loanDepot Inc (LDI) 2024 Q3 法說會逐字稿

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

下午好，歡迎參加 LoanDepot 2024 年第三季財報電話會議。 （操作員說明）。我現在想把今天的電話轉給格哈德·埃爾德爾吉 (Gerhard Erdelji)。投資者關係資深副總裁。請繼續。

Thank you. Good afternoon, everyone, and thank you for joining our third quarter 2024 earnings call.

謝謝。大家下午好，感謝您參加我們的 2024 年第三季財報電話會議。

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 expense trends.

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，包括但不限於對我們的拉動加權利率鎖定量、發起量、銷售利潤和費用的拉動加權收益的指導趨勢。

These statements are based on the company's current expectations and available information. 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.

這些陳述是基於公司目前的預期和現有資訊。由於我們向 SEC 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。

Our presentation today contains certain non-GAAP financial measures that we believe provide additional insight into analyzing and benchmarking 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. A webcast and a transcript of this call will be posted on our website after the conclusion of this call.

我們今天的演示包含某些非公認會計原則財務指標，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。本次電話會議結束後，我們的網站上將發布本次電話會議的網路廣播和文字記錄。

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.

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展望，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。

With that, I'll turn things over to Frank to get us started. Frank?

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 today. LoanDepot returned to profitability in the third quarter through the successful implementation of our Vision 2025 strategic program. Our results were driven by higher origination volumes, margin expansion and the benefit of our process improvement and cost productivity programs.

謝謝你，格哈德。我感謝大家今天抽出時間參加我們的電話會議。透過成功實施 2025 年願景策略計劃，LoanDepot 在第三季恢復獲利。我們的業績是由更高的起始量、利潤成長以及我們的流程改善和成本生產力計劃的好處所推動的。

As our shareholders know well, we announced Vision 2025 in July of 2022 in response to one of the most abrupt and significant contractions in housing and mortgage volumes in a generation. Over the past three years, Vision 2025 has been our battle plan to both deal with the realities of a significantly smaller market and positioned the company for long-term success. Achieving Vision 2025 was truly a team effort as we navigated turbulent market conditions over the past three years.

正如我們的股東所熟知的那樣，我們於 2022 年 7 月宣布了 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。在過去的三年裡，2025 年願景一直是我們的戰鬥計劃，既要應對市場明顯縮小的現實，又要讓公司長期成功。過去三年，我們因應動盪的市場環境，實現 2025 年願景確實需要團隊的努力。

Before I talk about our new strategic plan, it's worth noting some of the key accomplishments of our Vision 2025 plan, which had four strategic pillars. Pillar one focused on transforming the company's origination business and driving purchase transactions with an expanded emphasis on purpose-driven lending and first-time homebuyers. Over the past three years, we've added new products to address affordability issues, grew our VA lending operation, expanded our business footprint with homebuilders and enhance our mellohome offerings.

在談論我們的新策略計劃之前，值得注意的是我們的 2025 年願景計劃的一些關鍵成就，該計劃有四個策略支柱。第一支柱專注於轉變公司的發起業務並推動購買交易，並更加重視以目的為導向的貸款和首次購房者。在過去的三年裡，我們增加了新產品來解決負擔能力問題，發展了我們的 VA 貸款業務，擴大了我們與住宅建築商的業務範圍，並增強了我們的 mellohome 產品。

Pillar two centered on investing in profitable growth generating initiatives and launching innovative new solutions that form the foundation of a life cycle relationship with first-time homebuyers and owners. In this area, we launched a portfolio of home equity products, including a home equity line of credit and a stand-alone second mortgage loan. We also introduced our next-generation [mellownow] digital underwriting engine and brought our servicing business in-house.

第二支柱的重點是投資於可獲利成長的舉措，並推出創新的新解決方案，為與首次購屋者和業主建立生命週期關係的基礎。在這一領域，我們推出了房屋淨值產品組合，包括房屋淨值信貸額度和獨立的第二抵押貸款。我們也推出了下一代 [mellownow] 數位承保引擎，並將我們的服務業務納入內部。

Pillar three centered on reducing complexity and simplifying our organizational structure with an emphasis on client engagement, quality, automation and operating leverage. Over the past couple of years, we have revamped our compensation programs to drive revenues and best-in-class quality while supporting the recruitment, training and retention of the best available health. We also reduced a number of organizational and management layers and eliminated unnecessarily silos in many parts of our organization.

第三支柱的重點是降低複雜性和簡化我們的組織結構，重點是客戶參與、品質、自動化和營運槓桿。在過去的幾年裡，我們改進了薪酬計劃，以提高收入和一流的質量，同時支援招募、培訓和保留最佳健康人才。我們也減少了一些組織和管理階層，並消除了組織許多部分不必要的孤島。

And finally, Pillar number four are focused on aligning loanDepot's cost structure with market realities while simultaneously investing in our long-term goal of becoming the lowest cost by its quality producer. From the second quarter of 2022, the end of the third quarter of 2024, and -- we reduced annualized nonvolume expenses by over $730 million. While achieving top quartile loan quality production.

最後，第四支柱專注於使 LoanDepot 的成本結構與市場現實保持一致，同時投資於我們的長期目標，即成為成本最低的優質生產商。從 2022 年第二季到 2024 年第三季末，我們將年化非銷售支出減少了超過 7.3 億美元。同時實現最高四分之一的貸款品質生產。

Achieving the objectives outlined in Vision 2025 and -- has been instrumental in successfully navigating this historic downturn in the mortgage market. We successfully reset the organization for the realities of the current market, but it's important to understand that Vision 2025 was far more than just a cost-cutting exercise.

實現 2025 年願景中概述的目標，對於成功應對抵押貸款市場的歷史性低迷發揮了重要作用。我們成功地根據當前市場的現實重新調整了組織結構，但重要的是要了解 2025 年願景不僅僅是一項削減成本的活動。

We created new operational capabilities and made significant and strategic investments in our people, our products and our technology platforms that are intended to position the company for differentiated market leadership as the housing market recovers.

我們創造了新的營運能力，並對我們的員工、產品和技術平台進行了重大策略性投資，旨在隨著房地產市場的復甦，使公司處於差異化的市場領導地位。

As we look forward to a healthier and more normalized housing market, it is now time for the company to look forward to a new horizon and focus on capitalizing on our many opportunities to offer differentiated value proposition to our stakeholders. To this end, I'm pleased to announce the launch of Project North Star, our new strategic blueprint for the next three years.

當我們期待一個更健康、更規範的房地產市場時，公司現在應該展望新的視野，專注於利用我們的眾多機會，為利害關係人提供差異化的價值主張。為此，我很高興地宣布啟動“北極星計劃”，這是我們未來三年的新戰略藍圖。

Project North Star builds on the foundational imperatives of Vision 2025, and -- including our focus on durable revenue growth, positive operating leverage, best-in-class productivity and investments in platforms and solutions that support and ultimately transform our customers' homeownership journey.

北極星計畫建立在 2025 年願景的基本要求之上，包括我們對持久收入成長、積極的營運槓桿、一流的生產力以及對支持並最終改變客戶置業之旅的平台和解決方案的投資的關注。

The 5 strategic pillars of Project North Star are as follows. Pillar number one, to become the leading partner -- a lending partner of choice for homeowners with an emphasis on first-time homebuyers, supporting those clients to the life cycle of their homeownership journey. To do this, we plan to develop and launch a unique AI powered relationship management and engagement platform that allows our customers to optimize their home buying, selling, equity optimization and home management experiences.

北極星計畫的 5 個戰略支柱如下。第一個支柱是成為領先的合作夥伴——房主首選的貸款合作夥伴，重點是首次購房者，為這些客戶的購房之旅的整個生命週期提供支援。為此，我們計劃開發並推出一個獨特的人工智慧驅動的關係管理和參與平台，使我們的客戶能夠優化他們的房屋購買、銷售、股權優化和房屋管理體驗。

Pillar two focuses on growing our purchase mortgage reach and capabilities through an expanded geographic footprint and partnerships with key industry participants, including realtors and builders.

第二支柱著重於透過擴大地理覆蓋範圍以及與主要行業參與者（包括房地產經紀人和建築商）的合作夥伴關係來擴大我們的購買抵押貸款覆蓋範圍和能力。

Pillar three focuses on continuing to invest in at scale our servicing portfolio and maintain best-in-class recapture rates.

第三支柱專注於繼續大規模投資我們的服務組合併保持一流的回收率。

Pillar four focuses on building out our low touch, automated, data-driven mortgage loan processing workflow to drive operating leverage, quality and to substantially drive turn times down. In this term, we will support a superior customer experience and ultimately, higher revenue as we deliver a consistent durable margins and profitability.

第四支柱專注於建立我們的低接觸、自動化、數據驅動的抵押貸款處理工作流程，以提高營運槓桿、品質並大幅縮短週轉時間。在此期間，我們將提供卓越的客戶體驗，並最終實現更高的收入，因為我們將提供持續穩定的利潤和獲利能力。

And finally, pillar five is about becoming the mortgage industry's employer of choice, successfully recruiting, developing and retaining the best talent available. We will continue to simplify our organization, reduce management layers and eliminate unnecessary silos to increase innovation and ownership throughout the enterprise.

最後，第五支柱是成為抵押貸款行業的首選雇主，成功招募、培養和留住最優秀的人才。我們將繼續簡化組織、減少管理層並消除不必要的孤島，以增加整個企業的創新和所有權。

We embarked on Project North Star, confident in the talent and resilience of the 4,500-plus members of team loanDepot. We believe our team, coupled with our unique multichannel platform provides the key ingredients needed to become the go-to lending partner for increasingly diverse communities homeowners, including first-time homebuyers and support those clients throughout the life cycle of their homeownership journey.

我們對貸款倉庫 4,500 多名成員的才能和韌性充滿信心，並開始了北極星計畫。我們相信，我們的團隊加上我們獨特的多通路平台，可以提供成為日益多元化的社區房主（包括首次購房者）首選貸款合作夥伴所需的關鍵要素，並在客戶的購房過程的整個生命週期中為這些客戶提供支援。

I will wrap up my prepared remarks today with a few observations on the current outlook for housing and mortgage markets. Over the past couple of years, the housing market has experienced challenges that have resulted in the lowest volume of existing and overall home sales since 1995.

我將透過對當前住房和抵押貸款市場前景的一些觀察來結束今天準備好的發言。過去幾年，房地產市場經歷了挑戰，導致現有房屋和整體房屋銷售量降至 1995 年以來的最低水準。

The factors that contributed to lower home sales, including the persistent lack of housing stock fueled by chronic underbuilding; the hangover for ultra-low mortgage rates in 2020 and 2021 and an affordability crisis impacting many first-time homebuyers can only be addressed through a concerted public-private cooperation.

導致房屋銷售下降的因素，包括長期建設不足導致房屋存量持續不足； 2020年和2021年超低抵押貸款利率的後遺症以及影響許多首次購房者的負擔能力危機只能透過公私合作來解決。

Despite these challenges looking forward, the Mortgage Bankers Association recently forecast 2025 mortgage market volumes at $2.3 trillion, which is up from a forecast of $1.8 trillion for 2024. The MBA forecast for 2025 assumes a progressive moderation of mortgage rates as well as more homes for sale.

儘管未來將面臨這些挑戰，抵押貸款銀行家協會最近預測2025 年抵押貸款市場交易量將達到2.3 兆美元，高於2024 年的1.8 兆美元預測。放緩，並且有更多住房可供購買。

Based on this and other internal market intelligence, we believe there is an increasing possibility for upward trend in housing transactions and mortgage market activities led initially by growing household formation trends and supported by demand for home equity linked mortgage products for home improvement, debt consolidation or personal liquidity management.

根據這項資訊和其他內部市場情報，我們認為，房屋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，這最初是由不斷增長的家庭形成趨勢帶動的，並受到對房屋淨值掛鉤抵押貸款產品的需求的支持，這些抵押貸款產品用於家庭裝修、債務合併或個人流動性管理。

With the successful completion of Vision 2025 and an exciting new plan ahead in terms of Project North Star, we believe loanDepot is well positioned to capitalize on improving market conditions in 2025 and beyond.

隨著 2025 年願景的成功完成以及北極星計畫的令人興奮的新計劃，我們相信，loanDepot 已做好充分準備，能夠利用 2025 年及以後市場狀況的改善。

In closing, I'd like to thank every member of team loanDepot, as well as our other key stakeholders for their ongoing support. Working together toward a common purpose, you've demonstrated your tenacity, commitment and resilience in the face of significant adversity all the while delivering important positive changes and forward momentum for the company.

最後，我要感謝 LoanDepot 團隊的每一位成員，以及我們其他主要利害關係人的持續支持。你們為了一個共同的目標而共同努力，在面對重大逆境時表現出了堅韌、承諾和韌性，同時為公司帶來了重要的積極變化和前進動力。

With that, I'll now turn the call over to Dave, who will take us through the financial results in more detail.

現在，我將把電話轉給戴夫，他將向我們詳細介紹財務表現。

Thanks, Frank, and good afternoon, everyone. We are pleased that the successful completion of the strategic objectives of Vision 2025 has delivered the company's first profitable quarter since the beginning of the market downturn in the first quarter of 2022. The third quarter served as validation of our strategy as we saw a modest improvement in the mortgage market, which, when coupled with the company's positive operating leverage, fueled our return to profitability.

謝謝弗蘭克，大家下午好。我們很高興地看到，2025 年願景戰略目標的成功實現，為公司帶來了自2022 年第一季市場低迷開始以來的第一個盈利季度。適度的改善在抵押貸款市場上，再加上公司的積極經營槓桿，推動了我們恢復盈利。

Now as we embark on Project North Star, we transitioned to a company posture that focuses on consistent profitability and shareholder returns by growing stable revenue sources and investing in processes that will result in positive operating leverage. We reported adjusted net income of $7 million in the third quarter compared to an adjusted net loss of $29 million in the third quarter of 2023 due primarily to higher adjusted revenues from higher volume and gain on sale margins.

現在，當我們著手實施北極星計畫時，我們轉變了一種公司姿態，即透過增加穩定的收入來源和投資能夠帶來積極營運槓桿的流程，專注於持續的盈利能力和股東回報。我們報告第三季調整後淨利潤為 700 萬美元，而 2023 年第三季調整後淨虧損為 2,900 萬美元，這主要是由於銷售增加和銷售利潤率成長帶來的調整後收入增加。

During the third quarter, pull-through weighted rate lock volume was $6.7 billion, which represented a 19% increase from the prior year's volume of $5.8 billion, and reflected the impact of lower rates for a portion of the quarter. Rate block volume came in on the high end of the guidance we issued last quarter of $5 billion to $7 billion and contributed to adjusted total revenue of $320 million compared to $261 million in the third quarter of 2023.

第三季度，拉動加權利率鎖定交易量為 67 億美元，比上年同期的 58 億美元增長了 19%，反映了該季度部分時間利率下降的影響。費率區塊交易量處於我們上季度發布的指導方針的高端，為 50 億至 70 億美元，調整後的總收入為 3.2 億美元，而 2023 年第三季為 2.61 億美元。

Our multichannel strategy has proven successful in the third quarter by delivering higher year-over-year volume of purchase originations in a supply-constrained market. And a meaningful increase in refinance originations, particularly during the period in the third quarter where long-term interest rates fell. Our pull-through weighted gain on sale margin for the third quarter came in at 329 basis points above our guidance of 280 to 300 basis points and compared to 293 basis points in the prior year.

我們的多通路策略在第三季取得了成功，在供應有限的市場中實現了同比更高的採購量。再融資發起量顯著增加，特別是在長期利率下降的第三季期間。我們第三季銷售利潤率的拉動加權增益為 329 個基點，比我們指導的 280 至 300 個基點高出 329 個基點，而去年同期為 293 個基點。

Our higher gain on sale margin primarily benefited from a channel mix away from JV toward our other channels and wider overall margins across our primary product set.

我們較高的銷售利潤率成長主要得益於從合資企業轉向其他通路的通路組合以及我們主要產品組合整體利潤率的提高。

Our loan origination volume was $6.7 billion for the quarter, an increase of 9% from the prior year's volume was $6.1 billion. This was also near the high end of the guidance we issued last quarter of between $5 billion and $7 billion. Servicing fee income increased from $121 million in the third quarter of 2023 and -- to $124 million in the third quarter of 2024, due in part to higher earnings credits on custodial balances from higher interest rates and higher custodial balances.

本季我們的貸款發放量為 67 億美元，比前一年的 61 億美元增加了 9%。這也接近我們上季發布的 50 億至 70 億美元指引的上限。服務費收入從 2023 年第三季的 1.21 億美元增加到 2024 年第三季的 1.24 億美元，部分原因是利率上升和託管餘額增加導致託管餘額收益增加。

We hedge our servicing portfolio. So we do not record the full impact of the changes in fair value in the results of the operations. We believe this strategy protects against volatility of 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.

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對經營績效的全部影響。我們相信這項策略可以防止收益和流動性的波動。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 third quarter of 2024 increased by $6 million or 2% from the prior year quarter. The primary drivers of the increase were higher commission, direct origination expenses, marketing and overtime, reflecting the increase in volume. Our third quarter expenses reflect a net benefit of $19 million, primarily associated with the expected insurance proceeds related to the settlement of class action litigation connected to the first quarter cybersecurity incident.

我們 2024 年第三季的總支出比去年同期增加了 600 萬美元，即 2%。成長的主要驅動因素是更高的佣金、直接發起費用、行銷和加班，反映了數量的成長。我們第三季的支出反映了 1,900 萬美元的淨收益，主要與與第一季網路安全事件相關的集體訴訟和解相關的預期保險收益相關。

Restructuring-related and impairment charges totaled $2 million, down slightly from the third quarter of 2023. Excluding the impact of the insurance benefit, restructuring and asset impairment charges, the increase in our expenses were primarily related to higher commissions, direct origination expenses, marketing and overtime related expenses to our increased volumes during the quarter as well as higher salary-related expenses, reflecting an increase in head count as we build capacity for expectations of higher volumes going forward offset somewhat by our ongoing productivity initiatives.

重組相關費用和減損費​​用總計200 萬美元，較2023 年第三季略有下降。有關。抵消。

Looking ahead to the fourth quarter, we expect pull-through weighted lock volume of between $5.5 billion and $7.5 billion and origination volume of between $6 billion and $8 billion. Volume guidance reflects the seasonal decrease in purchase activity and the impact of funding the higher volume loans locked during the third quarter that remains in our pipeline. We expect our fourth quarter pull-through weighted gain on sale margin to be between 285 and 305 basis points.

展望第四季度，我們預計拉動加權鎖定量將在 55 億美元至 75 億美元之間，發起量將在 60 億美元至 80 億美元之間。數量指引反映了購買活動的季節性減少以及為第三季鎖定的大量貸款提供資金的影響（這些貸款仍在我們的管道中）。我們預計第四季銷售利潤率的拉動加權收益將在 285 至 305 個基點之間。

We also expect fourth quarter to be negatively impacted by lower servicing revenue related to the second quarter MSR sales as well as the absence of the onetime insurance benefit previously discussed and higher volume-related expenses from closings of loans locked during the third quarter.

我們還預計第四季度將受到與第二季 MSR 銷售相關的服務收入下降、先前討論的一次性保險福利的缺失以及第三季鎖定貸款結清導致的與數量相關的費用增加的負面影響。

Our cost reset focused on creating positive operating leverage and balance sheet management activities have significantly reduced our risk profile and charted the path towards profitability, while allowing us to maintain a strong liquidity position. We ended the quarter with $483 million in cash. Most notably, our third quarter results demonstrate that loanDepot can quickly accrue the benefits of a higher market volumes.

我們的成本重置專注於創造積極的營運槓桿和資產負債表管理活動，顯著降低了我們的風險狀況，並製定了盈利之路，同時使我們能夠保持強勁的流動性狀況。本季結束時，我們的現金為 4.83 億美元。最值得注意的是，我們第三季的業績表明，loanDepot 可以迅速獲得更高市場容量的好處。

As we look towards 2025, we anticipate continued market challenges, but we believe the implementation of Project North Star will allow us to capture the benefit of higher market volumes, while we continue to capitalize on our ongoing investments and operational efficiency to achieve sustainable profitability in a wide variety of operating environments.

展望 2025 年，我們預計市場挑戰將持續存在，但我們相信北極星計畫的實施將使我們能夠從更高的市場容量中獲益，同時我們繼續利用我們正在進行的投資和營運效率來實現永續盈利各種操作環境。

With that, we're ready to turn it back to the operator for Q&A. Operator?

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)

（操作員說明）

John Davis, Raymond James.

約翰戴維斯、雷蒙詹姆斯。

Hey guys, thanks for taking the question. This is Taylor on for JD. Maybe just to start with non-volume-related expenses and kind of hearing your expectations going forward. So you obviously had the benefit from the cyber insurance recovery this quarter. But excluding that, how should we think about the nonvolume expense base going forward? Just any additional plans to hire any additional investments? I just want to make sure we have our expectations properly set.

嘿夥計們，感謝您提出問題。這是 JD 的泰勒。也許只是從與數量無關的費用開始，並聽取您對未來的期望。因此，您顯然從本季網路保險的恢復中受益。但排除這一點，我們該如何考慮未來的非銷售支出基礎？是否有額外的計劃來聘請額外的投資？我只是想確保我們的期望得到正確設定。

Yes. This is David Hayes. I think from that perspective, clearly, our volume-related expenses will fluctuate as originations fluctuate. We typically characterize those volume-related expenses as commissions and DOE, but I think you should also think about marketing expense, which is highly tied to volumes, especially in the direct channel. We've continued to be very productive or focused on productivity initiatives on the nonvolume related expenses, so we'd expect those to work some down over the course of remainder of this year and into next year.

是的。這是大衛·海耶斯。我認為從這個角度來看，顯然，我們與數量相關的費用將隨著來源的波動而波動。我們通常將這些與銷售相關的費用描述為佣金和 DOE，但我認為您還應該考慮行銷費用，這與銷售量密切相關，尤其是在直接管道中。我們繼續保持高效或專注於非銷售相關費用的生產力計劃，因此我們預計這些計劃在今年剩餘時間和明年會下降。

But we are investing in revenue-generating initiatives, specifically staffing around our loan officers and our ops team members as well. So we're sort of building capacity up as we expect the eventual recovery of the mortgage market.

但我們正在投資創收計劃，特別是為我們的信貸員和營運團隊成員配備人員。因此，我們正在增強產能，因為我們預計抵押貸款市場最終會復甦。

The other thing to consider as we go on a go-forward basis, we do see inflationary costs from vendor spend. We saw some of that come into effect in the '23 to '24 from some of our key vendors, and we would expect similar levels of activity going into '25. Those are yet to be determined though.

當我們繼續前進時要考慮的另一件事是，我們確實看到供應商支出造成的通貨膨脹成本。我們看到一些主要供應商在 23 至 24 年間實施了其中一些措施，我們預計 25 年後也會有類似的活動水準。但這些尚未確定。

Got it. Very helpful. And then just on Project North Star. I think I saw that one of the initiatives was to expand geographically and expand partnerships. So I was just curious if you could elaborate a bit more on that and what geographies are you looking to expand into? And on the partnership side, are you mostly focused on expanding current partnerships or adding new ones?

知道了。非常有幫助。然後就是北極星計畫。我想我看到其中一項舉措是擴大地域範圍並擴大夥伴關係。所以我很好奇您是否可以詳細說明這一點以及您希望擴展到哪些地區？在合作關係方面，您主要關注的是擴大現有的合作夥伴關係還是增加新的合作關係？

Yeah. This is Jeff Walsh. Geographically, there's a lot of markets in this country where we have opportunity to fill in with our end market retail team, which we're doing organically. But we're also looking at expansion in our joint venture business with new builders, which we've recently done with Smith Douglas and exploring real estate JVs in the retail channel as well. So focus kind of in the South and Southeast and kind of the opportunistic markets now, but there are plenty of markets for us to expand to across the US.

是的。這是傑夫·沃爾什。從地理位置來看，這個國家有很多市場，我們有機會填補我們的終端市場零售團隊的空缺，我們正在有機地進行這些工作。但我們也在考慮擴大與新建築商的合資業務，我們最近與史密斯·道格拉斯（Smith Douglas）合作，並在零售通路探索房地產合資企業。因此，現在重點關注南部和東南部以及機會主義市場，但我們有很多市場可以擴展到美國各地。

Got it. Thank you.

知道了。謝謝。

Doug Harter, UBS.

道格·哈特，瑞銀集團。

Thanks. Hoping you could just to expand one of your closing comments. You said you would look to have sustainable profitability in '25 on under a range of scenarios. One, just kind of wanted to make sure that I heard that right. And if you could just expand on that comment a little bit.

謝謝。希望您能擴展您的結束語之一。您說過，您希望在 25 年的一系列情境下實現可持續獲利。一，只是想確保我沒聽錯。如果您能稍微擴展一下該評論。

Sure, Doug. This is Frank Martell. Thanks for joining the call. So look, I think as you look at the third quarter, as David said, the uptick in volume, which primarily benefited our direct channel was modest in volume, but it proved that kind of what revenue it would take to make money in the company and I think as we look forward to '25, the MBA forecast that currently sits that we get to that, and we're -- we feel pretty good about our chances of making money.

當然，道格。這是弗蘭克·馬泰爾。感謝您加入通話。所以，我認為，正如大衛所說，第三季度的銷量上升，這主要有利於我們的直接管道，銷量不大，但它證明了公司需要多少收入才能賺錢我認為，當我們期待25 年時，目前MBA 的預測是，我們已經實現了這個目標，而且我們對賺錢的機會感覺非常好。

It is a fluid situation. with rates and -- but I think that we believe fundamentally that there's pent-up volume. Certainly, home equity has been an area of a lot of upside for us. And we expect refi to lead the way actually in next year, and that's consistent with the forecast that MBA has put out.

這是一個不穩定的情況。利率和－但我認為我們從根本上相信有被壓抑的交易量。當然，房屋淨值對我們來說是一個有很大上升空間的領域。我們預計明年 refi 將真正引領潮流，這與 MBA 的預測一致。

So we're hopeful that there's no disruption in the market that would not get forecast off. But if we're making [$2 trillion, $3 trillion] market, we'll -- we feel pretty good about our chances. And just to kind of swing around to what David said earlier, I think that we feel there's a lot of work been done on the fixed cost of the company and driving automation in the company. So if we do get volume, we expect to try to drive some operating leverage as well. So we're pretty well positioned for a two, three market as we sit right now, and we look forward to that playing out next year.

因此，我們希望市場不會出現無法預測的干擾。但如果我們正在打造 [2 兆美元、3 兆美元] 市場，我們會——我們對自己的機會感到非常滿意。回到大衛之前所說的，我認為我們認為在公司的固定成本和推動公司自動化方面已經做了很多工作。因此，如果我們確實獲得了銷量，我們預計也會嘗試提高一些營運槓桿。因此，我們現在已經為二、三市場做好了充分的準備，我們期待明年的發展。

Got it. And as part of Project North Star, you talked about growing the servicing portfolio. Would that be through more retention of it? And kind of how do you think about the financing of those MSRs/cash consumption of retaining more MSRs?

知道了。作為北極星計畫的一部分，您談到了擴大服務組合。這是透過更多地保留它來實現的嗎？您如何看待這些 MSR 的融資/保留更多 MSR 的現金消耗？

Hey Doug, this is Jeff DerGurahian. The growth of the portfolio, I think, is going to come as the market opportunity presents itself, to the extent that we can continue on this path that we've been on and add to the portfolio organically. We'll do that. We'll also opportunistically look at opportunities to acquire MSRs is something attractive is there. I think we'll figure that out over the next several quarters where the best place to attack that growth is. And in terms of financing it, the lines that we have to finance that are out there, and we'll lever the assets to the extent that we need the cash to grow the origination business and continue to take profitable share.

嘿，道格，我是傑夫‧德古拉希安。我認為，隨著市場機會的出現，投資組合的成長將會到來，只要我們能夠繼續沿著我們一直走的道路並有機地添加到投資組合中。我們會這麼做的。我們也將機會主義地尋找收購 MSR 的機會，因為那裡有一些有吸引力的東西。我認為我們將在接下來的幾個季度找出實現成長的最佳地點。在融資方面，我們必須為現有的融資管道提供資金，我們將利用資產槓桿，以達到我們需要現金來發展發起業務並繼續獲取獲利份額的程度。

Okay. Thank.

好的。感謝。

(Operator Instructions)

（操作員說明）

Derek Sommers, Jeffries.

德里克·薩默斯，傑弗里斯。

Hi, good afternoon everyone. I was just wondering if you could touch on kind of the recruiting environment, what kind of traffic you're seeing there?

嗨，大家下午好。我只是想知道你是否能談談招募環境，你在那裡看到什麼樣的流量？

Yeah. Thanks. This is Jeff again. We're -- Jeff Walsh. We're seeing positive traction in organic recruitment of loan originators, both in in-market retail and direct lending. It's still a competitive market, where we see offers, multiple offers made to higher end, high-producing loan originators. So is still competitive, but I think we're doing a really good job in winning a lot of really great people over the last quarter, and we're kind of continuing that strategy moving forward of organic growth.

是的。謝謝。這又是傑夫。我們是——傑夫·沃爾什。我們看到，無論是在市場零售還是直接貸款領域，貸款發起人的有機招聘都受到了積極的推動。這仍然是一個競爭激烈的市場，我們看到向高端、高產出貸款發起人提供的多種報價。因此仍然具有競爭力，但我認為我們在上個季度贏得了許多真正優秀的人才方面做得非常好，並且我們正在繼續推動有機成長的策略。

Got it. And then just on the kind of Smith Douglas partnership and maybe the builder JVs as a whole. Any kind of incremental color there would be helpful. Or these partnerships serve through the direct channel, kind of how does the expense base kind of compare to a kind of in-market origination? Or just anything incremental would be helpful.

知道了。然後就是史密斯道格拉斯的合作關係，也許還有整個建築合資企業。任何類型的增量顏色都會有幫助。或者這些合作關係透過直接管道提供服務，費用基礎與市場內起源相比如何？或者任何增量都會有幫助。

Yeah. Our joint venture business is its own channel. It's run separately. We're really excited about this new venture with Smith Douglas, they are great group over there with a really compelling growth story. And the business model is different than in market retail as they are typically set up as kind of a broker JV model or a banker JV model where we're obviously sharing in the profitability of the entity.

是的。我們合資的業務是自己的通路。它是單獨運行的。我們對與史密斯道格拉斯的這個新合資企業感到非常興奮，他們是一個很棒的團隊，有著非常引人注目的成長故事。商業模式與市場零售不同，因為它們通常被設定為經紀人合資企業模式或銀行家合資模式，我們顯然在分享實體的獲利能力。

But it is a very, very positive business for us because it's predictable. And obviously, new build has been a really bright spot in the market over the last couple of years versus what we're seeing in resale. So we really like that business and would like to do as much of it as we can.

但這對我們來說是一項非常非常積極的業務，因為它是可預測的。顯然，與我們在轉售中看到的情況相比，過去幾年新建的建築一直是市場上的一個真正的亮點。所以我們真的很喜歡這項業務，並且願意盡我們所能做更多的事情。

At this time, there are no further questions. I will now hand today's call back over to Frank Martell for any closing remarks.

目前，沒有其他問題了。現在，我將把今天的電話轉回給弗蘭克·馬泰爾，讓其結束語。

Thanks, Tamika. Look, on behalf of Dave, Gerhard, Jeff Walsh, and Jeff DerGurahian and the rest of our team, I really want to thank everybody for your -- for joining us for the call today.

謝謝，塔米卡。我謹代表 Dave、Gerhard、Jeff Walsh 和 Jeff DerGurahian 以及我們團隊的其他成員，衷心感謝大家今天加入我們的電話會議。

It's exciting times at loanDepot, I'm really proud of the dedication and resiliency and accomplishments of the team here. Completing Vision 2025 represents a very significant accomplishment for the company. And importantly, we look forward with optimism regarding market leadership and taking share in the market as we focus on realizing the potential the full potential of Project North Star in the coming three years. At loanDepot we have a saying, we believe that home means everything, and our growing team of professionals delivers a complete suite of services that we think will fuel the American dream as we go forward. So thanks again, everybody, and I appreciate your time.

這是在 LoanDepot 的激動人心的時刻，我為這裡團隊的奉獻精神、韌性和成就感到自豪。完成 2025 年願景對公司來說是一項非常重大的成就。重要的是，我們對市場領導地位和市場份額持樂觀態度，因為我們專注於在未來三年內充分發揮北極星計畫的潛力。在loanDepot，我們有一句話，我們相信家意味著一切，我們不斷壯大的專業團隊提供了一整套服務，我們認為這些服務將在我們前進的過程中為美國夢提供動力。再次感謝大家，非常感謝你們的寶貴時間。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路。