Financial Data and Key Metrics Changes - The company reported an adjusted net loss of $21 million in Q4 2025, compared to a loss of $3 million in Q3 2025, primarily due to lower pull-through weighted gain on sale margin and higher amortization on the MSR portfolio [11][12] - Adjusted total revenue for Q4 2025 was $316 million, down from $325 million in Q3 2025 [12] - Pull-through weighted lock volume increased by 4% to $7.3 billion in Q4 2025 from $7 billion in Q3 2025 [11] - Loan origination volume reached $8.0 billion in Q4 2025, a 23% increase from $6.5 billion in Q3 2025, marking the highest level since 2022 [13][18] Business Line Data and Key Metrics Changes - Servicing fee income increased slightly from $112 million in Q3 2025 to $113 million in Q4 2025, reflecting growth in the unpaid principal balance of the servicing portfolio [14] - The company originated fewer higher-margin second trust deeds and FHA, VA loans in Q4 2025, which contributed to larger average loan balances but decreased margin percentage [13] Market Data and Key Metrics Changes - The company gained market share in an expanding market, achieving a 71% recapture rate from its in-house servicing platform [4] - The retail lending market remains fragmented, with no lender controlling more than 5% market share, presenting significant opportunities for customer-facing scaled originators [5] Company Strategy and Development Direction - The company aims to leverage its digital-first direct lending business and in-market retail business to capture profitable market share growth across refinance, resale, and new home loans [45] - A focus on operational efficiency and technology investments is expected to drive growth and improve customer experience [9][18] - The company plans to re-enter the wholesale lending channel to achieve greater scale and improve operating efficiency [41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for market consolidation and the benefits for large-scale, diversified customer-facing originators [4] - The company anticipates a larger refinance market and aims to improve customer acquisition and retention through technology and AI [9][18] - Management expects Q1 2026 pull-through weighted lock volume to be between $7.75 billion and $8.75 billion, with origination volume between $6.75 billion and $7.75 billion [16] Other Important Information - The company ended Q4 2025 with $337 million in cash, a decrease of $222 million from Q3 2025, reflecting investments in loan inventory and repayment of unsecured notes [18] - Year-over-year, adjusted revenue increased by 10% while limiting expense growth to less than 1%, resulting in a 31% reduction in adjusted net loss [18] Q&A Session Summary Question: Can you expand on your profitable share gains and where you're seeing success? - Management highlighted a diversified retail customer touch model, with growth in the builder business and opportunities in direct lending, emphasizing the need to rebuild marketing and lead management systems [21][26] Question: What are your expectations for non-volume related OpEx and profitability in 2026? - Management indicated modest investment in technology and innovation initiatives, with most expense growth being volume-related due to loan officer additions [28][29] Question: What is the expected run rate for amortization expense going forward? - Management noted that the increase in amortization expense was related to higher refinance volumes and may moderate depending on future interest rates [33][34] Question: Can you discuss the strategy for re-entering the wholesale lending channel? - Management explained that re-entering wholesale lending will allow for greater scale and improved operating efficiency, with expectations for margin expansion as refinance volume returns [40][41] Question: What level of recapture are you targeting going forward? - Management stated that they aim to maintain a recapture rate around 71%, with potential for improvement through technology and AI advancements [42]

Financial Data and Key Metrics Changes - The company reported an adjusted net loss of $21 million in Q4 2025, compared to a loss of $3 million in Q3 2025, primarily due to lower gain on sale margin and higher expenses [10] - Adjusted total revenue for Q4 2025 was $316 million, down from $325 million in Q3 2025 [11] - The company achieved a pull-through weighted lock volume of $7.3 billion in Q4 2025, a 4% increase from $7 billion in Q3 2025 [10] - Loan origination volume reached $8.0 billion in Q4 2025, a 23% increase from $6.5 billion in Q3 2025, marking the highest level since 2022 [12] - Servicing fee income increased slightly from $112 million in Q3 2025 to $113 million in Q4 2025 [13] - Total expenses for Q4 2025 increased by $8 million or 3% from the prior quarter, driven by higher personnel costs [14] Business Line Data and Key Metrics Changes - The company originated fewer higher-margin second trust deeds and FHA, VA loans in Q4 2025, impacting margin percentage [12] - The strategy to capture increased share of refinance volume resulted in larger average loan balances, which decreased margin percentage [12] Market Data and Key Metrics Changes - The company noted that no retail lender currently controls more than 5% market share, indicating significant opportunities for customer-facing scaled originators [5] - The consumer-facing marketplace remains highly fragmented and inefficient, presenting opportunities for growth [5] Company Strategy and Development Direction - The company aims to leverage its digital-first direct lending business and in-market retail business to capture profitable market share [24] - The strategy includes investing in technology and operational efficiency to enhance customer experience and reduce costs [8] - The company plans to return to wholesale lending to achieve greater scale and improve operating efficiency [39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for a larger refinance market and the company's unique position to outperform competitors [7] - The company is focused on reducing unit costs through automation and investing in marketing to drive customer acquisition [7] - Management highlighted the importance of AI in improving lead acquisition and operational efficiencies [8] Other Important Information - The company ended Q4 2025 with $337 million in cash, a decrease of $222 million from Q3 2025, reflecting investments in loan inventory [17] - The company expects pull-through weighted lock volume in Q1 2026 to be between $7.75 billion and $8.75 billion [15] Q&A Session Summary Question: Can you expand on your profitable share gains and where you're seeing success? - The company has a diversified retail customer touch model, with growth in the builder business and opportunities in direct lending [24][26] Question: What are your expectations for non-volume related OpEx and profitability in 2026? - The company anticipates modest investment in technology and innovation initiatives, with most expense growth being volume-related [28][29] Question: Is the increase in amortization expense a good run rate going forward? - The increase was related to higher refinance volumes, and it may moderate depending on future interest rates [32] Question: Can you discuss the return to the wholesale lending channel? - The company believes returning to wholesale will allow for greater scale and improved margins, especially with anticipated refinance volume growth [39] Question: What level of recapture are you targeting going forward? - The company aims to maintain a recapture rate around 71%, with potential for improvement through technology [40]

4Q 2025 INVESTOR PRESENTATION March 10, 2026 We make the American Dream of home possible. Partnering with homeowners throughout the lifecycle of the homeownership journey. Serving the Buyer First Time Homebuyer Veteran / Active Duty Move Up / Downsize Relocation Supporting the Purchase Servicing the Mortgage Optimizing the Journey Title Services Escrow/ Closing Homeowners Insurance Building Trust Continuing Customer Relationship Facilitate additional lending opportunities HELOC Closed-End Second Refinance S ...