Rocket Companies Inc (RKT) 2025 Q3 法說會逐字稿

Thank you for standing by, and welcome to the Rocket Companies third-quarter 2025 earnings conference call. (Operator Instructions)

感謝您的耐心等待，歡迎參加 Rocket Companies 2025 年第三季財報電話會議。（操作說明）

I'd now like to turn the call over to Sharon Ng, Head of Investor Relations. You may begin.

現在我將把電話交給投資者關係主管 Sharon Ng。你可以開始了。

Good afternoon, everyone, and thank you for joining us for Rocket Companies earnings call covering the third quarter 2025. With us this afternoon are Rocket Companies CEO, Varun Krishna; and our CFO, Brian Brown.

各位下午好，感謝各位參加 Rocket Companies 2025 年第三季財報電話會議。今天下午和我們在一起的是 Rocket Companies 的執行長 Varun Krishna 和我們的財務長 Brian Brown。

Earlier today, we issued our third quarter earnings release, which is available on our website at rocketcompanies.com under Investor Info. Also available on our website is an investor presentation. Before I turn things over to Varun, let me quickly go over our disclaimers. On today's call, we provide you with information regarding our third quarter performance as well as our financial outlook. This conference call includes forward-looking statements.

今天早些時候，我們發布了第三季收益報告，該報告可在我們的網站 rocketcompanies.com 的「投資者資訊」下找到。我們的網站上也提供投資者簡報。在把麥克風交給Varun之前，讓我快速回顧一下我們的免責聲明。在今天的電話會議上，我們將向您介紹我們第三季的業績以及財務展望。本次電話會議包含前瞻性陳述。

These statements are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and assumptions we mentioned today. We encourage you to consider the risk factors contained in our SEC filings for a detailed discussion of these risks and uncertainties. We undertake no obligation to update these statements as a result of new information or further events, except as required by law.

這些聲明存在風險和不確定性，可能導致實際結果與我們今天提到的預期和假設有重大差異。我們建議您參考我們向美國證券交易委員會提交的文件中所列的風險因素，以詳細了解這些風險和不確定性。除法律另有規定外，我們不承擔因新資訊或後續事件而更新這些聲明的義務。

This call is being broadcast online and is accessible on our Investor Relations website. A recording of the call will be posted later today. Our commentary today will also include non-GAAP financial measures. Reconciliations between GAAP and non-GAAP metrics for our reported results can be found in our earnings release issued earlier today, as well as in our filings with the SEC.

本次電話會議將在網路上直播，可透過我們的投資者關係網站收聽。通話錄音將於今日稍晚發布。我們今天的評論還將包括非GAAP財務指標。有關我們報告業績的 GAAP 指標和非 GAAP 指標的調節情況，請參閱我們今天早些時候發布的盈利報告以及我們向美國證券交易委員會提交的文件。

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

接下來，我將把麥克風交給 Varun Krishna，讓他為我們開始。瓦倫？

Good afternoon, everyone, and thank you for joining our third quarter 2025 earnings call. Today, I'll walk through four key areas: third quarter results; continuing progress on AI; integration with Redfin and Mr. Cooper; and finally, the new Rocket we're building for the future. The third quarter was a defining moment for Rocket, and I am so proud of our team.

各位下午好，感謝各位參加我們2025年第三季財報電話會議。今天，我將重點介紹四個關鍵領域：第三季業績；人工智慧的持續進展；與 Redfin 和 Mr. Cooper 的整合；以及我們正在為未來打造的全新 Rocket。第三節比賽對火箭隊來說是一個決定性的時刻，我為我們的團隊感到無比自豪。

We gained market share, we beat our adjusted revenue guidance, and we brought three public companies together. This performance reflects our ability to balance short- and long-term execution. You know a company and a team are special when they don't take their eye off the ball while still dreaming big. Only the best can deliver today while shaping tomorrow, and this team proves it every single day.

我們擴大了市場份額，超額完成了調整後的收入預期，並將三家上市公司合併在一起。這一業績反映了我們平衡短期和長期執行的能力。當一家公司和一支團隊既能腳踏實地，又能胸懷大志時，你就知道他們非同凡響。只有最優秀的人才能在今天有所作為，同時塑造明天，而這支團隊每天都在證明這一點。

Let's start with our Q3 execution in the context of the market. We operate in a complex housing environment. Affordability is slowly improving as rates ease. In the third quarter, the 30-year fixed rate dropped by 40 basis points to 6.3%, giving those buying and refinancing some much-needed rate relief. Home price growth also continued to moderate, slowing to 3.1% year over year in Q3, down from 5.5% in January. These trends signal a purchase market that's beginning to thaw, but that recovery still has a ways to go.

讓我們先從市場角度來分析我們第三季的業績表現。我們身處複雜的住房環境。隨著利率下調，購屋能力正逐步提高。第三季度，30 年期固定利率下降 40 個基點至 6.3%，為購屋者和再融資者提供了急需的利率減免。房價增速也持續放緩，第三季年增率降至 3.1%，低於 1 月的 5.5%。這些趨勢顯示購屋市場開始解凍，但復甦之路仍然漫長。

Existing home sales continue to hover around 4 million units, putting 2025 on track to be the slowest year for existing home sales since 1995. Despite this, people want to buy homes. That pent-up demand is very real. Buyers are watching the market closely, they're waiting for clear signals and increased affordability before making their move.

二手房銷售量持續徘徊在 400 萬套左右，預計 2025 年將成為自 1995 年以來二手房銷售最慢的一年。儘管如此，人們仍然想買房子。這種被壓抑的需求是真實存在的。買家們正密切關注市場動態，他們正在等待明確的訊號和更高的購屋能力，然後再採取行動。

The true measure of a company is its ability to grow in a challenging market. Rocket's Q3 results demonstrate exactly that. We delivered $1.783 billion in adjusted revenue, exceeding the high end of our guidance. We generated $36 billion in net rate lock volume, up 26% over the second quarter and $32 billion in closed loan volume, up 11% over the second quarter. We gained market share in both purchase and refinance. And in fact, Q3 was our strongest purchase and refinanced quarter in the last three years.

衡量一家公司真正的標準是它在充滿挑戰的市場中發展的能力。Rocket公司第三季的業績正好證明了這一點。我們實現了17.83億美元的調整後收入，超過了我們預期的上限。我們實現了 360 億美元的淨利率鎖定額，比第二季度增長了 26%；完成了 320 億美元的貸款額，比第二季度增長了 11%。我們在購屋和再融資市場都獲得了市場份額。事實上，第三季是我們近三年來購屋和再融資業務最強勁的一個季度。

Gain on sale margin remained stable sequentially. Adjusted EBITDA reached $349 million, expanding margins to 20% from 13% in the prior quarter. Adjusted diluted EPS came in at $0.07. Our guidance beat was driven by a surge in refinance activity as rates move lower and our execution that drove our market share gains. Rocket's platform enables our team to shift into overdrive and capture market opportunities on a dime. We consistently gain market share when these opportunities arise. We also closed the Mr. Cooper transaction on October 1, and will consolidate their financials in the fourth quarter.

銷售利潤率環比保持穩定。調整後 EBITDA 達到 3.49 億美元，利潤率從上一季的 13% 提高到 20%。經調整後的稀釋每股收益為0.07美元。我們業績超越預期，主要得益於利率走低帶動再融資活動激增，以及我們高效率的執行力所帶來的市佔率成長。Rocket 的平台讓我們的團隊全力以赴，迅速抓住市場機會。我們總能在機會出現時獲得市場份額。我們也於 10 月 1 日完成了對 Mr. Cooper 的收購，並將於第四季度合併其財務報表。

Let me now turn to AI. The reason that we are so obsessed with this technology is because it helps us with every single aspect of our business. It helps us grow the top of the funnel. It helps us lift conversion rates. It helps us reduce production costs, and it helps us increase recapture. The agentic era of AI has been particularly impactful. This quarter, we launched three AI agents that have changed the game.

現在讓我來談談人工智慧。我們如此著迷於這項技術的原因是，它能幫助我們處理業務的各個層面。它有助於我們拓展銷售漏斗的頂端。它有助於我們提高轉換率。它有助於我們降低生產成本，並有助於我們提高回收率。人工智慧的智能體時代影響尤為深遠。本季度，我們推出了三款改變遊戲規則的人工智慧代理商。

First, our Pipeline Manager Agent, ranks banker leads in real-time, highlights who to call next, and drafts custom texts based on past conversations to drive responses. Managing our massive and complex sales pipeline is critical. That's exactly what this agent helps our loan officers do using our own data and market knowledge to surface the right leads and engage them instantly. During the September refinance wave, this agent drove a 9-point jump in client follow-ups and a 10% lift in conversion for both daily credit pools and refinance applications directly increasing locked loan volume.

首先，我們的銷售管道管理代理商會即時對銀行家線索進行排名，突出顯示接下來要聯繫的人，並根據過去的對話起草自訂簡訊以促成回應。管理我們龐大而複雜的銷售管道至關重要。這正是該代理商利用我們自己的數據和市場知識，幫助我們的貸款專員找到合適的潛在客戶並立即與他們接洽所做的事情。在 9 月的再融資浪潮中，這位經紀人推動客戶跟進率提高了 9 個百分點，每日信貸池和再融資申請的轉換率提高了 10%，直接增加了鎖定貸款量。

Second, we deployed a purchase agreement review agent, previously reviewing a single purchase agreement required more than 80 manual steps, ranging from extensive paperwork and data entry to countless validation and compliance checks. This agent cuts processing time by 80% and achieves accuracy that exceeds the legacy review process. This translates into more than 150,000 team member hours saved annually.

其次，我們部署了採購協議審核代理，此前審核一份採購協議需要 80 多個人工步驟，包括大量的文書工作和資料輸入，以及無數的驗證和合規性檢查。此代理程式可將處理時間縮短 80%，並達到比傳統審核流程更高的準確率。這意味著每年可節省超過 15 萬個團隊成員工時。

Third, our Rocket Pro broker underwriting agent gives our mortgage broker partners speed and certainty. It verifies documents, checks e-sign compliance, confirms eligibility, and creates task summaries. What took four hours now happens in less than 15 minutes. What gets me excited is that we build each of these enterprise-grade agents in less than three weeks with some even going live the same day. This is thanks to proprietary technology. As we extend these tools across all our teams and partners, we expect the impact on capacity, conversion and volume to keep accelerating.

第三，我們的 Rocket Pro 經紀承銷代理商為我們的抵押貸款經紀合作夥伴提供了速度和確定性。它可以驗證文件、檢查電子簽名合規性、確認資格並建立任務摘要。原本需要四個小時才能完成的事情，現在只需不到15分鐘就能完成。讓我興奮的是，我們可以在不到三週的時間內建立出所有這些企業級代理，有些甚至當天就能上線。這得歸功於我們專有的技術。隨著我們將這些工具推廣到我們所有的團隊和合作夥伴，我們預計對產能、轉換率和交易量的影響將持續加速。

This quarter was also significant as we began integrating two public companies into the Rocket family. The true value of these acquisitions lies in combining distinct strengths to create something greater than the sum of its parts. In a nutshell, Redfin brings a low-cost, high intent lead pipeline that enhances the top of our funnel, while Mr. Cooper adds an ongoing servicing revenue stream that expands our ability to drive recapture. Now recapture means turning servicing clients into repeat borrowers by proactively offering new loans when they're ready to refinance or purchase a new home.

本季也意義重大，因為我們開始將兩家上市公司整合到 Rocket 大家庭中。這些收購的真正價值在於將不同的優勢結合起來，創造出大於各部分總和的成果。簡而言之，Redfin 帶來了低成本、高意圖的潛在客戶管道，增強了我們銷售漏斗的頂端，而 Mr. Cooper 則增加了持續的服務收入來源，擴大了我們重新吸引客戶的能力。現在，重新吸引客戶意味著透過在現有客戶準備再融資或購買新房子時主動提供新貸款，將他們轉化為回頭客。

Combined, we now have relationships with approximately 60 million clients and prospects who are now part of the growing Rocket ecosystem. We've seen momentum accelerate four months into our integration with Redfin, giving homebuyers on Redfin the ability to get prequalified with Rocket is fueling engagement. In September, over 500,000 Redfin users started applications for home financing. That's more than double the number we saw in July.

目前，我們與大約 6,000 萬名客戶和潛在客戶建立了聯繫，他們現在都是不斷成長的 Rocket 生態系統的一部分。在與 Redfin 整合四個月後，我們看到發展勢頭加速，Redfin 上的購屋者可以透過 Rocket 獲得預先資格，這推動了用戶參與度的提升。9 月份，超過 50 萬 Redfin 用戶開始申請房屋貸款。這比7月的數字翻了一番還多。

The combined power of Redfin and Rocket is driving Redfin's mortgage attach rate, defined as the percentage of Redfin buy-side clients who use Rocket Mortgage for their home purchase, from 27% to nearly 40%. Homebuyers are seeing the benefits, better matches with agents and loan officers, bundled pricing through Rocket preferred and a stronger mortgage platform offering for more products and greater scale. And the results speak for themselves. In September, 13% of Rocket Mortgage retail purchase closings came from clients who use both Redfin and Rocket. We expect this to only increase.

Redfin 和 Rocket 的強強聯合，推動 Redfin 的抵押貸款附加率（定義為使用 Rocket Mortgage 進行房屋購買的 Redfin 買方客戶百分比）從 27% 增長到近 40%。購屋者正在享受這些好處，例如與經紀人和貸款專員更好地匹配、透過 Rocket Preferred 享受打包定價，以及更強大的抵押貸款平台提供更多產品和更大規模的服務。結果足以說明一切。9 月份，Rocket Mortgage 零售購屋交易成交額的 13% 來自同時使用 Redfin 和 Rocket 的客戶。我們預計這種情況只會加劇。

Now let's talk about Mr. Cooper. We are combining the industry's largest servicer and the top originator to create a massive recapture engine. Making this integration a success has been a top focus for our team. We closed the transaction on schedule, and we were ready to hit the ground running from day one. On October 1, we rolled out our co-branded identity, Mr. Cooper powered by Rocket Mortgage, and set the pace for everything that followed.

現在我們來談談庫柏先生。我們將業界最大的服務商和頂尖的發起商結合起來，打造龐大的資金回收引擎。確保此次整合順利完成一直是團隊的首要任務。我們按計劃完成了交易，從第一天起就做好了全力以赴的準備。10 月 1 日，我們推出了由 Rocket Mortgage 提供支援的聯合品牌標誌 Mr. Cooper，並為之後的一切奠定了基調。

Our servicing and origination platforms connected seamlessly, data and documents move smoothly between systems, no disruption, no hiccups for clients. On day nine, 40,000 leads for Mr. Cooper's servicing book flowed directly into the Rocket pipeline. By day 12, we closed our first Mr. Cooper client start to finish in just three days. And just this week, 400 Mr. Cooper loan officers are fully onboarded into Rocket Mortgage, leveraging our technology and tools to raise the bar for service.

我們的服務和發起平台無縫連接，資料和文件在系統之間流暢傳輸，不會中斷服務，也不會給客戶帶來任何不便。第九天，庫柏先生的服務手冊中有 4 萬條銷售線索直接流入了 Rocket 的銷售管道。到第 12 天，我們只花了三天時間就完成了第一個 Mr. Cooper 客戶的簽約。就在本週，400 名 Mr. Cooper 貸款專員已全面加入 Rocket Mortgage，利用我們的技術和工具來提高服務標準。

With a combined servicing portfolio nearing 10 million clients, we're now running the largest, most powerful recapture engine in the industry, fully integrated and delivering right here at Rocket. The recipe for success is simple. When you get the people right, strategy and solid execution follow. With a combined team across Rocket, Mr. Cooper and Redfin, we've got the best team in the business, bar none. This team represents experience, capability and the best track record on the planet. If there's one thing I hope you take away from today, it is simply this, that Rocket is in a category of one.

憑藉近 1000 萬客戶的綜合服務組合，我們現在運行著業內最大、功能最強大的客戶挽回引擎，該引擎已完全集成，並在 Rocket 本地交付。成功的秘訣很簡單。選對了人，策略和有效的執行自然水到渠成。我們匯集了 Rocket、Mr. Cooper 和 Redfin 的團隊，擁有業內最優秀的團隊，沒有之一。這支隊伍代表著全球最豐富的經驗、最強大的能力和最輝煌的戰績。如果說我希望你們今天能記住一件事，那就是：Rocket 是獨一無二的。

Historically, our industry has operated in silos. Companies have typically been either originators, servicers or real estate companies, each focused on a narrow slice of the client experience. Rocket breaks that mold. We are not just one part of the process, we are all of them. We are a homeownership company, bringing end-to-end integration to housing at a scale the industry has never seen. Our platform is vertically integrated by design, powered by AI, and it represents the future of home buying.

從歷史上看，我們這個行業一直各自為政。公司通常分為發起公司、服務公司或房地產公司，每家公司都專注於客戶體驗的某個狹窄領域。Rocket打破了這種模式。我們並非這個過程的一部分，我們就是其中的全部。我們是一家房屋所有權公司，以前所未有的規模為住房產業帶來端到端的整合。我們的平台採用垂直整合的設計，由人工智慧驅動，代表了購屋的未來。

This platform also reflects a new type of business model. Traditionally, each of these business models, originator, servicer, real estate, has its own strengths and limitations. Servicers tend to excel in higher rate environments with predictable recurring cash flows that attract value investors. But growing and replenishing mortgage servicing rights often require significant capital.

該平台也體現了一種新型的商業模式。傳統上，發起人、服務商、房地產商這三種商業模式各有其優點和限制。服務型企業在高利率環境下往往表現出色，其可預測的經常性現金流能夠吸引價值投資者。但增加和補充抵押貸款服務權通常需要大量資金。

Origination companies shine when rates are low, capturing market growth, but they can struggle with volatility, high client acquisition and capacity costs. Real estate companies excel at attracting millions of consumers to the top of the funnel, but they often fall short on monetizing that traffic effectively, lacking a comprehensive monetization engine. So by bringing together Rocket, Mr. Cooper and Redfin, we've created something unique, one company solving the industry's most complex challenges in three transformative ways. First, we've built a business model that thrives in any interest rate environment.

貸款發起公司在利率低的時候表現出色，能夠抓住市場成長機會，但它們可能會面臨利率波動、高客戶獲取成本和產能成本等問題。房地產公司擅長吸引數百萬消費者進入銷售漏斗的頂端，但由於缺乏全面的獲利引擎，它們往往無法有效地將這些流量變現。因此，透過將 Rocket、Mr. Cooper 和 Redfin 合併在一起，我們創造了一種獨特的產品，一家公司以三種變革性的方式解決了行業中最複雜的挑戰。首先，我們建立了一種在任何利率環境下都能蓬勃發展的商業模式。

When rates rise, our servicing portfolio, the largest in the industry delivers stable, recurring cash flow and increased value in our mortgage servicing rights. And when rates fall, portions of our portfolio become eligible for recapture, generating significant refinance and purchase opportunities. Meanwhile, our origination business continually replenishes and strengthens our servicing pipeline.

當利率上升時，我們業內最大的服務組合能夠帶來穩定、持續的現金流，並提升我們的抵押貸款服務權價值。當利率下降時，我們投資組合中的部分資產將符合回收條件，從而產生大量的再融資和購買機會。同時，我們的貸款發放業務不斷補充和加強我們的服務管道。

Second, we've cracked the code on unit economics by transforming how we acquire clients and manage capacity through the combined lead funnel of Redfin, Rocket and our servicing book, we attract high intent clients at scale and we do it efficiently. Our AI-powered tools further amplify our impact unlocking team member capacity, so our team members can serve more clients with greater efficiency, driving higher client lifetime value and a better, faster experience.

其次，我們透過改變獲取客戶的方式以及透過 Redfin、Rocket 和我們的服務手冊的綜合潛在客戶管道管理產能的方式，破解了單位經濟效益的密碼，我們大規模地吸引了高意向客戶，而且我們做得非常高效。我們的人工智慧工具進一步擴大了我們的影響力，釋放了團隊成員的能力，從而使我們的團隊成員能夠以更高的效率服務更多客戶，提高客戶終身價值，並提供更好、更快的體驗。

And finally, speaking of clients, what matters most is the consumer. Everything we build, every integration we pursue centers on delivering for our clients. When we execute on this vision, our brand comes to stand for speed, certainty and low rates in fees. That is the new Rocket. We take care of every client, every time, which earns us lifetime value and the privilege of being their lender for life. We are setting a new standard for homeownership and the journey is just beginning.

最後，說到客戶，最重要的是消費者。我們所做的一切，我們所做的每一項整合，都以服務客戶為中心。當我們實踐這個願景時，我們的品牌就代表著速度、確定性和低廉的收費標準。這就是新款火箭。我們始終用心服務每一位客戶，這為我們贏得了終身價值，也讓我們有幸成為他們終身的貸款人。我們正在為房屋所有權樹立新的標準，而這只是個開始。

And with that, I'll turn things over to Brian.

那麼，接下來就交給布萊恩了。

Thank you, Varun, and good afternoon, everyone. We are executing with focus and intensity at Rocket, and I'm excited to share our progress with you today. I'll recap our third quarter performance, provide updates on the Redfin and Mr. Cooper integrations, and discuss how the Rocket business model is transforming. Finally, I'll conclude with our outlook for the fourth quarter.

謝謝你，Varun，大家下午好。在 Rocket，我們正以專注和高效的方式執行計劃，今天我很高興與大家分享我們的進展。我將回顧我們第三季的業績，介紹 Redfin 和 Mr. Cooper 整合的最新進展，並討論 Rocket 的商業模式是如何轉變的。最後，我將總結我們對第四季的展望。

Q3 was a standout quarter for Rocket. We delivered strong operating results while moving full speed ahead on the Redfin integration and completing the largest acquisition in our industry, right on schedule. And even though we're just 30 days into the Mr. Cooper integration, we're already seeing the kind of traction that gives us tremendous confidence in what's ahead.

第三季是Rocket公司表現突出的一個季度。我們在全力推進 Redfin 整合的同時，也取得了強勁的經營業績，並按計劃完成了業內規模最大的收購。儘管我們才剛開始整合 Mr. Cooper 30 天，但我們已經看到了成效，這讓我們對未來充滿信心。

Let's start with our third quarter results. Adjusted revenue was $1.783 billion, exceeding the high end of our guidance range. Net rate lock volume totaled $36 billion, up 26% quarter over quarter and 20% year over year. This growth outpaced the broader market in both purchase and refinance, resulting in market share gains and our largest purchase and refinance quarter in over three years. Gain on sale margins remained healthy, coming in at 280 basis points, right in line with the previous quarter. Redfin revenue performed in line with expectations.

我們先來看第三季業績。調整後的收入為 17.83 億美元，超過了我們預期範圍的上限。淨利率鎖定交易額總計 360 億美元，季增 26%，年增 20%。這一成長速度在購屋和再融資方面都超過了整體市場，從而帶來了市場份額的成長，並實現了三年多來最大的購屋和再融資季度。銷售利潤率保持健康，達到 280 個基點，與上一季持平。Redfin的營收表現符合預期。

Total expenses for the quarter came in at $1.789 billion, up $450 million from the second quarter, driven by three factors: one, the inclusion of Redfin's expense base; two, higher variable costs tied to the increase in production; and finally, roughly $90 million in onetime costs. We delivered $349 million in adjusted EBITDA or a 20% adjusted EBITDA margin.

本季總支出為 17.89 億美元，比第二季度增加了 4.5 億美元，主要受三個因素影響：一是納入了 Redfin 的支出基數；二是與產量增加相關的可變成本上升；三是約 9000 萬美元的一次性成本。我們實現了 3.49 億美元的調整後 EBITDA，調整後 EBITDA 利潤率為 20%。

We reported adjusted net income of $158 million and adjusted diluted EPS came in at $0.07. All of this took place against the backdrop of a housing environment and the third year of a gradual recovery. As Varun shared, when the going gets tough, the strong standout. And the results of this quarter are clear proof of that.

我們公佈的調整後淨利潤為 1.58 億美元，調整後稀釋每股收益為 0.07 美元。所有這一切都發生在房地產市場環境良好且經濟已進入第三年逐步復甦的背景。正如Varun所說，當困難來臨時，強者會脫穎而出。本季的業績就清楚證明了這一點。

The third quarter began with the 30-year fixed rate at approximately 6.7% in early July, easing to 6.5% by early September. During a two-week period in September, ahead of the Fed's first rate cut of the year, the 30-year fixed edged down another 20 basis points to reach 6.3%. This favorable rate move sparked a surge in our refinance volumes. We moved swiftly to capitalize on this opportunity, leveraging AI tools that enable us to rapidly scale up our capacity. This execution drove our outperformance and market share gains.

第三季開始，7月初30年期固定利率約6.7%，到9月初降至6.5%。在聯準會今年首次降息前的 9 月的兩週內，30 年期固定利率再下跌 20 個基點，達到 6.3%。這一有利的利率變動引發了我們再融資業務量的激增。我們迅速抓住這項機遇，並利用人工智慧工具快速擴大產能。這項執行力推動了我們取得優異的業績和市佔率的成長。

For those of you that have followed Rocket for a while, this shouldn't be a surprise. We have a track record of outpacing our competition during market shifts. It's also worth noting that our home equity product continued its momentum, doubling year over year. And on the purchase side, the third quarter marked our strongest performance in over three years, as Redfin is already contributing meaningfully to our retail channel. Redfin's source purchase closings make up 13% of our direct-to-consumer purchase closings today, and that's a number we're excited to keep growing.

對於一直關注 Rocket 的人來說，這應該不足為奇。我們在市場變化時總能超越競爭對手，這已是眾所周知的事實。值得一提的是，我們的房屋淨值產品持續保持成長勢頭，比去年同期成長了一倍。在採購方面，第三季度是我們三年多來表現最好的季度，因為 Redfin 已經為我們的零售通路做出了重要貢獻。目前，Redfin 的源頭購買成交量占我們直接面向消費者購買成交量的 13%，我們很高興能夠持續成長這個數字。

Now I'd like to provide an update on our capital position. In June, we proactively issued $4 billion of unsecured notes in anticipation of refinancing Mr. Cooper's unsecured debt and pay down of existing MSR debt. Upon closing, $3 billion of Mr. Cooper's legacy unsecured notes were refinanced with the proceeds from that issuance while the remaining $2 billion were refinanced through an exchange offer.

現在我想向大家報告我們的資金狀況。6 月，我們主動發行了 40 億美元的無擔保票據，以期為庫柏先生的無擔保債務進行再融資，並償還現有的 MSR 債務。交易完成後，庫柏先生遺留的 30 億美元無擔保票據透過該次發行所得款項進行了再融資，而剩餘的 20 億美元則透過交換要約進行了再融資。

Importantly, the total combined corporate debt balance remains unchanged with a simplified capital structure. In addition, we upsized our revolving credit facility from $1.150 billion to $2.300 billion, further enhancing our liquidity profile. As of October 1, inclusive of Mr. Cooper, Rocket Companies pro forma available cash was approximately $4 billion, and total liquidity stood at approximately $11 billion.

重要的是，在資本結構簡化的情況下，公司合併債務總額保持不變。此外，我們將循環信貸額度從 11.5 億美元增加到 23 億美元，進一步增強了我們的流動性。截至 10 月 1 日，包括 Cooper 先生在內，Rocket Companies 的備考可用現金約為 40 億美元，總流動資金約為 110 億美元。

Next, let me highlight the progress we're making with the Redfin. Our integration is exceeding expectations and showing strong momentum. Redfin's robust lead funnel of nearly 50 million MAUs, the related mortgage experience and the real estate brokerage are now fully integrated with Rocket Mortgage.

接下來，我想重點介紹一下我們在 Redfin 方面取得的進展。我們的整合工作超乎預期，並展現出強勁的發展動能。Redfin 強大的潛在客戶管道（近 5,000 萬月活躍用戶）、相關的抵押貸款經驗和房地產經紀業務現已與 Rocket Mortgage 完全整合。

Since launching in July, we've seen the number of Redfin users going directly to home financing through the get prequalified button more than double, surpassing 0.5 million by September. Mortgage attach rates, which are the primary driver of revenue synergies, have climbed from 27% to 40% today, that's ahead of our goal in just the first four months since closing, and puts us well on the way to hit our 50% target attachment rate.

自 7 月推出以來，我們看到透過「獲得預審資格」按鈕直接進行房屋貸款的 Redfin 用戶數量增加了一倍多，到 9 月已超過 50 萬。抵押貸款附加率是收入協同效應的主要驅動力，如今已從 27% 攀升至 40%，這在交易完成後的短短四個月內就超過了我們的目標，使我們朝著 50% 的目標附加率穩步邁進。

The feedback from Redfin agents has been extremely positive in the months since closing, and the power of the Rocket preferred pricing bundle is helping to drive up those attach rates. These early results reinforce our confidence in achieving $60 million of revenue synergies over the course of 2026, with full run rate realization expected in 2027.

自交易完成以來的幾個月裡，Redfin 經紀人的回饋非常積極，Rocket 優惠定價方案的強大功能正在幫助提高這些附加率。這些早期結果增強了我們對在 2026 年實現 6,000 萬美元收入綜效的信心，預計在 2027 年將全面實現這一目標。

And on the expense side, I'm pleased to share that we have already executed the majority of our $140 million annual expense synergy as measured against Redfin's Q1 2025 cost structure. We realized a portion of these savings in the third quarter, and we expect to see the full run rate benefit in the fourth quarter results.

在支出方面，我很高興地告訴大家，根據 Redfin 2025 年第一季的成本結構衡量，我們已經實現了 1.4 億美元年度支出綜效的大部分目標。我們在第三季度實現了部分節省，預計在第四季度業績中將看到全部節省額。

Turning now to the Mr. Cooper integration. Our planning began well before day one, and executing a seamless integration remains our top priority. For six months, leading up to our October 1 close, our leaders and integration teams from both organizations work side by side to ensure we're ready to hit the ground running. To lead this process, we tapped Kurt Johnson, Mr. Cooper's former CFO. Kurt is a seasoned leader with deep industry expertise and a proven track record of managing large complex integrations. We are fortunate to have him guiding these efforts.

現在來談談庫柏先生的整合。我們的規劃工作早在專案啟動前就開始了，實現無縫整合仍然是我們的首要任務。在 10 月 1 日交易完成前的六個月裡，兩個組織的領導和整合團隊並肩工作，以確保我們做好準備，迅速投入營運。為了領導這項工作，我們聘請了庫柏先生的前財務長庫爾特·約翰遜。Kurt是一位經驗豐富的領導者，擁有深厚的行業專業知識和管理大型複雜整合專案的良好記錄。我們很幸運能有他來指導這些工作。

The integration connects Mr. Cooper's servicing portfolio directly into Rocket's recapture engine. Rocket Mortgage and Mr. Cooper loan officers are working side by side and have access to a massive lead pipeline and deep client insights. Just 30 days in, we're already seeing strong momentum in an increased conversion on Mr. Cooper's servicing portfolio leads. While more work remains, we are even more confident in our ability to capture the full value of our planned synergies.

此次整合將 Mr. Cooper 的服務組合直接連接到 Rocket 的回收引擎。Rocket Mortgage 和 Mr. Cooper 的貸款專員並肩工作，擁有龐大的潛在客戶資源和深入的客戶洞察。僅僅 30 天，我們就看到 Mr. Cooper 的服務組合線索轉換率顯著提高，勢頭強勁。雖然還有更多工作要做，但我們對充分發揮計畫中的綜效更有信心。

With those integrations underway, let me take a step back and look at how Rocket's business model is transforming. This is a stronger rocket, a company in a category of one. By combining Redfin's broad real estate consumer reach, Rocket's origination engine, and Mr. Cooper's servicing expertise, we have unified three industry leaders to unlock even greater potential at scale. Rocket has a more durable business model grounded in three pillars: stability through recurring cash flow, a larger platform for growth, and a cost advantage that creates sustainable operating leverage and superior unit economics.

隨著這些整合工作的進行，讓我退後一步，看看 Rocket 的商業模式是如何轉變的。這是一枚威力更強大的火箭，一家獨一無二的公司。透過結合 Redfin 廣泛的房地產消費者覆蓋面、Rocket 的房源引擎和 Mr. Cooper 的服務專長，我們聯合了三大行業領導者，以規模化地釋放更大的潛力。Rocket 擁有更持久的商業模式，其基礎是三大支柱：透過經常性現金流實現穩定性、更大的成長平台以及創造可持續營運槓桿和卓越單位經濟效益的成本優勢。

First, our combined servicing portfolio, the largest in the industry, generates $5 billion in stable recurring annual cash flow, providing a dependable earnings base in any environment. Origination and servicing naturally offset each other as rates move. Lower rates drive origination, while higher rates increase MSR value, stabilizing earnings. Even in the toughest mortgage market in decades, a combined Rocket and Mr. Cooper would have delivered positive GAAP earnings every quarter from early 2023, through the third quarter of 2025, on a pro forma basis. This shows our resilience through cycles.

首先，我們綜合服務組合是業界最大的，每年可產生 50 億美元的穩定經常性現金流，在任何環境下都能提供可靠的獲利基礎。隨著利率變動，貸款發放和後續服務自然會相互抵消。較低的利率會促進貸款發放，而較高的利率會增加抵押貸款服務權價值，從而穩定收益。即使在幾十年來最艱難的抵押貸款市場中，Rocket 和 Mr. Cooper 合併後，從 2023 年初到 2025 年第三季度，按備考基準計算，每個季度都能實現正的 GAAP 收益。這展現了我們應對週期性變化的韌性。

Second, our opportunity for origination growth is even bigger. Redfin and Rocket together have the industry's largest purchase funnel, 62 million monthly active visitors, reaching one in five prospective homebuyers. We have a robust recapture engine tied to our servicing portfolio of nearly 10 million homeowners. Recapture means turning servicing clients into repeat borrowers by proactively offering new loans when they are ready to refinance or move. With advanced data and AI, we target the right client at the right time.

其次，我們在業務拓展方面擁有更大的發展機會。Redfin 和 Rocket 共同擁有業界最大的購屋管道，每月活躍訪客達 6,200 萬，涵蓋五分之一的潛在購屋者。我們擁有強大的回收機制，該機制與我們近 1000 萬戶家庭的服務組合緊密相連。重新吸引客戶是指透過在現有客戶準備再融資或搬家時主動提供新貸款，將他們轉化為回頭客。借助先進的數據和人工智慧技術，我們在合適的時間找到合適的客戶。

Rocket's recapture rate is 3 times the industry average. Here's an example. If the 30-year fixed rate falls to 5.5%, 25% of our servicing portfolio or about $300 billion in unpaid principal would be positioned to refinance, representing significant growth potential and all at a very low cost of acquisition resulting in strong operating margins.

Rocket 的回收率是業界平均值的 3 倍。舉個例子。如果 30 年期固定利率降至 5.5%，我們 25% 的服務組合（約 3000 億美元的未償本金）將可以進行再融資，這代表著巨大的成長潛力，而且獲取成本非常低，從而帶來強勁的營運利潤率。

Third, we have a clear cost advantage in both origination and servicing. Historically, the bulk of origination expenses come from client acquisition and supporting production capacity. By leveraging Redfin's MAUs, Rocket's brand, and our servicing recapture capabilities, we efficiently attract high intent clients at scale. Our AI-powered platform further expands our lead funnel and improves conversion, driving even greater efficiency.

第三，我們在貸款發放和後續服務方面都具有明顯的成本優勢。從歷史上看，大部分業務支出來自客戶獲取和支援生產能力。透過利用 Redfin 的月活躍用戶數、Rocket 的品牌以及我們的服務回收能力，我們能夠有效地大規模吸引高意向客戶。我們的人工智慧平台進一步拓展了潛在客戶管道，提高了轉換率，從而實現了更高的效率。

AI unlocks capacity of our production team members so that we can grow origination while keeping fixed costs flat. Every loan requires a licensed loan officer and a licensed underwriter. With AI, our production team members can now handle 63% more loans than they could just two years ago.

人工智慧釋放了我們生產團隊成員的潛能，使我們能夠在保持固定成本不變的情況下擴大業務規模。每筆貸款都需要有執照的貸款專員和有執照的承銷商。借助人工智慧，我們的生產團隊成員現在可以處理的貸款數量比兩年前增加了 63%。

We're building the foundation for infinite capacity at Rocket, allowing us to scale without limits and pursue growth unconstrained by human capacity. As we scale, our structural advantages and client acquisition and capacity provide sustainable operating leverage. Once fixed costs are covered, 70% of additional revenue goes to EBITDA, supporting further margin expansion.

我們正在為 Rocket 的無限產能奠定基礎，使我們能夠不受限制地擴展規模，並追求不受人類能力限制的成長。隨著我們規模的擴大，我們的結構優勢、客戶獲取和產能將提供可持續的營運槓桿。固定成本已覆蓋後，額外收入的 70% 將計入 EBITDA，從而支持利潤率的進一步提高。

In servicing, Mr. Cooper operated at a cost to service roughly one-third lower than the industry average. With our larger combined service portfolio, focused on recapture and low servicing costs, we are optimizing the strengths of both companies. With this new Rocket, we define our own future, and a resilient business model thrives in any market environment.

在維修服務方面，庫柏先生的維修成本比業界平均低約三分之一。憑藉我們更大的合併服務組合，專注於回收和降低服務成本，我們正在優化兩家公司的優勢。憑藉這款全新的 Rocket，我們定義了自己的未來，而具有韌性的商業模式則能夠在任何市場環境下蓬勃發展。

Looking ahead to the fourth quarter, Q4 will be the first quarter that both Mr. Cooper and Redfin are fully consolidated into our operating results. We expect adjusted revenue, inclusive of these acquisitions, to range between $2.100 billion and $2.300 billion. On a Rocket stand-alone basis, excluding Mr. Cooper and Redfin, we expect adjusted revenue at the midpoint of the range to be up roughly 7% year over year.

展望第四季度，第四季將是 Mr. Cooper 和 Redfin 兩家公司全面併入我們營運業績的第一個季度。我們預計，包括這些收購在內，調整後的收入將在 21 億美元至 23 億美元之間。僅就 Rocket 而言（不包括 Mr. Cooper 和 Redfin），我們預計調整後的營收（取區間中位數）將年增約 7%。

This guidance reflects our expectation for continued market share gains and the typical seasonality we experienced in the fourth quarter with softer housing activity and slower mortgage demand during the holidays. As always, our forward-looking guidance reflects the latest market data in our current visibility.

這一預期反映了我們對市場份額持續增長的期望，以及我們在第四季度經歷的典型季節性波動，即假期期間住房活動疲軟和抵押貸款需求放緩。與以往一樣，我們的前瞻性指引反映了我們目前所能掌握的最新市場數據。

Now switching to expenses. On a consolidated basis, including Redfin and Mr. Cooper, we expect total expenses of approximately $2.300 billion. This figure includes $140 million of onetime transaction-related costs and $120 million of new amortization of intangible assets associated with the Redfin and Mr. Cooper acquisitions. Excluding these items, underlying expenses are expected to be roughly $2 billion in the fourth quarter. This expense guidance includes $215 million of interest expense related to unsecured debt in MSR facilities.

現在轉到費用部分。合併計算後，包括 Redfin 和 Mr. Cooper 在內，我們預計總支出約為 23,000 億美元。該數字包括 1.4 億美元的一次性交易相關成本和 1.2 億美元的與 Redfin 和 Mr. Cooper 收購相關的無形資產新增攤銷。剔除這些項目後，預計第四季基本支出約為 20 億美元。此費用指引包括與抵押貸款服務權 (MSR) 融資安排中的無擔保債務相關的 2.15 億美元利息支出。

To wrap up, we are executing at a high level. Integrations are on track. Our teams are focused and we're delivering results. We are well positioned to finish the year strong and carry this momentum into the New Year. Rocket's future is bright, and we are in control of our destiny. With our AI-powered vertically integrated homeownership platform, we're setting a new standard for homeownership in America, helping everyone home in driving long-term shareholder value.

總而言之，我們的執行力很強。整合工作進展順利。我們的團隊目標明確，並且正在取得成果。我們已做好充分準備，以強勁的勢頭結束今年，並將這種勢頭延續到新的一年。Rocket 的未來一片光明，我們的命運掌握在自己手中。憑藉我們人工智慧驅動的垂直整合式房屋所有權平台，我們正在為美國的房屋所有權樹立新的標準，幫助每個人實現長期股東價值。

Operator, we are now ready to open it up for questions.

操作員，我們現在可以開始接受提問了。

(Operator Instructions) Jeff Adelson, Morgan Stanley.

（操作說明）傑夫·阿德爾森，摩根士丹利。

I guess just maybe to dig in on the revenue guidance a little bit more closely here, appreciate the breakout of what the ex-Redfin, Cooper guide would look like up 7%. At the midpoint, I guess just a couple of questions there. Could you maybe help us understand how the core ex-Redfin, Cooper, what's trending this past quarter and how that relates to the 7% at the midpoint for the fourth quarter?

我想，或許應該更仔細分析一下營收預期，看看剔除 Redfin 和 Cooper 之後，營收預期成長 7% 的情況會是什麼樣的。我想，中途只需要問幾個問題了。您能否幫助我們了解除 Redfin 之外的核心企業 Cooper 在過去一個季度的發展趨勢，以及這與第四季中點 7% 的漲幅有何關係？

And maybe just what's embedded in your outlook for the Cooper and Redfin business in the fourth quarter as well. And then as you think about the momentum you're highlighting from all the businesses and the Cooper transaction so far, how are you thinking about the 2026 outlook as it relates to the market and the combined entity today?

或許，這也反映了你對 Cooper 和 Redfin 第四季業務的預期。那麼，考慮到您目前為止從所有業務和庫柏交易中強調的勢頭，您如何看待 2026 年的市場前景以及與當今合併實體相關的前景？

Jeff, thanks for your question. So let me start with just a little bit on Q4, and then I'll comment on the outlook for '26, and then Brian is going to unpack just some specifics on our guide for Q4. So just as a reminder, obviously, we're in Q4, but as always, historically in Q4 in the mortgage market, it's a little bit softer traditionally, and that's just for some basic reasons. You've got fewer working days. You've got Thanksgiving, Christmas, New Year's and the holidays, and consumers in general are just not as focused on the housing market.

傑夫，謝謝你的提問。那麼，讓我先簡單介紹一下第四季度的情況，然後我會對 2026 年的前景發表一些看法，之後 Brian 將詳細解讀我們第四季度的業績指南。所以再次提醒大家，顯然我們現在處於第四季度，但與以往一樣，從歷史來看，第四季度的抵押貸款市場通常會略顯疲軟，這主要是由於一些基本原因。你的工作日減少了。感恩節、聖誕節、新年和各種假期期間，消費者普遍不會那麼關注房地產市場。

But the great news is that even with that seasonality taken into account, our purchase pipeline is at record levels. And so that gives us a lot of confidence in the quarter, which is reflected in our guide. And again, Brian will unpack that in just a minute on why that guide is not just strong, but it also reflects taking share.

但好消息是，即使考慮到季節性因素，我們的採購管道也達到了創紀錄的水平。因此，這讓我們對本季充滿信心，這也反映在我們的業績指引中。布萊恩稍後會詳細解釋為什麼指南不僅內容豐富，而且還反映了市場份額的獲取。

But what gets me pumped up about 2026 is that when we look ahead, we think it's going to be a very strong year for Rocket. And what gives us confidence, in particular, is when you look at like the Fannie Mae forecast, they're expecting the market to grow 25% year over year. And there's also some forecast that has rates potentially dipping below 6%. And I think as you know, that is a great thing for Rocket when you consider both the purchase and the refinance funnels that we have at scale. And that's a stand-alone observation.

但讓我對 2026 年充滿期待的是，展望未來，我們認為這將是 Rocket 表現非常強勁的一年。尤其讓我們感到信心的是，看看房利美的預測，他們預計市場將年增 25%。還有一些預測認為利率可能會跌破 6%。而且我認為，正如你所知，考慮到我們大規模的購買和再融資管道，這對 Rocket 來說是一件好事。這是一項獨立的觀察。

So what's particularly interesting is when you look at Rocket with Redfin, with Mr. Cooper, all of this becomes force multiplied because you have significantly improved lead flow, you have this recapture pipeline between origination and servicing, and you also have these new revenue streams. So we feel very excited about 2026. We see our momentum just continuing to accelerate. But just coming back to Q4, Brian, maybe you can unpack the quarter in some more detail.

所以特別有趣的是，當你把 Rocket 與 Redfin 和 Mr. Cooper 結合起來看時，所有這些都會成倍增長，因為你的潛在客戶流量顯著改善，你在客戶開發和服務之間建立了一個回收渠道，而且你還有這些新的收入來源。所以我們對2026年感到非常興奮。我們看到發展勢頭仍在不斷增強。但回到第四季度，布萊恩，或許你可以更詳細地分析這個季度的狀況。

Yes, sure, happy to do it. Jeff, thanks for the question. Good to hear from you. Let me actually start a little bit with Q3 and build on that because I think that will help understand the transition from Q3 to the outlook. But the third quarter was really strong. Obviously, you heard the numbers, we did great on a revenue perspective, but I'm actually more impressed with the share gains in the third quarter. We got a little help in the month of September from rates. There's no surprise there.

好的，當然可以，我很樂意這麼做。傑夫，謝謝你的提問。很高興收到你的來信。讓我先從第三季開始，逐步展開，因為我認為這將有助於理解從第三季到展望的過渡。但第三節表現非常出色。顯然，你們都聽到了這些數字，我們在營收方面做得非常出色，但我更印象深刻的是第三季的市佔率成長。九月利率方面我們得到了一些幫助。這不足為奇。

But the good news is we capitalized on that, and we took share using AI and technology. So we believe that the fourth quarter was one of our biggest share gains. So looking forward to the fourth quarter, Varun mentioned it, but we do expect some of that traditional seasonality to come through, particularly the week around Thanksgiving and the two weeks around the Christmas holiday, consumers get distracted.

但好消息是我們抓住了這個機會，利用人工智慧和技術奪取了市場份額。因此，我們認為第四季是我們市佔率成長幅度最大的季度之一。展望第四季度，Varun 也提到了這一點，但我們預計一些傳統的季節性因素將會出現，尤其是在感恩節前後一周和聖誕節前後兩週，消費者的注意力會分散。

When I look at some of the mortgage forecasts in the fourth quarter, I see some that have it about flat with Q3, some that have Q4 actually up. And that's just not normally what we see. So that's probably worth pointing out. Even on the purchase side, it kind of makes sense because consumers aren't necessarily looking for homes during those times, but even on the -- I'd argue on the rate and churn and cash outside, consumers are just focused on other priorities. So the range, as we said, was $2.100 billion to $2.300 billion.

當我查看一些關於第四季度抵押貸款的預測時，我發現有些預測與第三季度基本持平，而有些預測則認為第四季度實際上會增長。但這與我們通常看到的景象截然不同。所以這一點或許值得指出。即使從購屋的角度來看，這也有點道理，因為消費者在那些時候不一定是在尋找房屋，但即便從利率、房屋週轉率和現金流的角度來看，消費者也只是專注於其他優先事項。所以，正如我們所說，範圍是 21 億美元到 23 億美元。

And just a little color, Jeff, on October. The purchase pipeline that we have that Varun mentioned is at record highs, and Redfin is starting to contribute to that in a meaningful way. About 13% of our purchase pipeline today is generated from Redfin clients, clients that were searching for homes on Redfin and looking to connect with the real estate agent and then connect to mortgage. So that gives us a lot of excitement there as you can see that synergy value starting to transpire.

傑夫，十月就該有點色彩了。Varun提到的我們目前的採購管道處於歷史最高水平，而Redfin正開始以有意義的方式為此做出貢獻。目前，我們約有 13% 的購屋客戶來自 Redfin，這些客戶在 Redfin 上搜尋房屋，並希望與房地產經紀人聯繫，然後辦理抵押貸款。所以，這讓我們感到非常興奮，因為你可以看到協同效應開始顯現。

And then when I look at the refi side in the month of October, the beginning of the quarter started really nice from rates. Obviously, the Fed meeting didn't necessarily help yesterday. So there's more to be seen. But the thing I look forward to is on the Cooper side. As we mentioned, we are starting to work the servicing portfolio of Mr. Cooper on the Rocket platform, and we're starting to see a really nice conversion lift there.

然後，當我查看 10 月的再融資情況時，我發現本季初的利率情況非常好。顯然，聯準會昨天的會議未必扮演什麼角色。所以還有更多值得一看的地方。但我最期待的是庫柏那邊的情況。正如我們之前提到的，我們正在著手處理 Mr. Cooper 在 Rocket 平台上的服務組合，並且我們已經開始看到轉換率的顯著提升。

And I mentioned this in the prepared remarks, but to give you a little more transparency on Rocket on a stand-alone basis, if I look at Q3 Rocket only, the results would be up 14% year over year. And if I take the midpoint of the guide in Q4, that's 7% up year over year. So look, we think both the jumping off point of Q3 is really impressive, and we think the Q4 guide is very strong and incorporates market share gains.

我在準備好的發言稿中提到了這一點，但為了讓大家更清楚地了解 Rocket 的獨立業績，如果我只看 Rocket 第三季的業績，其同比增長率為 14%。如果我取第四季業績指引的中點，那就是年增 7%。所以你看，我們認為第三季的開局非常亮眼，而且我們認為第四季度的業績指引非常強勁，包含了市場份額的成長。

Mihir Bhatia, Bank of America.

米希爾·巴蒂亞，美國銀行。

Maybe just going to the Mr. Cooper acquisition. Can you just talk a little bit more about the confidence and timing of the synergies associated, maybe both on the revenue and cost side? And then while you're on that note also just in terms of the OpEx for Q4, just a stand-alone Rocket OpEx or just to be able to track that.

或許只是收購了庫柏先生公司。您能否再詳細談談相關綜效的信心和時間安排，包括收入和成本兩方面？既然說到這一點，也想了解第四季度的營運支出，例如單獨列出 Rocket 的營運支出，或者只是為了追蹤這部分支出。

Thanks, Mihir. So I think we'll jump into the synergies in a minute, but I think it probably -- maybe it would be helpful for me to just give a general integration progress update as well. So I'll start there. So look, we closed the deal on October 1. And this deal was transformational, not just for Rocket, but we think for the housing industry itself.

謝謝你，米希爾。所以我想我們一會兒會深入探討綜效，但我覺得或許——也許我應該先做一個整體整合進展的更新。那我就從這裡開始吧。你看，我們10月1日就完成了交易。這項交易具有變革性意義，不僅對 Rocket 而言如此，我們認為對整個住房產業也是如此。

It's the first time that origination and servicing have ever been connected at this scale. And the combined companies have a balanced business model, as we shared earlier, to thrive in any market and rate environment. And so we've been executing pretty strongly right out of the gate, very similar to the Redfin acquisition. And it is a large integration, but we've made pretty significant progress.

這是貸款發放和服務首次以如此大規模的方式連接起來。正如我們之前所分享的，合併後的公司擁有均衡的商業模式，能夠在任何市場和利率環境下蓬勃發展。因此，我們從一開始就執行得非常出色，與收購 Redfin 的情況非常相似。這是一項規模龐大的整合工作，但我們已經取得了相當大的進展。

And I just want to give you a few highlights. Day one, we had a co-branded identity, Mr. Cooper powered by Rocket Mortgage. By day nine, 40,000 leads were flowing through our pipeline from the Mr. Cooper servicing book, and that number only continues to increase. Day 12, we had our first Mr. Cooper client close a loan with Rocket Mortgage, and the turn time on that was unbelievable, it was three days.

我只想簡單介紹幾個要點。第一天，我們就採用了聯合品牌形象，也就是由 Rocket Mortgage 提供支援的 Mr. Cooper。到第九天，已有 4 萬個銷售線索從 Mr. Cooper 的服務手冊流入我們的銷售管道，而且這個數字還在持續成長中。在第 12 天，我們的第一位 Mr. Cooper 客戶透過 Rocket Mortgage 完成了貸款，而且週轉時間令人難以置信，只花了三天。

And just within 30 days now, we've integrated the servicing and origination platforms. We've onboarded our loan officers and mortgage bankers and we've had zero client disruption. And so with an acquisition of this scale, that's something that we're very proud of. And look, there is obviously a lot of hard and fun work ahead, and we're taking it seriously.

短短 30 天內，我們就完成了服務和發起平台的整合。我們的貸款專員和抵押貸款銀行家已經全部到位，客戶沒有受到任何影響。因此，對於如此規模的收購，我們感到非常自豪。顯然，前方還有很多艱苦而有趣的工作要做，我們會認真看待。

Right now, we're focused on the system integrations, the data integrations, the culture integrations. But the good news is this is what we do. And it's why we're good at what we do and what we do best. So the teams are clicking very well. The leadership is deeply integrated. The culture is already starting to feel very strong. And that gives me a lot of confidence in our synergy and our goal targets. And so we're very pleased with the progress thus far. And that's probably a good time, Brian for maybe to go a little deeper on to the synergies.

目前，我們專注於系統整合、數據整合和文化整合。但好消息是，這正是我們所做的事情。這就是為什麼我們擅長我們所做的事情，並且是我們最擅長的事情。所以各隊配合得非常好。領導階層高度一體化。這種文化已經開始展現出非常強大的影響力。這讓我對我們的綜效和目標充滿信心。因此，我們對目前的進展感到非常滿意。布萊恩，現在或許是時候更深入地探討綜效了。

Yes. Thanks, Mihir. I mean, I think you said it well. On the Cooper side, Mihir, the only thing I'd add is the work, Varun mentioned, around the pre-closed planning is really key to hitting those synergy numbers. And we talked about $500 million in total synergies, $400 million is expenses and $100 million is revenue. And you can see all that laid out in the IR deck.

是的。謝謝你，米希爾。我覺得你說得很好。關於 Cooper 方面，Mihir，我唯一要補充的是，Varun 提到的，在專案啟動前的規劃工作對於實現協同效應指標至關重要。我們談到總共有 5 億美元的綜效，其中 4 億美元是支出，1 億美元是收入。你可以在IR面板中看到所有這些內容。

But I mean, I'd tell you at this point, I'm happy to report that we have line of sight to the $400 million of expenses, and that's been identified. Probably just on the revenue side, what I can say is just take you back to those comments about the lead flow to the Rocket platform from the Cooper servicing book and the increase in conversion there, that really will translate to the enhanced blended recapture rate that will drive those revenue synergies. So we feel really good. It's early days. We're only a month in, but we feel really good.

但我的意思是，我現在可以高興地告訴大家，我們已經掌握了 4 億美元的開支情況，而且已經確定了開支的來源。可能僅就收入方面而言，我可以說的是，請回顧一下先前關於從 Cooper 服務手冊到 Rocket 平台的潛在客戶流量以及轉換率提高的評論，這確實會轉化為增強的混合回收率，從而推動收入協同效應。我們感覺非常好。現在下結論還為時過早。雖然才一個月，但我們感覺非常好。

And just, Mihir, to make sure you caught the comment, I can go more into the expenses as well. But on the Redfin side of the house, we talked about $140 million of synergy numbers, and that is all identified and will be realized in the fourth quarter. So you're talking about $35 million of full quarter realization in Q3. If I just kind of zoom back out, excuse me, in Q4, Mihir. But if I kind of zoom back out just to give you color on expenses, we said we expect Q4 to be about $2 billion, that's all three companies combined, and that's net of onetime costs and the purchase price amortization.

還有，米希爾，為了確保你注意到我的評論，我還可以更詳細地談談費用問題。但就 Redfin 而言，我們談到了 1.4 億美元的協同效應，這些都已確定，將在第四季度實現。所以你指的是第三季實現 3500 萬美元的季度總收入。如果我稍微拉遠鏡頭，不好意思，在第四季度，米希爾。但如果我稍微拉遠視角，給你一些關於支出情況的說明，我們預計第四季度支出約為 20 億美元，這是三家公司的總支出，並且已扣除一次性成本和購買價格攤銷。

There's probably a couple of call outs for you as you're thinking about your models. In Q4, I have about $140 million of onetime expenses. These are things like severance and deal-related expenses. That compares to about $90 million in Q3. And then remember, the other thing to think about is this purchase price accounting amortization. In the fourth quarter, I expect it to be about $120 million, that's the amortization of both Redfin and Mr. Cooper. That was $50 million in Q3, which was just the amortization around Redfin.

當您考慮模型時，可能會有一些需要注意的地方。第四季度，我約有1.4億美元的一次性支出。這些包括遣散費和交易相關費用等。相比之下，第三季約為 9,000 萬美元。另外，也要記住，需要考慮購買價格的會計攤銷問題。我預計第四季約為 1.2 億美元，這是 Redfin 和 Mr. Cooper 兩家公司的攤銷費用。第三季為 5,000 萬美元，這僅僅是 Redfin 的攤銷費用。

And the last thing, just in terms of unique items, remember, in June, we issued about $4 billion of additional debt, and that was in anticipation from triggering the change of control provisions on Cooper's unsecured debt stack. So for about four months, which was all of Q3, you had $4 billion of additional unsecured debt, and you have that cash. So the net expense, which is essentially the difference from your earnings rate on the cash and the note rates, the interest expense on the debt was about $10 million. That will all go away in Q4.

最後一點，就特殊事項而言，請記住，6 月我們發行了約 40 億美元的額外債務，這是為了回應觸發 Cooper 無擔保債務結構中的控制權變更條款。因此，在大約四個月的時間裡，也就是整個第三季度，你們有 40 億美元的額外無擔保債務，你們還有這筆現金。因此，淨支出（本質上是現金收益率與票據利率之間的差額，即債務利息支出）約為 1,000 萬美元。這些情況在第四季都會消失。

And just to give you a little more color, I expect about $140 million of unsecured debt expense sort of on a run rate go-forward basis, that will come through in Q4. But I think the important takeaways are, look, we continue to be very disciplined on the expense side of the house. We are focused on realizing our synergy values and now even exceeding those, and that's even before AI and technology really unlocking capacity and efficiency for us.

為了讓你們更清楚地了解情況，我預計未來一段時間內，無擔保債務支出將達到約 1.4 億美元，這將在第四季度實現。但我認為最重要的結論是，我們仍然在開支方面保持非常嚴格的紀律。我們專注於實現協同效應的價值，現在甚至超越了這些價值，而這還是在人工智慧和技術真正為我們釋放能力和效率之前。

Doug Harter, UBS.

道格·哈特，瑞銀集團。

I was hoping to talk a little bit more about the revenue progress at Redfin. Can you talk about what you see as kind of what's going to be the driver to get from the 40% attach rate to kind of the target 50% that you had? And whether that's -- I guess, first, whether that 40% was kind of the exit rate for the quarter or the full quarter average.

我原本希望能夠更詳細地談談 Redfin 的營收進度。您能否談談您認為能夠將附加率從 40% 提升到您設定的 50% 目標的關鍵因素是什麼？首先，我想，這 40% 究竟是該季度的退出率，還是整個季度的平均退出率。

Yes. Maybe I can use this opportunity, Doug, just to give a quick overall update on Redfin, and then we can dive into some of the specifics. So I think it's important to highlight that it's just been a fast four months since closing, and I'm very, very pleased with the execution. We've got momentum. We're building fast. And a few things that I would just highlight on the execution progress that drive just revenue and client growth. First thing is, we've added a prequalification experience and a funnel to every listing on Redfin. So that's millions of access points that represent every single home listing that's on Redfin.

是的。道格，或許我可以藉此機會快速概括Redfin的最新情況，然後再深入探討一些具體細節。所以我覺得有必要強調一下，從交易完成到現在已經過了短短四個月，我對最終的執行情況非常非常滿意。我們現在勢頭正盛。我們正在快速建造。還有幾點我想重點強調一下，這些進展直接推動了營收和客戶的成長。首先，我們在 Redfin 上的每個房源都新增了預審資格體驗和篩選流程。所以，這相當於數百萬個訪問點，代表了 Redfin 上的每一個房屋掛牌訊息。

And because of that integration, because of the optimization, the number of clients that actually have started applications using that access point that get prequalified button has doubled. So about 0.5 million clients have started applications in September, and that's doubled since July, where it was around $0.25 million.

由於這種整合和最佳化，實際使用該存取點啟動應用程式並獲得預審按鈕的客戶數量翻了一番。因此，9 月約有 50 萬客戶開始申請，比 7 月翻了一番，當時約 25 萬美元。

And what's great about that is, this is the start of what we think is a very performance funnel. So that is the top of the funnel. It's obviously very big. But as you take that funnel down, it represents leads that we can nurture, right? Those are clients that we have long relationships with, not just in days or weeks, but really over months because that's typically how the purchase pipeline works.

而最棒的是，我們認為這是一個非常有效率的行銷漏斗的開始。這就是漏斗的頂部。它顯然非常大。但是，當你把這個銷售漏斗往下看時，它代表的是我們可以培養的潛在客戶，對吧？我們與這些客戶建立了長期的合作關係，不是幾天或幾週，而是幾個月，因為採購流程通常就是這樣運作的。

And what's also important to call out is that Redfin is becoming a very big part of Rocket's purchase pipeline. It's already contributing to 13% of our total retail purchase closings. And for a company of Rocket size and scale, it's obviously a very significant number, and we expect that to grow.

值得一提的是，Redfin 正在成為 Rocket 收購管道中非常重要的一部分。它已經占我們零售交易總額的 13%。對於像 Rocket 這樣規模的公司來說，這顯然是一個非常重要的數字，我們預計這個數字還會成長。

And then as you pointed out, we also have our mortgage attach rate, which we talked about, and that's basically Redfin clients that choose to work with Rocket via a Redfin agent. And that's climbed from 27% to 40%, which is ahead of our plan, and we expect to see that continuing to grow. And we think that that's going to exceed expectations. And there are really two things that are driving that. The first one is the strength of the integrated brand, Redfin powered by Rocket.

正如您所指出的，我們也有抵押貸款附加率，我們之前也討論過，這基本上是指透過 Redfin 經紀人選擇與 Rocket 合作的 Redfin 客戶。這一比例已從 27% 攀升至 40%，超過了我們的計劃，我們預計這一比例將繼續增長。我們認為這將超出預期。而真正推動這現象的因素有二。第一個優勢是整合品牌的實力，也就是由 Rocket 提供支援的 Redfin。

And the second is we have a very compelling bundle that's competitively priced, and that's unique to the Rocket-Redfin ecosystem, and it delivers value to clients, and it's something that our agents really like. And what's exciting for me is that moving forward, this is just a lot of progress in a very short period of time. We've only been doing this for four months.

第二點是，我們有一個極具吸引力的套餐，價格也很有競爭力，這是 Rocket-Redfin 生態系統獨有的，它能為客戶帶來價值，而且我們的經紀人也非常喜歡它。令我興奮的是，展望未來，在很短的時間內就取得了很大的進展。我們做這件事才四個月。

And we think about next year, we want to blow the doors off this, right? We want to add the refinance funnel into our Redfin ecosystem. We want to take more of the mortgage application process and bring it up into the Redfin app so you can start and finish inside of the Redfin experience. And so we think that, that's going to increase opportunity. We think that, that's going to optimize the funnel and we have a lot of room to grow there.

我們展望明年，想要取得巨大成功，對吧？我們希望將再融資管道加入我們的 Redfin 生態系統中。我們希望將更多的抵押貸款申請流程整合到 Redfin 應用程式中，以便您可以在 Redfin 平台上完成整個申請流程。因此我們認為，這將增加機會。我們認為這將優化銷售漏斗，而且我們在這方面還有很大的成長空間。

And then lastly, I think similar to Mr. Cooper, strategy is one thing, but these integrations are also really about cultural integration as well. And I'm really pleased with just how well the leadership teams are working together. You just can't tell where one company starts and the other company finishes. Culture is strong, engagement is high, the agents and team members are very engaged. And that just gives me a lot of confidence in what we're going to do next year. So in summary, we've made pretty solid progress in four months, but I really think that's a drop in the bucket compared to what's ahead in '26.

最後，我認為和庫柏先生一樣，策略是一回事，但這些整合其實也關乎文化整合。我非常滿意各個領導團隊之間的合作。你根本分不清一家公司從哪裡開始，另一家公司從哪裡結束。企業文化氛圍濃厚，員工敬業度高，代理商和團隊成員都非常投入。這讓我對我們明年要做的事情充滿信心。總而言之，我們在四個月內取得了相當不錯的進展，但我認為與 2026 年即將到來的挑戰相比，這只是滄海一粟。

I guess, Varun, on the top of the funnel, the number of leads that are kind of going through the prequel, I guess are you seeing -- or do you have any data as to like how those are moving through or some falling out and going to competitors or the ones that are falling out just because they're not -- they haven't actually transacted on a home yet. Just any more color on kind of how that -- how leads are moving through that funnel would be helpful.

Varun，我想，在銷售漏斗的頂端，也就是那些正在經歷前期階段的潛在客戶數量，你有沒有看到——或者你有沒有數據表明這些潛在客戶是如何推進的，或者有些客戶流失到競爭對手那裡，或者有些客戶流失僅僅是因為他們還沒有真正完成房屋交易。如果能更詳細地說明潛在客戶是如何通過這個銷售漏斗的，那就太好了。

I mean, Doug, it's typical to, I would say, a regular mortgage funnel where -- I mean, the thing we know is happening today in the home buying world is that there's a lot of intent, but the time to buy is extended when we compare to historical periods. We're seeing the same thing as Redfin is we're seeing the same thing in Rocket stand-alone, which is you have consumers coming in, they have high intent.

我的意思是，道格，這很典型，可以說，就像一個普通的抵押貸款流程一樣——我的意思是，我們知道，如今購房界正在發生的事情是，人們的購房意願很強，但與歷史時期相比，購房時間卻延長了。我們看到的情況與 Redfin 的情況相同，我們在 Rocket 獨立版中也看到了同樣的情況，那就是消費者進來後，他們的購買意願非常強烈。

By the time they're ready to get prequalified, that means they either have started searching in a lot of cases, they're about to start searching for the home, they want to know how much they can afford and they want to be serious about it. So we see them go take the exercise to get preapproved, and then they're in our pipeline, and we start nurturing them.

當他們準備申請預審資格時，這意味著在許多情況下，他們要么已經開始尋找房源，要么即將開始尋找房屋，他們想知道自己能負擔得起多少錢，並且他們想認真對待這件事。所以我們看到他們參加練習以獲得預先批准，然後他們進入了我們的培養流程，我們開始培養他們。

But we also know that in most cases, they're not getting the home, the first home they find and the first offer they make, at least in a lot of the geographies, and we also know that sometimes what they get qualified for isn't quite as exciting as they might have thought just given where interest rates and inventory are. So I wouldn't necessarily call it fall out. I would call it just clients that are very interested. They find out how much they can afford. They begin their shopping experience, but that shopping and looking experience for home is definitely in an extended period, at least compared to historical levels.

但我們也知道，在大多數情況下，他們並不能買到他們找到的第一套房子，也不能買到他們第一次出價的房子，至少在很多地區是這樣。我們也知道，考慮到利率和庫存情況，他們有時能買到的房子可能並沒有他們想像的那麼令人興奮。所以我不一定會稱之為「反彈」。我只能稱之為非常感興趣的客戶。他們會弄清楚自己能負擔得起多少錢。他們開始了購物之旅，但與歷史水平相比，這種購物和尋找家居用品的體驗無疑已經持續了很長時間。

Bose George, KBW.

博斯·喬治，KBW。

Actually, can you give us an update on how you're feeling about the market share targets that you provided last year at Investor Day? And then can you also remind us, is the Cooper market share going to be additive to that?

實際上，您能否向我們介紹一下您對去年投資者日上提出的市場份額目標的看法？那麼，您能否也提醒我們一下，Cooper 的市佔率是否會對最終結果產生正面影響？

Thank you for the question, Bose. So I'll comment on our growth targets in purchase and refinance, and Brian, feel free to jump in. So I mean, in short, we feel really good about our growth targets. We talk a lot about refinance, and that's obviously something that we're very good at. But let me just drill down on purchase in particular because that is a newly declared durable growth lever for the future of our company.

謝謝你的提問，Bose。所以我會談談我們在購屋和再融資方面的成長目標，布萊恩，你也隨時可以插話。簡而言之，我們對自身的成長目標感到非常滿意。我們經常談論再融資，顯然，這是我們非常擅長的領域。但我想重點談談採購，因為這是我們公司未來發展的一個新近確立的持久成長槓桿。

And so over the past two years, we've been very consistent around our message around transforming our company, to make purchase something that is durable for the long term. And when you think about Mr. Cooper and Redfin joining Rocket, we obviously expect that progress to accelerate.

因此，在過去的兩年裡，我們一直堅持不懈地傳達我們的訊息，即改變公司，使購買成為一種可以長期持續的東西。考慮到庫柏先生和 Redfin 加入 Rocket，我們當然期望這一進程能夠加速。

And we have basically three very simple building blocks around how we're going to win and purchase. I think the first one is, you have to have a strong top of the funnel as we talked about earlier. And that's really what Redfin represents. 50 million monthly homebuyers, thousands of local agents. And what's great about Redfin is just the quality of the traffic.

我們基本上有三個非常簡單的建置模組，圍繞著我們如何贏得勝利和進行採購。我認為第一點是，正如我們之前討論的那樣，你必須擁有強大的銷售漏斗頂端。而這正是Redfin的真正價值所在：每月5000萬購屋者，數千名本地經紀人。Redfin 最棒的地方就在於它的流量品質。

Many of those consumers are higher intent, more serious home buyers that use the app every single day. Redfin has the highest weekly to monthly app engagement ratio in that space. And so that represents not just the lead flow. But as Brian shared earlier, it's a pipeline of clients that you can nurture over days, weeks and months, which is the nature of purchase.

這些消費者中有很多是意向更明確、更認真的購屋者，他們每天都會使用該應用程式。Redfin 在該領域擁有最高的周/月應用程式用戶參與率。因此，這不僅代表了潛在客戶的流動。但正如布萊恩之前所說，這是一個你可以花幾天、幾週甚至幾個月的時間來培養的客戶群體，這就是購買的本質。

And then the second building block is the actual funnel itself. And that's where artificial intelligence and automation are so significant to us because we can nurture leads in a low-cost manner. We can improve conversion. We can automate every single part of the experience to make it more efficient, more personalized. We can have better underwriting, better pipeline management, and we could just make the whole experience faster and more accurate. And as a result, we can pass on that savings and value to the client in the form of lower rates, lower fees, and faster turn times.

第二個組成部分就是漏斗本身。人工智慧和自動化對我們來說意義重大，因為我們可以以低成本的方式培養潛在客戶。我們可以提高轉換率。我們可以將體驗的每個環節自動化，使其更有效率、更個人化。我們可以改善核保流程，改善流程管理，還可以讓整個流程更快、更準確。因此，我們可以將這些節省的成本和價值以更低的費率、更低的費用和更快的周轉時間的形式回饋給客戶。

And then the third building block, which we're really excited about is the power of our servicing portfolio. And that is something that is a big unlock for us. With Mr. Cooper, when you have 10 million clients in your servicing portfolio, that is effectively a prebuilt pipeline of high intent buyers that trust Rocket.

第三個組成部分，也是我們非常興奮的，是我們強大的服務組合。這對我們來說是一個很大的突破。對於庫柏先生來說，當你的服務組合中擁有 1000 萬客戶時，這實際上就相當於一個預先建立起來的高意向買家管道，這些買家信任 Rocket。

And the best part of this is when you consider the macro environment, these are the types of clients that are most likely to participate in a purchase, especially in today's housing climate, because they're either a move-up buyer or they're going through a life change. And so we expect a lot of that pipeline and client base to be where these purchase transactions happen, and we have an advantage because we have a relationship with those clients.

而最棒的是，從宏觀環境來看，這些類型的客戶最有可能參與購買，尤其是在當今的住房環境下，因為他們要么是改善型購房者，要么正在經歷人生變故。因此，我們預期許多銷售管道和客戶群都將是這些購買交易發生的地方，而我們與這些客戶建立了關係，因此我們具有優勢。

So these three building blocks are critical to our purchase, but they're also very unique to Rocket and Rocket only. And so when you put them together, we're pretty confident that it's a growth engine for purchase market share. And then coming back, not just for purchase but also for refinance because as rates inevitably change, we can harvest that same lead funnel to drive automated personalized refinance activity as well. So we feel very confident. We're on track to achieve our goals.

因此，這三個組成部分對我們的購買至關重要，但它們也是 Rocket 獨有的，而且只有 Rocket 才有。因此，綜合考慮，我們非常有信心，這將是購買市場份額成長的引擎。然後，客戶不僅會回來購買房產，還會回來進行再融資，因為隨著利率不可避免地發生變化，我們可以利用相同的潛在客戶管道來推動自動化的個人化再融資活動。所以我們感到非常有信心。我們正朝著目標穩步前進。

And these acquisitions and the client distribution they represent, just give us more leverage points to achieve this. And I think the best part is that is agnostic of any potential market tailwinds in like potential rate relief. And so if you add those dynamics and those tailwinds, it just boosts our confidence in achieving and exceeding our market share goals.

這些收購以及它們所代表的客戶分佈，只會為我們帶來更多實現這一目標的籌碼。我認為最棒的一點是，它不受任何潛在市場利多因素（例如潛在的利率下調）的影響。因此，如果再加上這些動態因素和順風，就會增強我們實現並超越市場佔有率目標的信心。

Okay. Great. And just to clarify, so will the Cooper share be sort of incremental to the numbers that you provided earlier?

好的。偉大的。為了澄清一下，庫柏的股份是否會在您之前提供的數字基礎上增加？

Yes. Thanks, Bose. We're going to come back out in the coming quarters and talk a little bit about the revision around the market share goals after the acquisitions. But right now, our focus is integration, achieving synergy numbers, and we'll have more to report there later.

是的。謝謝，Bose。我們將在接下來的幾季再次公開討論收購後市佔率目標的調整情況。但目前，我們的重點是整合，實現協同效應，稍後我們將報告更多相關資訊。

Terry Ma, Barclays.

Terry Ma，巴克萊銀行。

Do you guys have any more color on the 20% servicing cap from the FHFA and what that pertains to? And if it is on total servicing, can you maybe just talk about how that changes, how you think about the overall business?

你們對聯邦住房金融局（FHFA）規定的20%服務上限還有更詳細的說明嗎？它具體指的是什麼？如果是關於全面服務，您能否談談這會帶來哪些變化，以及您如何看待整個業務？

Yes. Thanks, Terry. I'll take that one. So I think, first of all, for the group, it's important to understand that caps are not unusual in our industry, particularly when they result from acquisitions, and they can change over time. The regulators want to see a couple of things. They are very focused on the integration and making sure you take care of the consumer. And then, of course, capital and liquidity levels are king. So they want to see that you maintain the appropriate capital and liquidity levels.

是的。謝謝你，特里。我選那個。所以我認為，首先，對於集團而言，重要的是要明白，在我們的行業中，薪資上限並不罕見，尤其是在收購過程中，薪資上限會隨著時間推移而改變。監管機構想看兩件事。他們非常注重整合，並確保你照顧好消費者。當然，資本和流動水準才是關鍵。所以他們希望看到你保持適當的資本和流動性水準。

And the agreements between the GSEs and the counterparties or firms like us are confidential. But what I can tell you is that since the deal was announced in March, we've had really productive conversations with the GSEs and FHFA. And our capital and liquidity levels are well beyond the required standards. So we believe that the current agreement gives us sufficient room to grow and achieve and even exceed our synergy target. So in summary, I'd just say it's not something we're worried about.

政府支持企業與交易對手或像我們這樣的公司之間的協議是保密的。但我可以告訴大家的是，自從三月宣布這項協議以來，我們與政府支持企業 (GSE) 和聯邦住房金融局 (FHFA) 進行了非常有成效的對話。我們的資本和流動性水準遠超過所需標準。因此，我們相信目前的協議為我們提供了足夠的成長空間，使我們能夠實現甚至超越協同效應目標。總而言之，我認為我們並不擔心這件事。

Ryan McKeveny, Zelman.

Ryan McKeveny，Zelman。

Congrats on the results and on closing the Cooper deal. On the technology and AI initiatives, encouraging to hear the updates on the three AI agent -- examples you gave and the benefits of those. I think each of those were origination related. I guess now that Cooper has closed and the size of the servicing book has meaningfully expanded, can you talk about the technology and AI strategy more broadly? How that can play into the servicing side of the business as well to provide productivity, efficiency, cost savings? Obviously, you've given a lot of updates on the origination benefits but hoping you could maybe speak to the servicing side as well.

恭喜你們取得佳績，並成功完成與庫柏的交易。關於技術和人工智慧計劃，很高興聽到關於三個人工智慧代理的最新進展——您舉的例子以及它們的優勢。我認為這些都與起源有關。我想既然 Cooper 已經關閉，服務業務規模也顯著擴大，您能否更廣泛地談談技術和人工智慧策略？這如何也能融入企業的服務環節中，進而提高生產力、效率和節省成本？顯然，您已經提供了很多關於貸款發放方面的優勢信息，但希望您也能談談貸款服務方面的情況。

Yes. Thanks for the question, Ryan. This is an area that we are incredibly excited about. And I would go as far as to say the future of servicing is agentic AI. And when you think about the use cases in servicing, a lot of it has to do with helping clients solve meaningful problems but also handling simple tasks and automation that drive day-to-day efficiency. So when you think about things like managing your payments, handling things like forbearance, property taxes, dealing with issues, escalations, those are all things that we have significant opportunities to automate, personalize and add value with AI.

是的。謝謝你的提問，瑞恩。我們對此領域感到無比興奮。我甚至可以說，服務業的未來在於智慧人工智慧。當你思考服務中的應用案例時，你會發現很多都與幫助客戶解決有意義的問題有關，同時也與處理簡單的任務和自動化有關，這些都能提高日常效率。因此，當您考慮諸如管理付款、處理延期付款、房產稅、處理問題、升級等事項時，這些都是我們利用人工智慧實現自動化、個人化和增值的重要機會。

And one of the things that I think is particularly exciting is that there's just a lot of technology evolution in the space. One of the things that we have recently done is we partnered with a company called Sierra. And Sierra is an AI-first company that builds native, fully automated digital assistance. And this is an opportunity for us to really drive massive innovation in the servicing space, not just an agent that can handle those day-to-day tasks and issues, the one that can anticipate things that may come down the line, one that can give advice to clients to help them manage their future, one that's available 24/7.

我覺得特別令人興奮的一點是，這個領域的科技發展日新月異。我們最近做的一件事是與一家名為 Sierra 的公司建立了合作關係。Sierra 是一家以人工智慧為先導的公司，致力於建立原生、全自動的數位助理。這對我們來說是一個真正推動服務領域大規模創新的機會，我們不僅需要一個能夠處理日常任務​​和問題的代理人，更需要一個能夠預見未來可能發生的事情、能夠為客戶提供建議以幫助他們管理未來的代理人，一個全天候 24/7 隨時待命的代理人。

And so the great thing about this is, we think that the space is going through a pretty dramatic evolution. We're betting very big on technology here. And the thing that's important for us is that we care very deeply about owning and building our own technology. And so our servicing technology is proprietary. We have deep vertical integrations.

因此，這件事最棒的地方在於，我們認為這個領域正在經歷一場相當大的變革。我們在這裡對科技領域投入了大量資金。對我們來說，最重要的是我們非常重視擁有和開發自己的技術。因此，我們的服務技術是專有的。我們擁有深度垂直整合能力。

They're built around data, and we're going to continue to evolve that with the expanded client base that we get with Mr. Cooper. And then when we partner, we're very selective with who we partner, and we picked an example like Sierra because they are born of the kind of the AI world. And so lots of opportunity here, I think, for us to really transform the way servicing works from the ground up, and this is a big area of focus for us.

它們以數據為核心構建，我們將隨著 Mr. Cooper 帶來的客戶群的擴大而不斷發展壯大。然後，當我們選擇合作夥伴時，我們會非常謹慎地選擇合作夥伴，我們選擇像 Sierra 這樣的例子，是因為他們誕生於人工智慧領域。因此，我認為這裡有很多機會讓我們從根本上改變服務方式，這也是我們重點關注的領域。

Mark DeVries, Deutsche Bank.

馬克‧德弗里斯，德意志銀行。

Sticking with AI theme, I was hoping you could drill down on some of the benefits you got from the investments you made in responding to the big surge in demand you saw in September and on a go-forward basis, how you're thinking about the real benefits you'll drive, whether it's just faster return times, higher efficiencies and anything else?

繼續談到人工智慧這個話題，我希望您能深入探討一下，為了應對9月份出現的巨大需求激增，您進行了哪些投資，以及從長遠來看，您認為這些投資將帶來哪些真正的好處，例如更快的回報時間、更高的效率以及其他方面？

Yes, Mark, I can start on that one. I think particularly during that September window, like I said, it was a really nice case study because the thing I think people don't think about is you think about, hey, you have to have capacity to underwrite process and close loans. And there's no question that some of the AI initiatives have made a big impact to us there.

是的，馬克，我可以開始著手做這件事了。我認為，尤其是在九月的那個窗口期，就像我剛才說的，那是一個很好的案例研究，因為人們沒有想到的是，你必須有能力進行貸款審批、流程審核和最終放款。毫無疑問，一些人工智慧專案已經對我們產生了重大影響。

But on the loan office or the mortgage banker side, I would say equal, if not bigger impact because when you have those rate surges, you get an influx of clients coming into the pipeline. And so being able to interact with those clients through digital chat experiences where the relationship is not one to one, like a client on the phone really increases your capacity.

但就貸款部門或抵押貸款銀行家而言，我認為影響同樣巨大，甚至更大，因為當利率飆升時，會有大量客戶湧入。因此，能夠透過數位聊天體驗與這些客戶互動，而這種互動並非像電話中的客戶那樣是一對一的，這確實能提高你的能力。

Also leveraging AI to collect documents and follow-up items that traditionally loan officers and mortgage bankers would be doing in the time where they really should be understanding the client situation and helping them understand how they can save money on a rate and term refinance could be a distraction from the actual revenue generation opportunities. So I think when I look at traditional mortgage companies and they have inbound leads coming, the only way they can do them is pick up the phone and work longer hours.

此外，利用人工智慧收集文件和後續事項（這些事項傳統上是由貸款專員和抵押貸款銀行家在真正應該了解客戶情況並幫助他們了解如何透過利率和期限再融資節省資金的時間裡完成的）可能會分散他們對實際創收機會的注意力。所以我覺得，當我觀察傳統的抵押貸款公司，看到他們有客戶主動聯繫時，他們唯一能做的就是拿起電話，加班加點地工作。

When I think about how Rocket can handle them with the digital experiences, particularly on chat, interacting through our website in messenger, and then when we actually are making phone contact with the client, knowing that, that client is high intent, knowing that, that client, in some cases, has already provided some information so we can let the loan officers do what they do best. Those are the things that not only increase the capacity of the business, but in a meaningful way, also increases the efficiency of the business.

當我思考 Rocket 如何利用數位化體驗來處理這些客戶時，尤其是在聊天、透過我們的網站和 Messenger 進行互動，以及當我們實際與客戶進行電話聯繫時，我們知道該客戶意向強烈，並且在某些情況下，該客戶已經提供了一些信息，這樣我們就可以讓貸款專員發揮他們的優勢。這些因素不僅能提高企業的產能，也能實際提高企業的效率。

And that concludes our question-and-answer session. I will now turn the call back over to Varun Krishna for some final closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給瓦倫·克里希納，請他作最後的總結發言。

Well, thank you, everyone, for listening to the call today, and we look forward to seeing you in the New Year.

感謝各位今天收聽電話會議，我們期待在新的一年與大家見面。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。