loanDepot Inc (LDI) 2022 Q2 法說會逐字稿

Good afternoon, and welcome everyone to loanDepot's Second Quarter 2022 Conference Call. (Operator Instructions)

下午好，歡迎大家參加loanDepot 2022 年第二季度電話會議。 （操作員說明）

I would now like to turn the call over to Gerhard Erdelji, Senior Vice President, Investor Relations. Please go ahead.

我現在想把電話轉給投資者關係高級副總裁 Gerhard Erdelji。請繼續。

Good afternoon, everyone, and thank you for joining our call. I'm Gerhard Erdelji, Investor Relations Officer at loanDepot. Today, we will discuss loanDepot second quarter 2022 results. Before we begin, I would like to remind everyone that this conference call may include forward-looking statements regarding the company's operating and financial performance in future periods. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to guidance to our pull through weighted rate lock volume, origination volume, pull through weighted gain on sale margin and expenses. These statements are based on the company's current expectations and available information.

大家下午好，感謝您加入我們的電話會議。我是loanDepot 的投資者關係官 Gerhard Erdelji。今天，我們將討論loanDepot 2022年第二季度的業績。在開始之前，我想提醒大家，本次電話會議可能包含有關公司未來時期運營和財務業績的前瞻性陳述。除歷史事實陳述外的所有陳述均為可被視為前瞻性陳述的陳述，包括但不限於對我們通過加權利率鎖定量、發起量、通過銷售利潤率和費用的加權收益的拉動的指導。這些陳述基於公司當前的預期和可用信息。

Actual results for future periods may differ materially from these forward-looking statements due to risks or other factors that are described in the Risk Factors sections of our filings with the SEC. A webcast and a transcript of this call will be posted on the company's Investor Relations website at investors.loandepot.com under the Events and Presentations tab.

由於我們向美國證券交易委員會提交的文件的風險因素部分中描述的風險或其他因素，未來期間的實際結果可能與這些前瞻性陳述存在重大差異。本次電話會議的網絡廣播和文字記錄將發佈在公司投資者關係網站investors.loandepot.com 的活動和演示選項卡下。

On today's call we have loanDepot President and Chief Executive Officer, Frank Martell and Chief Financial Officer, Patrick Flanagan to provide an overview of our quarter, as well as our financial and operational results, outlook and to answer your questions. We are also joined by our Chief Capital Markets Officer, Jeff DerGurahian and LDI mortgage President, Jeff Walsh to help address any questions you might have after our prepared remarks.

在今天的電話會議上，loanDepot 總裁兼首席執行官 Frank Martell 和首席財務官 Patrick Flanagan 將提供我們季度的概述，以及我們的財務和運營結果、前景並回答您的問題。我們的首席資本市場官 Jeff DerGurasian 和 LDI 抵押貸款總裁 Jeff Walsh 也加入了我們的行列，以幫助解決您在我們準備好的發言後可能遇到的任何問題。

With that, I'll turn things over to Frank to get a start. Frank?

有了這個，我會把事情交給弗蘭克開始。坦率？

Thank you, Gerhard. Thank you all for joining us on today's call. I look forward to sharing my perspective on market conditions, our results and the company's Vision 2025 plan. Our second quarter results reflect some large call it items, which Pat will elaborate on shortly, as well as the challenging market environment that continued in our industry, which resulted in declines in our mortgage volumes and profit margins. As we discussed a few weeks ago during our public announcement of our Vision 2025 plan, like other mortgage companies, we scaled our organization during 2020 and 2021 to meet the demands of unprecedented mortgage volumes, especially refinancing transactions.

謝謝你，格哈德。感謝大家加入我們今天的電話會議。我期待分享我對市場狀況、我們的業績和公司 2025 年願景計劃的看法。我們的第二季度業績反映了一些大型的所謂的項目，Pat 將在稍後詳細說明，以及我們行業持續的充滿挑戰的市場環境，這導致我們的抵押貸款數量和利潤率下降。正如我們幾週前在公開宣布我們的 2025 年願景計劃時所討論的那樣，與其他抵押貸款公司一樣，我們在 2020 年和 2021 年期間擴大了我們的組織規模，以滿足前所未有的抵押貸款量的需求，尤其是再融資交易。

After 2 years of record-breaking volumes, the market has contracted sharply and abruptly so far this year. We anticipate market conditions will remain challenging over the short to medium-term, with mortgage originations projected to decline by roughly 50% in 2022 from 2021, including an accelerated decline in the second half of 2022. At this point, we expect to see further declines in volumes in 2023. Despite this environment and formed by our Vision 2025 plan, we continue to believe loanDepot is positioned for long-term success, built on the support of a strong balance sheet and ample liquidity.

在連續兩年創紀錄的交易量之後，今年到目前為止，市場急劇收縮。我們預計市場狀況在中短期內仍將充滿挑戰，預計 2022 年抵押貸款發放量將比 2021 年下降約 50%，包括 2022 年下半年加速下降。在這一點上，我們預計會進一步2023 年的交易量下降。儘管在這種環境下並由我們的 2025 年願景計劃形成，但我們仍然相信，在強大的資產負債表和充足流動性的支持下，loanDepot 將取得長期成功。

Our recently announced Vision 2025 plan is designed to address current and anticipated market conditions, achieve run rate profitability exiting 2022 and position the company for long-term value creation. The 4 primary strategic pillars of Vision 2025 are, first, raising our focus on purchase transactions, while serving increasingly diverse communities across the country. As the Company pivots to increasingly purpose driven origination -- organization, we expect to increase our focus on addressing persistent gaps and equitable housing, while advancing the goal of growing our share of lending for purchase transactions and maintaining responsible management of credit risk.

我們最近宣布的 2025 年願景計劃旨在應對當前和預期的市場狀況，在 2022 年實現運行率盈利，並使公司為長期價值創造做好準備。願景 2025 的 4 個主要戰略支柱首先是提高我們對採購交易的關注，同時為全國日益多樣化的社區提供服務。隨著公司轉向越來越以目的為導向的發起組織，我們預計將更加關註解決持續存在的差距和公平住房，同時推進增加購買交易貸款份額和保持負責任的信用風險管理的目標。

Second, meaningfully progress our previously announced growth generating initiatives including launching a digital HELOC product later this year and continuing to leverage our investment in our servicing business. Third, centralizing management of loan originations and fulfillment, increasing operating leverage and achieving best-in-class quality and service levels. And fourth, aggressively right sizing our cost structure for current and expected mortgage origination volumes. Over the past several months, we have taken aggressive actions to realize the goals outlined in our Vision 2025 program. We made substantial progress in a number of critical areas, including, one, pivoting our origination organization toward a unified and purpose driven unit.

其次，有意義地推進我們先前宣布的增長計劃，包括在今年晚些時候推出數字 HELOC 產品，並繼續利用我們對服務業務的投資。三是集中管理貸款發放和履行，提高經營槓桿，實現一流的質量和服務水平。第四，針對當前和預期的抵押貸款發起量，積極調整我們的成本結構。在過去的幾個月裡，我們採取了積極的行動來實現我們的 2025 年願景計劃中概述的目標。我們在許多關鍵領域取得了實質性進展，其中之一是將我們的創始組織轉向一個統一的、以目標為導向的部門。

Second, reducing organizational layers and increasing management spans to create operating efficiencies. Third, centralizing our operations compliant and support efforts. Fourth, cutting third party and facilities related spending and fifth, reducing staffing levels.

二是減少組織層級，增加管理跨度，提高運營效率。第三，集中我們的運營合規和支持工作。第四，削減第三方和設施相關支出。第五，減少人員配備水平。

In a few minutes, Pat will provide additional detail on our progress resetting our cost structure. Importantly, I believe the progress we've made over the past several months, clearly supports the achievement of our goal of achieving run rate operating profitability exiting 2022. Earlier, I mentioned pivoting our originations business to a unified and purpose-driven organization.

幾分鐘後，Pat 將提供有關我們重置成本結構的進度的更多詳細信息。重要的是，我相信我們在過去幾個月中取得的進展，清楚地支持了我們在 2022 年實現運行率運營盈利能力的目標的實現。早些時候，我提到將我們的原始業務轉向一個統一的、以目標為導向的組織。

One of the main goals of Vision 2025 is to delight our customers during one of the most important financial transaction of his or her lifetime. To meet this goal, we want to provide our superior standard of customer service throughout the home ownership journey from marketing to underwriting and closing, to providing ancillary and complementary products and services to servicing the loan for its duration.

願景 2025 的主要目標之一是在客戶一生中最重要的金融交易之一中取悅客戶。為了實現這一目標，我們希望在從營銷到承銷和關閉的整個購房過程中提供卓越的客戶服務標準，再到提供輔助和補充產品和服務以在貸款期間為貸款提供服務。

Working through third party mortgage brokers makes it more difficult for us to control the customer experience and ads a layer of expense that reduces our profitability. Therefore, as part of the Vision 2025 plan, we have initiated the exit of our wholesale business channel. This will enable us to further reduce expenses, consolidate operations and better meet our goals of becoming a purpose-driven organization, with direct customer engagement throughout the entire lending process.

通過第三方抵押貸款經紀人工作使我們更難以控制客戶體驗，並增加了一層降低我們盈利能力的費用。因此，作為2025年願景計劃的一部分，我們已經啟動了批發業務渠道的退出。這將使我們能夠進一步減少開支、整合運營並更好地實現我們成為目標驅動型組織的目標，在整個貸款過程中直接與客戶互動。

In summary, despite challenging market conditions, we remain laser focused on aggressively implementing Vision 2025 and we expect to exit 2022 achieving run rate operating profitability. As we look ahead to 2023 and beyond, I believe loanDepot is well positioned to succeed through leveraging and expanding our unique lending and servicing solutions, driving first quartile cost productivity and process efficiency and harnessing the collective energy and innovative spirit of the companies dedicated team.

總而言之，儘管市場環境充滿挑戰，我們仍然專注於積極實施 2025 年願景，我們預計將在 2022 年退出，實現運行率運營盈利。展望 2023 年及以後，我相信，loanDepot 通過利用和擴展我們獨特的貸款和服務解決方案、推動第一四分位成本生產力和流程效率以及利用公司專業團隊的集體能量和創新精神，已經做好準備取得成功。

With that, I will now turn the call over to Pat Flanagan, who will take you through our financial results in more detail.

有了這個，我現在將把電話轉給帕特弗拉納根，他將帶你更詳細地了解我們的財務業績。

Thanks, Frank and good afternoon, everyone. During the second quarter, loan origination volume was $16 billion, a decrease of 26% from the first quarter of 2022. This was within the guidance we issued last quarter of between USD 13 billion and USD 18 billion. Volume during that period consisted of $10 billion of purchase loan origination and $6 billion of refinance origination, primarily cash out refinances.

謝謝，弗蘭克，大家下午好。第二季度，貸款發放量為 160 億美元，比 2022 年第一季度下降 26%。這在我們上一季度發布的 130 億美元至 180 億美元的指導範圍內。該期間的交易量包括 100 億美元的購買貸款發起和 60 億美元的再融資發起，主要是兌現再融資。

Our strategy to emphasize less interest rate sensitive mortgage products has resulted in an increase in the proportion of purchase transactions from 30% a year ago to 59% in the second quarter, as well as increase in cash out and purchase transactions from 59% to 95% during the same period. Our pull through weighted rate lock volume of $12 billion for the second quarter resulted in quarterly total revenue of $309 million, which represented a 20% or 39% decrease from the first quarter.

我們強調對利率不太敏感的抵押貸款產品的策略導致購買交易的比例從一年前的 30% 增加到第二季度的 59%，現金和購買交易從 59% 增加到 95 % 同期。我們通過第二季度 120 億美元的加權利率鎖定量拉動，導致季度總收入為 3.09 億美元，比第一季度下降 20% 或 39%。

Rate lock volume came in at the low end of our guidance we issued last quarter of $12 billion to $22 billion. The decrease in revenue is a result of significant margin compression driven by increasing volatile interest rate and market adjustments as the industry continues to shed capacity.

利率鎖定量處於我們上個季度發布的 120 億美元至 220 億美元指導的低端。收入下降是由於利率波動加劇和市場調整導致利潤率大幅壓縮，因為該行業繼續削減產能。

Our pull through weighted gain on sale margin for the first quarter came in at 150 basis points, which is below the guidance we provided for the second quarter. An increase in provision for repurchase loss reserve also impacted our revenue and gain on sale margin. Our provision for repurchase reserve increased to $82 million during the second quarter from $13 million during the first quarter. The increase was mainly driven by rapidly increasing interest rate, which negatively impacted the fair value of loans subject to repurchase that were originated in prior periods at lower interest rates. Adjusting for the $69 million increase in the provision for repurchase loss reserve, our pull through weighted gain on sale margin would have been 205 basis points or near the higher end of our guidance for the quarter.

我們第一季度的銷售利潤率加權收益為 150 個基點，低於我們為第二季度提供的指導。回購損失準備金的增加也影響了我們的收入和銷售利潤。我們的回購準備金從第一季度的 1300 萬美元增加到第二季度的 8200 萬美元。增長的主要原因是利率快速上升，這對前期以較低利率產生的回購貸款的公允價值產生了負面影響。對回購損失準備金增加的 6900 萬美元進行調整後，我們通過銷售利潤率加權收益的拉動將達到 205 個基點或接近我們本季度指導的高端。

Turning now to our servicing portfolio. Customer retention remains one of our primary areas of focus. By controlling the entire customer experience and retaining data in our in-house platform, we improve our operating efficiency by capturing additional revenue opportunities and leveraging our marketing and customer acquisition expenses across multiple products and services.

現在轉向我們的服務組合。客戶保留仍然是我們關注的主要領域之一。通過控制整個客戶體驗並在我們的內部平台中保留數據，我們通過捕捉額外的收入機會並利用我們在多種產品和服務中的營銷和客戶獲取費用來提高我們的運營效率。

Our preliminary organic recapture rate remained strong at 72% for the 12 months ended June 30, 2022. The unpaid principal balance of our servicing portfolio increased to $155 billion as of June 30, 2022, compared to $153 billion as of March 31, 2022. This increase was primarily due to net additions to the portfolio, offset somewhat by the sale of $4 billion in unpaid balances during the quarter.

截至 2022 年 6 月 30 日的 12 個月，我們的初步有機回收率保持在 72% 的強勁水平。截至 2022 年 6 月 30 日，我們服務組合的未付本金餘額增加到 1550 億美元，而截至 2022 年 3 月 31 日為 1530 億美元。這一增長主要是由於投資組合的淨增加，但在一定程度上被本季度出售的 40 億美元未付餘額所抵消。

As of the end of the second quarter, we serviced 87% of our portfolio in-house, compared to 67% at the end of the first quarter and we're on track to bring all of our agency in Ginnie Mae servicing in-house before the end of the year. By leveraging our in-house infrastructure for this highly scalable business, we've reduced our quarterly cost of servicing from 2.4 basis points of unpaid balance in the first quarter to 2 basis points in the second.

截至第二季度末，我們為 87% 的投資組合提供了內部服務，而第一季度末為 67%，我們有望讓 Ginnie Mae 的所有代理機構內部服務年底前。通過利用我們的內部基礎設施來開展這項高度可擴展的業務，我們將季度服務成本從第一季度的 2.4 個基點的未付餘額降低到了第二個季度的 2 個基點。

Reflecting the net growth of the portfolio, servicing fee income increased from $111 million in the first quarter of 2022 to $117 million in the second quarter of 2022. We hedge our servicing portfolio, so we do not record the full impact of the increase in fair value in a rising interest rate environment in the results of our operations. We believe this strategy protects against volatility in our earnings and liquidity, our strategy for hedging the servicing portfolio is dynamic and we adjust our hedge positions in reaction to changing interest rate environments.

反映投資組合的淨增長，服務費收入從 2022 年第一季度的 1.11 億美元增加到 2022 年第二季度的 1.17 億美元。我們對沖服務組合，因此我們沒有記錄公平交易增加的全部影響在利率上升的環境中，我們的經營業績的價值。我們相信這種策略可以防止我們的收益和流動性波動，我們對沖服務組合的策略是動態的，我們會根據不斷變化的利率環境調整我們的對沖頭寸。

During our Vision 2025 call in July, we discussed our market outlook for the remainder of 2022. We continue to forecast the market will come in below an annualized $2 trillion, a significant component of this plan is to align our expense base with lower origination volume and create efficiencies we believe will result in improved operating leverage and financial performance over time.

在 7 月的 2025 年願景電話會議中，我們討論了 2022 年剩餘時間的市場前景。我們繼續預測市場將低於年化 2 萬億美元，該計劃的一個重要組成部分是使我們的費用基礎與較低的發起量保持一致並創造我們認為隨著時間的推移會提高運營槓桿和財務業績的效率。

Looking ahead to the third quarter and assuming no material changes in the interest rates or the competitive landscape, we expect both pull through weighted rate lock volume and origination volume between USD 6.5 billion and USD 11.5 billion, reflecting the current interest rate environment weighing on demand. We expect third quarter pull through weighted gain on sale margin to increase from the second quarter margin to between 175 and 225 basis points, reflecting ongoing competitive pressures.

展望第三季度，假設利率或競爭格局沒有重大變化，我們預計加權利率鎖定量和發起量均在 65 億美元至 115 億美元之間，反映出當前的利率環境對需求造成壓力.我們預計第三季度的銷售利潤率加權收益將從第二季度的利潤率增加至 175 至 225 個基點之間，反映出持續的競爭壓力。

Our total expenses for the second quarter of 2022 decreased by $88 million or 8% from the prior quarter, driven primarily by lower personnel expenses, including both salaries and volume-based commissions and lower marketing expenses. The second quarter included charges of $41 million for goodwill impairment, $6 million of real estate and other intangible asset impairment, $4 million of severance benefits and $3 million of consulting and other professional expenses related to Vision 2025.

我們 2022 年第二季度的總費用比上一季度減少了 8800 萬美元或 8%，主要是由於人員費用減少，包括工資和基於數量的佣金以及營銷費用減少。第二季度包括 4100 萬美元的商譽減值費用、600 萬美元的房地產和其他無形資產減值費用、400 萬美元的遣散費以及 300 萬美元的與 Vision 2025 相關的諮詢和其他專業費用。

Net of these items and the $69.2 million increase in the provision of purchase loss reserves, our adjusted second quarter pre-tax loss would have been $130 million. We continue to aggressively reduce our cost structure to return to run rate profitability by the end of 2022. We reduced our headcount from approximately 11,300 at year-end 2021 to approximately 8500 at the end of the second quarter and expect to end the third quarter with our headcount below our previously stated year-end goal of 6500.

扣除這些項目和購買損失準備金增加的 6920 萬美元，我們調整後的第二季度稅前虧損為 1.3 億美元。我們將繼續積極降低成本結構，以在 2022 年底之前恢復運行率盈利能力。我們將員工人數從 2021 年底的約 11,300 人減少到第二季度末的約 8500 人，並預計第三季度末將有我們的員工人數低於我們之前設定的 6500 人的年終目標。

We plan to achieve our cost reduction goal by further reducing management stance, consolidating redundant operational functions, reducing marketing expenditures, real estate cost and other third-party charges. We also continue to evaluate all aspects of our business for potential additional expense reduction as the market continues to evolve.

我們計劃通過進一步減少管理姿態、整合冗餘運營功能、減少營銷支出、房地產成本和其他第三方費用來實現我們的成本降低目標。隨著市場的不斷發展，我們還將繼續評估我們業務的各個方面，以減少潛在的額外費用。

As a reminder, we expect to recognize additional charges during the second half of 2022 as part of our Vision 2025 Plan including severance and benefits related charges, currently anticipated between approximately USD 25 million and USD 28 million, charges related to the exit of real estate now approximately $6 million to $8 million and approximately $7 million to $9 million of outside service costs.

提醒一下，我們預計在 2022 年下半年確認額外費用，作為我們 2025 年願景計劃的一部分，包括遣散費和福利相關費用，目前預計在 2500 萬美元至 2800 萬美元之間，與房地產退出相關的費用現在大約 600 萬至 800 萬美元和大約 700 萬至 900 萬美元的外部服務成本。

Approximately 75% of these expenses will be recognized in the third quarter with the remainder expected in the fourth quarter of the year. The plan is being executed against the backdrop of a strong balance sheet with $1.2 billion of tangible equity, ample liquidity with over $950 million of unrestricted cash and equivalents and what we believe our excellent relationships and the support of our financing partners, the agencies, and other investors.

其中約 75% 的費用將在第三季度確認，其餘費用預計在今年第四季度確認。該計劃是在擁有 12 億美元有形資產的強勁資產負債表、擁有超過 9.5 億美元非限制性現金和等價物的充足流動性以及我們相信我們的良好關係以及我們的融資合作夥伴、代理機構和其他投資者。

With that, we're ready to turn it back to the operator for questions and answers. Operator?

有了這個，我們準備將其轉回給操作員以獲取問題和答案。操作員？

(Operator Instructions) Our first question will come from the line of James Faucette with Morgan Stanley.

（操作員說明）我們的第一個問題將來自摩根士丹利的 James Faucette。

This is Sandy Beatty on for James. Exiting the wholesale channel and in mindful of your outlook just on gain on sale margins, how are you thinking about the cadence, you only provide quarterly guidance here, but the cadence of GOS margins over the coming quarters and will exiting that channel provide some support or upward pressure, really how are you thinking about that?

這是詹姆斯的桑迪比蒂。退出批發渠道並考慮到您對銷售利潤率收益的展望，您如何考慮節奏，您僅在此處提供季度指導，但未來幾個季度 GOS 利潤率的節奏以及退出該渠道將提供一些支持或上行壓力，你真的是怎麼想的？

So, we think, net of the adjustments for the provision increases as we mentioned, margins are expected to be higher in the third quarter within the range that we talked about and exiting the wholesale business actually provide some upward lift to margins.

因此，我們認為，扣除我們提到的撥備增加調整後，第三季度的利潤率預計會在我們討論的範圍內更高，退出批發業務實際上會提高利潤率。

Got it. And then just one follow-up, you walked to the cost structure. Any areas where you're leaning in or maintaining investments that you'd like to call out? I'm thinking technology and a few other things, anything to flag there?

知道了。然後只是一個跟進，你走到成本結構。您想關注或維持投資的任何領域？我在想技術和其他一些東西，有什麼要標記的嗎？

No, I think -- I think really if you look at the $375 million to $400 million full-year run rate cost savings, about 65% of those are going to be in the people area, with the balance being a blend of other third-party and infrastructure related as well. There will be some investments that we will make that will offset some of that reduction primarily around our customer-facing organization, some of our tools, our quality systems as well. So there'll be a few offsets, but in general it breaks down roughly 2-thirds staffing and one-third other.

不，我認為——我認為，如果您查看 3.75 億美元到 4 億美元的全年運行率成本節約，其中約 65% 將用於人員領域，其餘部分是其他三分之一的混合- 派對和基礎設施相關。我們將進行一些投資，以抵消主要圍繞我們面向客戶的組織、我們的一些工具、我們的質量體系的部分減少。所以會有一些抵消，但總的來說，它分解了大約三分之二的人員和三分之一的其他人員。

Your next question will come from the line of Doug Harter with Credit Suisse.

您的下一個問題將來自瑞士信貸的 Doug Harter。

Just on your commentary that you expect to be breakeven by the end of this year, what -- what are you expecting on the revenue side there, how much contribution from home equity are you expecting or is it mainly on the cost side, that gets you back to breakeven?

僅根據您的評論，您預計到今年年底將實現盈虧平衡，您對收入方面的期望是什麼，您期望房屋淨值的貢獻是多少，或者主要是在成本方面，得到你恢復盈虧平衡了嗎？

Yes, I think that the primary focus is adjusting our cost structure to the market forecast that both Pat and I talked about. I think HELOC is a very modest because we're launching it later in the year, is a very modest contributor really, really a minimis frankly.

是的，我認為主要關注點是調整我們的成本結構以適應帕特和我談到的市場預測。我認為 HELOC 非常謙虛，因為我們將在今年晚些時候推出它，坦率地說，它是一個非常謙虛的貢獻者，真的，真的是微不足道的。

And then just to make sure I understand the volume guidance in the context of exiting wholesale, I guess when do you expect to kind of stop funding volumes and how much of kind of the 3Q volume guide is from wholesale?

然後只是為了確保我理解退出批發背景下的交易量指導，我猜你預計什麼時候會停止融資交易量，以及 3Q 交易量指導中有多少來自批發？

Hi. The plan is to fund out the remaining wholesale pipeline, which is approximately $1 billion and have the entire pipeline wrapped up by the end of October of this year.

你好。該計劃是為剩餘的批發管道提供資金，大約 10 億美元，並在今年 10 月底之前完成整個管道。

Your next question will come from the line of Trevor Cranston with JMP Securities.

您的下一個問題將來自 JMP 證券公司的 Trevor Cranston。

Follow-up on the question about the plan to exit 2022 being profitable. Can you comment on what's kind of baked into that projection in terms of where you need to see volume and gain on sale levels, is it kind of steady from what you're expecting in the third quarter, is there any improvement at all baked into the expectation to get back to profitability?

跟進有關退出 2022 年的計劃是否盈利的問題。您能否評論一下該預測中包含哪些內容，您需要在哪裡看到銷量和銷售水平的增長？與您在第三季度的預期相比，它是否穩定，是否有任何改進？恢復盈利的期望？

Yes, I think broadly speaking, of course, we're looking at in-market that looks more like in the low $2 trillions for the year, so that implies a slowdown -- slow down through the second half of the year. And then as I mentioned in my prepared remarks, we're looking at a decline into 2023. So I think it's important to recognize that our plans incorporate a run rate that will allow us to overcome that, expect a downdraft as well. I think if you look at '23, we're kind of thinking in line with most of the other externally available MBA, it's a forecast that are out there. We saw a bit more conservative applied conservatism applied on our part.

是的，我認為從廣義上講，當然，我們正在關註今年看起來更像是低 2 萬億美元的市場，因此這意味著放緩 - 在今年下半年放緩。然後正如我在準備好的講話中提到的那樣，我們正在考慮到 2023 年下降。所以我認為重要的是要認識到我們的計劃包含一個運行率，這將使我們能夠克服這一點，預計也會出現下降。我認為，如果您查看 23 年，我們的想法與大多數其他外部可用的 MBA 一致，這是一個預測。我們看到我們應用了更保守的應用保守主義。

As far as and as far as again on sale margins, the plan that we've been talking about the Vision 2025 plan ending the year with run rate profitability assumes that the fourth quarter gain on sale margins should be relatively consistent with the guidance we provided for Q3.

就銷售利潤率而言，我們一直在談論以運行率盈利結束今年的 2025 年願景計劃的計劃假設第四季度的銷售利潤率增長應該與我們提供的指導相對一致第三季度。

Okay, got it. And then you mentioned the, the impact of higher rates on the -- the repurchase provision in the second quarter. I guess when you -- when we look at how rates have moved so far in the third quarter if they were to stay relatively steady from here, would it be reasonable to expect some of that provision to come back in 3Q just based on our rates of move?

好，知道了。然後你提到了更高利率對第二季度回購準備金的影響。我猜當你 - 當我們看看第三季度到目前為止的利率如何從這裡保持相對穩定時，僅根據我們的利率預期其中一些撥備在第三季度恢復是否合理？的移動？

Well, it's -- we think that the provision levels are accurate for what we see in the future. We think that over time, as rates continue to rise at a slower pace or remain stable that, that gap will come back and the provision will look similar to historic levels. So this was an anomaly around the differential between the rate when the loans are originated and the rate that we at market rates when we repurchase.

嗯，這是 - 我們認為提供水平對於我們未來看到的情況是準確的。我們認為，隨著時間的推移，隨著利率繼續以較慢的速度上升或保持穩定，這種差距將會回來，並且撥備看起來將與歷史水平相似。因此，這是圍繞貸款發放時的利率與我們回購時的市場利率之間的差異的異常情況。

Your next question will come from the line of Kevin Barker with Piper Sandler.

您的下一個問題將來自 Kevin Barker 和 Piper Sandler 的觀點。

So how much of OpEx or operating -- I'm sorry, operating expenses will decline from the exit in the broker channel? And is this fully embedded in your guidance for $375 million to $400 million of expenses?

那麼有多少 OpEx 或運營 - 對不起，運營費用會從經紀人渠道的退出中下降？這是否完全包含在您對 3.75 億美元至 4 億美元費用的指導中？

Yes, Kevin, it's included as part of the overall run rate reductions in the $375 million to $400 million.

是的，凱文，它包含在 3.75 億美元至 4 億美元的整體運行率降低中。

Okay. And then how much is coming from -- directly from the exit of broker channel, are you able to provide that or?

好的。然後有多少來自 - 直接來自經紀人渠道的出口，你能提供嗎？

No, we don't provide that level of specificity.

不，我們不提供那種級別的特異性。

Okay. And then in regards to the expenses, how much is already embedded within the second quarter operating expenses, excluding the goodwill impairment?

好的。然後關於費用，第二季度運營費用中已經包含多少，不包括商譽減值？

Can you please say embedded, can you just define what that you're talking about there, just be clear?

你能說嵌入式嗎，你能定義一下你在說什麼嗎，只是清楚嗎？

How much of the $375 million to $400 million of expense saves that you laid out has already been achieved as of the second quarter with the $520 million of operating expenses that you reported, excluding the $41 million of goodwill impairment.

截至第二季度，在您報告的 5.2 億美元運營費用（不包括 4100 萬美元的商譽減值）中，您所安排的 3.75 億美元至 4 億美元的費用節省中有多少已經實現。

So in terms of the $375 million to $400 million of expense reduction, so that's really not -- I think goodwill is not in that number, just to be clear. So we've identified substantially all of that and have action plans against all of that. There's still a bit to solve for, but essentially I'd say that we're very close to identifying the entire target and actually have action plans, a lot of a substantial amount, well over half of that's actually been actioned or is in the process of being actioned as of today.

因此，就減少 3.75 億美元到 4 億美元的費用而言，這真的不是——我認為商譽不在這個數字之內，只是為了清楚起見。所以我們基本上已經確定了所有這些，並針對所有這些制定了行動計劃。還有一些問題需要解決，但基本上我想說，我們非常接近確定整個目標，並且實際上已經制定了行動計劃，而且數量很多，其中超過一半實際上已經採取行動或正在截至今天正在採取行動的過程。

A significant portion will be realized in Q3, a significant amount of headcount reductions were July and August and there's a couple of months of severance expense at trails as a result of those terminations.

很大一部分將在第三季度實現，大量裁員發生在 7 月和 8 月，並且由於這些終止，會有幾個月的遣散費。

Okay. So when we think about the move in operating expenses from $606 million in the first quarter, the $520 million in the second quarter, how much of that is due to the expense saving as you put in place versus production declines, is another way to look at it, like how much more do we -- should we expect?

好的。因此，當我們考慮運營費用從第一季度的 6.06 億美元到第二季度的 5.2 億美元時，其中有多少是由於您實施的費用節省與產量下降相比，這是另一種看待方式對此，我們還有多少——我們應該期待嗎？

We had headcount declines of -- was about 25% reduction in the quarter. We had a 40% reduction in the quarter -- quarter-over-quarter for marketing expense, 15% was personnel related and then 8% was volume-based commission plan. So there was adjusted expenses were 17% lower quarter-over-quarter. So it's -- we didn't break it out that way because we were projecting the volume decline into the model, so I don't have it sort of segregated against Vision 2025 and volume decline. It was all intermingled into getting to the appropriate level of expenses.

本季度我們的員工人數減少了約 25%。我們在本季度減少了 40%——營銷費用環比減少，15% 與人員相關，然後 8% 是基於數量的佣金計劃。因此，調整後的費用環比下降了 17%。所以它 - 我們沒有那樣打破它，因為我們將銷量下降預測到模型中，所以我沒有將它與 2025 年願景和銷量下降分開。這一切都混合到達到適當的費用水平。

Your next question will come from the line of Stephen Sheldon with William Blair.

你的下一個問題將來自斯蒂芬謝爾頓和威廉布萊爾的說法。

Hey, team. This is Pat McIlwee on for Stephen today. So my first one, what top of funnel trends have you been seeing as mortgage rates have pulled back a little bit in recent weeks? Just curious, are you seeing any more organic traffic at all as that's happened?

嘿，團隊。這是今天斯蒂芬的帕特麥克爾維。所以我的第一個問題是，隨著抵押貸款利率在最近幾周有所回落，您看到了哪些漏斗趨勢？只是好奇，您是否看到任何更多的自然流量？

Not to a material degree.

不是物質程度。

Okay. And then how do you think about your ability to gain market share in this declining originations market? Or is this really more about positioning yourself to stabilize the cost structure and then gain market share once volumes really do stabilize?

好的。那麼您如何看待您在這個下降的起源市場中獲得市場份額的能力？或者這真的更多是為了穩定成本結構，然後在銷量真正穩定後獲得市場份額？

Yes, we're not going to chase market share. So we are very focused on pivoting to a purpose-driven, affordable lending, underserved lending model. It's going to take some time for us to get there. We're very laser-focused on cash flow profitability. Certainly, we have areas that we think we're strong in from a market position standpoint. But in terms of, in general, trying to drive share in this environment is not something we're trying to do.

是的，我們不會追逐市場份額。因此，我們非常專注於轉向以目的為導向、負擔得起的貸款、服務不足的貸款模式。我們需要一些時間才能到達那裡。我們非常關注現金流的盈利能力。當然，從市場地位的角度來看，我們有一些我們認為我們擅長的領域。但總的來說，試圖在這種環境中推動分享並不是我們想要做的事情。

So it's much more of a focus on trying to get the -- toward a model whereby we are intimate with our customers throughout the life cycle of their transactions. So you're going to see a lot more focus on our talk rack around that kind of mantra. But we're not chasing share in volume at the expense of liquidity and profitability and strategy, frankly.

因此，它更多地側重於嘗試使我們在客戶交易的整個生命週期內與客戶保持親密的模式。所以你會看到更多的焦點放在我們圍繞這種口頭禪的談話架上。但坦率地說，我們並沒有以犧牲流動性、盈利能力和戰略為代價來追逐銷量份額。

Your next question will come from the line of Mark DeVries with Barclays.

您的下一個問題將來自 Mark DeVries 和 Barclays。

Yes, couple of questions about the exit of wholesale. One is just a point of clarification, are you just getting out of the broker business or are you also exiting the work with the JVs?

是的，關於批發退出的幾個問題。一個只是澄清一點，您是剛剛退出經紀人業務，還是您也退出了與合資企業的工作？

No, this is simply related to wholesale and non-delegated correspondent business channel. And in the partnership channel, we'd always separate it those to entities, joint venture still being a big part of our focus with new builder and affordable housing and such and wholesale and non-delegated correspondent is what is being wound up currently.

不，這只是與批發和非授權代理業務渠道有關。在合作夥伴渠道中，我們總是將其與實體分開，合資企業仍然是我們關注新建築和經濟適用房的重要組成部分，而目前正在清盤的此類批發和非授權代理。

Okay. And Frank, could you just talk a little bit more about the decision to exit as opposed to just attempt to take out some of the cost and try and continue to run those businesses?

好的。弗蘭克，你能否多談談退出的決定，而不是僅僅試圖拿出一些成本並嘗試繼續經營這些業務？

Yes, look, I think we want to stand for something. So when we talk about purchase driven, I think the demographic shifts in housing and mortgage are such that we think the future is around serving a broader contingency, particularly the diversity of the millennial and the subsequent generations there. So -- and that implies a lot of investment in certain areas over time to be able to do that. So we're definitely looking at the demographics in the long-term view and trying to make sure that we service those markets and have the solutions to service those markets and delight the customers.

是的，看，我想我們想要代表一些東西。因此，當我們談論購買驅動時，我認為住房和抵押貸款的人口變化是這樣的，我們認為未來將圍繞著服務於更廣泛的突發事件，特別是千禧一代和後代的多樣性。所以 - 這意味著隨著時間的推移在某些領域進行大量投資才能做到這一點。因此，我們肯定會從長遠角度看待人口統計數據，並努力確保我們為這些市場提供服務，並擁有服務這些市場並取悅客戶的解決方案。

My view is some of this -- we've had 4 go-to-market channels. We want to go to one kind of -- and frankly, we've operate those in somewhat separate ways to some degree. So we're trying to go to a unified back office where we have unified operational group and the support around that. And then really free up the team to look at the market holistically and serve the end markets that we want to serve, which is that purpose-driven lending.

我的觀點是其中的一些——我們有 4 個進入市場的渠道。我們想去一種——坦率地說，我們在某種程度上以某種不同的方式來操作它們。因此，我們正在嘗試建立一個統一的後台辦公室，在那裡我們擁有統一的運營團隊和相關支持。然後真正解放團隊，從整體上審視市場，為我們想要服務的終端市場服務，這就是以目的為導向的貸款。

It's going to take us a little bit of time to get there, but I think the exit of wholesale like I talked about, is really around trying to get more intimate with the customer set and not go through intermediaries, not that we wouldn't do some of that if it serve the strategy, but and certainly we're simplifying our organization in the process.

我們需要一點時間才能到達那裡，但我認為像我所說的批發的退出，實際上是試圖與客戶群更加親密，而不是通過中介，並不是說我們不會如果它服務於戰略，請做一些事情，但我們肯定會在此過程中簡化我們的組織。

Got it. Makes sense. And then just one question about the guidance for 3Q, pretty wide range on the 2 origination ranges. What kind of gets you to the high end and what scenario gets you to the low end of those ranges?

知道了。說得通。然後只是一個關於 3Q 指導的問題，在 2 個初始範圍內的範圍相當廣泛。什麼樣的情況讓你達到高端，什麼樣的場景讓你達到這些範圍的低端？

I think we -- they're same dollar ranges we've previously given. We understand the context is wider because of just the shrinking market. So I think it really is dependent on market conditions in the near-term. So it is -- it's a very fast-moving market. Part of that range is how well our JVs do in completing inventory by year-end. And so the volatility is what makes us need to give a wide range.

我認為我們 - 它們與我們之前給出的美元範圍相同。我們理解，由於市場萎縮，背景更廣。所以我認為這確實取決於近期的市場狀況。所以它是 - 這是一個非常快速發展的市場。該範圍的一部分是我們的合資企業在年底完成庫存方面的表現。因此，波動性使我們需要提供廣泛的範圍。

Our next question will come from the line of Kevin Barker with Piper Sandler.

我們的下一個問題將來自 Kevin Barker 和 Piper Sandler。

Hey, thanks. I just wanted to clarify and follow up some of the questions about the gain on sale margin in this quarter, given the decline. You broke up a little bit on the call, so I just wanted to clarify some of those. Was this related specifically to repurchase liability? Or was it due to loans and pipeline that were unable to be sold or the market moves quickly against you? How should we think about like the decline in gains on margin in the second quarter?

嘿，謝謝。鑑於下降，我只是想澄清並跟進有關本季度銷售利潤率收益的一些問題。你在電話中分手了一點，所以我只是想澄清一些。這是否與回購責任特別相關？還是由於無法出售的貸款和管道，或者市場對您不利？我們應該如何看待第二季度利潤率收益的下降？

Yes, it's almost entirely in repurchase activity and the market price differential from the increase in interest rates.

是的，它幾乎完全是在回購活動和利率上升的市場價格差異。

Okay. So...

好的。所以...

Not -- so a lot really.

不——真的很多。

Okay. And so the repurchase liability, is that related to the -- your pipeline from the second quarter? Or is this loans over a long period of time that is related to?

好的。因此，回購責任與您第二季度的管道有關嗎？還是這與長期貸款有關？

The loans that were sold home loan over the last 12 months that come back for record warrant violations or performance-related issues. And there were -- it was 3% loans repurchased in a 6% world, right? You have a differential of almost 300 basis points. And on top of that, new yield requirements by purchasers of these types of loans.

在過去 12 個月內出售的房屋貸款因違反記錄令或與業績相關的問題而退回。還有——在 6% 的世界裡回購了 3% 的貸款，對吧？您的差價接近 300 個基點。最重要的是，這類貸款的購買者提出了新的收益率要求。

Our next question will come from the line of Kyle Joseph with Jefferies.

我們的下一個問題將來自 Kyle Joseph 和 Jefferies。

Sorry to cover this, hopped on a little late. But just one follow-up would be on your 3Q guidance and kind of the intermediate term outlook going into the fourth quarter in terms of breakeven. Can you give us a sense for the cadence and magnitude of MSR sales?

很抱歉覆蓋這個，跳得有點晚了。但只有一個後續行動是關於你的第三季度指導和進入第四季度的中期展望，以實現盈虧平衡。您能否讓我們了解 MSR 銷售的節奏和幅度？

So we are trying to accelerate the cost-cutting and expense savings into the third quarter to -- so we can preserve most of the balance sheet and have to sell less MSRs to cover operating losses. We did complete a $18.6 billion MSR sale in July. That was in the 6/30, the June 30 quarter end marks reflected the value of that MSR sale. So the market was still robust in the second quarter, so we can rely on MSR sales that we have to. But our focus is to shrink operating losses and eliminate the cash burn from operating losses as quickly as possible. And then we'll continue to adjust the mix of both the amount of servicing we sell at the time of origination and couple that with any other bulk sales should we need to, to bolster liquidity. But the goal is to try to minimize the amount of MSR sales going forward.

因此，我們正試圖在第三季度加速削減成本和節省開支，這樣我們就可以保留大部分資產負債表，並且不得不出售更少的 MSR 來彌補運營損失。我們確實在 7 月份完成了 186 億美元的 MSR 銷售。那是在 6 月 30 日，6 月 30 日的季度結束標記反映了 MSR 銷售的價值。所以第二季度市場仍然強勁，所以我們可以依靠我們必須的 MSR 銷售。但我們的重點是盡快減少經營虧損並消除經營虧損造成的現金消耗。然後，我們將繼續調整我們在發起時銷售的服務數量的組合，並將其與我們需要的任何其他批量銷售相結合，以增強流動性。但目標是盡量減少未來的 MSR 銷售量。

I will now turn the conference back over to management for any closing remarks.

我現在將把會議轉回管理層，以便發表任何結束語。

Okay. Thank you, Regina. Look, thanks, everybody again for joining us and for some very good questions, we appreciate that. I just want to close by reiterating our Vision 2025 plan is having its intended effect. We have -- we've made a tremendous amount of progress both structurally and from an operational point of view. And I think those are the actions needed to achieve our targeted $375 million to $400 million annualized expense savings target going into 2023. And I think we're on our way to achieving that and to hit run rate profitability exiting this year, which has been the goal.

好的。謝謝你，里賈納。看，再次感謝大家加入我們並提出一些非常好的問題，我們對此表示感謝。最後，我想重申我們的 2025 年願景計劃正在產生預期效果。我們已經——無論是從結構上還是從運營的角度來看，我們都取得了巨大的進步。我認為這些是實現我們到 2023 年的 3.75 億美元至 4 億美元的年化開支節省目標所需的行動。我認為我們正在實現這一目標並達到今年退出的運行率盈利能力，這一直是目標。

As Pat mentioned, we have strong liquidity and we want to preserve that. And so we want to do that without selling MSRs if possible, so that is definitely the goal and we're making progress there. We do have an eye on the lower volume scenario anticipated for '23 and making sure that's incorporated in our planning. So we do have one eye on '23 as well. I think importantly, looking forward from a business point of view, I think I'm excited about our strategic pivot to a purchase -- a purpose-driven organization.

正如帕特所說，我們擁有強大的流動性，我們希望保持這種流動性。因此，如果可能的話，我們希望在不出售 MSR 的情況下做到這一點，所以這絕對是我們的目標，我們正在那裡取得進展。我們確實關注 23 年預期的較低產量情景，並確保將其納入我們的計劃中。因此，我們也確實關注 23 年。我認為重要的是，從業務的角度來看，我認為我對我們的戰略轉向購買感到興奮 - 一個以目標為導向的組織。

We have a number of new digital solutions that we think, including the HELOC solution, which we think will be innovative and differentiate the company in the marketplace. And I think importantly, we also have a best-in-class servicing operation, which we think we can leverage for growth as well. So those are good growth aspects, it's not just cost cutting, but there is growth entailed in our plan. And look on behalf of Pat and the rest of the team, I want to thank everybody and we look forward to continue to keep you all apprised on our drive to enhance both short-term and long-term shareholder value.

我們認為，我們有許多新的數字解決方案，包括 HELOC 解決方案，我們認為這將是創新的，並使公司在市場上脫穎而出。而且我認為重要的是，我們還擁有一流的服務運營，我們認為我們也可以利用它來實現增長。因此，這些都是良好的增長方面，不僅僅是削減成本，而且我們的計劃中也包含增長。我代表 Pat 和團隊其他成員向大家表示感謝，我們期待繼續讓大家了解我們提高短期和長期股東價值的努力。

Ladies and gentlemen, that will conclude today's call. Thank you all for joining. You may now disconnect.

女士們先生們，今天的電話會議到此結束。謝謝大家的加入。您現在可以斷開連接。