Guild pany(GHLD) - 2023 Q3 - Earnings Call Transcript

Yes. And Rick, just to be clear, because of one of the comments you said, so the increase relates just to the fair value estimates driven by the enhancements to the model. So for the loans that are in our locked pipeline and held-for-sale inventory in the third quarter, when these loans are sold, this fair value-related gain will be offset at the time of sale. So I just want to make sure that's clear because you were talking about liquidity on the MSR, and it's not in there, it's really sitting in the loans ...