Rocket Companies (RKT) 3 Aug 232023 Q2 Earnings call transcript

Hello, my name is Chris and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Rocket Companies, Inc.

Second Quarter 2023 Earnings Call. [Operator Instructions] Thank you.

Sharon Ng, Vice President of Investor Relations; you may begin.

thank covering joining the and Company's for everyone call earnings second afternoon, you us for Rocket Good quarter XXXX. our President Walters; afternoon, Bill Officer, this Rocket and Director With Interim Brian Emerson; Brown. our our and and Bob COO, Chief Financial Company CEO, website issued our rocketcompanies.com today, available we release is Info. second our Earlier under earnings Investor quarter which on at Also presentation. available on our website is an investor

as our disclaimers. you to turn in discussion let a me outlook. contained regarding We our things with information filings over to provide statements and we is update over financial will Bill, quarter as being later law. uncertainties. except the new On I call risk performance call, Before This be our of events, go our today's our XXXX well by no A second risks of information a consider is quickly as website. on Relations This to mentioned the we conference detailed accessible today. call obligation includes call expectations required recording actual to forward-looking could from as or undertake further statements. assumptions These the today. these factors statements We for risks are and these uncertainties results posted subject and of SEC online materially encourage broadcast and to you result the differ Investor cause that

release our Our with today commentary earlier filings for also GAAP results reported today in our issued metrics will as also non-GAAP can earnings include found non-GAAP SEC. between financial measures. as and Reconciliations the our be well in

get over Bill to started. I'll us Bill? things that, turn to with And Emerson

a their and At President our focused experience Varun journey. I be Executive I'm through delivering and Krishna to Group On announce wealth the Fintech working of Call Board, excited the a Intuit's to dedicated forward innovation to who and of to instrumental on the to afternoon behalf best appointment homeownership Varun that second serving Thanks, General new like Rocket clients and welcome ahead the of are Sharon. quarter the in them Consumer step XXXX. of is of CEO. we Earnings success. months every smooth brings Vice as the Rocket's currently for Rocket, to on working Varun, we're Companies Rocket experience on Live future look Manager leadership Company's TurboTax the ensure driving products transition. of with in TurboTax will Good

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to turning range, at over quarters. of the results our QX Adjusted billion, Now, point $X results. reflecting strong above high our reported the past came in second in guidance momentum the revenue continued quarter. X We

million of $XX company. efficient operating income million diluted of both GAAP and and $X.XX, EBITDA of adjusted positive EPS on an GAAP execution achieved strong also We focus ongoing our net and reflecting $XXX

on both are share pleased basis. our very market and We see also purchase quarter-over-quarter to grow year-over-year a

challenging Our innovation market is in this focus on clients servicing working. through

inventory Realtors, the National of buy homes X/X want XXXX XXXX. the on the According seeing May homes. for That May pipeline. a said, to consumer macro at thoughts home is persists. and challenges the Association first consumers current the fact encouraged demand affordability continues We and like just inventory I'd experienced the Now to that by quarter level, roughly in of of to healthy People to we're be robust that market. purchase remain share some

for in sink a that Let second.

help no there challenges market offer during and as solutions to fixes opportunity an inventory to time. quick issues to clients While the innovative we in are these see our affordability low this industry,

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enduring I'd to achievement commitment like acknowledge our the that recent of experience. client Finally, to a symbol a is

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client by We to experience through the growing are ecosystem. the comprehensive our elevating significantly dedicated business

that, I'll to turn With Brian. it over

this innovative efficiency call, Thank an for afternoon, the the offerings you, how will our update good also everyone. our cover clients help challenging quarter our in discuss market quarter. I ongoing third financial I'll I'll efforts. and we On our on outlook and for and Bill today's second and provide results our

basis. the we In were income an profitable on top quarter, And net range. we second once our GAAP EBITDA guidance of again, exceeded end adjusted the and

pleased are to working. year-over-year quarter, quarter-over-quarter. and initiatives share purchase purchase gained Rocket that focus both see We are our in the market

XX% and end since generated we are from second paying is profitability. sequential just we reported revenue surpassing from last XX% year, guidance QX up approach north revenue quarters QX. QX, of adjusted up of run and business $X efforts of strong growth client-first off. the in In high volume, Our our up leaner consecutive and QX the billion, to taken Adjusted have Rocket now revenue in quarter a reflecting range. QX with results,

million In to to last EBITDA over and be to per depressed been $XX to market. diluted QX adjusted we're of of in returned profitability of relative excited in year what respectively. our considerably million position improving improve We're positive of $X.XX the million QX, losses a growth encouraged share. significant results and EPS by EBITDA. $X.XX We have diluted and and improved our to adjusted the we Turning quarter, QX $XX reported second the we in GAAP has and profitability. an adjusted profitability; trend even EPS of strides loss made a historically in back profile $XXX

resources, and diligent have on focusing prioritizing our in operational efficiency We trimming structure. cost been our

expense have and voluntary across span to streamline career related other transition recently efforts reduction costs Our cost third-party in to our our plan ongoing executed including categories, addition efforts. been

closely. shared As I've track our we with and progress before, invest discipline

allocation meeting are evaluating take constantly that expectations. to capital we prioritization decisions and making pivot not our sunset are or projects and action We and

solar from through in pivoted we platform platform. investing financing offering recently, most the Rocket for a only Loans example, sales to For solar

also Auto wound recently Rocket We down operations.

we to annualized fourth these cost set begin million of actions, to anticipate result full the quarter. the in the cost of range in an of a savings $XXX quarter savings on with million $XXX As basis

approximately primarily program, in voluntary transition incur $XX the million related onetime expect quarter. career In $XX the million to of addition, third we to charge a to

That homes. challenges Looking see healthy much inventory to purchase in we at and process resulting continue seen current buy affordability demand. market homebuying a People longer than to said, conditions, we've client historically. want are

February when recently For level client monitor between been measure in of metric This National May, amount of the time a is the this to to record letter surprising that that consider steadily is actually home. find a according of and we Association things and approval its lowest has decades year and you inventory application; high. intent shows internally purchase Realtors. increasing A hit refer since as in has transact X when to example, this they not at was a we one the to of when

buying guided our plan prepare while a market the longer cycle helping home track inventory-constrained We're in home with home an stay to buying navigating help for purchase. life experience like products which digital provides clients our on

their those such the clients improve across through throughout tangible clients benefits and process goals. clients the ecosystem. earlier even loyalty Rocket savings journey, can with Money rewards to programs grow program, budget as engagement giving We're credit their stay Rocket in Rocket their Rocket our Rewards, score, our with helps For reach whereby

Rocket such partner homeownership obtained initiatives Mortgage. experience. if through addressing and with real can affordability clients Buy mortgage Plus, real is and Buy with that they purchase Plus, something as Rocket agent work accessibility dollars upfront can the and integrated estate save offer to in Rocket estate our concerns We're expanding This only of through Homes scale costs financing thousands with recent

the In transaction, our their of side costs. with capture to addition, positioned on from is and meaningful both the real side uniquely of closing to the the provide because savings ability Rocket economics estate mortgage consumers

loans engagement, signals increased valuable across first and personalize their journey ready home search, and enabling equity loan, mortgages, where home to buying are offerings or to our we're regardless lien With of wellness, is when personal client the they financial us transact. home in insights, this more, gathering

mortgage lenders conversion capital lead have unique always liquidity distinguish us from Our with market. cycles, and well-capitalized important in this engagement today's approach a a especially navigating perspective, opportunistic. us, client fragmented particularly capable of advantage acquisition, financial while scale From market. continues and to other to Rocket's strategic maintaining we continues allocation in balance remaining different to an strength sheet be for market substantial challenging prioritized

$X.X second balance these closed We quarter and value the mortgage $XX.X total billion represent our on sheet. billion assets $X.X with a Together, cash of of servicing of available rights. of billion

Our and billion of of $XXX stood billion June XX, cash credit cash million originations. additional cash available of the $X.X of lines corporate sheet undrawn Total including self-fund on of undrawn of lines. cash used as to MSR available an consists and $X.X liquidity loan $X.X balance at approximately our billion plus

principal $XXX unpaid servicing billion balance to the in included lower XX, unpaid our X.X mortgage sale compared due with balance. QX the of quarter. June to portfolio was principal loans more than QX As in approximately million of MSRs serviced

considerable drive from also mortgage servicing. recurring We revenue

quarter, which the During servicing billion basis. an approximately million quarter, cash $X.X industry well the Net second the over $XXX our of annualized above remained on second generated from we revenue XX% client in average. represents retention book

outlook our quarter. the to third for on Moving

including expect of low This billion. the conditions, inventory in $X We $XXX to challenges be guidance account levels. current takes historically million to the adjusted into housing presented range by revenue market

flat expect to excluding $XX $XX QX, roughly onetime We million expenses million to to compared QX be in charges. the

consistently focus months, committed last operating demonstrated are have an we we profitability. the As over business XX with efficient continued on to

long-term the shareholder Despite at macro value. with the uncertainty the current our well serving on drive on are We always, positioned environment. our visibility. current is based and and the level, in we remain continued As growth clients very focused outlook guidance forward-looking our discipline and investing to

found the Before website. ESG share tab Relations our operator, turn be the social impact that of on Investor report with call can you the we over XXXX I'd to our like to

positive for our report Our more Rocket our impact second made ESG highlights the profit has and philosophy on than and Rocket's environment. approach and community

that, back questions. over ready to turn for With we're the it operator to

The Piper with [Operator from Sandler. Instructions] Kevin Barker first question is

understand in provide September? I'd First the Varun become try reasons retirement. was of what on dig Bob like search next the search like chosen into and to and process his of CEO background to all, any happened process -- CEO Walter to the also -- to the why color thank can congratulate on for with one I the you starting

Bill. acknowledging Sure, Kevin. Thanks Bob. And for for the question. This thanks is

extensive search, that obviously, process February. search So through back we in an started went

was evaluate and sets, as diligent As could of we firm. we in all as really consumer employed candidates we looking interim looked as can we like was soon the would who able we somebody as the to to great for about somebody someone we through announced at; Varun with with of process, of skill the who the good and top opportunity chance that search that a I imagine, wanting and going you sure rose the we've strategic acting someone. bit We number to CEO somebody have job the had who as and because in find got great and a in, quite paint had business response be that this, far product of national we were that here Board other make a organization. he for great a that were a that a vision -- to candidates come clearly have as people And

it to platform the have expanding our us our that ecosystem. looking Someone business the do had that and and to with our the we who and space Fintech alignment in things and relates as we're abilities

making unanimous through not that see process, on the that Varun bring So to was surprising decision to in it Board Board. as went the was we

then attracting shifting inflation the Great. I a you the buster with of origination put little And May that Rewards, market. well? these then the lot the obviously just and particularly focus you in you of as you've -- behind a particularly originations, gears, on color some new guys more was purchase announced progress programs provide Rocket could in made particularly new hoping in initiatives, the

this some programs Inflation here was well. last the on rolled have sure But buster Plus, Plus, year. we talking as you're about in I'm out thoughts quarter. Buy X sure. that Brian One Yes, will second

were so talked challenges, today, the kinds to low. to inventory And in they inventory in problems really levels we People but you the that market was about all the when time levels great what -- hard. XXXX last just inventory right? mean, the about incredibly of the which recession. think I I fact it's of X/X want went buy mean are we are a

transaction money people money of on a the perspective work real us us flow to very, only that the if program to the transaction, an eye but save quarter-over-quarter allowed and Rocket working opportunity we able they're are second but seen gives mortgage can lead drive they're Buy the share, Rocket as with our because on not us and Homes, save quarter very if I they an year-over-year well from Plus think that gave market to that also we that really grow it's on. in keep with metrics [indiscernible] Our hadn't opportunity especially to both important Homes, which

about what we as -- forward move that So forward. -- excited looking to way worked. continuing We're the that we're

these into an and products homes other thing our are traffic product Consumer metrics. it's innovative that engagement getting is discussed. the of with is real Yes. into are this levels our people internal to the a good exceeded little affordability exactly market. our inventory the metrics, and a Bill on of all deeper The beating just dive what just driving X on is sites. expectations said just to product, challenge is Plus I'd The only Bill, designed add, you Buy inventory that challenges The for example

a that new. the of programs a and particularly lot able some around behind market? incremental provide taken, to the Yes. challenging purchase environment are these Are It's share obviously of some you just you've relatively market metrics

the way use think it's the industry The is we've say change challenge market Yes. that, get know -- the but you usually I'd forecast. Kevin, other if like share and industry forecast, any before there's report and I [indiscernible] it's correct to the forecast. one, actuals I comment but a updated. And I talked about It's on frequently this when just that because, not we mean,

at we that. can look available how quarter-over-quarter look year-over-year. And course, securitization market on your hands get and share which of it. and shows We is this publicly taking So that at is, you data us purchase

Now that's market about it's sample great size great indication. XX% of but mortgage overall the in a a

all and capturing We data us other source and when point the taking Optimal up real-time sources like at also get more share [indiscernible] date, the and at not CoreLogic But math you market. one that again, even purchase look you in look us which is Blue in and every maybe the helps they entire direction information do to market. on if

question next is from Nash The with Sachs. Ryan Goldman

looking I'll the guide. the results at current a digging bit and off quarter's Maybe little into on quarter third start

of about of came range. saw second spring just the end some just pieces margins? But on expectations. competitive the the about Can And above we of selling throughout with of in to follow-up. results? the there out when about flesh So second I in a there's similar think the and to the the results quarter? what some the what midpoint is the just the you led just high in bit the seasonality that then conservatism maybe quarter. And a have you And moving guide, quarter in driving some terms sequential decline volumes the at Obviously, little maybe XQ maybe better talk you what's side the talk saw

backdrop basis QX Profitable Ryan. very And on me Yes. say, over second XX%, on in we're that the I'll a the an even the and But a the market But performance. of -- execution adjusted Thanks, shrunk let shot. a is profitable take take start first with This EBITDA back almost the overnight. let GAAP quarter. just obviously isn't -- basis. which exciting. a just step pleased talk me about I'll with revenue

absolutely is team in and profitability news. X So on very quarter this revenue we're healthy. an well. The very was by simple. was very from resonating the the team quarter. by we're driven really second side, got driven back-to-back some And leadership print execution an the here's consumers. And -- revenue purchase. as the cooperation sale we've a little increase makes margins from members these talked We The good margin And gain the It increases side. of And plus margin in and that. Buy proud the quarters on on about They're that outperformance then is our with of was of metrics.

outperformance. that drove the So

way here then And through I of to with you today as as in we're the you QX, about we very saw what the think and side trends QX. the tell consistent, can X/X we and talk purchase particularly quarter the are on sit we

So news. back inventory to the comes The that's the levels. good challenge

look in levels The guide to want $X purchase come is and $XXX QX, billion. execution to is you that you pause internal a is believe inventory need that us We're the confident to sell give into going quarter. are you going million quarter, believe inventory believe If to as to we do need be the our but performance very third consistent that our online. and to QX to going Homes with healthy

to cost allow on it adjusted it to you progress see and about to profitability? does declining made Brian, Got flat talked positive being revenues going million and then back second bring you to you million lead over over is time how sustained it. of this getting just about in? to a talked Can maybe putting -- this in over to the the you you making in maybe what cost expenses next about saves you're you that talked follow-up, $XXX And but you quarter quarter time? improving, absolute $XXX be move And Does for as EBITDA, about rate that run expenses you talk over also the frame much on. then initiative saving the that

Yes.

those just third They'll that about, but million million, quarter the their to really effects about want be income the again, metric, million this of you million savings quarter They're cost said and that. effect. committed the business the of the $XXX that is cost before think the of if So over what running $XXX we'll touch GAAP in they'll we've we're to and third executed this I clear in in any quarter. of in the work on again, we're is before seeing might part the There be to positive to an the fourth has in to sort talking a But in and small realization quarter. the efficient profitability be fourth system. but which, the that we've $XXX full benefit done $XX EBITDA these be cost through looking a quarter way structure savings a take start of

quick the for Just as group. a reminder

on and make XX% out. cost came was round are of break things on took a billion out structure efficiency to the of year, they can how over cost, about we committed and business. and we've two This focusing focusing know they we or $X important really Last Those prioritization.

being think about we So the these structure efficient and of and organizational our structure in terms team prioritization. our result how are our of

been on full cost better to the should quarter you these they $XXX if forma effect being So have this profitability million a range been savings in course, had and in results, layer place. that QX to of fourth million that even just would and the start $XXX pro

The next from question Joseph Jefferies. is Kyle with

the on expenses. more one Sorry

you addressed On that does in million call? the guys $XXX and of changes to on $XXX the million made the that factor solar you in savings, auto

prioritization return and some such meeting I at that aren't but on time which alluding continue success were That's are to invest things things Then Yes, sure. sales solar business Rocket Plus, double working we'll some Bill and was good our are things other like There it, there's Auto part Rewards, on that, the Rocket the down for of the Buy certain what was arm to in as that mentioned, that things showed threshold. in. the front.

down is that those part businesses. So of winding inclusive of

Got enough give it. by industry point sort by equilibrium one the channel where us the at that rate a an could good kind kind on getting this a then margin your had just outlook is supply terms just any of of demand? -- out in follow-up of sense, if terms quick we're of supply on kind And run Or XQ towards you in you've margins? come and of of of channel,

Yes. The way I'd and channels no sale say on of capacity that, is that now answer to a norms. in question well. are that's Gain There's both below they're margins would row. on But coming for competition still just quarters component a performed out X up it easing. I historical well go

our view. not for the sure. way that, still all there's through to has out we're grow So is come in there Capacity room but of system. Competition eased the bit a

of definitely that historical that, sequential fall gain in the norms. below But if positive margins are of just can at yes, where mortgage look volumes an of capacity amount second mortgages indication you more out, the a is depend still still the come quarter, there's and produced on improvement that will But Some of course. sign. out on sale being

with is McKeveny Zelman & Associates. next The Ryan question from

Nice the job on quarter.

may a purchase which were kind I looking said guess down the of I previously, So of midpoint much that an indicator guess, lead what's you've than made a in that helpful dynamics XQ about results. historical maybe pre-approvals to as hit on XQ, was you good XX%. us that referenced revenue, stronger relation XQ the I about see. the leading comments believe the was think you to forward, in from of guess bit in sounded you happening maybe up referenced, guidance adjusted help purchase. indication to the into the is and XQ. like me I

square dynamic just So, the if with that helpful. be would you maybe could guidance

heavy to that. quarter. not take a happy typically season purchase you if guidance, the guidance second quarter second the as look going is purchase similar I to I'm third forward third and be mean, the Yes, the the -- normally than quarter to I in just mean, quarter,

So is it's it actually through guide. good pretty the the think talked a Brian what the about way now to all process. time -- length And that's make of taking we actually

a our pipeline X letters through are that way that up, fee making great we fact the So forward X look months. But it's in next taking approval to to indicator it's our a its the extended. for longer and deal, home, be negotiating client with think to that the able is to a a getting mortgage, through about just the process, the finding associated going much at everything finding home

and for fourth still third what less purchase quarter it I like. the We deal fact as bodes can the typically to So with have that quarter bit and comes a historically the look the third that robust market. well little think is the to

then That's sense. on That second makes Plus Sell Plus. question Buy helpful. and And

out just you the seems Homes. It estate I strong to called like you consumers can a guess offering on Rocket partner from dig agents? to bit consumer engagement it's in a there. So the also with agents not reception very compelling real your but

the And thoughts there with on of generally to estate Rocket Homes? agents? program is with from real helping drive reception or partner there the you yes, either So interest that high side on more mortgage any level maybe out just agents

significantly. is. great a We it seeing that's believe question. we're we numbers Yes, up Homes referral to I Rocket believe mean

have deeply indicates about that realtors that they on well that the of we day, how end the realtors their and that to the passing be what through can you right? At happens interested So what are their to care [indiscernible] for client, and us in client process. know offer to

it. have to we been that has So Rocket I to Homes been increase. see I happy know excited see mean

the So community real it program. that us to this positively particular seems estate reacting like is to

Suisse. Harter Doug The from next Credit is with question

You -- at borrowers the at then. and production, have lower that between you're higher servicing how currently just [indiscernible] servicing the to I that refinancing? an mentioned coupon wondering was less mortgages portfolio down path looking was you incentive newer portfolio easier towards split coupon see and can the MSR the that

Doug. Thanks, Yes.

little we flow obviously are But and for this asset volatility in the the us, think our assets the the asset bit I quarter. So really of a on MSR lifetime touch anyone The us we be where Excess [ph]. great balance unique I'll sell sheet. exceed some excess there referring sales did some a one cash And strip else The have retention it's might changed haven't the on of space. to third one overall, which is more What probably asset servicing that's We sale rates. Strip of the for views value is equation. our to, you did is off. brings a the superpower in

interest single business, mortgages about you by risk originating and enough think servicing we If our mortgages. take day rate every

a bit where a an nice the for opportunity So make sense that excess unload the We'll we really that multiple, of in that trade to for at can exit all have cash. us. world

retain the again, client is through primary and most part that But superpower. client our obviously, is the relationship we'll important asset servicing the

looking, do the probably of that in that's a you lot day our but the we profile come what every that of demographics argument, an the buyer a can asset we the So through portfolio. in saw We're third client LTV and no We make servicing we'll overall originate. acquire change quarter fit strategies. loans by

that have we we them to through there's those or in confidence of the sell, that again, the are recapture, to reason look there's If if portfolios In we'd remarket really lens. ones terms trade. the another LTV that to don't inability it's clients or

if Is a more kind would your of sense of much there coupon rates a breakdown, of How moderate just refinance be down say a now or X%, -- us to would could to demand? by where you X% -- any give servicing a coupon? see you above get came way what amount, portfolio start can

include disclosures financial the weighted a coupon. average Yes, always

a in that at when a servicing I move and trillion the $X.X going here. to now trillion or be XXXX all that underestimate the of I feel we've clients. think, back have to underestimate will this $X.X there'll some rates be something how do produced And mortgages and like be mortgages long lower and for think coupon. with origination going it's to big that in see question mortgages folks coupon. bring I file book surprise you'll not I make years, time is, we money. you of XXXX will beneficial be those at mean And be a all been a the Q percentage for much higher those people, point, a to But big because your So good But that's up that's year,

at for mortgages book -- the move point So originating it going at look in higher money few day of you beneficial the these clients. coupon, to back low in the make and every average coupons weighted takes a those we're that's course, when be and to but rates prevailing it basis be that only

is question Morgan from Faucette James Stanley. with next The

that existing seems gap striking. remarks, was new on to you know many are the to What versus it a Just it prepared lock-in obviously question have and the develop doing didn't been in -- a effects your there little particularly Rocket but on expansive there in lean with are capture the of opportunities quick but bit Homes space XXXX more homebuilders. from touched I are partnership And in homebuilders for filling you market? markets. historically inventories into like

with that's mean work basis. a question. actually on regular a That's I homebuilders great -- we

increase year the while it's a days, XX with ago, the always been again, in we're bit where I that's used from So in relatively cycle, remember and the by life know, and X home little associated When to purchase are months that. to right? small it's you agreement I about XX a constantly life a and period mean a start signing we construction, gestation with of So you what building to interacting them. do long I it very still these closer But it scheme scratch of as a and probably it's grand to months, right? new was historically. encouraged

show impact closed from that we're line. perspective short-term any to builders going a positive that's So working along with constantly for on loan but the us not

we've will think But right, keep been existing good looking sold of just mind, mean majority very be I that's Bill. homes. stats question. vast in the it's still I James and homes at are closely, that those a

still keep all is. still TAM market iron home sales. doing is existing the home mind, and And biggest then the in of homebuilders where in that's hot sales are market be going they're are share striking while But also, for lion's eventually great the which to So great the every them. will the is be efficient,

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Mihir from Bhatia with is America. question next Bank of The

the parts two-part related the comment curious have the on share you're in or volume. ask -- my Let what seeing more programs are But -- gains just direct I'll how where of and a just that's about between if since talked you congratulations introduction I -- bit little a on the on innovation, helping bit do to that's Bob business product and could from, channels, so the both you've me appreciate partner was coming new them, I from? comments drive coming the little a add question. upfront market also just purchase the where -- where I

offices. reports And become bit changes? has the as the some is mortgage little Rocket -- How maybe picture, there's what question, and that we have over relatedly, to industry? the rate [indiscernible] two? similar grew a And that. to next this adapted? year what should industry been a last backdrop Maybe the about more What talk into or is staying about you big how more of Rocket press what origination local also expect just purchase-driven is challenging And you gotten has all has -- market, in And changed? true -- staying hiring

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forward So is our the strategy same. going

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is with question Wells next from Fargo. The Don Fandetti

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still SBB this as at I point, lot there's talk rulemaking about [ph] of that a think in know discussions relates of proposed that is took to increased But what's it things nature. and some And place. state. about situation with there's regional I stuff capital the a banks going mean, bank on that rules I Well,

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doing argue help hand, lender. on that one non-depository the you mean I it by that, mortgage could might

space until folks really could It rules the have. have for what we sheet some reality hand, to non-depository hard do, ultimately and the say. other who On that an we have life going of balance impact it's those the on are of to know quite the don't

our Bill will over to session. comments. That it any closing question-and-answer for Emerson turn conclude I'll

sure the this you thank at the last while time. this his take, just all, appreciate And Bob record, make state to for of us. all for I joining how over organization this all done he's for the that work he of very XX entire greatly. And that that known first years and for I to organization happy want we next So much I Bob Walters, missed going I've will him be the he's leadership. am steps

So, all time. until asking thank you, sir. and next listening, for being thank I you on questions you appreciate and

Thank call. participating. conference today's you for concludes This

may You now disconnect.