UWM Holdings Corporation (NYSE:UWMC) Q4 2021 Earnings Conference Call March 1, 2022 10:00 AM ET Company Participants Blake Kolo - Chief Business Officer and Head of IR Mat Ishbia - Chairman and CEO Tim Forrester - CFO Conference Call Participants Doug Harter - Credit Suisse Kevin Barker - Piper Sandler James Faucette - Morgan Stanley Bose George - KBW Henry Coffey - Wedbush Kevin Barker - Piper Sandler Operator Good morning. My name is Chantal, and I'll be your conference operator today. At this time, I wou ...

PART I [Business](index=8&type=section&id=Item%201.%20Business) UWM is the largest wholesale mortgage lender, originating **$226.5 billion** in 2021, focusing on high-quality loans and a **$319.8 billion** MSR portfolio Key Financial and Operational Metrics (2021 vs. 2020) | Metric | 2021 | 2020 | Change | | :--- | :--- | :--- | :--- | | **Residential Mortgage Originations** | $226.5 billion | $182.5 billion | +24% | | **Net Income** | $1.57 billion | $3.38 billion | -53.6% | | **Team Members (Year-End)** | ~8,000 | ~7,500 | +7% | | **Servicing Portfolio (UPB)** | $319.8 billion | $188.3 billion | +69.9% | | **Average Application to Clear-to-Close** | 18 business days | 17 business days | +1 day | - UWM operates exclusively as a Wholesale Mortgage Lender, partnering with over **11,000** independent broker businesses, a strategy designed to build loyalty and avoid channel conflict[21](index=21&type=chunk)[25](index=25&type=chunk)[29](index=29&type=chunk) - The company focuses on originating high-quality loans, with **90%** of 2021 originations being conventional conforming or government-insured, and a weighted average FICO score of approximately **750**[42](index=42&type=chunk)[53](index=53&type=chunk) - UWM utilizes a suite of proprietary and exclusively licensed technologies, including EASE, UClose, Blink+, and BOLT, to streamline the mortgage process[72](index=72&type=chunk) - The servicing portfolio's **60+ day delinquency rate** was **0.81%** as of December 31, 2021, significantly lower than the industry average of **3.38%**[78](index=78&type=chunk)[82](index=82&type=chunk) [Risk Factors](index=27&type=page&id=Item%201A.%20Risk%20Factors) The company faces significant business, financing, regulatory, and corporate structure risks, including interest rate sensitivity, reliance on warehouse facilities, and GSE dependence - **Business Risks:** Performance is highly dependent on U.S. residential real estate market conditions and prevailing interest rates, where rising rates can decrease mortgage demand and MSR values[113](index=113&type=chunk)[118](index=118&type=chunk) - **Financing Risks:** UWM relies heavily on short-term warehouse facilities (repurchase agreements) for funding, which are subject to counterparty risk, margin calls, and renewal risk[181](index=181&type=chunk)[183](index=183&type=chunk) - **Regulatory Risks:** The business is subject to extensive federal and state regulations, with significant oversight from the CFPB, where noncompliance can lead to fines and reputational damage[207](index=207&type=chunk)[220](index=220&type=chunk) - **Dependence on GSEs:** The business is highly dependent on Fannie Mae, Freddie Mac, and Ginnie Mae for selling and securitizing loans, making any changes to these entities or their guidelines detrimental[122](index=122&type=chunk)[125](index=125&type=chunk) - **Corporate Structure Risks:** UWM is a "controlled company" as SFS Corp. holds approximately **79%** of the combined voting power, potentially leading to conflicts of interest with other stockholders[254](index=254&type=chunk)[257](index=257&type=chunk) [Properties](index=58&type=section&id=Item%202.%20Properties) UWM's headquarters in Pontiac, Michigan, consists of **1.4 million square feet** across three leased buildings from related parties - The corporate headquarters in Pontiac, Michigan, comprises three leased buildings with approximately **1.4 million square feet** of space[272](index=272&type=chunk) - The properties are leased from entities controlled by CEO Mat Ishbia and founder Jeff Ishbia, making them related-party transactions[272](index=272&type=chunk) [Legal Proceedings](index=58&type=section&id=Item%203.%20Legal%20Proceedings) UWM faces legal proceedings including class-action complaints for unpaid fees, an antitrust challenge, and a former employee's overtime claim - A class-action complaint was filed by three independent mortgage brokers in December 2020 concerning alleged unpaid origination fees due to a change in commission policy[274](index=274&type=chunk) - The Okavage Group, LLC filed a complaint in April 2021 alleging UWM's policy to not work with brokers who also partner with certain competitors constitutes anticompetitive conduct under federal and Florida antitrust laws[275](index=275&type=chunk) - A former employee filed a complaint in July 2021 alleging unpaid overtime in violation of the Fair Labor Standards Act, seeking class certification[277](index=277&type=chunk) [Mine Safety Disclosures](index=59&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This disclosure item is not applicable to the company's operations - Not applicable[278](index=278&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=60&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) UWM's Class A common stock trades on NYSE, initiated a **$0.10** quarterly dividend, and repurchased **$81.6 million** in shares by year-end 2021 - The company's Class A common stock and Warrants are listed on the NYSE under symbols "UWMC" and "UWMCWS"[281](index=281&type=chunk) - A quarterly dividend of **$0.10 per share** of Class A common stock was initiated in Q1 2021[283](index=283&type=chunk) Share Repurchase Activity (Q4 2021) | Period | Total Shares Purchased | Average Price Paid Per Share | Approximate Dollar Value of Shares That May Yet be Purchased | | :--- | :--- | :--- | :--- | | **October 1-31, 2021** | — | $— | $279,004,000 | | **November 1-30, 2021** | 5,869,313 | $6.89 | $238,589,000 | | **December 1-31, 2021** | 2,886,400 | $7.00 | $218,375,000 | | **Total Q4 2021** | **8,755,713** | **$6.92** | | | **Total through 12/31/21** | **11,498,330** | **$7.10** | | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=62&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) 2021 saw **24%** origination growth but a **53.6%** net income decline to **$1.57 billion** due to margin compression and MSR fair value accounting Consolidated Results of Operations Summary | ($ in thousands) | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | **Total revenue, net** | $2,970,293 | $4,938,594 | $1,278,420 | | **Total expenses** | $1,392,052 | $1,553,634 | $863,363 | | **Net income** | $1,568,400 | $3,382,510 | $415,057 | | **Adjusted EBITDA** | $1,418,337 | $3,454,091 | $472,802 | - The decrease in 2021 net income was primarily driven by a **$1.97 billion (43.2%)** decrease in loan production income, caused by a **135 basis point** decline in gain margin, partially offset by a **24%** increase in loan production volume[317](index=317&type=chunk) - Effective January 1, 2021, the company adopted the fair value method for MSRs, resulting in a **$587.8 million** net decrease in fair value recognized within revenue for 2021[295](index=295&type=chunk)[314](index=314&type=chunk) - The company's liquidity is primarily sourced from warehouse facilities, with **$16.0 billion** outstanding on its lines as of December 31, 2021, a significant increase from **$6.9 billion** in 2020[341](index=341&type=chunk)[351](index=351&type=chunk) [Results of Operations](index=68&type=section&id=Results%20of%20Operations) 2021 net revenue decreased to **$2.97 billion** due to lower loan production income, offset by higher servicing income and reduced expenses from MSR accounting change Loan Production Income Components (2021 vs. 2020) | ($ in thousands) | 2021 | 2020 | Change | | :--- | :--- | :--- | :--- | | Primary gain (loss) | $(244,134) | $2,291,731 | (110.7)% | | Loan origination fees | $477,759 | $399,996 | 19.4% | | Capitalization of MSRs | $2,397,483 | $1,896,198 | 26.4% | | **Total Loan production income** | **$2,585,807** | **$4,551,415** | **(43.2)%** | - Loan servicing income increased to **$638.7 million** in 2021 from **$288.3 million** in 2020, a **121.6%** increase, due to the growth in the average unpaid principal balance of loans serviced[319](index=319&type=chunk) - Total expenses decreased by **$161.6 million** in 2021, driven by the elimination of MSR amortization expense (**$573.1 million** in 2020) due to an accounting change, though salaries and interest expense increased[329](index=329&type=chunk)[330](index=330&type=chunk) [Liquidity and Capital Resources](index=74&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is primarily from warehouse facilities, with **$16.0 billion** outstanding, and 2021 saw a **$10.0 billion** net cash outflow from operations - The company funds the vast majority of its mortgage loan originations through short-term warehouse facilities, structured as master repurchase agreements[340](index=340&type=chunk)[342](index=342&type=chunk) Financing Facilities Summary (as of Dec 31, 2021) | Facility Type | Total Advanced ($ thousands) | | :--- | :--- | | **Warehouse Lines of Credit (MRA Funding)** | $14,026,412 | | **Early Funding Programs (Fannie/Freddie)** | $1,235,426 | | **Senior Notes (2025, 2027, 2029)** | $2,000,000 (Principal) | | **Borrowings against investment securities** | $118,786 | Cash Flow Summary (2021 vs. 2020) | ($ in thousands) | 2021 | 2020 | | :--- | :--- | :--- | | **Net cash (used in) provided by operating activities** | $(9,956,963) | $56,412 | | **Net cash provided by investing activities** | $199,751 | $231,882 | | **Net cash provided by financing activities** | $9,264,463 | $802,260 | | **Net (decrease) increase in cash** | $(492,749) | $1,090,554 | [Quantitative and Qualitative Disclosures About Market Risk](index=80&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company manages interest rate, credit, and counterparty risks, hedging pipeline exposure but not MSRs, and maintaining high underwriting standards - The company's primary market risk is interest rate risk, impacting MSR valuations, IRLCs, and mortgage loans at fair value, with servicing considered a natural hedge to the origination business[385](index=385&type=chunk)[386](index=386&type=chunk) Interest Rate Sensitivity Analysis (as of Dec 31, 2021) | ($ in thousands) | Down 25 bps | Up 25 bps | | :--- | :--- | :--- | | **Change in Assets** | | | | Mortgage loans at fair value | $89,174 | $(100,032) | | MSRs | $(92,030) | $84,894 | | IRLCs | $110,467 | $(128,632) | | **Change in Liabilities** | | | | FLSCs | $(199,079) | $222,457 | - Credit risk is managed through stringent underwriting standards, with 2021 originated loans having a weighted average FICO score of **750** and a loan-to-value ratio of **71.68%**[391](index=391&type=chunk) [Financial Statements and Supplementary Data](index=85&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section provides audited consolidated financial statements for 2019-2021, including balance sheets and cash flows, with an unqualified audit opinion Consolidated Balance Sheet Summary | ($ in thousands) | Dec 31, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | $22,528,358 | $11,493,476 | | Mortgage loans at fair value | $17,473,324 | $7,916,515 | | Mortgage servicing rights | $3,314,952 | $1,756,864 | | **Total Liabilities** | $19,357,357 | $9,119,196 | | Warehouse lines of credit | $15,954,938 | $6,941,397 | | Senior notes | $1,980,112 | $789,323 | | **Total Equity** | $3,171,001 | $2,374,280 | - The independent auditor's report highlights a change in accounting principle: on January 1, 2021, the company adopted the fair value method to measure its mortgage servicing rights subsequent to initial recognition[417](index=417&type=chunk) - The auditor identified the valuation of Mortgage Servicing Rights (MSRs) and the consolidation of Holdings LLC as a Variable Interest Entity (VIE) as critical audit matters due to significant judgments involved[421](index=421&type=chunk)[424](index=424&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=120&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) No changes in or disagreements with accountants on accounting and financial disclosure were reported - None reported[593](index=593&type=chunk) [Controls and Procedures](index=120&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management and independent auditors affirmed the effectiveness of disclosure controls and internal control over financial reporting as of December 31, 2021 - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2021[596](index=596&type=chunk) - Management asserted that the company maintained effective internal control over financial reporting as of December 31, 2021, and the independent auditor's report concurred[599](index=599&type=chunk)[600](index=600&type=chunk) [Other Information](index=121&type=section&id=Item%209B.%20Other%20Information) No other information was reported for this item - None[602](index=602&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=121&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2022 Proxy Statement - Information is incorporated by reference from the 2022 Proxy Statement[605](index=605&type=chunk) [Executive Compensation](index=121&type=section&id=Item%2011.%20Executive%20Compensation) Executive compensation details are incorporated by reference from the 2022 Proxy Statement - Information is incorporated by reference from the 2022 Proxy Statement[606](index=606&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=123&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Equity compensation plans show **2.8 million** securities to be issued and **77.2 million** available, with other ownership data referenced from the 2022 proxy Equity Compensation Plan Information (as of Dec 31, 2021) | Plan Category | Number of Securities to be Issued Upon Exercise | Weighted Average Exercise Price | Number of Securities Remaining Available for Future Issuance | | :--- | :--- | :--- | :--- | | **Equity compensation plans approved by security holders** | 2,812,320 | $— | 77,181,250 | | **Equity compensation plans not approved by security holders** | — | — | — | | **Total** | **2,812,320** | **$—** | **77,181,250** | [Certain Relationships and Related Transactions, and Director Independence](index=123&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Details on related party transactions and director independence are incorporated by reference from the 2022 Proxy Statement - Information is incorporated by reference from the 2022 Proxy Statement[610](index=610&type=chunk) [Principal Accountant Fees and Services](index=123&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Principal accountant fees and services information is incorporated by reference from the 2022 Proxy Statement - Information is incorporated by reference from the 2022 Proxy Statement[611](index=611&type=chunk) PART IV [Exhibits and Financial Statement Schedules](index=125&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all exhibits filed with the Form 10-K, including corporate governance, debt, material contracts, and executive certifications - This item lists all exhibits filed with the Form 10-K, including corporate governance documents, debt agreements, material contracts, and executive certifications[614](index=614&type=chunk) [Form 10-K Summary](index=129&type=section&id=Item%2016.%20Form%2010-K%20Summary) No Form 10-K summary was provided for this item - None[620](index=620&type=chunk)

UWM Holdings Corporation (NYSE:UWMC) Q3 2021 Earnings Conference Call November 9, 2021 9:00 AM ET Company Participants Matt Roslin - EVP of Legal Affairs and Investor Relations Mat Ishbia - Chairman and CEO Tim Forrester - CFO Conference Call Participants Brock Vandervliet - UBS Steven DeLaney - JMP Securities Henry Coffey - Wedbush Bose George - KBW Douglas Harter - Credit Suisse Ryan Nash - Goldman Sachs Operator Good morning. My name is Chantal and I will be your conference operator today. At this time, ...

Financial Performance - The company generated $329.9 million of net income during the three months ended September 30, 2021, a decrease of $1.12 billion, or 77%, compared to net income of $1.45 billion for the same period in 2020[136]. - The company generated $1.33 billion of net income during the nine months ended September 30, 2021, a decrease of $682.1 million, or 34%, compared to net income of $2.01 billion for the same period in 2020[137]. - Net income for Q3 2021 was $329.9 million, a decrease of $1.12 billion compared to $1.45 billion in Q3 2020, primarily due to a decrease in total revenues[168]. - Net income for the nine months ended September 30, 2021, was $1.33 billion, a decrease of $682.1 million compared to $2.01 billion for the same period in 2020[169]. Loan Origination - For the three months ended September 30, 2021, the company originated $63.0 billion in residential mortgage loans, an increase of $8.7 billion, or 16%, from the same period in 2020[136]. - For the nine months ended September 30, 2021, the company originated $171.3 billion in residential mortgage loans, an increase of $43.4 billion, or 34%, from the same period in 2020[137]. - Total loan origination volume for Q3 2021 was $63.0 billion, an increase of $8.71 billion, or 16%, from $54.3 billion in Q3 2020[149]. - Total loan origination volume for the nine months ended September 30, 2021, was $171.3 billion, an increase of $43.4 billion, or 34%, from $127.9 billion in the same period in 2020[151]. Adjusted EBITDA - Adjusted EBITDA for the three months ended September 30, 2021 was $290.4 million, down from $1.39 billion for the same period in 2020[136]. - Adjusted EBITDA for the nine months ended September 30, 2021 was $1.21 billion, compared to $2.10 billion for the same period in 2020[137]. Loan Production and Servicing Income - Loan production income for Q3 2021 was $589.5 million, a decrease of $1.13 billion, or 66%, compared to $1.72 billion in Q3 2020[149]. - Loan production income for the nine months ended September 30, 2021, was $2.14 billion, a decrease of $740.8 million, or 26%, compared to $2.88 billion for the same period in 2020[150]. - Loan servicing income for Q3 2021 was $174.7 million, an increase of $104.2 million, or 148%, compared to $70.5 million in Q3 2020[152]. - Loan servicing income for the nine months ended September 30, 2021, was $443.8 million, an increase of $261.1 million, or 143%, compared to $182.7 million for the same period in 2020[153]. Expenses - Total expenses for Q3 2021 were $357.0 million, a decrease of $25.6 million, or 7%, compared to $382.6 million in Q3 2020[162]. - Total expenses for the nine months ended September 30, 2021, were $1.02 billion, a decrease of $89.7 million, or 8%, compared to $1.11 billion for the same period in 2020[165]. - Excluding the $68.9 million of amortization, impairment, and pay-offs of MSRs in 2020, total expenses increased by $43.3 million in Q3 2021, primarily due to a $49.6 million increase in interest expense[164]. - Interest expense increased by $102.2 million for the nine months ended September 30, 2021, due to higher borrowings from Senior Notes issued in 2020 and 2021[166]. Market Share and Position - The company has a 34% market share of the wholesale mortgage lending channel as of December 31, 2020, maintaining its position as the largest wholesale mortgage lender in the U.S.[125]. Mortgage Servicing Rights (MSRs) - The company retains mortgage servicing rights (MSRs) for a period depending on business and liquidity considerations, selling them in the bulk MSR secondary market when appropriate[126]. - The fair value of mortgage servicing rights (MSRs) declined by approximately $155.6 million in Q3 2021, primarily due to realization of cash flows and decay[155]. - The company recorded a loss on the sale of MSRs of $5.4 million in Q3 2021, compared to a loss of $0.3 million in Q3 2020[156]. - The fair value of mortgage servicing rights (MSRs) generally increases in rising interest rate environments, leading to expected increases in cash flows[206]. Interest Rates and Risk Management - The company employs a hedge strategy to mitigate interest rate volatility, primarily using forward agency or Ginnie Mae To Be Announced (TBA) securities[207]. - The company assesses market risk based on changes in interest rates using sensitivity analysis, which indicates potential impacts on fair values[209]. - As of September 30, 2021, a hypothetical 25 basis point increase in interest rates would result in a total change in assets of $(261,823) thousand, while a decrease would increase assets by $222,490 thousand[210]. Headcount and Business Growth - The headcount increased by approximately 1,700 team members from September 30, 2020, to September 30, 2021, to support business growth[164]. Cash Flow and Financing Activities - Net cash used in operating activities for the nine months ended September 30, 2021, was $(3.8) billion, a decrease from $1.4 billion provided in the same period in 2020, primarily due to lower net income and increased loan production[196]. - Net cash provided by financing activities was $3.3 billion for the nine months ended September 30, 2021, compared to $(981.8) million in the same period in 2020, driven by increased net borrowings under warehouse lines of credit[198]. Compliance and Financial Covenants - The company was in compliance with all financial covenants under its warehouse facilities as of September 30, 2021[185].

UWM Holdings Corporation (NYSE:UWMC) Q2 2021 Results Conference Call August 16, 2021 4:30 PM ET Company Participants Matt Roslin – EVP of Legal Affairs and Investor Relations Mat Ishbia – Chairman and CEO Conference Call Participants Steve Delaney – JMP Securities, LLC Henry J. Coffey Jr – Wedbush Doug Harter – Credit Suisse Ryan Nash – Goldman Sachs Thommy McJoynt – KBW Ryan Carr – Jefferey's Michael Kaye – Wells Fargo Sameer Kalucha – Deutsche Bank James Faucette – Morgan Stanley Operator Good morning. My ...

Table of Contents Delaware 84-2124167 (State or other jurisdiction of incorporation or organization) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission file number ...

UWM Holdings Corporation (NYSE:UWMC) Q1 2021 Earnings Conference Call May 11, 2021 10:00 AM ET Company Participants Matt Roslin - IR Mat Ishbia - CEO Tim Forrester - CFO Conference Call Participants Doug Harter - Credit Suisse Henry Coffey - Wedbush Steve Delaney - JMP Securities Ryan Nash - Goldman Sachs Sameer Kalucha - Deutsche Bank Bose George - KBW Michael Kaye - Wells Fargo Mark DeVries - Barclays Operator Good morning. My name is Amy, and I will be your conference operator today. At this time, I woul ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission file number 001-39189 UWM HOLDINGS CORPORATION (Exact name of registrant as specified in its charter) Del ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 001-39189 UWM HOLDINGS CORPORATION (Exact name of registrant as specified in its Charter) (State or other jurisdiction of incorporation ...

UWM Holdings Corporation (NYSE:UWMC) Q4 2020 Results Conference Call February 4, 2021 10:00 AM ET Company Participants Matt Roslin - EVP of Legal Affairs, Investor Relations Mat Ishbia - President, CEO and Chairman Tim Forrester - CFO Conference Call Participants Steve Delaney - JMP Securities Henry Coffey - Wedbush Bose George - KBW Michael Kaye - Wells Fargo Ashish Sabadra - Deutsche Bank Steve Gish - Allianz Operator Good morning, afternoon, evening. My name is Cheryl, and I will be your conference opera ...