Financial Data and Key Metrics Changes - The company reported $561 million in funded volume for Q1 2025, exceeding guidance and marking a 32% increase compared to Q1 2024 [5][6][15] - GAAP net income was $80 million or $3.17 per basic share, a significant turnaround from a net loss of $16 million or $0.58 per share in Q1 2024 [6][16] - Adjusted net income improved to $13 million or $0.52 per share, up $20 million year-over-year from an adjusted net loss of $7 million in Q1 2024 [6][17] - Adjusted EBITDA totaled $29 million, reflecting an increase from breakeven in Q1 2024 and an $11 million improvement from Q4 2024 [17] Business Line Data and Key Metrics Changes - The company experienced a 5% increase in funded volume from Q4 2024, indicating consistent growth across its operations [15] - Product level margins improved quarter-over-quarter, although total Retirement Solutions revenue margin remained flat due to a shift in channel mix [18] Market Data and Key Metrics Changes - The company benefited from a lower rate environment, with the ten-year treasury falling approximately 35 basis points, contributing to a positive fair value environment [6] - The wholesale channel exceeded volume expectations, although it carries lower margins, impacting overall revenue margin [18] Company Strategy and Development Direction - The company launched the "A Better Way with FOA" campaign to reposition reverse mortgages as a mainstream financial planning tool for homeowners aged 55 and up [7][10] - The strategic focus is on enhancing customer engagement and optimizing the customer journey, with early results showing a 16% improvement in inquiry to lead conversion [11][12] - The company aims to introduce new solutions to address emerging customer needs amid economic uncertainties [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet its full-year guidance of $2.4 billion to $2.7 billion in funded volume and $2.6 to $3 in adjusted earnings per share [6][20] - The company noted that April was the best month for submission and funded volume in the last two years, indicating strong market performance [24] - Management acknowledged ongoing rate volatility but indicated it has not significantly impacted volumes thus far [25] Other Important Information - The company has seen a 25% year-over-year reduction in general and administrative expenses, highlighting ongoing cost management efforts [19] - Operational productivity improved, with a 33% increase in loans per employee compared to Q1 2024 [20] Q&A Session Summary Question: How did rate volatility in April impact volumes? - Management noted that April was the best month for submission and funded volume in the last two years, indicating strong performance despite rate volatility [24] Question: What is the outlook for expenses going forward? - Management indicated that the fixed cost base is relatively stable, with opportunities for cost reductions as contracts renew, while variable expenses may increase with production [26][27]