you kind of an idea of the direction that, this impairment is going to definitely reverse if it continues, at this pace.

因此，這讓你對方向有一個想法，如果這種損害繼續以這種速度持續下去，肯定會逆轉。

So Amber, you want to add more.

所以安布爾，你想添加更多。

Yeah, I would just say based on the, it's really based on rates, the rate change, right?

是的，我只想說基於，它實際上是基於利率，利率變化，對嗎？

And we do rate shocks which you can see in our queue.

我們確實對衝擊進行了評級，您可以在我們的隊列中看到。

And then, and it's aligned with that in terms of the change, we had a similar change if you look back at Q4 '23.

然後，它與變化方面一致，如果你回顧 23 年第 4 季度，我們也有類似的變化。

And then I was just going to add what Terry said, which is obviously with the market volatility and the rates changing in October, as of today and things could change, you are seeing a shift the other way.

然後我想補充一下特里所說的，這顯然是隨著市場波動和十月份利率的變化而變化的，截至今天，事情可能會發生變化，你會看到相反的轉變。

But not we didn't expect the rate changes that happened, but in line with how we look at rate shocks overall.

但我們並非沒有預料到會發生利率變化，而是符合我們對利率衝擊的整體看法。

Got it.

知道了。

Okay.

好的。

That's helpful color.

這是有用的顏色。

I mean, mortgage rates obviously backing up here.

我的意思是，抵押貸款利率顯然在這裡回升。

But how have you seen margins respond since the end of September.

但自 9 月底以來，您看到利潤率有何反應？

Our, margins.

我們的，利潤。

Have been very steady and, we're in the purchase business.

一直非常穩定，我們從事採購業務。

And so, I think that bodes well as far as the longevity of the margins.

因此，我認為這對利潤率的長期發展來說是個好兆頭。

And so, we're it, we've been pretty steady.

所以，我們就是這樣，我們一直很穩定。

Yeah.

是的。

And I would just add on that.

我想補充一點。

I mean, there is, in the fourth quarter, there is some market volatility usually anyways in the fourth quarter and it is significant.

我的意思是，在第四季度，通常無論如何，第四季度都會出現一些市場波動，而且波動很大。

So, I think just with the long term locks that we have, you might see some differences in our margins overall, but our base margin at the branch level.

因此，我認為，憑藉我們擁有的長期鎖定，您可能會看到我們的整體利潤率存在一些差異，但我們在分行層面的基本利潤率。

As Terry mentioned, a study.

正如特里所提到的，一項研究。

Got it.

知道了。

That's helpful.

這很有幫助。

Hey, last one, how much of your production came from Academy during the quarter?

嘿，最後一個，本季您的作品有多少來自學院？

We don't disclose specifically what, based on what acquisitions when we did the Academy acquisition, they were running about 20% of our volume from prior year.

我們沒有具體透露，根據我們收購學院時的收購情況，他們的業務量約占我們上一年業務量的 20%。

Okay, great.

好的，太好了。

Thank you, guys, so much.

非常感謝你們，夥伴們。

Our next question is from Derek Sommers with Jefferies.

我們的下一個問題來自 Jefferies 的 Derek Sommers。

Hey, good afternoon, everyone.

嘿，大家下午好。

Just in terms of, how you're thinking about product in the near term, what kind of opportunity do you see in terms of tapping home equity, whether that be through reverse second lien product or otherwise?

就近期而言，您如何考慮產品，您在利用房屋淨值方面看到了什麼樣的機會，無論是透過反向第二留置權產品還是其他方式？

Yeah, I mean, we have a pretty broad product base and the reverse.

是的，我的意思是，我們擁有相當廣泛的產品基礎，反之亦然。

We're seeing that tick up in recent months so that, it's going in the right direction and our second programs have been really successful.

我們看到近幾個月來這種情況有所增加，因此，它正在朝著正確的方向發展，我們的第二個專案非常成功。

So those that, have equity, we've got an option there if rates do stay at an elevated level.

因此，對於那些擁有股權的人來說，如果利率確實保持在較高水平，我們就有一個選擇。

And then this we're really focused on a first time home buyer and the home buyer of the future and really trying to make sure that we have, good programs and I think just having the local President presence and participating in a lot of the grant programs that are available, we capture a good share of that market, but we think there's a lot more opportunity and we're going to keep focusing on that as well.

然後，我們真正關注的是首次購房者和未來的購房者，並真正努力確保我們擁有良好的計劃，我認為只要有當地總統的存在並參與大量贈款可用的計劃，我們佔據了該市場的很大份額，但我們認為還有更多機會，我們也將繼續關注這一點。

Got it.

知道了。

And then just in terms of capital allocation in the near term, kind of what are you guys thinking about?

那麼就近期的資本配置而言，你們在想什麼？

just given the move in rates or, they're going to be more of an emphasis on both on M&A as organic.

只是考慮到利率的變化，他們將更加強調併購的有機性。

How's organic recruitment trending and or just anything I may be missing.

有機招聘趨勢如何，或我可能缺少的任何內容。

Yeah, on the Organic side, we've been really successful and doing very well.

是的，在有機方面，我們非常成功並且做得很好。

And the M&A has slowed up a little bit this year but, if rates stay elevated, it probably will start, getting a little bit more active next year.

今年的併購活動有所放緩，但如果利率保持在高位，併購活動可能會在明年開始變得更加活躍。

But we're continuing to look at both and as opportunities arise, we're going to be very opportunistic because we have a good capital base to be able to do that.

但我們將繼續關注這兩個方面，隨著機會的出現，我們將非常投機，因為我們擁有良好的資本基礎來做到這一點。

So, that's our plan is to continue to do what we've been doing and when opportunities arise, we're going to make sure that we're taking advantage of it.

因此，我們的計劃是繼續做我們一直在做的事情，當機會出現時，我們將確保我們能夠利用它。

Got it.

知道了。

Thanks.

謝謝。

That's all for me.

這就是我的全部。

Our next question is from Trevor Cranston with Citizens.

我們的下一個問題來自公民組織的特雷弗·克蘭斯頓。

Hey, thanks.

嘿，謝謝。

Could you talk a little bit about how you're thinking about philosophically potentially hedging the MSR asset, particularly now that rates move back up to a higher level.

您能否談談您如何從哲學上考慮對沖 MSR 資產，特別是現在利率回升至更高水準。

And it seems like, there isn't necessarily an offsetting benefit on the origination side when rates rally, given how far out of the money a lot of loans are?

考慮到大量貸款的資金短缺程度，當利率上漲時，發放方似乎不一定會產生抵銷性的好處？

Thanks.

謝謝。

Yeah, we have not traditionally hedged and bought as a hedge instrument and our hedge has always been our natural hedge with production because we're so focused on retail and purchase business.

是的，我們傳統上沒有對沖和購買作為對沖工具，我們的對沖一直是我們對生產的自然對沖，因為我們非常專注於零售和採購業務。

It's always boded well for us.

這對我們來說總是好兆頭。

An, just as an example, this last quarter, our volume, our origination volume increased $380 million, and the runoff ended up increasing $259 million.

舉個例子，上個季度，我們的交易量、我們的原始交易量增加了 3.8 億美元，徑流最終增加了 2.59 億美元。

So, we were still, well ahead of tracking the runoff.

所以，我們仍然遠遠領先追蹤徑流。

So, we felt like as long as our production can outpace the runoff that, we're positioned pretty well going forward.

因此，我們覺得只要我們的產量能夠超過徑流，我們的未來就處於有利地位。

So amber, do you want to add anything to that?

那麼琥珀色，你想補充什麼嗎？

I mean, I think the big part of it is that there's a cost to that.

我的意思是，我認為其中很大一部分是需要付出代價的。

And as we just talked about some of the valuations can go back and forth, there's a cost to the financial hedge.

正如我們剛才談到的一些估值可能會反复，因此金融對沖是有成本的。

And we believe that from a capital allocation standpoint, using that cash to invest it back into growing our origination segment is a better use of our cash.

我們相信，從資本配置的角度來看，利用這些現金將其投資回發展我們的創始部門是對我們現金的更好利用。

Okay.

好的。

Got it.

知道了。

Appreciate the comments.

感謝您的評論。

Thank you.

謝謝。

Our next question is from Giuliano Bologna with Compass Point.

我們的下一個問題來自 Compass Point 的 Giuliano Bologna。

So well, reference on the continued execution on the origination side.

那麼好，參考源端的持續執行。

One thing I'd be curious about thinking from like a cadence perspective.

我很好奇從節奏的角度思考一件事。

Obviously, your loss are down in October is my trend perspective with rates.

顯然，我對利率的趨勢看法是 10 月的損失有所下降。

But I'm curious if how you think prepayment fees will trend in the quarter during the fourth quarter.

但我很好奇您認為第四季度預付款費用的趨勢如何。

Obviously, there could be a little mismatch just in terms of the front end of the fourth quarter where prepaids can still be a little bit higher.

顯然，第四季前期可能會出現一些不匹配，預付款仍然可能會稍高一些。

Well, your locks are lower.

嗯，你的鎖較低。

I'm curious if you think, the replenishment rate will still be positive in the fourth quarter if you like to make just a little bit below.

我很好奇你是否認為，如果你願意稍微低一點的話，第四季的補貨率仍然會是正數。

We replacement rate.

我們的更換率。

Yeah, there could be a timing mismatch on that just because of the fundings in early in the fourth quarter from the [refinance] and prepayment being high from that.

是的，可能會出現時間不符的情況，因為第四季初的[再融資]資金和預付款很高。

But I mean, the really from the origination and servicing hedge, this is a long term strategy.

但我的意思是，真正從起源和服務對沖來看，這是一項長期策略。

It's not month to month or quarter-to-quarter.

這不是按月或按季度進行的。

So over time, what Terry was describing is really where we see that balance and we know it replenishes the production, I mean the servicing, run off the production, replenishes that.

因此，隨著時間的推移，特里所描述的實際上是我們看到的平衡，我們知道它補充了生產，我的意思是維修，耗盡了生產，補充了生產。

So, I think it's the more long term focus, even if you have one quarter that, is a little bit of a mismatch on timing.

因此，我認為這是更長期的重點，即使你有四分之一的時間，在時間上有點不匹配。

That's very helpful and then, hopefully, a quick one, but I'm curious how much excess cash you have in your warehouse lines at this point.

這非常有幫助，而且希望很快，但我很好奇此時你的倉庫裡還有多少多餘的現金。

And then you're just thinking about uses of cash, you obviously well capitalized, you would it make sense to, focus on more M&A or, I'm curious if you think, the movement and rates might, reactivate some M&A trends in the space or if you think, it's the focus on organic growth is a bit more important at this point.

然後你只是考慮現金的使用，你顯然資本充足，你會關注更多的併購，或者，我很好奇你是否認為，這種變動和利率可能會重新激活一些併購趨勢或者如果你認為，目前對有機成長的關注更為重要。

I mean, I think through year end, the organic side is going to be stronger for sure.

我的意思是，我認為到年底，有機方面肯定會變得更強。

I do think that if this rate increase, continues to prolong that there will be some more M&A activity and we definitely are got a, we still have a lot of pockets around the country where, we don't have enough of a presence.

我確實認為，如果利率上漲繼續延長，將會有更多的併購活動，我們肯定會在全國各地有很多地方，但我們沒有足夠的存在。

And so, there's still a lot of opportunity out there.

因此，仍然有很多機會。

And again, we plan to take advantage of that if it's available.

再說一遍，如果有的話，我們計劃利用它。

And, I would just add in my prepared comments, I had mentioned that our lines of credit on the MSR lines, the excess was $295 million based on our borrowing base limitations.

而且，我想在我準備好的評論中補充一下，我曾提到，根據我們的借款基礎限制，我們在 MSR 額度上的信貸額度超額為 2.95 億美元。

So, and we're borrowing about 20% right now of our MSRs fair value with significant, room to borrow more if needed.

因此，我們現在藉入的 MSR 公允價值約為 20%，如果需要的話，還有很大的空間可以藉入更多資金。

And we, strategically keep low leverage so that we can be prepared to capitalize on any opportunity that comes as well as ensure that we're prepared in any kind of volatile market.

我們從策略上保持低槓桿率，以便我們能夠準備好利用任何出現的機會，並確保我們在任何波動的市場中做好準備。

If anything, else comes up that would use and need capital.

如果有的話，就會出現其他需要使用資金的情況。

That's very helpful.

這非常有幫助。

I appreciate it.

我很感激。

And I'll jump back with you.

我會和你一起跳回去。

Ladies and gentlemen, we have reached the end of the question and answer session.

女士們、先生們，問答環節已經結束。

I would like to turn the call back to Terry Schmidt for closing remarks.

我想將電話轉回給特里·施密特，讓其致閉幕詞。

Thank you, everyone for supporting us and joining the call and we look forward to speaking next quarter.

感謝大家支持我們並加入電話會議，我們期待下季的發言。

Have a good night.

祝你晚安。

Thank you.

謝謝。

This concludes today's conference.

今天的會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。