loanDepot Inc (LDI) 2025 Q1 法說會逐字稿

Good afternoon and welcome to loanDepot's first-quarter 2025 earnings call.

下午好，歡迎參加 loanDepot 2025 年第一季財報電話會議。

All participants are in a listen-only mode. After the speaker's remarks, we'll conduct a question-and-answer session. (Operator Instructions) As a reminder, this conference call is being recorded.

所有參與者都處於只聽模式。演講者發言後，我們將進行問答環節。（操作員指示）提醒一下，本次電話會議正在錄音。

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

現在我想將電話轉給投資人關係資深副總裁 Gerhard Erdelji。請繼續。

Thank you, and good afternoon, everyone. Thank you for joining our first quarter 2025 earnings call.

謝謝大家，下午好。感謝您參加我們的 2025 年第一季財報電話會議。

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, strategies, capabilities, and financial performance.

在我們開始之前，我想提醒大家，本次電話會議可能包含有關公司未來期間的營運和財務表現的前瞻性陳述。除歷史事實陳述之外的所有陳述均可視為前瞻性陳述，包括但不限於對我們的拉通加權利率鎖定量、發起量、拉通加權銷售保證金收益、策略、能力和財務業績的指導。

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. 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.

這些聲明是基於公司目前的預期和可用資訊。由於我們向美國證券交易委員會提交的文件中「風險因素」部分所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衡量我們業務的績效和價值以及促進公司間經營績效比較提供額外的見解。

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 transcript of this call will be posted on our website after the conclusion of this call.

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 上找到。本次電話會議的網路直播和文字記錄將在會議結束後發佈在我們的網站上。

On today's call, we have loanDepot's Founder and Executive Chairman, Anthony Hsieh, President and Chief Executive Officer, Frank Martell; and Chief Financial Officer, David Hayes. They will provide an overview of our quarter as well as our financial and operational results and outlook. We are also joined by Chief Investment Officer, Jeffrey DerGurahian; and LDI Mortgage President, Jeff Walsh, to help answer your questions after our prepared remarks.

今天的電話會議邀請了 loanDepot 的創始人兼執行主席 Anthony Hsieh、總裁兼首席執行官 Frank Martell；和首席財務官大衛·海耶斯 (David Hayes)。他們將概述我們的季度以及我們的財務和營運業績和前景。首席投資長 Jeffrey DerGurahian 也加入我們；以及 LDI 抵押貸款總裁 Jeff Walsh 在我們準備好的發言之後幫助回答您的問題。

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

有了這些，我將把事情交給弗蘭克來開始。坦率？

Thank you, Gerhard. I appreciate everyone joining us on the call today. As we announced in early March, I plan to step down from my role as CEO and member of the Board at our Annual Meeting of Stockholders on June 4. For the next month, I will remain active in my role and fully support our founder, Anthony Hsieh, and his transition back to day-to-day leadership of the company and as he ultimately becomes our interim CEO.

謝謝你，格哈德。我感謝今天參加電話會議的各位。正如我們在三月初宣布的那樣，我計劃在 6 月 4 日的年度股東大會上辭去執行長和董事會成員的職務。在接下來的一個月裡，我將繼續積極履行我的職責，全力支持我們的創辦人 Anthony Hsieh 回歸公司日常領導崗位，並最終成為我們的臨時執行長。

Since this is my last earnings call with the company, I would like to share a few heartfelt messages starting with the fact that I'm very proud to have been part of loanDepot and look forward with confidence to the company's future success. I would also like to sincerely thank Team loanDepot for their dedication and support over the past three years.

由於這是我在公司參加的最後一次財報電話會議，我想分享一些衷心的信息，首先，我很自豪能夠成為 loanDepot 的一員，並滿懷信心地期待公司未來的成功。我還要真誠感謝 loanDepot 團隊在過去三年中的奉獻和支持。

As a team, we address the realities of the market while investing in our critical systems, products, and processes that will allow loanDepot to take advantage of our market differentiators in this and upcoming cycles as well as allow us to continue to deliver a best-in-class customer experience which is the core to loanDepot's service-based DNA.

作為一個團隊，我們在投資關鍵系統、產品和流程的同時，專注於市場的現實情況，這將使 loanDepot 能夠利用我們在這個和未來週期中的市場差異化優勢，並使我們能夠繼續提供一流的客戶體驗，這是 loanDepot 基於服務的 DNA 的核心。

Before I turn the call over to Anthony, I'm pleased to share that Q1 was a quarter of positive momentum for the company, with higher volume margins and ongoing cost discipline, which drove significantly improved results, which David Hayes will elaborate more in detail later in the call.

在我將電話轉給安東尼之前，我很高興地告訴大家，第一季是公司發展勢頭良好的一個季度，銷量利潤率更高，成本控制持續嚴格，這顯著提高了業績，大衛·海耶斯將在稍後的電話會議中詳細闡述這一點。

As I close, in the spirit of expressing my gratitude, I'd like to thank our investor community and all those who participated in our quarterly calls. I appreciate your engagement support and the time you spent evaluating loanDepot.

最後，本著表達感激之情的精神，我要感謝我們的投資者社群和所有參加我們季度電話會議的人。我感謝您的參與支持以及您評估 loanDepot 所花費的時間。

With that, Anthony, the floor is yours.

好了，安東尼，現在輪到你發言了。

Thank you, Frank, and hello, everyone. On behalf of the Board and Team loanDepot, I want to express our gratitude for your leadership over the past three years. Frank, you're a man of honor and a servant leader, you care for Team loanDepot, and the customers we serve is evident.

謝謝你，弗蘭克，大家好。我謹代表董事會和 loanDepot 團隊對您過去三年來的領導表示感謝。弗蘭克，你是一位有榮譽感的人和僕人式領導者，你關心 loanDepot 團隊以及我們服務的客戶，這一點顯而易見。

Now if I look forward, first of all, it's great to be back with all of you. We respect the work of the investor community and to echo Frank's comment, recognize our important role in the marketplace. As we move ahead in the coming days and weeks, the team and I will focus on capitalizing upon the things that make loanDepot great, with the expectation being that we expand originations and drive growth.

現在，如果我展望未來，首先，我很高興能再次和大家在一起。我們尊重投資者群體的工作，並回應弗蘭克的評論，認識到我們在市場中的重要作用。在接下來的幾天和幾週內，我和我的團隊將專注於利用使 loanDepot 變得優秀的因素，期望擴大業務範圍並推動成長。

I believe our multichannel sales model, proprietary Milatechstack, wide product array powerful brand muscle and our servicing business are foundational areas in which loanDepot can win. By leveraging this unique constellation of assets plus adding to our arsenal with new and emerging technologies and platform refinements, I believe we are well positioned to gain profitable market share and scale our business.

我相信我們的多通路銷售模式、專有的 Milatechstack、廣泛的產品系列、強大的品牌實力以及我們的服務業務是 loanDepot 能夠取勝的基礎領域。透過利用這個獨特的資產組合，並擴大我們的武器庫，利用新興技術和平台改進，我相信我們有能力獲得有利可圖的市場份額並擴大我們的業務。

To elaborate a bit further, our multichannel origination model is special. We have three distinct channels that serve as the foundation of our business. Our end market retail and joint venture channels primarily served the home purchase market, while our consumer direct channel primarily features refinance and home equity lending services.

進一步詳細說明，我們的多通路發起模型很特殊。我們有三個不同的管道作為我們業務的基礎。我們的終端市場零售和合資管道主要服務於購屋市場，而我們的消費者直銷通路主要提供再融資和房屋淨值貸款服務。

Purchase is generally considered to be more stable and consistent part of the mortgage market and forms the foundation of our originated strategy, while our direct channel allows us to scale and grow with interest rates drive increased refinance activity as well as capture home equity volume when customers want to access equity while maintaining their first mortgage interest rate.

購買通常被認為是抵押貸款市場中更穩定和更一致的部分，並構成了我們原創策略的基礎，而我們的直接管道使我們能夠隨著利率的擴大和增長，推動再融資活動的增加，並在客戶想要獲取股權時獲取房屋淨值量，同時保持他們的第一筆抵押貸款利率。

Our end market retail loan officers are distributed throughout the country, working closely with real estate agents in their market, provide the financing solutions, and help our customers successfully navigate one of the most important financial transactions of their lives.

我們的終端市場零售貸款人員分佈在全國各地，與其市場中的房地產經紀人密切合作，提供融資解決方案，並幫助我們的客戶成功完成他們一生中最重要的金融交易之一。

We believe the partnerships we have within the real estate community are incredibly valuable, and one of the ways in which we drive loyalty and repeat business over time. Our differentiated joint venture channel forms partnerships, primarily with homebuilders to provide seamless financing for the purchase of their newly built homes. Combined, these two channels give us great footprint in the new and resale purchase market.

我們相信，我們在房地產界的合作夥伴關係非常寶貴，也是我們推動忠誠度和重複業務的方式之一。我們差異化的合資管道主要與房屋建築商建立合作關係，為他們購買新建房屋提供無縫融資。這兩個管道結合起來，使我們在新購和轉售購買市場佔據了巨大的份額。

Our consumer direct loan officers, many are licensed in multiple states benefit from our nationally recognized brand, marketing trellis, scale, and proprietary technology to quickly convert potential mortgage leads into borrowers. And with both first and second mortgage product, these loan officers can help customers access and use equity to advance their financial goals.

我們的消費者直接貸款人員，許多州都在多個州獲得許可，受益於我們全國公認的品牌、行銷框架、規模和專有技術，可以快速將潛在的抵押貸款線索轉化為借款人。透過第一和第二抵押貸款產品，這些貸款人員可以幫助客戶獲取和使用股權來實現他們的財務目標。

Next is our servicing business. With $117 billion of unpaid principal loans, servicing provides a consistent and recurring source of revenue for us. Because we service loans in-house, we directly interact with our customers, strengthening our brand and awareness, loyalty and providing important self-serve opportunities throughout our customer portal.

接下來是我們的服務業務。由於有 1170 億美元的未償還本金貸款，服務為我們提供了穩定且經常性的收入來源。由於我們在內部提供貸款服務，因此我們可以直接與客戶互動，從而加強我們的品牌和知名度、忠誠度，並在整個客戶入口網站中提供重要的自助服務機會。

This improves our recapture rates, which deepens our customer relationships and drives profitability by saving marketing expenses, avoiding much of the customer acquisition cost on our recapture loans compared to those of newly originated customers. By servicing loans ourselves, we are also able to cross-sell other products and services to our existing customers, such as our home equity linked products.

這提高了我們的回收率，加深了我們的客戶關係，並透過節省行銷費用來提高獲利能力，與新客戶相比，避免了回收貸款的大部分客戶獲取成本。透過自行提供貸款服務，我們也能夠向現有客戶交叉銷售其他產品和服務，例如與房屋淨值掛鉤的產品。

We have seen growing customer adoption for these products along with investor demand creating additional revenue at attractive margins, introducing these products demonstrates our commitment to delivering right fit products to customers at the right time. Our proprietary [willowtech] stack is widely acknowledged as a best-in-class platform in the origination space.

我們看到客戶對這些產品的採用率不斷增長，同時投資者的需求也創造了具有吸引力利潤率的額外收入，推出這些產品表明了我們致力於在合適的時間向客戶提供合適的產品。我們的專有 [willowtech] 堆疊被廣泛認為是發起領域中一流的平台。

As we move forward, we will build on our legacy of innovation by adding to our arsenal with new and emerging technologies and platform refinements. Innovation is a part of our DNA and how we built this company from the ground up in 2010. I fully expect this to return to our roots in this way.

在我們前進的過程中，我們將在創新傳統的基礎上，透過新興技術和平台改進來擴充我們的武器庫。創新是我們 DNA 的一部分，也是我們在 2010 年白手起家創立這家公司的理念。我完全希望透過這種方式回歸我們的根源。

Behind the scenes, we will also continue to focus on improving our process flow to deliver more positive operating leverage so that we can quickly and efficiently scale the business as the market improves.

在幕後，我們也將繼續致力於改善我們的流程，以提供更積極的營運槓桿，以便我們能夠隨著市場改善而快速有效地擴大業務規模。

What underpins all of this, in my opinion, is our brand muscle, perhaps even better described as our brand heart. I hear over and over that people recognize our brand from the investments we made in Major League Baseball and with our presence in Miami and loanDepot Park. The team and I are proud that our brand lights up on a national scale in this way, but anyone who knows me well will tell you that I believe the most important way our brand lights up is in the interactions we have each day with our customers.

我認為，支撐這一切的是我們品牌的力量，或許更確切的說是我們的品牌之心。我一次又一次地聽到人們透過我們對美國職棒大聯盟的投資以及我們在邁阿密和 loanDepot Park 的存在而認識我們的品牌。我和團隊為我們的品牌以這種方式在全國範圍內發光發熱而感到自豪，但任何了解我的人都會告訴你，我相信我們的品牌發光發熱的最重要方式是我們每天與客戶的互動。

Our overall customer satisfaction scores remain incredibly high, and we consistently drive home the truism that every customer interaction, no matter how big or how small matters. Our incredible customers and employees are the true embodiment of our brands. They are what really give our brand this power.

我們的整體客戶滿意度得分仍然非常高，我們始終強調這樣一個真理：每一次客戶互動，無論大小，都很重要。我們令人難以置信的客戶和員工是我們品牌的真正體現。他們才是真正賦予我們品牌力量的因素。

What I just described may a bit of old news for some of you listening to this call, especially those of you that have been following on loanDepot since the beginning. That said, what I have outlined is an important reminder of who we are. Through the groundwork that has been laid over the past several years and our cancellation of unique assets, I believe, loanDepot is positioned to win and poised to regain market share in the future.

我剛才所描述的內容對於一些收聽本次電話會議的人來說可能有些舊聞，特別是那些從一開始就關注 loanDepot 的人。話雖如此，我所概述的內容對於我們是誰有著重要的提醒。透過過去幾年打下的基礎以及我們取消的獨特資產，我相信 loanDepot 已經做好了獲勝的準備，並有望在未來重新獲得市場份額。

I continue to familiarize myself with our day-to-day operations, and I am excited to return to the company that I founded. Given our positioning, I believe we have a tremendous opportunity to make a positive impact on the lives of our customers and for all our stakeholders.

我繼續熟悉我們的日常運營，我很高興回到我創立的公司。鑑於我們的定位，我相信我們有巨大的機會對客戶和所有利害關係人的生活產生積極影響。

With that, I will now turn the call over to Dave who will walk us and take us through our financial results in more detail. David?

說完這些，我現在將電話轉給戴夫，他將向我們更詳細地介紹我們的財務表現。戴維？

Thanks, Anthony, and good afternoon, everyone. We deeply appreciate all that Frank brought to our company and are energized by Anthony's return. Under Frank's guidance, the first quarter reflected the benefits of our investment in growth-generating initiatives despite the adverse impact of lower servicing revenue stemming from our 2024 and as our bulk sales.

謝謝，安東尼，大家下午好。我們深深感謝弗蘭克為我們公司帶來的一切，並為安東尼的回歸而感到振奮。在弗蘭克的指導下，第一季反映了我們對成長計畫的投資收益，儘管 2024 年和大量銷售導致的服務收入下降產生了不利影響。

We reported an adjusted net loss of $25 million in the first quarter compared to an adjusted net loss of $38 million in the first quarter of 2024, due primarily to higher lock volume and gain on sale margin, offset somewhat by higher expenses. During the first quarter, poultry weighted rate lock volume was $5.4 billion which represented a 15% increase from the prior year's volume of $4.7 billion, and reflected the impact of our investment in recruiting and developing our loan officers.

我們報告第一季調整後淨虧損為 2,500 萬美元，而 2024 年第一季調整後淨虧損為 3,800 萬美元，這主要是由於鎖定量和銷售利潤率增加，但費用增加在一定程度上抵消了這一影響。第一季度，家禽加權利率鎖定額為 54 億美元，較上年的 47 億美元成長 15%，反映了我們在招募和培養貸款人員方面的投資的影響。

Pull-through weighted lock volume came in within the guidance we issued last quarter of $4.8 billion to $5.8 billion and contributed to adjusted total revenue of $278 million compared to $231 million in the first quarter of 2024. Our increase in adjusted revenue has accelerated and more than overcame the decrease in servicing revenue stemming from our 2024 bulk MSR sales.

拉通加權鎖定量符合我們上個季度發布的 48 億美元至 58 億美元的預期，並貢獻了 2.78 億美元的調整後總收入，而 2024 年第一季為 2.31 億美元。我們的調整後收入成長加速，並且超過了 2024 年批量 MSR 銷售導致的服務收入下降。

Our poultry weighted gain on sale margin for the first quarter came in at 355 basis points, above our guidance of 320 to 340 basis points and compared to 274 basis points in the prior year. Our higher gain on sale margin primarily benefited from a bigger contribution by our home equity linked products and a higher proportion of government loans compared to the prior year.

我們第一季的家禽加權銷售利潤率為 355 個基點，高於我們預期的 320 至 340 個基點，而去年同期為 274 個基點。我們的銷售利潤率較高主要得益於與前一年相比，我們的房屋淨值掛鉤產品的貢獻較大以及政府貸款比例較高。

Our loan origination volume was $5.2 billion for the quarter, an increase of 14% from the prior year's volume of $4.6 billion. This was also within the guidance we issued last quarter of between $4.5 billion to $5.5 billion. The previously mentioned increase in government lending has also contributed to our unit share market gain, decreasing from 145 basis points to 187 basis points over the past year.

本季我們的貸款發放量為 52 億美元，比去年同期的 46 億美元成長了 14%。這也符合我們上個季度發布的 45 億美元至 55 億美元的預期。前面提到的政府貸款增加也促進了我們的單位份額市場份額的增長，在過去一年中從 145 個基點下降到 187 個基點。

Servicing fee income decreased from $124 million in the first quarter of 2024, to $104 million in the first quarter of 2025, and primarily reflects the impact of our 2024 bulk sales. We hedge our servicing portfolio so we do not record the full impact of the changes in fair value in the results of our operations. We believe this strategy helps protect against volatility in our earnings and liquidity.

服務費收入從 2024 年第一季的 1.24 億美元減少至 2025 年第一季的 1.04 億美元，主要反映了我們 2024 年大量銷售的影響。我們對服務組合進行避險，因此我們不會將公允價值變動的全部影響記錄在我們的經營成果中。我們相信這項策略有助於防止我們的收益和流動性波動。

Our strategy for hedging the servicing portfolio is dynamic and we adjust our hedge positions in reaction to changing interest rate environments. Our total expenses for the first quarter of 2025 increased by $12 million or 4% from the prior-year quarter. The primary drivers of the increase were higher volume-related commission, direct origination and marketing expenses.

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避險部位。我們 2025 年第一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與交易量相關的佣金、直接發起費和行銷費的增加。

Our nonvolume-related expenses decreased $7 million over the same period, primarily through lower G&A, reflecting our ongoing cost management discipline and lower cyber-related costs. Looking ahead to the second quarter, we expect pull-through weighted lock volume of between $5.5 billion and $8 billion and origination volume of between $5 billion and $7.5 billion.

在同一時期，我們的非數量相關費用減少了 700 萬美元，主要是由於一般行政費用降低，這反映了我們持續的成本管理紀律和網路相關成本的降低。展望第二季度，我們預計拉通加權鎖定量將在 55 億美元至 80 億美元之間，發起量將在 50 億美元至 75 億美元之間。

We expect our second quarter pull-through weighted gain on sale margin to be between 300 and 350 basis points. Our guidance reflects the seasonal increase in purchase activity potentially offset by recent market volatility and higher rates. Our total expenses are expected to increase in the second quarter, primarily driven by higher volume-related expenses.

我們預計第二季的加權銷售利潤率將在 300 至 350 個基點之間。我們的指導反映了購買活動的季節性增長，但可能會被近期的市場波動和更高的利率所抵消。預計第二季我們的總支出將會增加，主要原因是與銷售量相關的支出增加。

The first quarter reflected the benefits of our investment in growth-generating initiatives. Our home equity linked products and investment in recruiting productive loan officers in all of our channels supported strong margin and volume increases, which resulted in growing adjusted revenue.

第一季體現了我們對促進成長措施的投資所帶來的收益。我們的房屋淨值掛鉤產品以及在所有管道招募高效貸款人員的投資支持了強勁的利潤率和交易量增長，從而導致調整後收入的增長。

As I work even more closely with Anthony going forward, we remain laser-focused on our commitment to profitability and continue to work with discipline to grow revenue and manage costs while maintaining ample cash and a strong balance sheet. We ended the quarter with $371 million in cash.

隨著我與安東尼的合作日趨緊密，我們將繼續專注於獲利承諾，並繼續嚴格遵守紀律，以增加收入和管理成本，同時保持充足的現金和強勁的資產負債表。本季末我們的現金為 3.71 億美元。

We believe our multichannel strategy, high-quality in-house servicing, scalable origination capabilities, and operating leverage uniquely positions us to profitably grow volume and market share when the market eventually recovers, as evidenced by our ability to capture additional volume during the third quarter of 2024, when rates temporarily eased.

我們相信，我們的多通路策略、高品質的內部服務、可擴展的發起能力和營運槓桿使我們能夠在市場最終復甦時實現交易量和市場份額的盈利性增長，這一點從我們在 2024 年第三季度（當利率暫時下降時）獲取額外交易量的能力就可以看出。

We believe a more sustained decrease in rates will materially improve our bottom line and our ongoing investments in growth-generating initiatives will provide the foundation for additional momentum during 2025 and beyond.

我們相信，利率持續下降將大幅改善我們的獲利狀況，而我們對成長計畫的持續投資將為 2025 年及以後的額外發展動能奠定基礎。

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

有了這些，我們將把問題交還給操作員進行問答。操作員？

(Operator Instructions) Doug Harter, UBS.

（操作員指示）Doug Harter，瑞銀。

Hi, this is actually Cory Johnson on for Doug. So you had like a wider gain on sale margin this quarter, and you mentioned how home equity-linked products helped you to increase that gain on sale. Can you maybe just talk a little bit about like what the outlook is for home equity business? What is that market looking like now? Is it more is a more attractive option than it was perhaps maybe a few months ago?

大家好，我是 Cory Johnson，代替 Doug 發言。因此，本季度您的銷售利潤率有所提高，並且您提到了房屋淨值掛鉤產品如何幫助您提高銷售利潤。您能否簡單談談房屋淨值業務的前景如何？現在這個市場狀況怎麼樣？與幾個月前相比，它是否更具吸引力？

Hi Cory, it's Anthony Hsieh. So the second mortgage product really is a proper hedge to the interest rate environment. So as rates stay somewhat elevated, we continue to scale this business by increasing our marketing and looking at cross-sell opportunities, both in terms of our first mortgage marketing leads and our servicing portfolio.

你好 Cory，我是 Anthony Hsieh。因此，二次抵押貸款產品確實可以對沖利率環境。因此，隨著利率保持在較高水平，我們將繼續透過增加行銷和尋找交叉銷售機會來擴大這項業務，包括我們的首筆抵押貸款行銷線索和服務組合。

As rates continue to adjust and if we had a rally, you will see first mortgage cash out dominate more so than the home equity market. So in short, we continue to increase our home equity market. There's a very strong demand as a result of it with record home equity on the country, a very low loan to value. And many of the consumers protecting their 2%, 3%, and 4% interest rates. This is the best way for them to leverage their cash flow.

隨著利率繼續調整，如果出現反彈，你會看到首筆抵押貸款現金流比房屋淨值市場佔據主導地位。簡而言之，我們將繼續擴大我們的房屋淨值市場。由於全國房屋淨值創歷史新高，貸款價值比非常低，因此需求非常強勁。許多消費者保護他們的 2%、3% 和 4% 的利率。這是他們利用現金流的最佳方式。

And again, as rates decrease, which is more so of when and not if, we'll be at a great opportunity with a cash out refinance.

而且，隨著利率下降（這更多的是時間問題而不是是否會發生的問題），我們將面臨現金再融資的絕佳機會。

(Operator Instructions) There are no further questions at this time. Anthony Hsieh, I turn the call back over to you.

（操作員指示）目前沒有其他問題。安東尼謝，我把電話轉回給你。

Thank you. On behalf of Frank, Dave, Gerhard, Jeff Walsh, Jeff DerGurahian and rest of our team, I want to thank you for joining us today. I look forward to sharing our progress again next quarter.

謝謝。我謹代表弗蘭克、戴夫、格哈德、傑夫沃爾什、傑夫德古拉希安和我們團隊的其他成員感謝你們今天的到來。我期待下個季度再次分享我們的進展。

I rejoined the company in an active management role with a goal of leveraging our unique assets to price compression loanDepot, our diversified channel strategy, which is the industry's only scale model this time nationally recognized brand and top-of-funnel customer acquisition experience, in-house servicing business, and proprietary tech stack allow us to maximize operational leverage, providing the foundation for accelerated growth once the market organizes.

我以積極的管理角色重新加入公司，目標是利用我們獨特的資產來壓縮 loanDepot 的價格，我們的多元化管道策略，這是業內唯一的規模模型，這次是全國公認的品牌和頂級客戶獲取體驗，內部服務業務和專有技術堆疊使我們能夠最大限度地提高營運槓桿，為市場組織後的加速成長奠定基礎。

I, along with our leadership team and committed to house, capture, grow, protect and invest in those assets to continue loanDepot's position as a leader in home mortgage. So thanks again, everybody, and I appreciate your support.

我與我們的領導團隊致力於安置、獲取、發展、保護和投資這些資產，以繼續保持 loanDepot 在房屋抵押貸款領域的領先地位。再次感謝大家，我感謝你們的支持。

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。