Financial Data and Key Metrics Changes - The company reported a net income of $12.1 million and adjusted EBITDA of $211.1 million, both up from Q2 and Q1 of the year [12][15] - Loan production volume reached $41.7 billion, also an increase from Q2 and Q1, with a gain margin of 130 basis points, which is higher than previous quarters [12][15] - The company experienced a $160 million decline in fair values but emphasized the importance of adjusted EBITDA as a key performance indicator [11][12] Business Line Data and Key Metrics Changes - The company closed $25.2 billion in purchase loans and $16.5 billion in refinancing, indicating a strong performance in both segments [8][12] - The company has consistently maintained a purchase volume of approximately $100 billion annually, demonstrating stability in its purchase business [8][12] Market Data and Key Metrics Changes - The company capitalized on a brief window of opportunity in the market, achieving record lock days with $4.8 billion locked in a single day [3][4] - The company noted that its operational efficiency allowed it to handle increased volume seamlessly, maintaining strong service levels [4][12] Company Strategy and Development Direction - The company is focused on investing in technology and the broker channel to solidify its competitive advantage [4][11] - Plans to bring servicing in-house by early 2026 are underway, which is expected to enhance consumer loyalty and operational efficiency [17][37] - The partnership with BOLT aims to improve servicing and provide exclusive benefits to mortgage brokers [17][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to dominate the market, particularly in a declining rate environment [19][65] - The company anticipates Q4 production between $43 billion and $50 billion, with an increase in gain margin guidance to 105-130 basis points [19][28] Other Important Information - The company completed a successful offering of $1 billion in unsecured notes to enhance liquidity and support growth [13][14] - The company maintains a strong liquidity position with total available liquidity of $3 billion [13][14] Q&A Session Summary Question: Follow-up on bringing servicing in-house and BOLT partnership - Management clarified that the BOLT partnership focuses on enhancing servicing capabilities and improving consumer experience, with rewards for mortgage payments [21][22] Question: Room for improvement with Mia - Management acknowledged that while Mia has exceeded expectations, there is always room for improvement as the technology continues to evolve [25][26] Question: Guidance for gain-on-sale margin - Management indicated that the margin is influenced by market conditions and that they have strategically increased guidance based on historical performance [28][29] Question: Trends in conventional purchase loans - Management noted that while purchase loans may fluctuate, the company remains dominant in the purchase market, with refis providing significant upside potential [30][31] Question: Servicing in-house timeline - Management confirmed that all new loans in 2026 will be serviced in-house, with a gradual transition for existing loans [37][38] Question: Hedging strategy update - Management stated that they do not hedge MSRs and focus on core business operations instead [49][50] Question: Impact of technology on refinancing - Management acknowledged that technology reduces friction in the refinancing process, making it easier for consumers to refinance [59][65]

Fund Performance - GA Credit's latest opportunistic credit fund achieved a $2.1 billion first close [1] Market Trends - Prolonged higher-rate environment is driving companies to explore innovative capital-raising methods [1]