Onity Group Inc (ONIT) 2025 Q1 法說會逐字稿

Good day, everyone, and welcome to the Onity Group's first quarter earnings and business updated conference call. (Operator Instructions). It is now my pleasure to turn the conference over to Valerie Haertel, Vice President of Investor Relations. Please go ahead.

大家好，歡迎參加 Onity Group 第一季財報和業務更新電話會議。（操作員指令）。現在我很高興將會議交給投資者關係副總裁 Valerie Haertel。請繼續。

Thank you. Good morning and welcome to Onity Group's first quarter 2025 earnings call. Please note that our earnings release and presentation are available on our website at onitygroup.com. Speaking on the call will be Chair, President and Chief Executive Officer Glen Messina and Chief Financial Officer Sean O'Neil. As a reminder, our comments today may contain forward-looking statements made pursuing.

謝謝。早安，歡迎參加 Onity Group 2025 年第一季財報電話會議。請注意，我們的收益報告和簡報可在我們的網站 onitygroup.com 上查閱。董事長、總裁兼執行長 Glen Messina 和財務長 Sean O'Neil 將在電話會議上發言。提醒一下，我們今天的評論可能包含前瞻性的陳述。

To the safe harbor provisions of the federal securities laws, these statements may be identified by reference to a future period or by use of forward-looking terminology and address matters that are uncertain. Forward-looking statements speak only as of the date they are made and involve assumptions, risks, and uncertainties, including those described in our SEC filings.

根據聯邦證券法的安全港條款，這些聲明可以透過參考未來時期或使用前瞻性術語來識別，並解決不確定的問題。前瞻性陳述僅代表其作出之日的觀點，並涉及假設、風險和不確定性，包括我們向美國證券交易委員會提交的文件中所述的假設、風險和不確定性。

In the past, actual results have differed materially. From those suggested by forward-looking statements, and this may happen again. In addition, the presentation and our comments contain references to non-GAAP financial measures such as adjusted pre-tax income.

過去，實際結果有很大差異。從這些前瞻性陳述所暗示的情況來看，這種情況可能會再次發生。此外，此簡報和我們的評論包含對非公認會計準則財務指標（例如調整後的稅前收入）的引用。

We believe these non-GAAP measures provide a useful supplement to discussions and analysis of our financial condition because they are measures that management uses to assess the performance of our operations and allocate resources. Non-GAAP measures should be viewed in addition to and not as an alternative for the company's reported GAAP results.

我們認為這些非公認會計準則指標為我們財務狀況的討論和分析提供了有用的補充，因為它們是管理階層用來評估我們營運績效和分配資源的指標。非公認會計準則衡量指標應被視為公司報告的公認會計準則結果的補充，而不是替代。

A reconciliation of these non-GAAP measures to the most directly comparable GAAP measures and management's reasons for including them may be found in the press release and the appendix to the investor presentation. Now I would like to turn the call over to Glen Messina.

這些非 GAAP 指標與最直接可比較的 GAAP 指標的對照表以及管理層將其納入的理由可在新聞稿和投資者介紹附錄中找到。現在我想將電話轉給格倫梅西納 (Glen Messina)。

Thank you, Valerie. Good morning, everyone, and thanks for joining our call. Looking forward to sharing a few highlights for the first quarter, as well as review our strategy and financial objectives to deliver long-term value for our shareholders. Let's get started on slide three. I want to start with three key themes today.

謝謝你，瓦萊麗。大家早安，感謝大家參加我們的電話會議。期待分享第一季的一些亮點，並回顧我們的策略和財務目標，為我們的股東創造長期價值。讓我們從第三張投影片開始。今天我想從三個關鍵主題開始。

First, we're delivering on our 2025 operating priority to accelerate growth in originations volume and total servicing UPB. Second, our growth in book value and adjusted ROE performance demonstrate that our strategy is sound and execution is on track. And third, we believe our balanced business positions us for success in high and low-interest rate environments.

首先，我們正在履行 2025 年的營運重點，以加速發起量和總服務 UPB 的成長。其次，我們的帳面價值和調整後 ROE 表現的成長表明我們的策略是合理的，並且執行正在按計劃進行。第三，我們相信，我們均衡的業務使我們在高利率和低利率環境中都能取得成功。

Let's turn to slide four to review a few highlights for the quarter. Despite unpredictable market conditions, we delivered strong financial performance in the first quarter with adjusted pre-tax income of $25 million and annualized adjusted ROE of 22%, which exceeds our guidance. GAAP net income attributable to common shareholders of $21 million or $250 per share, fully diluted, reflects an annualized return on equity of 19% and is above consensus.

讓我們翻到第四張投影片來回顧本季的一些亮點。儘管市場狀況難以預測，但我們在第一季仍取得了強勁的財務業績，調整後的稅前收入為 2,500 萬美元，年化調整後 ROE 為 22%，超出了我們的預期。歸屬於普通股股東的 GAAP 淨利潤為 2,100 萬美元，即每股 250 美元（完全稀釋），反映出 19% 的年化股本回報率，高於預期。

Average servicing UPB of $305 billion for the quarter is up $13 billion versus the first quarter of 2024. Total servicing additions of $17 billion is down from the first quarter of '24, primarily due to lower subservicing additions related to the timing of bulk boardings. However, owned MSR editions more than doubled versus the first quarter '24.

本季平均服務 UPB 為 3,050 億美元，比 2024 年第一季增加 130 億美元。總服務增加額為 170 億美元，較 24 年第一季有所下降，主要原因是與散裝登船時間相關的子服務增加額較低。然而，與 2024 年第一季相比，擁有的 MSR 版本數量增加了一倍以上。

And finally, book value per share was up approximately 4% versus Q1 '24 and up approximately 2% versus year-end '24. We're pleased with our results for the quarter, which reflects the strength of our business and solid execution from our team. Let's turn to slide five to discuss how we're positioned for the balance of 2025. We believe 2025 will be a dynamic and unpredictable year.

最後，每股帳面價值較 24 年第一季上漲約 4%，較 24 年年底上漲約 2%。我們對本季的業績感到滿意，這反映了我們業務的實力和團隊的穩健執行力。讓我們翻到第五張投影片來討論我們如何為 2025 年的平衡做好準備。我們相信2025年將是充滿活力且難以預測的一年。

We're expecting continued interest rate and GSC price volatility, which is likely to generally impact hedge costs and drive unpredictable surges in refinancing activity and origination margin volatility. The Mortgage Bankers Association and Fannie Mae estimate for industry origination volumes expected to be up 17% year over year.

我們預計利率和 GSC 價格將持續波動，這可能會普遍影響對沖成本，並導致再融資活動和發起保證金波動出現不可預測的激增。抵押貸款銀行家協會和房利美估計，產業貸款發放量預計將年增 17%。

While not out of the realm of possibility, it is dependent on a 9% increase in home purchase volume and a 39% increase in refinancing volume. Economists have commented that the probability of a recession has increased since the beginning of the year, although we have not yet seen a deterioration in mortgage delinquencies.

雖然這並非不可能，但這取決於房屋購買量增加 9% 和再融資量增加 39%。經濟學家評論說，儘管我們尚未看到抵押貸款拖欠情況惡化，但自今年年初以來，經濟衰退的可能性增加。

We believe the Rocket acquisition of Mr. Cooper has the potential to accelerate M&A activity for two primary reasons the desire to accelerate servicing scale. And a desire to own servicing capability. In addition, M&A activity over the past 12 months to 18 months amongst companies who had large concentrations of sub-servicing is giving rise to an increase in financial institutions exploring their options for sub-servicing providers.

我們認為 Rocket 收購 Cooper 先生有可能加速併購活動，主要有兩個原因：希望加速服務規模。並渴望擁有服務能力。此外，過去 12 個月到 18 個月中，在次級服務集中度較高的公司中開展的併購活動，促使越來越多的金融機構開始探索次級服務提供者的選擇。

We believe we're well positioned for this dynamic environment and we're maintaining our full year guidance. Our balanced business continues to demonstrate the resilience to successfully navigate high and low interest rates. We have a terrific servicing platform that is delivering top tier performance for the benefit of customers and investors.

我們相信，我們已為這一動態環境做好了準備，並且我們將維持全年指導。我們均衡的業務持續展現出成功應對高低利率的韌性。我們擁有出色的服務平台，為客戶和投資者提供一流的服務。

We believe our servicing portfolio mix and special servicing skills will help minimize advancing and delinquencies in the event of a recession and create delinquents of servicing growth opportunities. We are accelerating growth, consistent with our planned actions, and we believe we're on track to achieve our portfolio growth objectives.

我們相信，我們的服務組合和特殊服務技能將有助於在經濟衰退時最大限度地減少預付款和拖欠，並為拖欠服務的人創造成長機會。我們正在加速成長，與我們計劃的行動一致，我們相信我們正朝著實現投資組合成長目標的方向前進。

Should interest rates decline, we have an agile and high performing recapture platform that continues to close the GAAP to best practice. And as always, in this dynamic environment, we are maintaining the flexibility to evaluate all options to create value for shareholders. Let's turn to slide six for more about our balanced business.

如果利率下降，我們有一個靈活、高效能的回收平台，可以繼續讓 GAAP 接近最佳實踐。像往常一樣，在這個充滿活力的環境中，我們保持靈活性，評估所有選擇，為股東創造價值。讓我們翻到第六張幻燈片來了解更多關於我們平衡業務的資訊。

We believe our balanced business is positioned to perform well with high or low interest rates. As you can see, even with the sharp increase in interest rates from 2021, our total business is delivering improved performance driven by our servicing platform.

我們相信，無論利率高低，我們均衡的業務都能表現良好。如您所見，即使從 2021 年開始利率大幅上升，我們的整體業務仍在服務平台的推動下實現業績提升。

Q1 '25 adjusted pre-tax income of $48 million for origination and servicing reflects both segments are operating profitably with servicing delivering most of our segment earnings. As in 2021, if interest rates were to materially decline, industry origination volume and margins typically expand while servicing runoff increases.

2025 年第一季調整後的發起和服務部門稅前收入為 4,800 萬美元，反映出這兩個部門均實現盈利，其中服務部門貢獻了我們大部分的部門收益。與 2021 年一樣，如果利率大幅下降，行業發起量和利潤率通常會擴大，而服務流失也會增加。

In this scenario, we would expect originations to deliver most of our earnings. Given the current outlook for interest rates, we expect servicing will continue to be the predominant earnings contributor for 2025, with industry originations volume projected to increase modestly. Let's turn to slide seven for more about our servicing platform.

在這種情況下，我們預期發起業務將帶來大部分收益。鑑於當前的利率前景，我們預計服務業務將繼續成為 2025 年的主要獲利貢獻者，產業發起量預計將小幅成長。讓我們翻到第七張幻燈片來了解有關我們的服務平台的更多資訊。

We've built a strong servicing platform, and our team is delivering industry leading performance on multiple dimensions. We service or subservice $1.4 million loans with the total UPB of over $300 billion on behalf of more than 4,000 investors and over 120 sub-servicing clients.

我們建立了強大的服務平台，我們的團隊在多個維度上提供業界領先的表現。我們為 4,000 多名投資者和 120 多名分包客戶提供服務或分包服務，貸款總額達 140 萬美元，UPB 總額超過 3,000 億美元。

We service forward, reverse, and business purpose residential mortgages, and our clients and loan investors include some of the largest financial institutions in the United States. We've been recognized by Fannie Mae, Freddie Mac, and HUD for industry-leaning servicing performance in each of the past four years.

我們提供正向、反向和商業用途住宅抵押貸款服務，我們的客戶和貸款投資者包括美國一些最大的金融機構。過去四年來，我們每年都因業界領先的服務表現而獲得房利美、房地美和住房和城市發展部的認可。

Our commitment to technology is evidenced with our automation center of excellence, having been recognized in 2024 as best in class by the Shared Services Outsourcing Network, which is the world's largest community of business services and outsourcing professionals with more than 200,000 global members.

我們對科技的承諾體現在我們的卓越自動化中心上，該中心於 2024 年被共享服務外包網路評為同類最佳，該網路是世界上最大的商業服務和外包專業人士社區，擁有超過 20 萬名全球會員。

During the first quarter, our investment in technology was evident with roughly 89% of customer inquiries handled through digital interface channels and robotic process automation, saving over 60,000 manual work hours a month. Our investments in talent, technology, and global proprietary infrastructure have created a scalable, low cost, high performing platform for investors and customers alike.

在第一季度，我們對科技的投資顯而易見，大約 89% 的客戶諮詢透過數位介面管道和機器人流程自動化處理，每月節省了超過 60,000 個人工工作小時。我們對人才、技術和全球專有基礎設施的投資為投資者和客戶創造了一個可擴展、低成本、高效能的平台。

Our continuous improvement in customer experience is evidenced with a 4.6 and 4.1 out of 5 star satisfaction rating for our call center and load boarding performance respectively, as well as the 61 net promoter score from servicing clients, a score consistent with companies such as Amazon, Apple, and Google.

我們不斷提升客戶體驗，呼叫中心和登機服務滿意度分別達到 4.6 星和 4.1 星（滿分為 5 星），服務客戶的淨推薦值也達到 61，與亞馬遜、蘋果和谷歌等公司持平，充分證明了這一點。

In addition, we were named by the National Association of Mortgage Brokers as one of their affiliate companies of the year for the past two years for our work in reverse mortgage. While we are not the largest servicer in the industry, we deliver top tier performance for customers and investors and are positioned to fiercely compete with anyone regardless of size.

此外，由於我們在反向抵押貸款領域的工作，我們連續兩年被全國抵押貸款經紀人協會評為年度附屬公司之一。雖然我們不是業內最大的服務商，但我們為客戶和投資者提供頂級的服務，並且有能力與任何規模的公司展開激烈競爭。

Please turn to slide eight to discuss how we're positioned for a recession. Onity's legacy DNA is special servicing. In the event of a recession, we believe our portfolio mix and special servicing skills position the company to minimize our exposure to advances and potentially take advantage of delinquent sub-servicing opportunities.

請翻到第八張投影片來討論我們如何應對經濟衰退。Onity 的遺留 DNA 是特殊服務。一旦出現經濟衰退，我們相信，我們的投資組合和特殊服務技能將使公司最大限度地減少預付款風險，並有可能利用拖欠的次級服務機會。

Looking at our portfolio mix, the 51% of our portfolio in sub-servicing has no or limited exposure to advances and generally includes additional revenue to service delinquent loans. The 35% of our portfolio in GSE owned MSRs is generally with higher credit quality consumers, and we have no obligation to advance principal and interest payments after 120 days of delinquency.

從我們的投資組合來看，51% 的次級服務投資組合沒有或僅有有限的預付款敞口，並且通常包括用於償還拖欠貸款的額外收入。在我們的投資組合中，GSE 所擁有的 35% 的 MSR 通常屬於信用品質較高的消費者，我們沒有義務在拖欠 120 天後提前支付本金和利息。

Only the remaining 14% of our portfolio in PLS and Ginny Mayor and reverse owned servicing has exposure to all advances through resolution. Here's where our special servicing skills make a difference. In the middle of the page you could see how we perform on resolving delinquent loans.

在我們的投資組合中，只有 PLS 和 Ginny Mayor 以及反向自有服務中剩餘的 14% 可以透過解決方案獲得所有預付款。這就是我們的特殊服務技能發揮作用的地方。在頁面中間，您可以看到我們如何解決拖欠貸款。

For all delinquent loans boarded in 2021 through 2023, 12 months after boarding, we brought 61% of the loans to current or paid in full status and reduced the delinquent population by 60% points. As you can see on the right side of the page.

對於 2021 年至 2023 年期間登記的所有拖欠貸款，登記 12 個月後，我們將 61% 的貸款轉為當前狀態或全額償還狀態，並將拖欠貸款人數減少了 60%。正如您在頁面右側所看到的。

Our ability to resolve delinquent loans is the primary reason why we're able to reduce outstanding advances on our legacy servicing book by 20% year over year, with only a 10% reduction in loan count. We believe our special servicing skills are an asset that can be converted to revenue through delinquent subservicing in a recessionary cycle.

我們解決拖欠貸款的能力是我們能夠將遺留服務帳簿上的未償還預付款項同比減少 20%，而貸款數量僅減少 10% 的主要原因。我們相信，我們的特殊服務技能是一項資產，可以在經濟衰退週期中透過拖欠的次級服務轉化為收入。

Now let's turn to slide nine to discuss the result of our growth actions. In the first quarter, our originations and capital markets teams delivered over 2 times growth in total MSR editions versus Q1 '24 with a 53% increase in originations volume versus an 8% increase for the overall industry during the same period. Our performance in MSR editions is consistent with our objective to retain more MSRs.

現在讓我們翻到第九張投影片來討論一下我們的成長行動的結果。在第一季度，我們的發起和資本市場團隊實現了 MSR 版本總數與 2024 年第一季度相比增長 2 倍以上，發起量增長 53%，而同期整個行業的增長為 8%。我們在 MSR 版本中的表現與我們保留更多 MSR 的目標一致。

To grow earnings and book value, as well as reload our portfolio for we capture opportunity. Average total servicing in the first quarter is up $13 billion or approximately 5% year over year. Sub-servicing is roughly flat versus Q1 '24, with additions offsetting runoff and over $16 billion in scheduled transfers from the rhythm and math portfolios over the same period.

增加收益和帳面價值，並重新加載我們的投資組合以抓住機會。第一季平均總服務額年增 130 億美元，約 5%。與 2024 年第一季相比，子服務基本持平，新增服務抵消了流失，同期節奏和數學投資組合的定期轉移超過 160 億美元。

The runoff in the rhythm subservicing portfolio has really masked our growth performance over the past several years. Since the beginning of 2020, the rhythm subservicing UPB has declined by $84 billion while we increase all other servicing by $176 billion or roughly 2.9 times over the same period. I believe this highlights the power of our origination capability and success of our growth strategy.

節奏次級服務組合的流失確實掩蓋了我們過去幾年的成長表現。自 2020 年初以來，節奏次級服務 UPB 減少了 840 億美元，而同期所有其他服務增加了 1,760 億美元，約佔同期服務總額的 2.9 倍。我相信這凸顯了我們的發起能力和成長策略的成功。

Switching to our product development activities, we're excited to report that our new product launches are on track. The first quarter rollout of our enhanced closed and second lean product was very well received by customers, with lock volume 3.6 times the same period last year. In April, we launched a proprietary equity IQ reverse mortgage product on schedule, and for the balance of the year.

談到我們的產品開發活動，我們很高興地報告，我們的新產品發布進展順利。我們第一季推出的增強型閉環和第二精實產品受到顧客的一致好評，鎖倉量是去年同期的3.6倍。今年 4 月，我們按計劃推出了專有的股票 IQ 反向抵押貸款產品，並將在今年年底前推出。

We are targeting to launch several non-agency expanded credit products to further expand the market opportunity we can access. We believe our product development actions expand our adjustable market opportunity, provides access to higher margin market segments, and creates alternatives for our consumer direct platform to maintain operating capacity for surges and refinancing activity.

我們計劃推出幾款非機構擴大信貸產品，以進一步擴大我們可以獲得的市場機會。我們相信，我們的產品開發行動擴大了我們可調整的市場機會，提供了進入更高利潤率細分市場的機會，並為我們的消費者直接平台創造了替代方案，以保持激增和再融資活動的營運能力。

Now, please turn to slide 10 to discuss the progress we made in our recapture platform. Our Consumer Direct team is continuing to improve our recapture capability to near benchmark performance levels while maintaining the flexibility to address mortgage rate volatility. As you can see on the left, funding and lock volume in our consumer direct platform was up 2.7% and 2.5 times respectively in Q1 '25 versus Q1 '24.

現在，請翻到第 10 張投影片來討論我們在重新擷取平台方面所取得的進展。我們的消費者直銷團隊正在繼續提高我們的回收能力，使其接近基準績效水平，同時保持應對抵押貸款利率波動的靈活性。正如您在左側看到的，2025 年第一季與 2024 年第一季相比，我們消費者直銷平台的融資和鎖定量分別成長了 2.7% 和 2.5 倍。

As compared to 1.4 times for the industry over the same period. Based on our refinancing, recapture benchmarking for the quarter in the last 12 months, excluding home equity products, we believe our platform is performing better than average in several of our public, non-bank, third party origination focused peers and the ICE reported averages.

而同期產業為1.4倍。根據我們過去 12 個月季度的再融資和重新奪回基準（不包括房屋淨值產品），我們認為我們的平台在多個公共、非銀行、第三方發起同行和 ICE 報告的平均水平中表現優於平均水平。

For the first quarter, our refinance recapture rate is on par with our benchmark peer. While we are pleased with our recaptured performance so far, we want to be the benchmark by which all others are measured. To that end, we continue to invest in talent, technology, predictive analytics, products, and marketing to further improve our capability.

第一季度，我們的再融資回收率與基準同業持平。雖然我們對迄今為止重新奪回的表現感到滿意，但我們希望成為衡量所有其他人的基準。為此，我們繼續投資人才、技術、預測分析、產品和行銷，以進一步提高我們的能力。

Now I'll turn it over to Sean to cover our financials and segment performance in more detail.

現在我將把時間交給肖恩，讓他更詳細地介紹我們的財務狀況和部門表現。

Thanks, Glen. Let's turn to slide 11 for our financial performance. 2025 is off to a strong start for us, and the financial metrics reflect that. Here we compare three key metrics year over year. Top-line revenue grew 5% while keeping operating efficiency stable. That combination flowed through to drive adjusted pre-tax income up to $25 million versus $15 million prior to your quarter.

謝謝，格倫。讓我們翻到第 11 張投影片來了解我們的財務表現。 2025 年對我們來說是一個強勁的開端，財務指標反映了這一點。這裡我們逐年比較了三個關鍵指標。營業收入成長5%，同時維持營運效率穩定。這一組合推動調整後的稅前收入從本季之前的 1,500 萬美元增至 2,500 萬美元。

The result was an adjusted ROE of 22%, which was well ahead of our guidance of 16% to 18% for full year 25. This continued the upward trajectory of book value per share, with $2.15 book value being added from the first quarter. Overall, we had a robust quarter, added scale to the servicing platform, growing UPB by $13 billion a year.

調整後的 ROE 為 22%，遠高於我們對 25 年全年 16% 至 18% 的預期。這延續了每股帳面價值的上升趨勢，較第一季增加了 2.15 美元。整體而言，我們本季表現強勁，服務平台規模進一步擴大，UPB 每年成長 130 億美元。

Including growth in our own MSR book by $12 billion and originations was again profitable despite the elevated rate environment. Please turn to slide 12 for our servicing performance in both the forward and reverse space. The servicing segment again remained a strong contributor to adjusted pre-tax income. Forward servicing grew adjusted PTI through increased fee generation.

包括我們自己的 MSR 帳簿成長 120 億美元，儘管利率環境上升，但發起業務再次實現盈利。請翻到投影片 12，了解我們在前向和後向空間的服務表現。服務部門再次成為調整後稅前收入的重要貢獻者。遠期服務透過增加費用來增加調整後的 PTI。

Which was up 6% year over year and 5% from last quarter, driven by the growth in owned servicing, which was up 9% from the prior quarter. Lower MSR runoff also helped to more than offset the seasonally lower first quarter flow income. Reverse servicing was up from the prior quarter, but lower versus prior year.

該數字年增 6%，季增 5%，主要得益於自有服務的成長，自有服務較上一季成長 9%。較低的 MSR 徑流也有助於抵銷第一季季節性較低的流量收入。逆向服務較上一季有所上升，但低於去年同期。

The year over year change was due primarily to strong asset gains in the first quarter of '24, as well as valuation adjustments on buyout loans in the first quarter of '25. Overall, our reverse assets, our recapture capabilities, and our derivatives delivered an effective hedge to the Ford MSR in the first quarter.

與去年同期相比的變化主要歸因於 24 年第一季的強勁資產成長，以及 25 年第一季對收購貸款的估值調整。總體而言，我們的反向資產、我們的回收能力以及我們的衍生性商品在第一季為福特 MSR 提供​​了有效的對沖。

The right graph shows an illustrative example of the impact of growing subservicing UPB in the subsequent lift and adjusted PTI. This shows the leverage that our operating platform provides as we build scale. And as Glen mentioned, we believe shifts in the competitive landscape that have occurred over the last 12 plus months create opportunities to acquire new clients for subservicing.

右圖顯示了在隨後的提升和調整後的 PTI 中增加次級服務 UPB 的影響的說明性範例。這顯示了我們的營運平台在我們擴大規模時所提供的槓桿作用。正如格倫所提到的，我們相信過去 12 個多月來競爭格局的變化為獲取新客戶創造了機會。

Let's turn to slide 13 for the results of our origination segment. Originations grew adjusted PTI significantly year over year. This was driven primarily by total volume growing 50% from the first quarter of '24, and the high margin consumer direct channel growing by about 165%. This improvement in consumer direct is driven by the strong recapture capabilities previously mentioned.

讓我們翻到第 13 張投影片來查看起源部分的結果。調整後的 PTI 發源量較去年同期大幅成長。這主要是由於總銷量較 24 年第一季成長了 50%，高利潤率的消費者直銷通路成長了約 165%。消費者直銷業務的這種改善是由前面提到的強大的回收能力所推動的。

Generally, the first quarter is the seasonally weaker originations quarter. Industry volume was down 21% quarter over quarter. Despite our lower volume, originations posted a consistent level of adjusted PGI. This was driven by stronger net interest income and improved operating expense.

一般來說，第一季是季節性較弱的發起季度。產業產量季減21%。儘管我們的交易量較低，但發起方發布的調整後 PGI 水準仍保持穩定。這是由於淨利息收入增加和營運費用改善所致。

Overall, we continue to operate a profitable originations business with a wide range of products, and we believe we are able to adapt to any interest rate environment. Regarding new high margin products, our additional home equity loan product is showing strong locks, and the reverse proprietary product was successfully rolled out last week.

總體而言，我們繼續經營具有廣泛產品的獲利性貸款業務，並且我們相信我們能夠適應任何利率環境。關於新的高利潤產品，我們的附加房屋淨值貸款產品表現出強勁的鎖定性，並且反向自營產品已於上周成功推出。

Let's go to slide 14. We'll confirm our guidance for 2025. Our financial objectives remain unchanged. Sustained adjusted PTI growth and earning stability. These are enabled by increased scale and the agility to capture market opportunities. For 2025, we are confirming the guidance we provided last quarter.

我們來看第 14 張投影片。我們將確認 2025 年的指導。我們的財務目標維持不變。維持調整後的稅前利潤成長和獲利穩定。這些都是透過擴大規模和靈活抓住市場機會來實現的。對於 2025 年，我們確認了上個季度提供的指導。

Continued expectation of a strong adjusted ROE in the range of 16% to 18%, growth in our servicing book to exceed 10% year over year, a consistent hedge ratio targeting 90% to 110%, and a stable efficiency ratio as we prudently add costs commensurate with new revenue.

我們繼續預期調整後的淨資產收益率將在 16% 至 18% 之間保持強勁，服務帳簿的成長率將超過 10%，對沖比率將保持在 90% 至 110% 之間，隨著我們審慎增加與新收入相稱的成本，效率比率將保持穩定。

Then we've also included information that we provided in our March 8-K release regarding the reasonable possibility that we will release some or all of our valuation allowance on our US Deferred Tax Assets, or DTA by year-end 2025.

然後，我們還包含了我們在 3 月份 8-K 報告中提供的信息，這些信息涉及我們在 2025 年底之前釋放部分或全部美國遞延稅項資產（DTA）估值準備金的合理可能性。

For a frame of reference, the total valuation allowance, or VA for the USDTA was about $180 million at the end of '24, and using the '24 year-end share count would create an increase of roughly $22 per share. This increase results from the valuation allowance lifting, which then allows the existing net deferred tax asset to be an accretive impact on net income as an income tax benefit.

作為參考，24 年底，美國交通局的總估值準備金（VA）約為 1.8 億美元，而使用 24 年末的股票數量將導致每股增加約 22 美元。這一增長是由於估值準備金的提高，這使得現有的淨遞延稅項資產作為所得稅收益對淨收入產生增值影響。

This in turn increases our stockholder equity by the same amount. This will also have a beneficial impact on their leverage ratio as measured by debt to equity. In closing, I'd like to say this was a strong quarter. We are pleased with our results that exceeded guidance and the trajectory of our business. Back to you, Glen.

這反過來又會使我們的股東權益增加相同的金額。這也將對其以債務與股權衡量的槓桿率產生有益的影響。最後，我想說這是一個強勁的季度。我們對我們的業績感到滿意，它超出了預期並超越了我們的業務發展軌跡。回到你身邊，格倫。

Thanks, Sean. Now please turn to slide 15 for a few comments before we open up the call for questions. I believe we're well positioned to navigate the market environment ahead and deliver long-term value for our shareholders. We've delivered a robust increase in profitability and returns in 2024, and we're off to a great start in 2025.

謝謝，肖恩。在我們開始提問之前，請翻到第 15 張投影片聽取一些評論。我相信我們已做好準備，應對未來的市場環境，並為股東創造長期價值。2024 年，我們的獲利能力和回報率實現了強勁成長，2025 年也將迎來良好的開端。

Our performance is the result of our balanced business, capital like growth, top tier operating performance, discipline cost management, and dynamic asset management. Our operating priorities for 2025 are aligned with our strategy and focused on three areas accelerating growth, differentiating operating performance, and elevating the customer experience.

我們的業績源自於均衡的業務、資本的成長、一流的營運績效、嚴格的成本管理和動態的資產管理。我們 2025 年的營運重點與我們的策略保持一致，並專注於三個領域：加速成長、差異化營運績效和提升客戶體驗。

Our execution is driven by our experienced team, who are relentlessly focused on delivering on our commitments and providing excellent service to our customers. All this comes together to suggest a share price that we believe has excellent upside, and we intend to continue to take.

我們的執行由經驗豐富的團隊推動，他們堅持不懈地致力於兌現我們的承諾並為客戶提供優質的服務。所有這些因素綜合起來表明，我們認為股價具有極佳的上漲空間，我們打算繼續持有。

The actions necessary and maintain the agility in a dynamic marketplace to harvest that value for the benefit of all shareholders. Overall, we could not be more optimistic about the potential for our business. With that, Nikki, let's open up the call for questions.

採取必要的行動並保持在動態市場中的敏捷性，以便為所有股東的利益獲取價值。總體而言，我們對我們的業務潛力非常樂觀。尼基，讓我們開始提問吧。

And at this time, if you would like to ask a question, (Operator Instructions). We'll take our first question from Randy Binner with B. Riley. Please go ahead. Your line is open.

如果你想問一個問題，（操作員指令）。我們將從 B. Riley 的 Randy Binner 那裡得到第一個問題。請繼續。您的線路已開通。

Oh, okay, thank you. Good morning. Hard to know where to start but obviously really solid quarter and good. Informative call. I guess you know this the valuation allowance news and the kind of detail you provided here is pretty interesting and so I hear that you're saying it's worth $22 a share and I just, generally my experience with these is that there can be, ownership tests and rules of the IRS and timing things that affect.

噢，好的，謝謝你。早安.很難知道從哪裡開始，但顯然這個季度確實很穩健，而且很好。資訊電話。我想您知道這個估值準備金新聞，而且您在這裡提供的細節非常有趣，所以我聽說您說它價值每股 22 美元，而我一般的經驗是，可能會有所有權測試和美國國稅局的規則以及時間因素影響。

How these. Kind of the value that DTA comes out and so I just want to maybe dig into that a little bit some of the details there or are there really not limitations and it all it could all kind of create to equity value, like on a single date.

這些怎麼樣。DTA 的價值就是這樣，所以我可能想深入研究其中的一些細節，或者真的沒有限制，所有這些都可以在一個日期內創造股權價值。

So Randy, thanks for the question. You're right, evaluation allowances are interesting and arcane. Really the key question that, future performance and our continued analysis will show us is that do we lift all or some of the VA? Whether it's some or all of the valuation allowance or VA that then flows through dollar to dollar. It hits net income, it raises book value.

蘭迪，謝謝你的提問。你說得對，評估津貼既有趣又神秘。未來的表現和我們持續的分析將告訴我們，真正的關鍵問題是，我們是否應該取消全部或部分 VA？無論是部分還是全部估值準備金或 VA，都會在一美元和一美元之間流動。它影響淨收入，提高帳面價值。

So the question is how much of the VA remains, and we look at this by every quarter we analyze positive and negative data. A cumulative loss in recent periods is negative evidence, and we've had the evaluation elements in place since 2015. So we think given our recent strong performance over multiple quarters that we will transition from a cumulative loss in recent years to a cumulative income.

所以問題是 VA 還剩下多少，我們每季都會透過分析正負數據來查看這個問題。最近一段時間的累積損失是負面證據，我們從 2015 年起就已經具備評估要素。因此，我們認為，鑑於我們最近多個季度的強勁表現，我們將從近年來的累積虧損轉變為累積收入。

Yeah, so that's kind of one of the key parameters. There's several others, but once you make the VA decision, then the math becomes relatively simple.

是的，這是關鍵參數之一。還有其他幾個，但是一旦你做出 VA 決定，那麼數學就會變得相對簡單。

Okay, so there's no like then there's no ownership or other kind of tests that would hold back timing.

好的，所以不存在像那樣的所有權或其他類型的測試來阻礙時間安排。

No, I think you're referring to ownership changes which can affect the overall deferred tax asset which apply whether or not you have a valuation allowance and that's due to changes in shareholders over 5%, but that's right 382 that's kind of a separate concept around DTAs.

不，我認為您指的是所有權變更，這可能會影響整體遞延所得稅資產，無論您是否有估值準備金，這都適用，這是由於股東變更超過 5% 造成的，但這是正確的 382，這是圍繞 DTA 的獨立概念。

Okay, so that's

好的，就是這樣

Our DTA has been pretty consistent. The valuation allowance has been in that neighborhood of 175 to 183 for the last several years. We only printed in the K so it shows up once a year.

我們的 DTA 一直都非常一致。過去幾年，估值準備金一直處於 175 至 183 左右。我們只在 K 上印刷，所以它每年出現一次。

All right, well, I have a bunch of others, but I'll drop back in the queue. Appreciate that Thank you.

好的，嗯，我還有其他一些事情，但我會回到隊列中。非常感謝。

Thanks, Randy.

謝謝，蘭迪。

Thank you. Our next question comes from Bose George with KBW. Please go ahead. Your line is open.

謝謝。我們的下一個問題來自 KBW 的 Bose George。請繼續。您的線路已開通。

Hey guys, good morning. Actually just one follow up on the DTA. Is there any timing in terms of, when it has to be utilized by?

大家好，早安。實際上只是對 DTA 的一次跟進。有沒有什麼時候必須使用它？

The vast majority of our DTA is not limited by a time frame. It's post 2000, I think it was 2017 Tax Reform Act, when the DTAs only cover 80% of your taxable income, but they're indefinite, and that's the large majority of almost all of our federal and a good chunk of our state.

我們的絕大多數 DTA 不受時間框架的限制。這是 2000 年後，我想是 2017 年稅收改革法案，當時 DTA 只涵蓋 80% 的應稅收入，但它們是無限期的，這幾乎佔了我們聯邦政府的絕大部分，也是我們州很大一部分的絕大部分。

Okay, great, thanks. And then actually it looked like there was a legal expense this quarter. Can you just talk about that and then just can you remind us where things stand in terms of, anything else on the regulatory legal side?

好的，太好了，謝謝。實際上看起來本季有一筆法律費用。您能否簡單談談這個問題，然後您能否提醒我們監管法律方面的其他情況？

Yeah, I suppose it's it's Glen. So look on the legal side, yeah, we did reach an agreement in principle this quarter to resolve one of our oldest. Legacy class action litigation matters, believe it or not, this thing is nearly two decades old dealing with pre-acquisition PHH practices again that was were discontinued almost two decades ago.

是的，我想是格倫。因此從法律角度來看，是的，本季度我們確實在原則上達成了協議，解決了我們最古老的問題之一。遺留的集體訴訟問題，不管你信不信，這件事已經有近二十年的歷史了，再次處理收購前的 PHH 實踐，而這些實踐在近二十年前就已經停止了。

So look, we had the opportunity to reach a settlement here, again for this thing carrying on for almost 20 years. It's just let's get it behind us and move on.

所以，你看，我們有機會在這裡達成和解，因為這件事已經持續了近 20 年。我們只需將其拋在腦後，繼續前進。

Okay, great. And then just as a reminder, is there anything else that's like sort of on the litigation front or regulatory front or is things kind of fully resolved now?

好的，太好了。然後提醒一下，在訴訟方面或監管方面還有其他事情嗎？或者現在事情已經完全解決了嗎？

Yeah, but as we, our 10-K or 10-Q includes what we, believe are, that the, generally the major litigation matters affecting the company. I think, as look, the mortgage industry is subject to litigation from a number of different directions in the ordinary course of business, we and other market participants, can become involved in all sorts of threatened and pending legal matters.

是的，但我們的 10-K 或 10-Q 包含了我們認為通常會影響公司的主要訴訟事項。我認為，抵押貸款行業在正常業務過程中會受到來自不同方向的訴訟，我們和其他市場參與者可能會捲入各種威脅和未決的法律問題。

And you know that's no different than anybody else in this industry, the biggest thing out there from the prior administration is the just generally an adverse reaction to consumer fees charged to consumers of any type. We and others have been, defending ourselves in a number of different, pending actions or inquiries, regarding convenience fees.

你知道，這與這個行業中的其他人沒有什麼不同，前政府最大的問題就是對向任何類型的消費者收取的消費者費用普遍做出負面反應。我們和其他人一直在就便利費問題，透過多種不同的、未決的訴訟或調查為自己辯護。

And we believe we've complied with the law in every one of those examples, more recently. Resolved one of those matters with HUD, so pretty much where we stand.

我們相信，在最近的每一個例子中，我們都遵守了法律。透過 HUD 解決了其中一個問題，所以我們的立場基本上是如此。

Okay, great, thank you.

好的，太好了，謝謝。

Thank you. (Operator Instructions). We will move next with Eric Hagen with BTIG. Please go ahead. Your line is open.

謝謝。（操作員指令）。接下來我們將與 BTIG 的 Eric Hagen 一起行動。請繼續。您的線路已開通。

Hey thanks good morning, guys. I want to ask about the Rocket Cooper merger and what you think is the impact on the subservicing market specifically how much you see that may be driving lower costs for the industry at large are you guys doing anything differently to source new business as a result of the merger and do you feel like it will even maybe change behavior from any of the other subservices in the market?

嘿，謝謝大家，早安。我想問一下 Rocket Cooper 合併的情況，您認為合併對子服務市場有何影響，特別是您認為合併會在多大程度上降低整個產業的成本？合併後，你們是否會採取不同的措施來拓展新業務？您是否認為合併可能會改變市場上其他子服務的行為？

Here, look, we, anytime you see a big transaction like that with Rockets announced acquisition of Mr. Cooper, it's big, it's disruptive, it shakes things up a bit. I think there's been a couple of folks who've been very vocal about how they think about the transaction, and, people generally fall, subservicing clients in particular will generally fall into one or two camps.

你看，我們，任何時候你看到像火箭隊宣布收購庫柏先生這樣的大交易，它都是大交易，具有顛覆性，會對事情產生一些影響。我認為已經有一些人非常直言不諱地表達了他們對交易的看法，人們通常，特別是服務客戶，通常會分為一兩個陣營。

If people feel threatened by Rocket, they're going to want to think about other opportunities and where else could they go where, they're partnering with a player who potentially is not going to be a threat to their business. And in other cases, people look at Rocket and say, who are, love Rocket and, want to be more closely aligned with them.

如果人們感到受到 Rockets 的威脅，他們會考慮其他機會，以及他們還能去哪裡，他們正在與一個可能不會對他們的業務構成威脅的玩家合作。而在其他情況下，人們看著 Rocket 並說，他們是誰，他們喜歡 Rocket，並希望與他們更加緊密地聯繫在一起。

So I think it's a mixed bag, but generally speaking, Yeah, we're seeing, I would say two key themes emerge, on the sub-servicing side, people either wanting to explore their options, but that's, I would say not just solely related to Rocket Cooper. Over the last 12 months to 18 months, there's been a number of, sub-servicing centric platforms that have changed ownership.

所以我認為這是一個混合體，但總的來說，是的，我們看到，我想說出現了兩個關鍵主題，在子服務方面，人們要么想探索他們的選擇，但我想說這不僅僅與 Rocket Cooper 有關。在過去的 12 個月到 18 個月中，許多以子服務為中心的平台已經更換了所有權。

And, that creates an opportunity for people to consider alternatives and Yeah, we've been very aggressive in growing our sub-servicing business. Last year we added $46 billion of new subservicing UPB and a record 13 new clients, and we are, attacking the marketplace with passion and energy and trying to continue to grow that side of our business.

這為人們創造了考慮替代方案的機會，是的，我們一直非常積極地發展我們的次級服務業務。去年，我們為 UPB 增加了 460 億美元的新子服務，並創下了 13 個新客戶的記錄，我們正以熱情和精力進軍市場，並努力繼續發展這方面的業務。

All right, good stuff. I always appreciate your complete answers. A lot of your MSRs are flow and, co-issue MSRs. Is there an advantage that you can point to in in this environment being as volatile as it is for being a flow buyer versus, a bulk buyer?

好的，好東西。我總是很感激您的完整回答。您的許多 MSR 都是流程和共同發行的 MSR。在這種波動性很大的環境下，您能指出作為流動買家相對於大量買家有什麼優勢嗎？

Like is there a distinct source of value that you can identify for being in the flow market and being a formidable competitor there versus sourcing MSRs in a different channel.

例如，與從其他管道採購 MSR 相比，在行動市場中是否存在可以確定的獨特價值來源，並成為那裡的強大競爭對手？

Eric, with our originations platform, we have basically have four in three different waters, so to speak. We do the flow, which is our corresponding business. We also.what I'll call delivery agnostics. So to the extent one of our clients wants to deliver to us through the co-issue channels, the, cash channels, CRX, S&P or PIT, we'll do that as well, and we opportunistically tap into the bulk market.

艾瑞克，透過我們的發起平台，我們基本上在三個不同的水域擁有四個，可以這麼說。我們做流程，這是我們對應的業務。我們也將被稱為交付不可知論者。因此，如果我們的客戶希望透過聯合發行管道、現金管道、CRX、S&P 或 PIT 向我們交付產品，我們也會這樣做，並且我們會抓住機會進入大宗市場。

So for us, we target a yield, that's a proprietary number. We don't disclose it publicly, and we, like to demonstrate some level of agility and flexibility to emphasize or de-emphasize, those channels where we see the best economics and, having that ability.

因此對我們來說，我們的目標是收益率，這是一個專有的數字。我們不會公開披露這些信息，我們希望展示一定程度的敏捷性和靈活性，以強調或弱化我們認為最有經濟效益的管道，並擁有這種能力。

To lean into the flow market when the flow market is, much more attractive or lean into the, S&P, CRX PIT market when that appears to be more attractive or bulk market if that appears to be more attractive, I think it is a great advantage for the company and gives us flexibility to maximize returns.

當流通市場更具吸引力時傾向於流通市場，或者當標準普爾、CRX PIT 市場看起來更具吸引力時傾向於流通市場，或者當大宗市場看起來更具吸引力時傾向於大宗市場，我認為這對公司來說是一個巨大的優勢，並使我們能夠靈活地實現回報最大化。

Got it. Okay, we're looking at slide 22. We're looking at the, operating efficiency chart that you have there. I mean, is there an objective that you have with respect to the operating efficiency on the servicing side? Or is there or should we kind of like expect that level the Kind of be stable.

知道了。好的，我們正在看第 22 張投影片。我們正在查看您那裡的營運效率圖表。我的意思是，您對服務方面的營運效率有什麼目標嗎？或是否存在或我們是否應該期望該水平是穩定的。

I, I'd say our overall objective, Eric is just to continue to increase, pre-tax income in each segment. We think our current levels are adequate. It can shift as we, if we brought in more special servicing, you would see, possibly it slightly increases until revenue catches up, same thing with big chunks of reverse, but overall.

我想說的是，我們的整體目標，埃里克，就是繼續增加每個部門的稅前收入。我們認為我們目前的水平已經足夠了。如果我們引入更多的特殊服務，它可能會發生變化，你會看到，它可能會略微增加，直到收入趕上來，大塊的逆轉也是一樣，但總體而言。

We like the level we're at, always continue to try and drive it slightly better through technology, operations, talent, scale, but we do not have, a stated target that we're trying to attain in a certain period of time.

我們喜歡我們現在的水平，總是繼續嘗試透過技術、營運、人才、規模來推動它稍微好一點，但我們沒有在一定時期內試圖達到的既定目標。

Alright appreciate you guys thank you.

好的，謝謝你們。

Thanks Eric.

謝謝埃里克。

Thanks Eric.

謝謝埃里克。

Thank you. (Operator Instructions). And there appear to be no further questions at this time. I will turn the call back to Glen Messina for closing remarks.

謝謝。（操作員指令）。目前似乎沒有其他問題。我將把電話轉回給格倫梅西納 (Glen Messina) 作結束語。

Thanks, Nikki, and I'd like to thank our shareholders and key business partners for supporting our business. I'd also like to thank and recognize our Board of Directors and the Onity Global Business team for the hard work and commitment to our success. I look forward to updating everyone on our progress to the next quarterly earnings call. Thank you.

謝謝，Nikki，我想感謝我們的股東和主要業務夥伴對我們業務的支持。我還要感謝並讚揚我們的董事會和 Onity 全球業務團隊為我們的成功所做的努力和承諾。我期待在下次季度收益電話會議上向大家通報我們的進度。謝謝。

And this does conclude today's program. Thank you for your participation. You may disconnect at any time.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。