Rocket Companies Inc (RKT) 2026 Q2 法說會逐字稿

Good day, everyone, and welcome to the Rocket Companies second quarter 2026 earnings conference call. Just a reminder that today's conference is being recorded. At this time, I would like to hand the call over to Ms. Sharon Ng. Please go ahead, ma'am.

各位好，歡迎參加 Rocket Companies 2026 年第二季財報電話會議。提醒各位，今天的會議將會錄音。此刻，我想將電話交給 Sharon Ng 女士。女士，請開始。

Good afternoon, everyone, and thank you for joining us for Rocket Companies earnings call covering the second quarter 2026. WIth us this afternoon are Rocket Companies CEO, Varun Krishna; and our President and CFO, Brian Brown. Earlier today, we issued our second quarter earnings release, which is available on our website at rocketcompanies.com under Investor Info. Also available on our website is an investor presentation.

各位下午好，感謝各位參加 Rocket Companies 2026 年第二季財報電話會議。今天下午與會者包括 Rocket Companies 執行長 Varun Krishna，以及我們的總裁兼財務長 Brian Brown。今天稍早，我們已發布第二季財報新聞稿，可於 rocketcompanies.com 網站的 Investor Info（投資人資訊）專區取得。我們網站上也提供投資人簡報。

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 second-quarter performance as well as our financial outlook. This conference call includes forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and the 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.

在我把時間交給 Varun 之前，先快速說明免責聲明。在今天的電話會議中，我們將提供有關第二季表現以及財務展望的資訊。本次電話會議包含前瞻性陳述。這些陳述受到風險與不確定性影響，可能導致實際結果與我們今天提到的預期與假設出現重大差異。我們鼓勵各位參考我們向 SEC 提交的文件中所載的風險因素，以取得對這些風險與不確定性的詳細討論。

We undertake no obligation to update these statements as a result of new information or further events, except as required by law. 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.

除法律要求外，因新資訊或後續事件而更新這些陳述，我們不承擔任何義務。本次電話會議將於線上播出，並可在我們的投資人關係網站收聽。會議錄音將於今日稍晚上傳。我們今天的說明也將包含非 GAAP 財務衡量指標。我們已於今日稍早發布的財報新聞稿以及向 SEC 提交的文件中，提供所報告結果之 GAAP 與非 GAAP 指標之間的調節表。

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

接下來，我把時間交給 Varun Krishna 來開始。Varun？

Good afternoon, everyone, and thank you for joining our second quarter 2026 earnings call. Today, I'll cover the market, our second-quarter results and Rocket's performance. Let's go ahead and start with the market. The industry expected a normal spring home buying season. Instead, affordability deteriorated as mortgage rates moved higher through May and June. Purchase and refinance demand as a result weakened during what is typically the strongest quarter of the year, and industry forecast moved lower as the quarter progressed.

各位下午好，感謝各位參加我們 2026 年第二季財報電話會議。今天我將說明市場狀況、第二季業績以及 Rocket 的表現。我們先從市場談起。產業原本預期會有正常的春季購屋旺季。然而，隨著房貸利率在 5 月與 6 月走高，可負擔性反而惡化。因此，在通常是一年中最強勁的季度期間，購屋與再融資需求轉弱，且隨著季度推進，產業預測也持續下修。

Simply said, it was one of the toughest spring housing markets in years. Now against that backdrop, Rocket delivered one of its strongest quarters in recent memory. We gained market share in both purchase and refinance. We delivered our most profitable quarter in four years. We expanded adjusted EBITDA margins and integration of Redfin and Mr. Cooper are well ahead of plan.

簡單來說，這是多年來最艱難的春季房市之一。在這樣的背景下，Rocket 仍交出近年來最強勁的季度之一。我們在購屋與再融資兩個領域都提升了市占率。我們創下四年來最具獲利的季度。我們擴大了調整後 EBITDA 利潤率，且 Redfin 與 Mr. Cooper 的整合進度大幅超前原先計畫。

Adjusted revenue was $2.8 billion, near the midpoint of our guidance adjusted EBITDA margin expanded to 28%, up from 26% in the first quarter. Adjusted diluted EPS increased to $0.16 and, now our North Star is profitable market share growth, and we reached a new record this quarter. Purchase share increased to 6.2%, up from 5.5% in Q4 of last year. Refinance share increased to 14.3%, up from 12.2%. This performance was not a coincidence.

調整後營收為 28 億美元，接近我們指引的中位數；調整後 EBITDA 利潤率擴大至 28%，高於第一季的 26%。調整後稀釋每股盈餘（EPS）提升至 0.16 美元；而我們的北極星指標是「具獲利性的市占成長」，本季我們達到新的紀錄。購屋市占率提升至 6.2%，高於去年第四季的 5.5%。再融資市占率提升至 14.3%，高於 12.2%。這樣的表現並非偶然。

It was the result of years of deliberate investment, focused execution and a business model that has fundamentally evolved. More than 70% of our revenue comes from recurring or less rate sensitive businesses. Servicing provides a durable recurring revenue foundation. Purchase mortgages, home equity, personal loans and Redfin diversify us across broader parts of the housing market.

這是多年來有意識的投資、聚焦的執行，以及已從根本演進的商業模式所帶來的成果。我們超過 70% 的營收來自經常性或對利率敏感度較低的業務。貸款服務（servicing）提供穩健的經常性營收基礎。購屋房貸、房屋淨值貸款、個人貸款以及 Redfin，讓我們在房市更廣泛的領域中分散布局。

Today, Rocket is the largest in both servicing and origination and our recapture engine connects to these two things. Just as importantly, all of our businesses reinforce one another. Redfin brings clients into the Rocket ecosystem earlier. Mortgage helps them finance one of life's biggest decisions. Servicing keeps that relationship alive for years. Additional products allow us to continue serving these same clients as their needs evolve.

如今，Rocket 在貸款服務與放款承作（origination）兩方面都是規模最大的業者，而我們的回收（recapture）引擎將這兩者串聯起來。同樣重要的是，我們所有業務彼此相互強化。Redfin 讓客戶更早進入 Rocket 生態系。房貸業務協助他們為人生中最重大的決策之一提供資金。貸款服務讓這段關係得以延續多年。其他產品則讓我們能在客戶需求演變時，持續服務同一批客戶。

Artificial intelligence strengthens every step of that journey. It improves productivity, personalization and conversion across the entire platform. So the important point isn't that we've added new businesses, it's that we've changed the economics of the business fundamentally. Our recurring revenue base is larger. Our client relationships last longer. Our acquisition costs improved as these businesses reinforce one another, and our operating leverage expands as AI increases productivity across this platform.

人工智慧強化了這段旅程的每一步。它提升整個平台的生產力、個人化程度與轉換率。因此，重點不在於我們新增了哪些業務，而在於我們已從根本改變了這門生意的經濟結構。我們的經常性營收基礎更大。我們與客戶的關係維持更久。隨著各項業務彼此加乘，我們的獲客成本改善；而當 AI 提升整個平台的生產力時，我們的營運槓桿也隨之擴大。

This is the business we've been building, one with a stronger floor in difficult markets and significantly more upside when housing activity returns. That's what gives us confidence that Rocket's long-term earnings power is fundamentally stronger than it was just a few years ago.

這就是我們一直在打造的企業：在艱困市場中具備更強的底部支撐，並在房市活動回升時擁有顯著更大的上行空間。這也讓我們有信心，Rocket 的長期獲利能力，從根本上已比幾年前更為強健。

Now let me take a second and show you how that came to life during the second quarter. Homeownership begins long before a mortgage application. It begins with home search. That's what makes Redfin such an important part of Rocket's strategy. Historically, Rocket entered the relationship when a client decided to finance a home.

接下來我用一點時間說明，這些如何在第二季具體展現。成為屋主的旅程，遠在提交房貸申請之前就已開始。它始於找房。這也是 Redfin 成為 Rocket 策略中如此重要一環的原因。過去，Rocket 通常在客戶決定為房屋融資時才開始建立關係。

Today, we're increasingly entering months earlier while they're still searching. That completely changes the economics of client acquisition. Redfin reaches roughly 50 million monthly active users with some of the highest engagement and retention in online real estate. Those users aren't casualty browsing. They're actively preparing to buy or sell a home.

如今，我們愈來愈常在他們仍在搜尋階段、提前數月就進入。這將客戶獲取的經濟效益徹底改變。Redfin 每月約觸及 5,000 萬名活躍用戶，在線上房地產平台中擁有最高水準的互動與留存。這些用戶不是隨意瀏覽。他們正積極準備買房或賣房。

We're turning that intent into action product improvements and proprietary AI models have increased lead conversion by roughly 30% over the past year, helping more clients move from searching to touring, financing and closing. And when buyers are ready to finance Rocket is already part of the experience.

我們正把這份意圖轉化為行動：產品改進與自有 AI 模型在過去一年將潛在客戶轉換率提升約 30%，協助更多客戶從搜尋走向看房、融資與成交。而當買方準備融資時，Rocket 早已是整體體驗的一部分。

Eligible servicing clients who buy and sell through Redfin and finance with Rocket mortgage can save up to $20,000. That's a meaningful affordability advantage in today's market, and we're seeing it translate into results. In June, mortgage leads from Redfin more than ever year-over-year. The mortgage attach rate with Redfin agents reached 47%, approaching our synergy target of 50%.

符合資格的貸款服務客戶，若透過 Redfin 買賣房屋並以 Rocket Mortgage 融資，最高可節省 20,000 美元。在當前市場中，這是相當有意義的可負擔性優勢，而我們也看到它正轉化為實際成果。6 月來自 Redfin 的房貸線索（leads）較去年同期增加超過一倍。與 Redfin 經紀人合作的房貸附著率（attach rate）達到 47%，正接近我們 50% 的協同目標。

Inventory is yet another differentiator through our Compass partnership, Redfin continues expanding unique inventory that isn't available on other major home search portals. In markets like Chicago, that advantage is already driving meaningful increases in both homeware and mortgage leads. Nationally, Redfin now offers approximately 25,000 exclusive listings.

房源也是另一項差異化因素：透過與 Compass 的合作夥伴關係，Redfin 持續擴大其他主要找房入口網站所沒有的獨家房源。在芝加哥等市場，這項優勢已帶動房屋與房貸線索的顯著成長。在全國範圍內，Redfin 目前約提供 25,000 筆獨家刊登物件。

More inventory attracts more serious buyers. More serious buyers create more financing opportunities. That's why Redfin matters. It allows us to build relationships earlier, convert them more effectively and increase the lifetime value of every client who enters the Rocket ecosystem. -- the advantages we're creating upstream continue through mortgage origination.

更多房源會吸引更多認真的買家。更多認真的買家會創造更多融資機會。這就是 Redfin 重要的原因。它讓我們能更早建立關係、更有效地轉換，並提高每一位進入 Rocket 生態系客戶的終身價值。-- 我們在上游所創造的優勢，將持續延伸到房貸承作流程。

Sales is still very much a human craft. It takes judgment, empathy and timing. Technology doesn't replace that. It just makes our people better at it. Our loan officers provide judgment, advice and trust, and they are the best in the business.

銷售在很大程度上仍是一門以人為本的技藝。它需要判斷力、同理心與時機掌握。科技不會取代這些。它只是讓我們的人更擅長做到這些。我們的貸款專員提供判斷、建議與信任，而且他們是業界最優秀的。

Artificial intelligence only makes them better. By removing administrative work and helping our teams focus on the right opportunities at the right time, AI allows our loan officers to spend more time helping clients and less time managing processes. We are already seeing significant impact.

人工智慧只會讓他們做得更好。透過移除行政性工作，並協助團隊在正確的時間聚焦於正確的機會，AI 讓我們的貸款專員能把更多時間用在協助客戶、而更少時間用在管理流程上。我們已經看到顯著的影響。

Compared with just one year ago, our loan officers are serving nearly 40% more clients while delivering double-digit improvements in conversion at the same time. Those gains really matter today, and they matter even more as the market recovers. As mortgage volumes increase, we believe we can expand profitability faster without growing our cost structure at the same pace.

相較於僅僅一年前，我們的貸款專員在同時帶來轉換率兩位數提升的情況下，服務的客戶數量增加了將近 40%。這些成效在今天非常重要，而在市場復甦時更為關鍵。隨著房貸量回升，我們相信在不以同等速度增加成本結構的前提下，可以更快擴大利潤能力。

This is one of the biggest structural changes happening inside Rocket. AI isn't simply making people more productive. It's actually increasing the earnings power of the business through operating leverage. We're applying that same approach across the entire company. Servicing remains one of Rocket's greatest competitive advantages. It generates durable recurring revenue while creating long-term relationships with millions of clients. Those relationships become more valuable every year they remain inside the Rocket ecosystem.

這是 Rocket 內部正在發生的最大結構性變革之一。AI 不只是讓人更有效率。它實際上透過營運槓桿提升了企業的獲利能力。我們正把同樣的方法運用到整個公司。貸後服務（servicing）仍是 Rocket 最重要的競爭優勢之一。它在建立與數百萬客戶的長期關係的同時，帶來穩健且可持續的經常性收入。這些關係在 Rocket 生態系中停留的每一年都會變得更有價值。

During the second quarter of this year, we completed one of the largest servicing migrations in our industry's history, bringing our servicing clients onto a single platform. That milestone is about so much more than technology. It creates one foundation for how we serve clients, deploy AI and identify opportunities across the business. Earlier this year, we launched voice AI for inbound servicing calls. It has now handled more than 1 million calls with more than half resolved without requiring a servicing specialist.

在今年第二季，我們完成了本產業史上規模最大的貸後服務遷移之一，將我們的貸後服務客戶整合到單一平台上。這個里程碑的意義遠不止於科技本身。它為我們如何服務客戶、部署 AI，以及在全公司範圍內辨識機會建立了同一套基礎。今年稍早，我們針對貸後服務的來電推出了語音 AI。目前它已處理超過 100 萬通電話，其中超過一半在不需要貸後服務專員介入的情況下就已解決。

Clients receive faster service and our servicing experts spend more time solving the complex situations where human judgment matters most. Every interaction improves our understanding of the client and helps us identify opportunities to refinance, access home equity, purchase another home or use another Rocket product. That's what makes our servicing different. It isn't just a recurring revenue business. It's the engine that continuously creates future origination opportunities.

客戶獲得更快速的服務，而我們的貸後服務專家則能把更多時間用在最需要人類判斷的複雜情境上。每一次互動都能加深我們對客戶的理解，並協助我們辨識再融資、動用房屋淨值、購買另一間房屋或使用其他 Rocket 產品的機會。這就是我們的貸後服務與眾不同之處。它不只是經常性收入的業務。它是持續創造未來承作（origination）機會的引擎。

Today, Rocket is both the nation's largest mortgage servicer and the nation's largest mortgage lender. Very few companies have both. That combination allows us to deepen client relationships over time instead of rebuilding them with every new transaction. So the economics are fundamentally different. Every year, we keep a client.

今天，Rocket 同時是全美最大的房貸服務商，也是全美最大的房貸放款機構。能同時具備這兩者的公司非常少。這種組合讓我們能隨時間深化客戶關係，而不是在每一筆新交易時都要重新建立關係。因此，其經濟效益在本質上截然不同。每一年，我們都能留住一位客戶。

We improve the probability of serving them again while reducing the cost of doing so. Artificial intelligence simply accelerates that advantage by improving client experiences, strengthening recapture and increasing productivity across the entire platform. The result is a business with a stronger recurring earnings base today and even greater operating leverage when housing activity recovers.

我們提高再次服務他們的機率，同時降低達成這件事的成本。人工智慧則透過改善客戶體驗、強化回收（recapture）並提升整個平台的生產力，進一步加速這項優勢。其結果是：今天我們擁有更強的經常性獲利基礎，而當房市活動復甦時，營運槓桿將更為顯著。

The power of this business model is what it allows us to build on top of this platform. Because we already have trusted client relationships, servicing scale, AI capabilities and distribution, we can expand into adjacent businesses faster and more efficiently than any company starting from scratch.

這個商業模式的力量，在於它讓我們能在這個平台之上持續打造更多能力。因為我們已經擁有受信任的客戶關係、貸後服務規模、AI 能力與通路，我們能比任何從零開始的公司更快、更有效率地擴展到相鄰業務。

Home equity is one great example. We entered the category just four years ago. Today, Rocket is the nation's largest home equity lender. Since launch, we have helped more than 250,000 homeowners access over $24 billion of their home equity. Rocket is the first independent mortgage company to lead the category.

房屋淨值貸款就是一個很好的例子。我們在四年前才進入這個類別。如今，Rocket 已是全美最大的房屋淨值貸款機構。自推出以來，我們已協助超過 25 萬名屋主動用超過 240 億美元的房屋淨值。Rocket 是第一家在該類別領先的獨立房貸公司。

That milestone demonstrates something far larger than just success in a single product. It shows the advantage of building new businesses on top of an existing client base rather than acquiring every new customer from the beginning. Rocket loans tell us a very similar story. Loan volume nearly doubled year-over-year during the first six months of 2026, culminating in a record month in June. More than half of those loans come from existing Rocket servicing clients that simply reinforces the strategy we've been executing for years.

這個里程碑所展現的，遠不只是單一產品的成功。它顯示：在既有客戶基礎之上建立新業務，相較於從頭開始獲取每一位新客戶，具有明顯優勢。Rocket loans 也講述了非常相似的故事。2026 年前六個月的放款量年增近乎翻倍，並在 6 月創下單月紀錄。其中超過一半的貸款來自既有的 Rocket 貸後服務客戶，這再次印證了我們多年來一直在執行的策略。

Each additional product strengthens the client relationship. Each stronger relationship creates another opportunity to serve that client over time. Lifetime value increases, while future acquisition costs decline, that's the economic engine we are building.

每增加一項產品，都會強化客戶關係。每一段更強的關係，都會在未來為我們創造再次服務該客戶的機會。客戶終身價值提升，而未來的獲客成本下降——這就是我們正在打造的經濟引擎。

We are not assembling a collection of products. We're building a business where every product makes every other product more valuable. The same dynamic extends to our partner ecosystem. Through our Compass partnership, Rocket Pro brokers have originated more than $2 billion of net rate lock volume. Consumers, agents and brokers all benefit from a more connected experience and every additional participant strengthens that network. Those advantages compound over time.

我們不是在拼湊一組產品。我們正在打造一個企業：每一項產品都讓其他每一項產品更有價值。同樣的動態也延伸到我們的合作夥伴生態系。透過我們的 Compass 合作關係，Rocket Pro 經紀人已承作超過 20 億美元的淨利率鎖定量（net rate lock volume）。消費者、房仲與經紀人都能從更緊密連結的體驗中受益，而每增加一位參與者都會強化這個網路。這些優勢會隨時間累積放大。

I'll close with this. The second quarter tested the housing industry. Higher rates reduced affordability, demand softened, the spring market fell well short of expectations, but against that backdrop, Rocket reached record market share in both purchase and refinance delivered its most profitable quarter in four years and continued executing ahead of plan.

我用這段作結。第二季考驗了房市產業。較高的利率降低了可負擔性、需求轉弱、春季市場遠低於預期，但在這樣的背景下，Rocket 在購屋與再融資兩個領域都達到創紀錄的市占率，交出四年來最獲利的一季，並持續超前計畫執行。

Those results reinforce what we've been building for years. Rocket today is fundamentally different from the company we were just a few years ago. We have a larger recurring revenue base, longer client relationships higher operating leverage and more opportunities to serve clients throughout the homeownership journey. We can't control where mortgage rates go next quarter.

這些成果再次印證了我們多年來所打造的一切。今天的 Rocket，與幾年前的我們在本質上已截然不同。我們擁有更大的經常性收入基礎、更長的客戶關係、更高的營運槓桿，以及在整個居住擁有旅程中服務客戶的更多機會。我們無法控制下個季度房貸利率會走向何方。

We can control the business we build. Quarter after quarter, we're building one with a stronger floor in difficult markets and significantly more upside when housing activity returns. Competitors may have pieces of this model. No one has integrated it the way that Rocket has. That's why we believe Rocket long-term earnings power is stronger than at any point in our history. And with that, Brian, over to you.

但我們可以控制我們要打造的企業。一季接著一季，我們正在打造一個在艱困市場中有更強底部支撐、並在房市活動回歸時具備顯著更大上行空間的企業。競爭對手或許擁有這個模式的某些部分。但沒有人像 Rocket 這樣把它整合起來。這就是為什麼我們相信，Rocket 的長期獲利能力比我們歷史上任何時點都更強。接下來，Brian，交給你。

Thank you, Varun, and good afternoon, everyone. Today, I'll discuss our second-quarter results, and the record market share gains we delivered in a challenging market. I'll also cover capital position and integration progress. I'll close with our outlook for the third quarter.

謝謝你，Varun，各位下午好。今天我將討論我們第二季的業績，以及我們在充滿挑戰的市場中所取得的創紀錄市占率提升。我也會說明資本狀況與整合進度。最後，我會分享我們對第三季的展望。

Let's start with the second quarter's results. Adjusted revenue was $2.8 billion, near the midpoint of our guidance range. We generated $47 billion in total net rate lock volume and $49 billion in total closed loan volume. Gain on sale margin, excluding correspondent was 311 basis points. That's compared to 322 basis points in the first quarter. Adjusted EBITDA was $766 million, representing an adjusted EBITDA margin of 28%, up from 26% in the first quarter.

我們先從第二季的業績開始。調整後營收為 28 億美元，接近我們指引區間的中點。我們的總淨利率鎖定量為 470 億美元，總結案放款量為 490 億美元。不含通訊放款（correspondent）的出售收益率（gain on sale）利差為 311 個基點。相較之下，第一季為 322 個基點。調整後 EBITDA 為 7.66 億美元，調整後 EBITDA 利潤率為 28%，高於第一季的 26%。

Adjusted diluted EPS was $0.16, up from $0.15 in the first quarter, making this our most profitable quarter in four years. Our market share gains in the second quarter were impressive. In fact, we achieved our highest ever quarterly market share in both purchase and refinance. Based on industry estimates, purchase market share came in at 6.2% and refinance market share was 14.3% in the second quarter. This represents a 13% increase in purchase market share from the fourth quarter and a 17% increase in refinance market share.

調整後稀釋每股盈餘（EPS）為0.16美元，高於第一季的0.15美元，使本季成為我們四年來最賺錢的一季。我們在第二季的市占率提升令人印象深刻。事實上，我們在購屋與再融資兩個領域都創下史上最高的單季市占率。根據產業估計，第二季購屋市占率為6.2%，再融資市占率為14.3%。這代表相較第四季，購屋市占率提升13%，再融資市占率提升17%。

These results reflect the structural advantages of our business model. First, a diversified revenue base that provides stability with built-in upside. Second, unique assets, including the industry's largest servicing portfolio in Redfin's purchase funnel that drive share gains at a very low cost of acquisition. Third, a cost advantage across origination and servicing where scalable capacity and expense synergies keep fixed costs flat while volume grows.

這些成果反映了我們商業模式的結構性優勢。第一，多元化的營收基礎，提供穩定性並內建上行空間。第二，獨特資產，包括業界最大的服務（servicing）投資組合，以及與Redfin購屋漏斗相連、以極低獲客成本推動市占提升的資產。第三，在承作（origination）與服務（servicing）方面具備成本優勢；可擴充的產能與費用協同效應，使固定成本在量能成長時仍能維持持平。

Let me unpack each of these a little more. Starting with our balanced revenue model. More than 70% of our revenue is recurring or less rate sensitive. Servicing fee income and Rocket money subscription revenue are recurring. The purchase business, cash-out refinance, home equity loans as well as the Redfin business operate in a large and less rate-sensitive category.

我再把這三點多拆解說明一些。先從我們均衡的營收模式談起。我們超過70%的營收屬於經常性收入或對利率敏感度較低。服務費收入與Rocket Money訂閱收入屬於經常性收入。購屋業務、現金增額再融資（cash-out refinance）、房屋淨值貸款，以及Redfin業務，都運作於規模大且對利率較不敏感的類別。

The remaining 30% includes rate and term refinance, which carries the most rate exposure, but it's also our greatest source of upside when rates fall. And the good news is we have over $300 billion of origination capacity that's primed to capture this upside. In Q2, this balanced business model drove our operating results. Servicing generated $1 billion of steady cash flow while less rate-sensitive products, including purchase, cash out refinance and home equity loans contributed to the majority of gain on sale revenue.

其餘30%包含利率與期限再融資（rate and term refinance），這部分承擔最大的利率曝險，但當利率下滑時，也是我們最大的上行來源。好消息是，我們擁有超過3,000億美元的承作產能，已準備好把握這個上行機會。在第二季，這個均衡的商業模式帶動了我們的營運成果。服務業務帶來10億美元的穩定現金流，而對利率較不敏感的產品（包括購屋、現金增額再融資與房屋淨值貸款）貢獻了大部分的出售收益（gain on sale）收入。

Let's turn to our unique assets. The industry's largest servicing portfolio connected to a powerful recapture engine in Redfin's purchase top of funnel. These assets are hard to replicate, and they allow us to acquire clients at a fraction of the industry's average cost because these clients are already in our ecosystem. Those assets delivered in the second quarter. On the purchase side, the Redfin integration is paying dividends.

接著談談我們的獨特資產。業界最大的服務投資組合，並與Redfin購屋漏斗頂端的強大回收（recapture）引擎相連。這些資產難以複製，且因為客戶已在我們的生態系中，使我們能以僅為業界平均成本一小部分的代價取得客戶。這些資產在第二季展現了成果。在購屋端，Redfin整合正在帶來回報。

Mortgage leads from Redfin in June doubled year-over-year. Mortgage attachment, the percentage of Redfin buy-side clients who finance with Rocket Mortgage has reached 47%, approaching our 50% target. That momentum helped drive the direct-to-consumer purchase volume up 45% year-over-year. And on the refinance side, our servicing portfolio drove share gains across rate and term, cash out and home equity loans. Existing service clients accounted for 57% of refinance closed volume, up from 54% in Q1 and those closings come with near 0 client acquisition costs.

6月來自Redfin的房貸線索（leads）年增一倍。房貸綁定率（mortgage attachment）——亦即Redfin買方客戶中使用Rocket Mortgage融資的比例——已達47%，接近我們50%的目標。這股動能帶動直面消費者（direct-to-consumer）的購屋放款量年增45%。而在再融資端，我們的服務投資組合推動了利率與期限、現金增額以及房屋淨值貸款等各類產品的市占提升。既有服務客戶占再融資結案量的57%，高於第一季的54%，且這些成交幾乎沒有獲客成本。

Recapture rates on the Mr. Cooper portfolio reached another record, and we are more than halfway to realizing our Mr. Cooper revenue synergy target on an annualized run rate basis. The clearest example of these assets working together is preferred pricing. Service clients who buy and sell with Redfin and finance with Rocket Mortgage can receive up to $20,000 in combined savings. We can offer an incentive of the size for one simple reason.

Mr. Cooper投資組合的回收率（recapture rates）再創新高，而以年化運行率（annualized run rate）計算，我們已完成Mr. Cooper營收協同目標的一半以上。這些資產協同運作最清楚的例子，就是優選定價（preferred pricing）。服務客戶若透過Redfin買賣房屋並使用Rocket Mortgage融資，合計最高可獲得2萬美元的節省。我們能提供如此規模的誘因，原因很簡單。

We own the search portal, the real estate brokerage, the mortgage financing, the title and closing and the servicing. Historically, these are four or five separate companies, all with different experiences and different client acquisition models. As I mentioned, our cost to acquire these clients is nearly 0. We pass these structural advantages right back to the client directly addressing affordability, which is the biggest barrier in today's housing market, while deepening relationships across the ecosystem.

我們擁有搜尋入口網站、不動產經紀、房貸融資、產權與交割，以及服務（servicing）。過去這通常是四到五家不同公司，各自提供不同體驗與不同的獲客模式。如我所提，我們取得這些客戶的成本幾乎為零。我們把這些結構性優勢直接回饋給客戶，正面回應可負擔性——這是當前房市最大的障礙——同時加深整個生態系內的客戶關係。

This brings me to the third advantage. We operate origination and servicing at a significant cost advantage when compared to industry averages. And that gap is widening. Technology advancements are expanding the capacity of every production team member. Our tools help loan officers drive double-digit conversion improvement while working with nearly 40% more clients than just one year ago. This allows us to keep fixed costs flat while volume grows.

這就帶到第三項優勢。相較產業平均，我們在承作（origination）與服務（servicing）的營運成本具備顯著優勢。而且這個差距正在擴大。科技進步正在提升每位生產團隊成員的產能。我們的工具協助貸款專員在與一年前相比、服務近40%更多客戶的同時，帶來兩位數的轉換率提升。這使我們能在量能成長時仍維持固定成本持平。

And once fixed costs are covered, incremental revenue drops to the bottom line at a very high rate. Expense synergies are amplifying this advantage. We realized $100 million of annualized Mr. Cooper expense synergies in the quarter, in line with our expectations. We remain on track to achieve the full $400 million target by year-end.

一旦固定成本被覆蓋，新增營收就會以非常高的比例直接反映到獲利。費用協同效應正在放大這項優勢。本季我們實現了1億美元的Mr. Cooper費用協同（以年化計），符合我們的預期。我們仍按計畫在年底前達成完整4億美元的目標。

This is how our business model delivers in tough markets and in more favorable ones, since completing the Redfin and Mr. Cooper transactions in the back half of last year, we have grown share and expanded profitability for three straight quarters across both rising and falling rate environments.

這就是我們的商業模式如何在艱困市場與更有利的市場中都能交出成果；自去年下半年完成Redfin與Mr. Cooper交易以來，我們已連續三個季度在利率上升與下降的環境中，同步提升市占並擴大利潤。

Everything I just described runs on a foundation of balance sheet strength. In a market like this one, capital is not just defense, it's offense. It is what allows us to invest through the cycle and move quickly when opportunities arise, while others are forced to pull back. We ended the quarter with $11.2 billion of liquidity, up $1.8 billion from the first quarter. In June, we refinanced existing debt through a successful senior note offering that execution was supported by our investment-grade rating and credit profile that keeps getting stronger.

我剛才描述的一切，都建立在強健的資產負債表基礎之上。在像現在這樣的市場中，資本不只是防守，更是進攻。它讓我們能穿越景氣循環持續投資，並在機會出現時快速行動，而其他人則被迫收縮。本季末我們的流動性為112億美元，較第一季增加18億美元。6月，我們透過成功發行優先票據（senior note）為既有債務再融資；此一執行得以在我們投資級評等與持續強化的信用體質支持下完成。

Net corporate leverage ended the quarter at 0.9x, 20% lower since year-end. Part of maintaining that balance sheet strength is treating our MSR portfolio as the strategic asset it is, actively managed, not passively held. During the quarter, we sold a portion of our low coupon MSRs at attractive market prices, but we didn't sell off the client relationship. We retained the subservicing on those MSRs. And even more importantly, we retain the ability to do recapture and the related economics.

季末公司淨槓桿為0.9倍，較年底下降20%。維持資產負債表強度的一部分，是將我們的MSR投資組合視為其應有的策略性資產——主動管理，而非被動持有。本季我們以具吸引力的市場價格出售部分低票息（low coupon）的MSR，但並未出售客戶關係。我們保留了這些MSR的次級服務（subservicing）。更重要的是，我們仍保有回收（recapture）能力及其相關經濟利益。

Even after these sales, our servicing portfolio ended the second quarter at $2 trillion of unpaid principal balance. These sales also rebalance the composition of our portfolio toward higher average note rates. Today, 26% of our owned MSR portfolio or $320 million of unpaid principal balance carries a note rate above 6%. This is a large pool of clients who are first in line to refinance when rates fall and hours to recapture. Looking ahead, we expect the housing market to remain challenging in the near term.

即使在這些出售之後，我們的服務投資組合在第二季末仍達到2兆美元的未償本金餘額（UPB）。這些出售也使我們的投資組合結構重新平衡，朝向更高的平均票面利率。目前，我們自有MSR投資組合中有26%（或3.2億美元的未償本金餘額）其票面利率高於6%。這是一大群客戶，當利率下滑時將是最優先進行再融資、也是我們最先能回收的對象。展望未來，我們預期短期內房市仍將充滿挑戰。

In recent weeks, expectations of higher future inflation pushed the 30-year fixed rate to 6.8%, 50 basis points higher than the average rate during the first half of the year and the highest level in more than a year. These pressures are weighing on both purchase and refinance activity. Existing home sales remain near $4 million on an annualized basis, while pending sales and purchase applications continue to decline.

近幾週，對未來通膨走高的預期推升30年期固定利率至6.8%，較今年上半年平均利率高出50個基點，並創下一年多來的最高水準。這些壓力正在同時抑制購屋與再融資活動。成屋銷售量以年化計仍接近400萬戶，而待成交銷售與購屋申請則持續下滑。

The expected housing recovery in 2026 has not materialized as increasing rates continue to pressure affordability. Last quarter, we told you our real-time data indicated a tougher market than industry forecasts adjusted, and that is exactly how the second quarter played out. Today, the same data leads us to expect the third quarter mortgage market to be smaller than the second, something the industry has not seen since 2022.

由於利率持續上升壓縮可負擔性，原先預期 2026 年的房市復甦並未實現。上季我們告訴各位，我們的即時數據顯示市場比產業預測調整後更為艱難，而第二季的走勢正是如此。今天，同樣的數據使我們預期第三季的房貸市場規模將小於第二季，這是產業自 2022 年以來未曾見過的情況。

With that context in mind, we expect adjusted revenue to be between $2.5 billion and $2.7 billion in the third quarter. This guidance implies continued market share gains in both purchase and refinance. At the midpoint of the guidance, we expect expenses to be approximately $2.35 billion, that includes approximately $110 million of intangible amortization, $90 million of stock-based compensation and $100 million of onetime acquisition-related costs. Excluding those items, expenses are expected to decrease approximately $100 million quarter-over-quarter. I'm also happy to report that our progress on integration synergies will continue beyond the third quarter.

在此背景下，我們預期第三季調整後營收將介於 25 億至 27 億美元之間。此指引意味著我們在購屋貸款與再融資兩個領域的市占率將持續提升。以指引中位數計算，我們預期費用約為 23.5 億美元，其中包含約 1.10 億美元的無形資產攤銷、9,000 萬美元的股份基礎給付，以及 1.00 億美元的一次性併購相關成本。排除上述項目後，費用預期將較前一季減少約 1.00 億美元。我也很高興報告，我們在整合綜效方面的進展將延續至第三季之後。

With the major Mr. Cooper integration milestones complete, we now have line of sight into approximately $100 million of annualized expense savings above our original goal of $400 million. We expect to realize these in the first half of 2027. Let me close with this. Rocket's platform is performing as designed. We expanded profitability in a volatile market. We gained share.

隨著 Mr. Cooper 整合的主要里程碑完成，我們現在已能清楚掌握：在原先 4.00 億美元目標之上，另有約 1.00 億美元的年度化費用節省。我們預期將在 2027 年上半年實現這些節省。最後我想以這段話作結。Rocket 的平台正按設計運作。我們在波動的市場中擴大了獲利能力。我們提升了市占率。

We realized synergies and increased our goal. We strengthened the balance sheet, and we continue to invest through the cycle. Rocket is built to perform today and accelerate when the market recovers. With growth converting into operating leverage, margin expansion and stronger earnings power.

我們實現了綜效並提高了目標。我們強化了資產負債表，並持續在景氣循環中投資。Rocket 的打造目的，是在當下就能展現績效，並在市場復甦時加速成長。隨著成長轉化為營運槓桿、利潤率擴張與更強的獲利能力。

With that, I'll turn it back to the operator.

接下來，我把時間交還給主持人。

(Operator Instructions) Ryan McKeveny, Zelman.

(主持人指示) Ryan McKeveny，Zelman。

Thank you for the detail. Maybe just a high-level one. You called out the tough industry conditions in the second quarter that have continued into the third quarter. rates, as I think Brian just mentioned, are now up year-over-year. So can you talk a bit more about just the macro backdrop that you see playing out right now, the macro backdrop that's embedded within the within the guidance?

謝謝你提供這麼多細節。也許先問一個高層次的問題。你提到第二季艱困的產業環境延續到第三季；如我想 Brian 剛才提到的，利率現在較去年同期上升。所以你能否再多談一些你目前看到的總體背景，以及這些總體背景如何反映在指引之中？

And lastly, maybe just on the expense side, probably also for Brian. I think what I just heard you say is that the expectation for 3Q is for expenses to be down $100 million sequentially from 2Q. Obviously, the revenue guide down sequentially as well. So should we think about that step down in the expense is that just a function of the revenue side? Or should we think of that 3Q as a decent run rate going forward?

最後，可能也想問費用端的問題，應該也是給 Brian。我剛聽到你說，第三季費用預期將較第二季按季下降 1.00 億美元。顯然營收指引也按季下修。那麼我們應該如何看待費用的這個下滑？這只是營收端變動的結果嗎？還是我們應該把第三季視為未來的合理費用運行水準（run rate）？

Ryan, thanks for the question. It's great to hear from you. Let me start with the market and kind of macro backdrop. And then I'm going to ask Brian to talk us through the quarter in our guide as well as your question around expense. I'll start by saying, look, there's no question that Q2 was tougher than the industry expected. You had rates rising 26 basis points from their April lows. You had rate and term refinance under more pressure.

Ryan，謝謝你的提問。很高興聽到你的聲音。我先從市場與總體背景談起。接著我會請 Brian 帶我們看一下指引中本季的情況，以及你關於費用的問題。我先說，毫無疑問，第二季比產業預期更艱難。利率自 4 月低點上升了 26 個基點。利率與期限再融資（rate and term refinance）承受更大壓力。

And we all saw that this normal spring and summer purchase season was just weaker than in prior years. But I think what I would emphasize is the bottom line is that this was not a huge surprise to us. And on our last call, we shared with all of you that this market was shaping up to be smaller than the forecast. And that's pretty much exactly what happened. I think the good news that I would share is that we saw this coming, we were ready, and I would argue that our results show it unequivocally.

而且我們都看到，正常的春夏購屋旺季比往年更疲弱。但我想強調的是，歸根結底，這對我們而言並不是很大的意外。在上次電話會議中，我們已與各位分享，這個市場正朝著比預測更小的方向發展。而結果幾乎完全如我們所預期。我想分享的好消息是：我們看到了趨勢、我們已做好準備，而且我認為我們的結果毫無疑問地證明了這一點。

We gained share in purchase and refi expanded profitability for the third quarter in a row. And I think what you're starting to see is what's unique about Rocket is really separating it from the rest of the industry. More than 70% of our revenue is now less rate sensitive. That allows us to keep investing while others are actually forced to react.

我們在購屋與再融資都提升了市占率，並連續第三季擴大獲利能力。我認為你開始看到的是，Rocket 的獨特之處正使其與產業其他公司拉開差距。我們目前超過 70% 的營收對利率的敏感度較低。這讓我們能在其他人被迫因應時，仍持續投資。

And so we expect that to become a structural advantage that will continue to be a strength for us in Q3, and that's why we feel pretty good about our guide that we put out for Q3. And so with that sort of market backdrop, Brian, maybe you can unpack the Q2 performance and guide and expenses.

因此，我們預期這將成為一項結構性優勢，並在第三季持續成為我們的強項；這也是為什麼我們對第三季所提出的指引感到相當有信心。在這樣的市場背景下，Brian，也許你可以進一步拆解第二季表現、指引與費用。

Yes. Thanks, Varun. Brian, good to hear from you. Yes. Let me double-click on Q2 real quick because I do think it was impressive for many reasons, but particularly, as Rud mentioned, the increase in market share, coupled with the increase in profitability, so it's probably just worth spending a second on those market share gains.

好的。謝謝你，Varun。Brian，很高興聽到你的聲音。是的。我快速深入談一下第二季，因為我認為它在很多方面都令人印象深刻，尤其如 Rud 提到的：市占率提升，同時獲利能力也提升，所以值得花點時間談談這些市占率的成長。

If you look at it on the refinance side, which had significant increases, it was largely attributable to the recapture increases and being ahead of goal on that synergy value. So of course, that's great to see. And then the purchase side, it's really twofold. One is the additional lead flow coming from the Redfin site to Rocket Mortgage. We talked about that being up double year-over-year, which continues to fuel those share gain.

如果看再融資端，市占率有顯著提升，主要歸因於回收（recapture）提升，以及在綜效價值上超前目標。所以，當然很高興看到這點。至於購屋端，主要有兩個因素。第一是從 Redfin 網站導流至 Rocket Mortgage 的額外線索流量。我們提到這個數字年增達雙位數，持續推動市占率提升。

And then finally, the Compass partnership. We've talked to you guys about that before, but particularly in the Pro space has really gained some traction. So that's also contributing to some of those purchase share gains. But let me transition over to Q3 in the guidance to answer the second part of your question, Ryan.

最後是與 Compass 的合作夥伴關係。我們之前也跟各位談過，尤其在 Pro 領域確實取得一些進展。因此，這也在貢獻部分購屋市占率的提升。不過讓我轉到第三季指引，來回答你問題的第二部分，Ryan。

We always include what we're seeing in real time. We told you last quarter that we thought Q3 -- or excuse me, Q2 was going to be down. And look, it's a challenging market. most of the industry forecasters have the second half being smaller and that feels right based on what we're seeing. But the guide of $2.5 billion to $2.7 billion, we still feel is a very strong guide, and all else being equal, that will be another quarter of significant share gains.

我們一向會把即時觀察到的情況納入考量。上季我們告訴各位，我們認為第三季——抱歉，是第二季——會下滑。而且你看，這是一個具挑戰性的市場；多數產業預測機構都認為下半年規模會更小，依我們所見，這樣的判斷是合理的。但 25 億至 27 億美元的指引，我們仍認為是非常強勁的指引；在其他條件不變下，這將是另一個市占率顯著提升的季度。

On the gain on sale margin perspective, it's probably worth noting we're seeing margins hold steady and even some improvements at the channel level. So all in all, we expect Q3 to be another strong share gain quarter for Rocket. I mentioned on the expenses, yes, I think expenses will be down in the second half of the year, as I said. The $100 million from Q2 to Q3 is really primarily a result of that synergy value coming through the P&L.

從出售收益利差（gain on sale margin）的角度來看，值得一提的是，我們看到利差維持穩定，甚至在通路層級還有一些改善。總體而言，我們預期第三季對 Rocket 來說仍會是市占率強勁提升的一季。至於費用方面，是的，我認為如我所說，下半年費用會下降。第二季到第三季的 1.00 億美元下降，主要是綜效價值開始反映在損益表（P&L）上所致。

There is a little volume, the variable expenses associated with volume in there. So to answer your question on the baseline perspective, remember, we said we're about halfway through the realization of the $400 million goal as of the end -- and the other $200 million, we expect to be realized in the second half of this year. So that hopefully gives you a little more color on the expense side.

其中有一點點與量相關的部分，也就是與量相關的變動費用在裡面。所以回到你關於基準面的問題，請記得我們說過，截至期末，我們已經大約完成了 4 億美元目標實現的一半——剩下的 2 億美元，我們預期會在今年下半年實現。希望這能讓你在費用端有更多一些脈絡。

Jeff Adelson, Morgan Stanley.

Jeff Adelson，摩根士丹利。

I was hoping you could maybe talk about the competitive state of the market today. Are you seeing any market share come your way, perhaps given a bit of a tougher backdrop out there and the pressures on your larger peers. Or do you think more of that is a result of the execution, Brian, you just talked about of Redfin as well as the recapture from the Cooper deal. And just maybe related to that, it looks like you've been pretty productive in the Rocket approach and year-to-date, you had the PowerPlay initiative, the 12 business a guarantee closing. Can you talk about how that is also maybe driving your market share as well?

我希望你們可以談談目前市場的競爭態勢。在外部環境稍微更艱難、以及你們較大型同業面臨壓力的情況下，你們是否看到有一些市占率向你們這邊移動？或者你認為更多是來自於你剛提到的 Redfin 執行力（Brian），以及 Cooper 交易帶來的回流（recapture）？另外也相關的是，看起來你們在 Rocket 的策略上相當有成效；年初至今你們推出了 PowerPlay 計畫，以及「12 筆業務保證準時結案」等措施。你們能談談這些是否也在推動你們的市占率提升嗎？

Jeff, it's great to hear from you. Look, I think I'd start by saying that we believe that competition and really in any market is healthy, right? It pushes companies to do their best. It creates better outcomes for clients. We respect our competitors, but honestly, we don't spend a lot of time really thinking about them.

Jeff，很高興聽到你的聲音。我想我會先說，我們相信競爭——其實在任何市場——都是健康的，對吧？它會促使公司做到最好。也會為客戶帶來更好的結果。我們尊重競爭對手，但老實說，我們不會花很多時間去想他們。

We focus on building the company, we believe, should exist. But with that said, I think it's important to also highlight that this particular market and the tough market that we're in, what it does expose is where a competitor's business model is narrowed.

我們專注在打造我們相信應該存在的公司。但話說回來，我也認為需要強調的是：在這個特定市場、以及我們所處的艱難市場中，它會暴露出競爭對手商業模式的侷限之處。

And to give you like a couple of examples, if you only originate, then have an Achilles feel, which is that you get exposed where rates rise and when volume falls. If you only service, but you don't have recapture, then you don't get to participate fully in that next transaction and you have likely a retention problem. If you only have traffic and you cannot commit into a mortgage, then you will only own a small fraction of the economics, and I could keep going, right?

舉幾個例子，如果你只做放款承作（originate），那就會有一個阿基里斯腱：當利率上升、量下滑時，你就會被直接暴露在風險之下。如果你只做貸後服務（service），但沒有回流（recapture）能力，那你就無法充分參與下一筆交易，而且很可能會有留存問題。如果你只有流量（traffic），卻無法把它轉化為房貸承諾，那你只能拿到經濟價值中的一小部分；我還可以繼續講下去，對吧？

If you don't bet big on technology as we have, you will be commoditized. If you don't manage your capital well, you will become distressed. And so what you're starting to see is that separation. You're starting to see this happen across the competitive landscape. And that's really why Rocket is built very differently, right?

如果你不像我們一樣大舉押注科技，你就會被商品化。如果你沒有把資本管理好，你就會陷入困境。所以你開始看到這種分化。你開始看到這在整個競爭版圖上發生。這也正是為什麼 Rocket 的打造方式非常不同，對吧？

We originate, we service, we recapture, our technology makes the entire platform work as one. Our capital structure is extremely robust. And so what you're starting to see is that separation, and we actually think that separation will accelerate as the market improves. And so that's kind of the core answer. I think in terms of the Pro business, Brian, maybe you want to add some more commentary.

我們做承作、做貸後服務、做回流；我們的科技讓整個平台像一個整體一樣運作。我們的資本結構極其穩健。因此你開始看到這種分化，而我們其實認為，隨著市場改善，這種分化會加速。這大概就是核心答案。至於 Pro 業務的部分，Brian，也許你想再補充一些看法。

Yes, of course. I do just want to touch on your capital point because I think that's an important point, particularly this quarter. Just as a reminder for the group, we're the only mortgage company with an investment-grade rating. And when I look across the publicly traded mortgage companies, we're the only publicly traded mortgage company with less than 1x leverage.

是的，當然。我確實想先回到你提到的資本這一點，因為我認為這很重要，尤其是在本季。提醒大家一下，我們是唯一一家擁有投資級評等的房貸公司。而當我看整個公開交易的房貸公司時，我們也是唯一一家槓桿倍數低於 1 倍的上市房貸公司。

We have over $11 billion of liquidity, and we just strengthened that liquidity position through a successful $1.5 billion senior note offering. So the capital differentiation keeps widening in our space. And I think that's important for both these and offense. But Jeff, to answer your question on the Pro side, yes. Look, the Pro business gives a very important part of our ecosystem.

我們有超過 110 億美元的流動性，而且我們也透過成功發行 15 億美元的優先票據，進一步強化了這個流動性部位。所以在我們這個領域，資本面的差異化還在持續擴大。我認為這對防守與進攻兩端都很重要。但 Jeff，回到你問的 Pro 端，是的。你看，Pro 業務是我們生態系中非常重要的一部分。

Varun mentioned in his prepared remarks that we've done over $2 billion in locks related to that Compass partnership. That's great to see. We are offering a pricing incentive, which is the right thing to do when you enter a big partnership, and we need to get the Compass agents excited about the partnership. But the momentum we're seeing in terms of signing up new brokers, Rocket has never been greater than what we're seeing right now.

Varun 在事先準備的發言中提到，我們與 Compass 的合作夥伴關係相關的鎖定（locks）金額已超過 20 億美元。看到這點很棒。我們提供了定價上的激勵；當你進入一個大型合作關係時，這是正確的做法，而且我們需要讓 Compass 的經紀人（agents）對這個合作感到興奮。但就簽約新增經紀商（brokers）的動能而言，Rocket 從未像現在這樣強勁。

And the beautiful part about this is the brokers were signing up, are brokers that are coming to us from Compass in a lot of cases, they have relationships with Compass agents. So the more compass agents we work with, the more brokers we have and the more brokers we have, the more compass agents, we have a true demonstration of network.

而這件事最美妙的地方在於：這些正在簽約加入的經紀商，很多情況下是從 Compass 那邊來到我們這裡的，他們本來就和 Compass 的經紀人有合作關係。所以我們合作的 Compass 經紀人越多，我們就會有越多經紀商；而經紀商越多，我們又能合作更多 Compass 經紀人——這是真正的網路效應展現。

Ryan Nash, Goldman Sachs.

Ryan Nash，高盛。

So obviously, there's a lot of moving pieces on the 3Q guide. Costs are coming down with revenues and maybe there's some cost saves and I know the company was very aggressive in managing costs during the '22 to 2025 time frame when the market was pretty challenging. So as we enter this next phase of higher rates, maybe just talk about what's left to do on the cost side and given all the AI investments. How meaningful can you bring down costs or revenues proved to be more challenging than expected? .

顯然，第三季指引有很多變動因素。成本會隨著營收下降而下降，可能也有一些節省成本的措施；而且我知道在 2022 到 2025 這段期間、當市場相當具挑戰時，公司在成本管理上非常積極。所以當我們進入這個利率更高的下一階段時，能否談談在成本端還剩下哪些工作要做，以及考量到所有 AI 投資，如果營收證明比預期更具挑戰，你們能把成本降到多有意義的程度？.

Yes. Thanks, Ryan. I'll jump on that one. I mean, I think Look, the biggest takeaway from this call is the additional $100 million of synergy value that we talked about at the end of the prepared remarks. That's over and beyond the $400 million in our previously stated goal, and obviously, a pretty significant increase.

是的。謝謝，Ryan。我來回答這題。我的意思是，我想這通電話最大的重點，是我們在事先準備發言結尾提到的額外 1 億美元協同效益價值。這是在我們先前所述 4 億美元目標之上額外增加的，顯然是相當顯著的提升。

The question maybe where is that coming from? Well, as Varun mentioned, we've just completed the biggest servicing loan integration in recorded history.

問題可能是：這是從哪裡來的？嗯，正如 Varun 提到的，我們剛完成了有紀錄以來最大規模的貸後服務貸款整合。

And now that we're beyond a lot of those big milestones, we have a line of sight to some more synergy value. That's first and foremost what's on our mind in achieving that in the first half of 2027. But as you know and you mentioned, we've always taken a very disciplined approach to the cost side of the house, our technology advancements and AI advancements are only increasing that.

而現在我們已經跨過了許多重大里程碑，我們對更多協同效益價值有了更清晰的可視性。這是我們首要關注的重點：在 2027 年上半年之前把它實現。但如你所知、也如你提到的，我們在成本端一直採取非常嚴謹自律的做法；而我們的科技進展與 AI 進展只會讓這點更強。

But one thing I do want to leave with because I think it's important, we've seen others sort of react to the market sizing and their cost pat. And of course, there's nothing wrong with that, but this is true synergy value from the three companies coming together, and it's not impacting our capacity. So we still have over $300 billion of capacity to take advantage of upside if and when rates move.

但我還想留下一個重點，因為我認為這很重要：我們看到其他公司會因應市場規模的變化而調整、並走他們的成本路徑。當然，這沒有什麼不對；但我們這裡談的是三家公司整合後帶來的真正協同效益價值，而且不會影響我們的產能（capacity）。所以如果、以及當利率變動帶來上行機會時，我們仍然有超過 3,000 億美元的產能可以把握。

Got it. And maybe if I could squeeze in a follow-up. It's good to see the market share increases that you've had with over 6 in purchase and over 14 in refinance. And I know you mentioned further gains here. But can you maybe just talk about the drivers of reaching the 8 and 20 you had laid out several years back. Maybe just how does the new rate environment impact your ability to achieve.

了解。如果我可以再追問一題。很高興看到你們的市占率提升：購屋貸款（purchase）超過 6、再融資（refinance）超過 14。而且我知道你們也提到還會進一步提升。但你們能否談談，推動達成你們幾年前提出的 8 和 20 目標的驅動因素是什麼？以及新的利率環境會如何影響你們達成目標的能力。

Yes, absolutely. I'd start by just saying we feel very good about the progress toward our market share goals. And I'm going to try to break down some of the key building blocks and levers. But first off, obviously, purchase shares under the right reaching 6.2% from 5.5% in Q4. Refi share has increased to 14.3%.

是的，絕對是。我先說，我們對朝向市占率目標的進展感到非常滿意。我會嘗試拆解一些關鍵的基礎構件與槓桿。但首先，很明顯地，購屋貸款市占率在第一季達到6.2%，高於第四季的5.5%。再融資市占率已提升至14.3%。

That's up from 12.2%. So we are making progress. But the other thing I would share is the share number in an absolute sense is the outcome. It's how we keep score. But I think the bigger question behind the question is like what building blocks are actually producing that growth. And I would highlight a couple.

高於12.2%。所以我們正在取得進展。但我還想分享的是，從絕對值來看，市占率這個數字是結果。它是我們用來記分的方式。但我認為更大的問題是：究竟是哪些基礎構件真正帶來了這樣的成長。我會強調幾點。

The first one is what we call Recapture. And connecting servicing and origin is obviously a very core, very differentiated part of our strategy. And the reason for that is simple, we know the client, we already service the loan. And that creates a meaningful advantage when that client is specifically ready for their next transaction. And as we shared, Mr. Cooper refinance recapture reached another record.

第一個是我們所稱的「Recapture（回流／再捕獲）」。把貸後服務（servicing）與承作（originations）連結起來，顯然是我們策略中非常核心、且高度差異化的一部分。原因很簡單：我們了解客戶，我們已經在服務這筆貸款。當客戶特別準備好進行下一次交易時，這會帶來顯著優勢。而且如同我們分享的，Mr. Cooper 的再融資回流再度創下新高紀錄。

And obviously, as Brian shared earlier, we remain very well on track against our revenue synergy target. But the second building block for market share is Redfin and we think of Redfin as the doorway to all of Rocket. And the evidence is there, right? Mortgage leads have doubled year-over-year. The attachment rate for mortgage is approaching nearly 50%.

而且如同 Brian 先前分享的，我們在達成營收協同目標方面仍然非常按部就班。但市占率的第二個基礎構件是 Redfin，我們把 Redfin 視為通往 Rocket 全體業務的入口。而證據就在那裡，對吧？房貸線索（leads）年增一倍。房貸的綁定率（attachment rate）正接近50%。

Redfin is a high-quality CIS homeowner app, and it's bringing more high-intent purchase clients into the Rocket ecosystem. And that's where our Rocket Mortgage engine achieves lift off. The third thing I'd also just highlight very quickly is home equity. We are the largest home equity lender in the country.

Redfin 是一款高品質的 CIS 屋主應用程式，正把更多高意圖的購屋客戶帶進 Rocket 生態系。而這正是我們 Rocket Mortgage 引擎起飛的地方。第三點我也很快強調一下：房屋淨值貸款（home equity）。我們是全美最大的房屋淨值貸款放款機構。

So you look at these building blocks, recapture, Redfin, home equity, and these are three major levers of our progress. And we're still early in the journey, right? This is not a market where you have saturation dynamics among different players. So what I would pay close attention to is we gain share in purchase and refi we expanded profitability for the third quarter in a row.

所以你看這些基礎構件：回流、Redfin、房屋淨值貸款，這三個是推動我們進展的主要槓桿。而且我們仍在旅程的早期階段，對吧？這不是一個不同參與者之間已出現飽和動態的市場。因此我會特別關注的是：我們在購屋與再融資都提升市占的同時，已連續第三個季度擴大利潤率。

We're also not sacrificing profitability to chase share, like potentially many others are doing. So we're building the business the right way for the long term. We feel great about our progress. The other thing I would also say is we're not relying on the market to grow our share. We're taking share in a difficult environment.

我們也沒有為了追逐市占而犧牲獲利能力，像可能許多其他同業正在做的那樣。所以我們是在用正確的方式、以長期為導向來打造這門生意。我們對進展感到非常振奮。另外我也想說，我們並不是仰賴市場來讓我們的市占成長。我們是在艱難的環境中搶下市占。

And historically, when rates do cooperate, we tend to take even more share. So if rates stay elevated, we think the industry will continue to consolidate, and we expect to be a beneficiary of that. But our NorthStar goal of profitable market share growth, it does not change based on the market. So -- we feel very good about the progress. We think we're building the business the right way, and that's independent of the market dynamics.

而歷史上，當利率配合時，我們往往能拿下更多市占。所以如果利率維持在高檔，我們認為產業將持續整併，而我們預期會是受益者。但我們「NorthStar」的目標——有獲利的市占成長——不會因市場而改變。所以——我們對進展感到非常滿意。我們認為我們正以正確方式打造這門生意，而這與市場動態無關。

Bose George, KBW.

Bose George，KBW。

You noted just that there's -- on the refinance recapture loans, there's no consumer -- no customer acquisition cost. Just wanted to -- how do you guys think about the CAC on purchased loans that you acquired through Redfin or Compass? And when you offer the incentive, like how is that reflected in your P&L?

你剛提到在再融資回流貸款上，沒有消費者——沒有客戶取得成本。我想問的是：你們如何看待透過 Redfin 或 Compass 取得的購屋貸款之 CAC（客戶取得成本）？以及當你們提供獎勵（incentive）時，這在損益表（P&L）上是如何反映的？

Yes. Thanks for the question, Bose. Yes, on the -- let me start on the recapture side. We say near 0 acquisition cost. There's a little bit that comes into that. But of course, it's much lower than the new client acquisition cost. On purchase, regardless of the channel, frankly speaking, we think about it all the same way in terms of the return. There's different ways to acquire the client. In some cases, it's a performance marketing cost.

是的。謝謝你的問題，Bose。是的，關於——我先從回流這一端開始。我們說取得成本接近於0。其中確實會有一點點成本。但當然，它遠低於新客戶的取得成本。至於購屋，不論是哪個通路，坦白說，我們在報酬（return）的角度上都用同樣方式來看待。取得客戶有不同方式。在某些情況下，這是一筆績效行銷成本（performance marketing cost）。

And then the pricing incentive to answer your question directly, really just comes out of the gain on sale margin, but you're thinking about it the right way in terms of it is sort of the cost of acquiring that buy-in. So it doesn't change how we think about it. There could be a little bit different P&L logistics in terms of marketing versus gain on sale margin. But to be clear, at the end of the day, we have a desired return on a unit basis, and we're striving to achieve that return will flex across the different channels, and a lot of it also is meeting the consumer where they are.

至於你直接問到的定價獎勵（pricing incentive），基本上就是從出售收益利差（gain on sale margin）中扣出，但你的思考方向是對的：它某種程度上就是取得該筆成交承諾的成本。所以這不會改變我們的思考方式。在損益表呈現上，可能會在行銷費用與出售收益利差之間有些不同的歸類／流程差異。但要說清楚的是，最終我們以單位經濟（unit basis）來看有一個目標報酬，我們努力達成該報酬，並會在不同通路間彈性調整；其中很大一部分也在於在消費者所在之處與其接觸。

For example, some of our purchased businesses we talked about right now is coming from referrals from Compass agents. That's a great way to acquire clients and put them in our ecosystem. Some of it from people coming directly to Rocket Mortgage, the direct-to-consumer channel, that's another great way and we can flex that up and down. And then more and more so, the servicing business is starting to contribute to purchase growth as well.

例如，我們目前談到的一些購屋業務，是來自 Compass 經紀人的轉介。這是取得客戶並把他們帶入我們生態系的很棒方式。也有一些是客戶直接來到 Rocket Mortgage，也就是直面消費者（direct-to-consumer）通路，這也是另一種很好的方式，而且我們可以彈性地上調或下調。此外，貸後服務業務也開始對購屋成長有所貢獻，而且比重愈來愈高。

Actually, just a quick follow-up on the earlier market share discussion. I mean you guys had solid growth in correspondent as well. I mean, could we see that continue and also support of market share growth?

其實，針對先前市占率的討論，我再追問一下。我的意思是，你們在通訊放款（correspondent）方面也有不錯的成長。我們是否會看到這樣的趨勢延續，並且也支持市占率成長？

Yes, absolutely. Thanks for the question. Yes, it was a good quarter for correspondent. And as we've talked about on this call before correspondent is really a way to grow the MSR portfolio. There are certain levers like bulk acquisitions correspondent or, of course, just our organic-driven business. And we did see a lot of opportunity this quarter in the correspondent space.

是的，絕對會。謝謝你的問題。是的，這一季對通訊放款而言表現不錯。而且如同我們之前在這通電話中談過的，通訊放款其實是一種擴大 MSR（抵押貸款服務權）投資組合的方法。有一些槓桿，例如整批收購（bulk acquisitions）、通訊放款，或當然也包括我們以自然成長驅動的業務。而這一季我們確實在通訊放款領域看到很多機會。

I mean the one thing I think is worth just restating is it comes back to those recapture rates, and we have the best recapture rates in the business, on loans that we've originated, but we also have the best recapture rates in the business in correspondent or bulk acquisition loans. So that best recapture rate turns into best returns, which allows us to be more aggressive in the correspondent in other channels in terms of acquiring those clients because we see the best returns through recapture.

我想有一點值得再重申：這又回到那些回流率（recapture rates）。我們在業界擁有最佳的回流率——不僅是在我們自己承作的貸款上；在通訊放款或整批收購的貸款上，我們同樣擁有業界最佳回流率。因此，最佳回流率會轉化為最佳報酬，這讓我們在通訊放款及其他通路取得這些客戶時，能夠更具進取性，因為我們透過回流看到了最佳報酬。

Mark DeVries, Deutsche.

Mark DeVries，德意志銀行。

Yes. Thanks. The past quarter was a particularly challenging environment for hedging MSR you guys seem to kind of emerge on scale. Could you discuss kind of your latest thoughts on how to hedge the MSR. I mean, the challenges of your peers incline you don't want to rely primarily on recapture. Or do you see a place for derivatives?

是的。謝謝。上一季對 MSR 避險而言是特別具挑戰的環境，而你們似乎在規模上仍能挺過來。你能否談談你們近期對如何為 MSR 進行避險的最新想法？我的意思是，你們同業面臨的挑戰，讓人覺得你們不想主要依賴回流來避險。或者你們認為衍生性商品（derivatives）有其角色？

Yes. Thanks, Mark. I'm glad you asked that question. I was hoping to talk about this. Our hedge strategy is simple and consistent. I want to be very clear on that. Our goal is to hedge the interest rate volatility in the asset. And you can see, particularly when you look at both Rocket and Mr. Cooper over time, that the head strategy has performed well in both environments, high rates and low rates.

是的。謝謝你，Mark。我很高興你問了這個問題。我一直希望能談談這件事。我們的避險策略簡單且一致。我想把這點說得非常清楚。我們的目標是對資產的利率波動進行避險。而且你可以看到，特別是當你長期觀察 Rocket 和 Mr. Cooper 時，這項避險策略在兩種環境下都表現良好：高利率與低利率。

We only use low-cost instruments like mortgage TBAs and treasury futures. And the thing that's probably different when you look at Rocket compared to others is what you were alluding to that our coverage ratio. The recapture business provides a really nice natural hedge.

我們只使用低成本的工具，例如房貸 TBA 與公債期貨。而你拿 Rocket 跟其他同業相比，可能最大的不同點就是你剛才提到的覆蓋比率。再捕獲（recapture）業務提供了一個非常好的天然避險。

So we don't target the same 80% to 100% coverage because that would actually make the hedge ineffective when you include the recapture rate. So that helps us lower the cost of hedging, I guess, you could say. But the point I would just leave you with is that we are not placing any bets on rates going up or down. We're not placing any market. That's to be clear. We're simply hedging the interest rate volatility in the asset itself.

因此我們不會把目標設在同樣的 80% 到 100% 覆蓋，因為把再捕獲率納入後，那反而會讓避險失效。所以我想可以說，這有助於我們降低避險成本。但我想留給你的重點是：我們沒有在押注利率會上升或下降。我們沒有在押任何市場方向。這點要說清楚。我們只是針對資產本身的利率波動進行避險。

Mihir Bhatia, Bank of America.

Mihir Bhatia，美國銀行。

I wanted to talk about two regulatory changes that seem to favor Rocket maybe a little bit, namely the Vantage core and the trigger lead ban? And like, if I can ask us specifically like on Vantage call, you were among the first to put it into production. What have you seen with it? What share maybe of your volume is coming through it? Is the payoff modules lower credit cost on that one.

我想談談兩項監管變更，似乎對 Rocket 可能稍微有利一些，也就是 VantageScore 與禁止 trigger lead？如果我可以更具體地問一下：在 VantageScore 方面，你們是最早投入正式上線的公司之一。你們看到什麼結果？大概有多少比例的量是透過它進來的？它的回報是否體現在較低的信用成本上？

Just trying to understand like how that's benefiting you? And then similarly, on the trigger lead band, given your servicing work, Redfin funnel, -- is that now put you in a more advantageous position? Are you seeing it show up yet in lower lead costs or better recapture as competitors that couldn't costs get higher.

我只是想了解這如何讓你們受益？另外同樣地，在禁止 trigger lead 方面，考量到你們的服務（servicing）業務、Redfin 漏斗——這是否讓你們現在處於更有利的位置？你們是否已經看到它反映在更低的線索成本或更好的再捕獲上，因為那些無法做到的競爭對手成本會更高？

Yes. Thanks, Mihir. I'll start on the Vantage score side, and I'll start by saying, look, it is early. We're all early to your point, we were able to participate in the pilot. So we're farther along than other folks.

是的。謝謝你，Mihir。我先從 VantageScore 談起，我先說明：目前還算早期。如你所說，大家都還在早期階段，而我們能參與試點。因此我們比其他人走得更前面一些。

There's two, I would say positive things about Vantage. One is just a element to it in the credit scoring models themselves largely because we've all seen the cost increases that have come from FICO over the years. So having a competitive score is a good thing from a driving down costs and welcoming of competition.

我認為 VantageScore 有兩個正面之處。第一個是信用評分模型本身的競爭因素，尤其因為我們多年來都看到 FICO 帶來的成本上升。所以有一個具競爭性的評分體系，對於降低成本、引入競爭是好事。

But the second piece of it is, I think, where you were alluding to, there is a benefit, even aside from cost of Vantage, and that is that we do have thousands of clients that come through the system that don't have a FICO profile or so differently, they don't have a FICO score effect cost because as you guys know, we weren't a big user, I guess, you could say, of credit triggers.

但第二個部分，我想就是你所暗示的：即使不考慮 VantageScore 的成本本身，也有一個好處，那就是我們確實有數千名客戶進入系統時沒有 FICO 檔案；換句話說，他們沒有 FICO 分數。這會影響成本，因為如各位所知，我們並不是信用觸發（credit triggers）的主要使用者。

But like other lenders, we were -- our clients were getting calls from other people. And so when you kind of look at the mid-section of the funnel as you're getting people down the funnel and in process, we are seeing better conversion rates because those clients aren't giving those calls and getting harassed by other lenders at the time we pull credit. So both of them, I agree with you, are positive, a little bit early days advantage for, but the credit triggers are they're good for the consumers, and they're good for businesses that want to take care of their consumer.

但和其他放款機構一樣，我們的客戶過去也會接到其他人的來電。因此當你看漏斗中段、把人往下推進並進入流程時，我們看到更好的轉換率，因為在我們拉取信用資料的當下，這些客戶不會接到那些電話、也不會被其他放款機構騷擾。所以這兩項我同意你說的都是正面因素；我們有一點早期優勢。不過信用觸發的限制對消費者是好事，對於想好好照顧消費者的企業也是好事。

Kyle Joseph, Stephens.

Kyle Joseph，Stephens。

I just wanted to dig in on the MSR sales. Was that just kind of opportunistic? It sounds like it was a little bit of portfolio rotation and remind us kind of what your appetite is for that going forward, recognizing that it's kind of pending market conditions.

我想再深入問一下 MSR 的出售。那只是機會性操作嗎？聽起來有點像投資組合輪動；也請你提醒我們，未來你們對這類操作的偏好是什麼，當然也要考量市場狀況可能仍在變動。

Yes. Thanks for the question, Kyle. Yes. For those of you that have followed Rocket from time, this isn't a new thing. We have done some rebalancing. We've done some best backs. And it is all -- to your point, it's all about just optimizing the portfolio you'll see those prices come through in the queue, but it was a really good trade for Rocket.

是的。謝謝你的問題，Kyle。是的。對於長期關注 Rocket 的各位來說，這不是新鮮事。我們做過一些再平衡。我們也做過一些買回（buybacks）。而且如你所說，這一切都是為了最佳化投資組合；你會在報價流程中看到那些價格，但這對 Rocket 來說是一筆非常好的交易。

We focused on the low WACC MSRs. And the good news is something to the tune of 80% of those sales went to our partners. And when I say partners, I mean folks that we already do the subservicing and recapture abilities for us. So it's sort of a win-win. We took advantage of the opportunity to sell and collect those proceeds. But most importantly, we will still be the sub servicer of those loans, and we'll still collect the recapture economics on those loans, too, which is a win for us and a win for our partners.

我們聚焦在低 WACC 的 MSR。好消息是，約有 80% 的出售都賣給了我們的合作夥伴。我所說的合作夥伴，是指那些我們已經為其提供次級服務（subservicing）並具備再捕獲能力的對象。所以這有點像雙贏。我們把握機會出售並取得這些收益。但更重要的是，我們仍將是這些貸款的次級服務商，我們也仍會在這些貸款上取得再捕獲的經濟利益，這對我們與合作夥伴都是雙贏。

I think now if you look at -- there's $320 billion of unpaid principal in our book that has a note rate north of 6. So that's a great opportunity. That's your rebalancing point. Given when rates move, that will provide a great rate and term first recapture opportunity.

我想如果你現在看——我們帳上有 3,200 億美元的未償本金，其票面利率在 6% 以上。所以那是很好的機會。那就是你所說的再平衡重點。當利率變動時，這將帶來很好的利率與期限（rate-and-term）再捕獲機會。

Thanks everyone. That's all the time we have for questions today. I'd like to hand the conference back to Varun Krishna for any additional or closing remarks.

謝謝各位。今天的提問時間就到這裡。我想把會議交回給 Varun Krishna，請他做任何補充或結語。

Well, thank you, everybody, for listening, and we look forward to seeing you next quarter.

好的，謝謝各位收聽，我們期待下個季度再見。

And once again, ladies and gentlemen, that does conclude today's conference. We would like to thank you all for your participation. You may now disconnect.

再次提醒，各位女士先生，今天的會議到此結束。感謝各位的參與。您現在可以掛線。