Financial Data and Key Metrics Changes - The company reported an adjusted net loss of $25 million in Q1 2025, an improvement from an adjusted net loss of $38 million in Q1 2024, primarily due to higher lock volume and gain on sale margin [18] - Pull through weighted rate lock volume was $5.4 billion, a 15% increase from $4.7 billion in the prior year [18] - Adjusted total revenue increased to $278 million from $231 million in Q1 2024 [18] - The pull through weighted gain on sale margin was 355 basis points, exceeding guidance and up from 274 basis points in the prior year [19] Business Line Data and Key Metrics Changes - Loan origination volume for the quarter was $5.2 billion, a 14% increase from $4.6 billion in the prior year [19] - Servicing fee income decreased from $124 million in Q1 2024 to $104 million in Q1 2025, reflecting the impact of 2024 bulk sales [20] Market Data and Key Metrics Changes - The company experienced a unit share market gain, increasing from 145 basis points to 187 basis points over the past year, driven by increased government lending [19] Company Strategy and Development Direction - The company aims to capitalize on its multichannel sales model, proprietary technology, and strong brand to expand originations and drive growth [10][11] - The focus will be on improving process flow and leveraging brand recognition to enhance customer interactions and satisfaction [15][16] - The company is committed to maintaining a strong balance sheet while investing in growth-generating initiatives [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's future success and the potential for profitable market share growth as interest rates decrease [6][23] - The company anticipates a seasonal increase in purchase activity in Q2, potentially offset by market volatility and higher rates [22] Other Important Information - The company ended the quarter with $371 million in cash, indicating a strong liquidity position [23] - The transition of leadership from Frank Martell to Anthony Hsieh was highlighted, with a focus on leveraging the company's unique assets [5][30] Q&A Session Summary Question: Outlook for home equity business - The second mortgage product serves as a hedge against the interest rate environment, with strong demand due to record home equity levels and low loan-to-value ratios [26] Question: Market attractiveness for home equity - As interest rates remain elevated, the company is scaling the home equity business through increased marketing and cross-sell opportunities [26][27]