loanDepot Inc (LDI) 2024 Q2 法說會逐字稿

Good afternoon, and welcome to loanDepot's second-quarter 2024 earnings conference call. (Operator Instructions) I would now like to turn the call over to Gerhard Erdelji, Senior Vice President, Investor Relations. Please go ahead.

下午好，歡迎參加 LoanDepot 2024 年第二季財報電話會議。 （操作員指示）我現在想將電話轉給投資者關係高級副總裁 Gerhard Erdelji。請繼續。

Thank you. Good afternoon, everyone and thank you for joining loanDepot's second-quarter 2024 earnings conference call. 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, the status of litigation, and expense trends. These statements are based on the company's current expectations and available information.

謝謝。大家下午好，感謝您參加 LoanDepot 的 2024 年第二季財報電話會議。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營運和財務表現的前瞻性陳述。除歷史事實陳述外的所有陳述均可被視為前瞻性陳述，包括但不限於我們的拉動加權利率鎖定量、發起量、銷售利潤拉動加權收益的指導、訴訟狀況和費用趨勢。這些陳述是基於公司目前的預期和現有資訊。

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 section of our filings with the SEC. Our presentation today contains certain non-GAAP financial measures that we believe provide additional insight into analyzing and benchmarking the performance and value of our business and facilitating company-to-company operating performance comparisons. For more details on these non-GAAP financial measures, including reconciliation to the most directly comparable GAAP measures, please refer to today's earnings release which is available on our website at investors.loandepot.com.

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所述的風險或其他因素，未來時期的實際結果可能與這些前瞻性陳述有重大差異。我們今天的演示包含某些非公認會計準則財務指標，我們相信這些指標可以為分析和基準化我們業務的績效和價值以及促進公司之間的營運績效比較提供更多見解。有關這些非 GAAP 財務指標的更多詳細信息，包括與最直接可比較的 GAAP 指標的調節，請參閱今天的收益報告，該報告可在我們的網站 Investors.loandepot.com 上獲取。

A webcast and transcript of this call will be posted to our website after the conclusion of this call. On today's call, we have loanDepot President and Chief Executive Officer, Frank Martell; and Chief Financial Officer, Dave Hayes, 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 Chief Investment Officer, Jeff DerGurahian; and LDI Mortgage President, Jeff Walsh, to help address any questions you might have after our prepared remarks. And with that, I'll turn things over to Frank to get us started. Frank?

本次電話會議的網路廣播和文字記錄將在本次電話會議結束後發佈到我們的網站上。出席今天的電話會議的有 LoanDepot 總裁兼執行長 Frank Martell；財務長戴夫·海耶斯 (Dave Hayes) 概述了我們的季度狀況以及我們的財務和營運業績、前景，並回答了您的問題。首席投資長 Jeff DerGurahian 也加入了我們的行列； LDI 抵押貸款總裁 Jeff Walsh 在我們準備好的演講後幫助解決您可能提出的任何問題。有了這個，我會把事情交給弗蘭克來讓我們開始。坦率？

Thank you, Gerhard. I appreciate everyone taking the time to join us on the call this afternoon. Today. I look forward to sharing my perspectives on the following three topics. First, the progress we are making toward achieving our Vision 2025 strategic program; second, loan depots, Q2 operational and financial performance highlights, which I believe validate the significant progress and impact of Vision 2025; and third and finally, our current view of market conditions and the outlook for the balance of 2024 and 2025.

謝謝你，格哈德。我感謝大家今天下午抽出時間參加我們的電話會議。今天。我期待就以下三個主題分享我的觀點。首先，我們在實現 2025 年願景策略計畫方面的進展；第二，貸款機構、第二季營運和財務表現亮點，我相信這驗證了 2025 年願景的重大進展和影響；第三，也是最後一點，我們目前對市場狀況的看法以及對 2024 年和 2025 年的展望。

As you know, we announced Vision 2025 in mid 2022 in response to one of the most abrupt and significant contractions in housing and mortgage volumes in a generation. Over the past two years, Vision 2025, with its four strategic pillars, has been the battle plan that we followed to tackle market realities in the short term, while positioning the company for profitable growth, market leadership, and sustained value creation in the years ahead.

如您所知，我們在 2022 年年中宣布了 2025 年願景，以應對一代人以來最突然、最嚴重的住房和抵押貸款數量收縮之一。在過去的兩年裡，願景 2025 及其四大戰略支柱是我們在短期內應對市場現實的作戰計劃，同時為公司在未來幾年內實現盈利增長、市場領先和持續價值創造奠定了基礎。

A brief description of the scope of the four pillars of Vision 2025, as well as a short synopsis of the progress we made against each of these pillars follows. Pillar number one focuses on transforming the company's origination business and driving purchase transactions with expanded emphasis on purpose driven lending and first time homebuyers.

以下簡要描述了 2025 年願景四大支柱的範圍，以及我們在每個支柱方面取得的進展的簡短摘要。第一支柱專注於轉變公司的原始業務並推動購買交易，同時更加重視目的驅動的貸款和首次購房者。

Over the past two years, we've added new products that address affordability issues such as AccessONE+ and accessZERO. We've expanded our VA lending operation and we've invested in our point of sale and mellohome platforms.

在過去兩年中，我們新增了解決負擔能力問題的新產品，例如 AccessONE+ 和 accessZERO。我們擴大了 VA 貸款業務，並投資了銷售點和 mellohome 平台。

Pillar number two, which centers on investing in profitable growth generating initiatives and launching innovative cutting-edge solutions that form the foundation of a life cycle relationship with first time homebuyers and homeowners. In this area, we launched and expanded our home equity suite of products, including a home equity line of credit and stand-alone second mortgage loan. We deployed our next generation melloNow digital underwriting engine, brought our servicing business in house, and expanded our unique joint venture business with homebuilders.

第二支柱，重點是投資於可獲利成長的舉措，並推出創新的尖端解決方案，為與首次購房者和房主建立生命週期關係的基礎。在這一領域，我們推出並擴展了房屋淨值產品套件，包括房屋淨值信貸額度和獨立第二抵押貸款。我們部署了下一代 melloNow 數位承保引擎，將我們的服務業務引入內部，並擴大了我們與住宅建築商的獨特合資業務。

Pillar three calls for the reducing complexity and simplifying our organization structure with an emphasis on driving client engagement, quality, automation, and operating leverage. To date, we have revamped our compensation programs to drive revenue and best-in-class quality as well as support recruitment and retention of best available talent. We've also reduced the number of organizational management layers and eliminated unnecessary silos in many parts of the organization, including loan production and operations.

第三支柱要求降低複雜性並簡化我們的組織結構，重點是推動客戶參與、品質、自動化和營運槓桿。迄今為止，我們已經修改了薪酬計劃，以提高收入和一流的質量，並支持招募和留住最優秀的人才。我們還減少了組織管理層的數量，並消除了組織許多部分中不必要的孤島，包括貸款生產和營運。

And finally, Pillar four targets the aggressive rightsizing of loan depots, cost structure to be in line with marketing realities while investing our long-term goal of becoming the lowest cost, highest quality producer of home lending solutions. By the end of 2023, we had reduced annualized non-volume related expenses by over $660 million from the second quarter of 2022.

最後，第四支柱的目標是積極調整貸款庫規模，使成本結構符合行銷現實，同時投資我們的長期目標，即成為成本最低、品質最高的房屋貸款解決方案生產商。到 2023 年底，我們已比 2022 年第二季減少了年化非銷售相關費用超過 6.6 億美元。

During the first half of this year, we completed an additional $120 million productivity program. The implementation of Vision 2025 has been instrumental in successfully navigating the historic downturn in the mortgage market over the past few years. We've reset the organization for the value markets while building our operational capabilities.

今年上半年，我們額外完成了 1.2 億美元的生產力計畫。 2025 年願景的實施對於成功應對過去幾年抵押貸款市場的歷史性低迷發揮了重要作用。我們在建構營運能力的同時，針對價值市場重新調整了組織結構。

While we have delivered on a comprehensive reduction of our expense base, Vision 2025 is far more than just a cost cutting exercise. It also requires us to continually invest in our people, products, and technology platforms. We believe these investments position the company to significantly expand market share and grow profitability going forward.

雖然我們全面削減了開支基礎，但 2025 年願景遠不止於削減成本而已。它還要求我們持續投資於我們的人員、產品和技術平台。我們相信這些投資將使公司能夠顯著擴大市場份額並提高未來的獲利能力。

Over the coming months, we will be pivoting from Vision 2025 to a new strategic plan, which will lay out the roadmap we plan to follow to innovate and drive sustainable market leadership and durable profitable growth as a lifetime partner for customers over the course of their entire home ownership journey. We plan to announce the details of our new strategic plan during our upcoming Q3 earnings release cycle.

在接下來的幾個月裡，我們將從2025 年願景轉向新的策略計劃，該計劃將製定我們計劃遵循的路線圖，以創新、推動可持續的市場領導地位和持久的盈利增長，成為客戶在其整個發展過程中的終身合作夥伴。我們計劃在即將到來的第三季收益發布週期中宣布新戰略計劃的細節。

So in terms of our second quarter performance, by most measures, I believe we delivered our strongest operational results since the beginning of the market downturn. As I mentioned earlier, I also believe that loanDepot's Q2 operational financial performance provides important points of reference for the progress and impact of Vision 2025.

因此，就我們第二季的業績而言，從大多數標準來看，我相信我們實現了自市場低迷開始以來最強勁的營運表現。正如我之前提到的，我也相信loanDepot第二季度的營運財務表現為Vision 2025的進展和影響提供了重要的參考。

Our positive operational momentum was driven by profitable adjusted total revenue growth as well as our ongoing commitment to cost discipline and the progressive introduction of platforms and tools, which support automation and operating leverage. We also continued to see strong contributions from our well-regarded servicing operation. The combination of those factors contributed to higher margins and market share gain in our origination business in Q2.

我們積極的營運動能是由獲利調整後的總收入成長以及我們對成本控制的持續承諾以及逐步引入支援自動化和營運槓桿的平台和工具所推動的。我們也繼續看到我們備受推崇的服務業務做出的巨大貢獻。這些因素的結合促成了第二季度我們的原創業務的更高的利潤率和市場份額的成長。

In terms of total profitability, in Q2, we achieved positive adjusted EBITDA of $35 million and reduced our adjusted net loss by 56% year on year to $16 million. One final and important note on Q2, during the quarter, we successfully completed a tender exchange of our 2025 unsecured notes and reached a tentative agreement to settle class-action litigation associated with our January cyber attack. These milestone achievements, which Dave will elaborate on a bit later, provide important clarity and visibility for all of our stakeholders.

就總獲利能力而言，第二季度，我們實現了 3,500 萬美元的正調整 EBITDA，調整後淨虧損年減 56% 至 1,600 萬美元。關於第二季度的最後一個重要說明是，在本季度，我們成功完成了 2025 年無擔保票據的招標交換，並達成了一項臨時協議，以解決與 1 月份網路攻擊相關的集體訴訟。戴夫稍後將詳細闡述這些里程碑式的成就，為我們所有利害關係人提供了重要的清晰度和可見性。

Looking forward to the balance of 2024 and into 2025, in July, the Mortgage Bankers Association increased their forecast of 2025 mortgage market volumes to $2.1 trillion. This compares with their current estimate of $1.8 trillion for 2024.

展望 2024 年和 2025 年，抵押貸款銀行家協會於 7 月將 2025 年抵押貸款市場規模的預測上調至 2.1 兆美元。相比之下，他們目前預計 2024 年將達到 1.8 兆美元。

As we look ahead, based on increasing potential for moderation of mortgage interest rates as well as more homes for sale going into 2025, we believe there is an increasing possibility of an upward trend in housing transactions and mortgage market activity led initially by growing household formation trends and the demand for home equity linked to mortgage products for home improvement, debt consolidation, and/or personal liability management.

展望未來，基於抵押貸款利率放緩的可能性越來越大，以及進入2025 年將有更多房屋出售，我們認為，住房交易和抵押貸款市場活動出現上升趨勢的可能性越來越大，而房屋交易和抵押貸款市場活動最初是由家庭形成的成長所帶動的。

Over the past six months, we have been investing in our origination capabilities by boosting the number of loan officers and origination, our operational staff as well as investing in products and processes that will provide operating leverage with specific focus on a range of home equity solutions as well as refinancing and purchase products.

在過去的六個月中，我們一直在投資於我們的發起能力，增加了信貸員和發起人、營運人員的數量，並投資於將提供營運槓桿的產品和流程，特別關註一系列房屋淨值解決方案以及再融資和購買產品。

The company is also actively working to expand our end market retail franchise with additional staffing and product offerings, which primarily serves the largest portion of the market home purchase. With the investment in new products, people and platforms that we've made to date and those currently in flight, we believe we're increasingly well positioned to expand market share and accelerate our revenue growth with our expanding portfolio of lending and lending adjacent solutions for homeowners as market volumes begin to track upward heading into 2025.

該公司還積極致力於透過增加人員配備和產品供應來擴大我們的終端市場零售特許經營權，這主要服務於市場購房的最大部分。透過我們迄今為止對新產品、人員和平台以及目前正在運行的產品、人員和平台的投資，我們相信，透過不斷擴大的貸款和貸款相鄰解決方案組合，我們將越來越有能力擴大市場份額並加速我們的收入成長對於房主來說，隨著市場容量在 2025 年開始上升。

I want to conclude my prepared remarks today by thanking team loanDepot and our other stakeholders for their ongoing support. Our focus on delivering against our Vision 2025 imperatives is positioning us for the future while creating a pathway for market leadership and profitability as the market returns to more normal levels of activity. With that, I'll turn the call over to Dave, who will take us through our financial results in more detail.

在結束今天準備好的演講時，我想感謝貸款倉庫團隊和我們其他利害關係人的持續支持。我們專注於實現 2025 年願景的要求，為我們的未來做好準備，同時隨著市場恢復到更正常的活動水平，為市場領導地位和盈利能力創造一條途徑。接下來，我會將電話轉給戴夫，他將向我們詳細介紹我們的財務表現。

Thanks, Frank, and good afternoon, everyone. Our adjusted net loss decreased from $36 million in the second quarter of 2023 to $16 million in the second quarter of this year, due both to higher adjusted revenue and lower operating expenses. Total expenses in the quarter were impacted by approximately $37 million of nonoperational charges that Frank touched on.

謝謝弗蘭克，大家下午好。由於調整後收入增加和營運費用減少，我們調整後的淨虧損從 2023 年第二季的 3,600 萬美元減少到今年第二季的 1,600 萬美元。 Frank 提到的約 3700 萬美元的非營運費用影響了本季的總支出。

We accrued $27 million, primarily as part of reaching an agreement in principle to settle the class action litigation related to the January 2024 cyber incident and which, as Frank noted, will put the impact of this class action cyber litigation quickly behind us.

我們籌集了2700 萬美元，主要是作為達成原則協議的一部分，以解決與2024 年1 月網絡事件相關的集體訴訟，正如Frank 指出的那樣，這將很快將這一集體訴訟網絡訴訟的影響拋諸腦後。

We also successfully completed a tender exchange of our 2025 unsecured notes, extending the maturity to 2027 and reducing outstanding corporate debt by $137 million. As part of this transaction, we recorded a $6 million loss on the extinguishment of debt.

我們也成功完成了 2025 年無擔保票據的招標交換，將期限延長至 2027 年，並將未償公司債務減少了 1.37 億美元。作為這筆交易的一部分，我們因債務清償而損失了 600 萬美元。

During the second quarter, pull through weighted rate lock volume was $5.8 billion, which represented a 5% decrease from the second quarter of 2023 and reflected the ongoing impact of higher rates and the lack of supply of home sales -- homes for sale. Rate lock volume came in within the guidance we issued last quarter of $4.5 billion to $6.5 billion and contributed to adjusted total revenue of 278 million compared to 269 million in the second quarter of 2023.

第二季度，加權比率鎖定成交量為 58 億美元，較 2023 年第二季下降 5%，反映了利率上升和房屋銷售供應不足的持續影響。利率鎖定量符合我們上季發布的 45 億至 65 億美元的指導範圍，調整後的總收入為 2.78 億美元，而 2023 年第二季為 2.69 億美元。

The year-over-year increase in adjusted total revenue is primarily result of higher servicing fee income and pull-through weighted gain on sale margin. Our pull-through weighted gain on sale margin for the second quarter came in at 322 basis points above our guidance of 260 to 290 basis points and compared to 285 basis points in the second quarter of 2023.

調整後總收入的年增率主要是由於服務費收入增加和銷售利潤率的拉動加權收益。我們第二季銷售利潤率的拉動加權增益為 322 個基點，比我們指導的 260 至 290 個基點高出 322 個基點，而 2023 年第二季為 285 個基點。

Our higher gain on sale margin benefited from the reversal of the loss provision, reflecting the strong credit performance of our historical production vintages as well as growing contributions of higher margin home equity products. Our loan origination volume was $6.1 billion for the quarter, a decrease of 3% from the second quarter of 2023. This was also within the guidance we issued last quarter of between $5 billion and $7 billion.

我們較高的銷售利潤率收益得益於損失撥備的轉回，反映了我們歷史生產年份的強勁信用表現以及利潤率較高的房屋淨值產品的貢獻不斷增加。我們本季的貸款發放量為 61 億美元，比 2023 年第二季下降 3%。

While origination volume was down, our market share resumed its growth sector, following the cyber related interruption of the business during the first quarter. Our market share improved to 142 basis points in the quarter compared to 136 basis points in the second quarter of 2023.

儘管發起量下降，但在第一季因網路相關業務中斷後，我們的市佔率恢復了成長。我們的市佔率在本季提高至 142 個基點，而 2023 年第二季為 136 個基點。

Servicing fee income increased from $120 million in the second quarter of 2023 to $125 million in the second quarter of 2024, due in part to higher earnings credits on custodial balances from higher interest rates. As part of the debt exchange, we opportunistically took advantage of strong market conditions and monetize approximately $29 billion of unpaid principal balance of our mortgage servicing rights. As a result of the smaller portfolio, we expect servicing revenue to decrease somewhat going forward.

服務費收入從 2023 年第二季的 1.2 億美元增加到 2024 年第二季的 1.25 億美元，部分原因是利率上升導致託管餘額的收益抵免增加。作為債務交換的一部分，我們機會主義地利用強勁的市場條件，將抵押貸款服務權的約 290 億美元未付本金餘額貨幣化。由於產品組合規模較小，我們預期未來服務收入將會下降。

We hedge our servicing portfolio, so we do not record the full impact of the changes in fair value and the results of our operation. 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 environment.

我們對沖我們的服務組合，因此我們沒有記錄公允價值變動和我們經營績效的全部影響。我們相信這項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，我們根據不斷變化的利率環境調整對沖頭寸。

Our total expenses for the second quarter of 2024 increased by $12 million or 4% from the prior year quarter. The primary drivers of the increase were the previously mentioned one-time charges related to the expected settlement of the cyber related litigation and costs associated with the tender exchange transaction. These were offset somewhat by lower personnel related costs driven by headcount falling by over 400 FTE during the period and lower marketing costs.

我們 2024 年第二季的總支出比去年同期增加了 1,200 萬美元，即 4%。成長的主要驅動因素是前面提到的與網路相關訴訟的預期和解相關的一次性費用以及與投標交換交易相關的成本。在此期間，FTE 員工人數減少了 400 多人，導致人員相關成本下降，而且行銷成本下降，這在一定程度上抵消了這些成本。

We are pleased to report that we completed our $120 million supplemental productivity program during the second quarter. These improvements were primarily achieved through decreased third-party vendor spend, lower salary expenses, and reduced real estate related costs.

我們很高興地報告，我們在第二季完成了 1.2 億美元的補充生產力計劃。這些改進主要是透過減少第三方供應商支出、降低工資支出以及減少房地產相關成本來實現的。

Restructuring related and impairment charges totaled $4 million, down from $6 million in the second quarter of 2023. Excluding the $27 million cost of the cyber incident, the $6 million loss on the extinguishment of the debt in the $4 million restructuring and asset impairment charges, we accomplished meaningful expense savings, reducing operating expenses by 6% to $306 million in the second quarter of '24 from $324 million in the second quarter of '23 on a comparable basis.

重組相關費用和減損費​​用總計400 萬美元，低於2023 年第二季的600 萬美元。 600 萬美元損失，我們實現了顯著的費用節省，在可比基礎上，營運費用從 23 年第二季的 3.24 億美元減少到 24 年第二季的 3.06 億美元，減少了 6%。

Looking ahead to the third quarter, we expect both pull-through weighted and origination volumes of between $5 billion and $7 billion. We also expect our third-quarter pull-through weighted gain on sale margin to the between 280 and 300 basis points.

展望第三季度，我們預計拉動加權交易量和發起交易量將在 50 億美元至 70 億美元之間。我們也預計第三季銷售利潤率的拉動加權收益將達到 280 至 300 個基點。

During the third quarter, we expect expenses will decrease, primarily reflecting the unique charges we incurred during the second quarter. Our cost reset, balance sheet management activities, and the proactive resolution of outstanding litigation has significantly reduced our risk profile and targeted a pathway towards profitability while allowing us to maintain strong liquidity position, where we ended the quarter with $533 million of cash.

在第三季度，我們預計費用將會減少，主要反映了我們在第二季度產生的獨特費用。我們的成本重置、資產負債表管理活動以及未決訴訟的主動解決大大降低了我們的風險狀況，並瞄準了盈利之路，同時使我們能夠保持強勁的流動性狀況，本季度末我們擁有5.33億美元的現金。

At the same time, we have continued to make investments in our people, platforms, and programs. While persistently higher interest rates have put pressure on market volumes, we are laser focused on our commitment to profitability and continue to work with discipline to grow revenues and manage costs. With that, we're ready to turn it back to the operator for Q&A. Operator?

同時，我們繼續對我們的人員、平台和項目進行投資。儘管持續走高的利率給市場規模帶來了壓力，但我們仍高度專注於獲利能力的承諾，並繼續遵守紀律以增加收入和管理成本。這樣，我們就準備好將其交回給操作員進行問答。操作員？

(Operator Instructions) Douglas Harter.

（操作員說明）道格拉斯·哈特。

Thanks. Could you first talk about what type of or what was the coupon on the MSR that you sold in the quarter?

謝謝。您能否先談談您本季銷售的 MSR 上的優惠券是什麼類型或是什麼？

Hi Doug, this is Jeff DerGurahian. It was lower coupon originations largely from 2020 and 2021 vintages.

嗨，道格，我是傑夫·德古拉希安。優惠券的發放量較低，主要來自 2020 年和 2021 年年份。

Great. And then, just more broadly then, as you look at your servicing portfolio, how do you think about the potential refinance opportunity that could come from it, both today or are there -- or is more of a rate move needed before you can unlock more volume.

偉大的。然後，更廣泛地說，當你審視你的服務組合時，你如何看待可能來自其中的潛在再融資機會，無論是現在還是在那裡——或者更多的是在解鎖之前需要利率變動更多的音量。

There's opportunity, whether it's today through our home equity products that we continue to expand and enhance. Or if rates do happen to move lower, we'll obviously look to do rate and term refinances and debt consolidation to continue to help our borrower base?

機會是存在的，無論是今天透過我們不斷擴展和增強的房屋淨值產品。或者，如果利率確實下降，我們顯然會尋求利率和定期再融資以及債務合併，以繼續幫助我們的借款人基礎？

Is there sort of a rate that you're thinking about that might switch that opportunity from home equity to rate term?

您正在考慮是否有某種利率可以將機會從房屋淨值轉變為利率期限？

There's still wide range of products and rates in the portfolio. So as the market moves, we continue to use the tools we have to optimize whatever outreach we have to our borrowers.

產品組合中仍有廣泛的產品和費率。因此，隨著市場的變化，我們將繼續使用我們擁有的工具來優化我們對借款人的影響。

Okay, thank you.

好的，謝謝。

Derek Sommers

德里克·薩默斯

Hey, good afternoon, everyone. Just looking into your Q3 guidance. Could you maybe break out what's embedded or what assumptions are embedded into that guidance, particularly on the volumes?

嘿，大家下午好。只是看看你的第三季指導。您能否透露一下指南中嵌入了什麼內容或嵌入了哪些假設，特別是在數量方面？

Yes, I can speak to it. And so one of the probably biggest assumptions as we come off of the second quarter is we did have a loan loss reserve true-up that benefited the gain on sale margin which was about 18 basis points for the year-over-year comparative.

是的，我可以和它說話。因此，第二季結束時最大的假設之一是，我們確實調整了貸款損失準備金，這有利於銷售利潤率的成長，與去年同期相比，銷售利潤率成長約 18 個基點。

So that coming out, we'll produce our gain-on-sale margin closer to three or five. And then I think just general market conditions a little bit of mix shift maybe towards refinance and form sort of our guidance for the third quarter.

這樣一來，我們的銷售利潤率將接近三到五。然後我認為，整體市場狀況可能會向再融資方向發生一些混合變化，並形成我們對第三季的指導。

Okay. Got it. And then how do you guys think about capacity moving forward, both from on your warehouse lines and maybe from operational headcount perspective as well?

好的。知道了。那麼你們如何看待未來的產能，無論是從倉庫線還是從營運人員的角度來看？

I'll speak to the warehouse lines. We don't have any concerns on that front. We feel like we've got ample capacity and can ramp up as needed operationally?

我會和倉庫線談談。我們在這方面沒有任何擔憂。我們覺得我們有足夠的產能並且可以根據營運需求增加？

Yeah. So thanks for the question. So operationally, as I mentioned in my prepared remarks, over the last six months, we have been gradually increasing the number of LOs that we have and our operational capabilities as well, some through automation and through staffing levels. And we're kind of leaning into the anticipation that the market will continue to rebound and rates will moderate.

是的。謝謝你的提問。因此，在營運方面，正如我在準備好的演講中提到的那樣，在過去六個月中，我們一直在逐步增加我們擁有的聯絡官數量以及我們的營運能力，其中一些是透過自動化和人員配置水平來實現的。我們傾向於預期市場將繼續反彈且利率將放緩。

And as I mentioned -- I think that's an increasing likelihood. So we believe that we have the capacity to pick up incremental volume, but I think also the automation to pick up the operating leverage associated with that. So it's not as people intensive as it might have been in the past. So I think we're fairly well positioned, and we were more optimistic about the rate environment.

正如我所提到的，我認為這種可能性越來越大。因此，我們相信我們有能力增加銷量，但我認為也有能力提高與之相關的營運槓桿。因此，它不像過去那樣人員密集。因此，我認為我們處於相當有利的位置，我們對利率環境更加樂觀。

Got it. Thank you. I'll hop back in the queue.

知道了。謝謝。我會跳回到隊列中。

[John] Davis.

[約翰]戴維斯。

Hey, guys, this is Taylor on for JD. So yeah, it was good to see total market share tick up during the quarter. Can you just unpack that a little for us if there's anything of note that drove the higher growth rate relative to the industry?

嘿，夥計們，這是 JD 的泰勒。所以，是的，很高興看到本季總市佔率有所上升。如果有什麼值得注意的因素推動了相對於產業的更高成長率，您能否為我們簡單介紹一下？

Yeah, this is Jeff Walsh. I think our unique channel mix allows us to lean into various parts of the market, specifically new home build, which is a strong area for us and cash out refinance, which is a growing segment that we're seeing both in the home equity side and also just the debt consolidation side. And the most -- I'm sure part of the market has been the resale market just due to the availability of inventory. But as Frank mentioned, we're well positioned there as well with our in-market retail team and gaining share in that channel as well.

是的，這是傑夫·沃爾什。我認為我們獨特的通路組合使我們能夠涉足市場的各個部分，特別是新房建設，這對我們來說是一個強大的領域，而現金再融資是我們在房屋淨值方面看到的一個不斷增長的領域還有債務合併方面。最重要的是——我確信市場的一部分是轉售市場，因為庫存充足。但正如弗蘭克所提到的，我們在市場上的零售團隊也處於有利地位，並在該通路中獲得了份額。

Great. Thanks.

偉大的。謝謝。

There are no further question at this time. Frank Martell, I turn the call back over to you.

目前沒有進一步的問題。法蘭克‧馬泰爾，我把電話轉回給你。

Thank you, Kathleen. So look, thank you everybody for joining our call today. I want to thank Dave Gearhart, Jeff Walsh, and Jeff DerGurahian and the rest of our team for all the good work that's gone into implementing Vision 2025. And you're seeing that, I think increasingly reflected in the financial results. I'm really proud of the dedication, resiliency, and accomplishments of team loanDepot.

謝謝你，凱瑟琳。謝謝大家今天加入我們的電話會議。我要感謝戴夫·吉爾哈特(Dave Gearhart)、傑夫·沃爾什(Jeff Walsh) 和傑夫·德古拉希安(Jeff DerGurahian) 以及我們團隊的其他成員為實施2025 年願景所做的所有出色工作。我對貸款倉庫團隊的奉獻精神、韌性和成就感到非常自豪。

I do think that second-quarter results clearly demonstrate the positive progress we're making. And I think with the rising potential of improving market fundamentals and trends heading into 2025, we're going to remain laser focused on achieving sustainable profitability but at the same time becoming the innovative and trusted partner for first time homebuyers throughout their journey of homeownership.

我確實認為第二季的業績清楚地表明了我們正在取得的積極進展。我認為，隨著進入 2025 年市場基本面和趨勢改善的潛力不斷增加，我們將繼續專注於實現可持續盈利能力，同時成為首次購房者在整個購房過程中值得信賴的創新合作夥伴。

At loanDepot, we often talk about home means everything. And our growing team of professionals deliver a complete suite of products and services that fuel the American dream. So with that, I appreciate everybody's time today and look forward to updating you in the future.

在loanDepot，我們經常談論家意味著一切。我們不斷成長的專業團隊提供一整套產品和服務，為美國夢提供動力。因此，我感謝大家今天抽出時間，並期待將來為您提供最新消息。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。