morning. Thanks, for everyone joining us Kate. this Thanks,
Our a of earnings tale today two are quarters. truly
and challenging have past in as COVID-XX, quarter. very are liquidity to target we rates toughest March, $X.XX. entered been we came very weeks mean, the many for As of were for X Core a the markets I knows. it’s our good was slated seen value Then shape. us in modestly the overall some everybody X careers. on been we lower in of have fall saw great was earnings company Book be to despite the
non-agency hedging were not well mortgage of on which happened but and and long-only down classes a quite loans was this for correlated only that asset fall system. put had just everything. strategies the We saw own the issues, redemptions, agency broke the investors our on refresher, we as prices pressure MSRs, world on against extreme securities. price as MSRs owned we long frankly, is REITs to portfolio, For cause we happened liquidity some after what hedge the shutdown What little always as bonds falling all you bit as give even a created
X.Xx, do what okay, $XX.X and We sold take reducing got repo billion We raised our do? while facilities, So short-term of by liquidity, extended we by reduced assets, agreements. our we XX%, down went the paid Overall today, are said we out our loan at years. action. in positions levels and we our reduced and bond overall to we we lending debt to we leverage our X.Xx positions bond got lowest we had to positions reduced XX%, have and loan
overall since reduced our balance is cash sheet our perspective, was. of From by end it is liquidity. a XXXX. We increased over the our position sheet we fraction significantly while what XX% a balance of sheet balance And today, higher,
$XXX position just million. with assets cash X/XX $XXX under of was as Our million unencumbered
this difficult through work forbearance help which to and still period, programs homeowners caused COVID-XX. hardship agreements continues company the to borrowers mortgage Our with and by support continued on alleviate
done proud that has circumstances. work company are of hard these in We light difficult the really the of
fell on prime business, we non-agency originating origination our stopped products. loans, all prices In as non-QM and jumbo
on Fannie and loans. Ginnie and Mae, today Freddie the Mac Mae forward near-term going focus Our in be will
while and will retention homeowners borrower provide credit continue our customers, supporting to focus to our We efforts. on increasing
Guardian support and side, Avenue XXX, the Covius, origination to servicing continue On business. and our ancillary eStreet business
as We more we go expect growth divisions to a in enter see we those state into forward. as normalized
forward. funding to $X.X advance we that capacity, billion we our capacity mind of $X.XX were we fund total believe gives plenty in commitments at billion billion, and increased over we $XX billion go advanced capacity time, our advances. by us had have which to $X of XXXX, in we raising financing and of Keep advances business, advance as Our lines
Our our ability advances. deal team higher and has a to ton in highly we confident in with this of experience business are
wanted the P&I, out, positive the at extent that good rolled a thing programs up Ginnie support to helps FHFA the X financing have development. be That forbearance capped by obligations to months for recently interest. for servicing program for some announced of community Mae mortgage In and XXX% it. been servicers principal providing during government to mortgage PTAP the will again, you that another to servicer that the use periods is
which and on Shellpoint as term we by forward Partners. as assets, go will discipline, we finance service maintain well low-leveraged, As are NewRez focus our
focus will investments our of investment in opportunistic seen on look higher our we book and once forward the growing that levels returns maintain for while past, business operating that have again to see. liquidity We and shareholders. We terrific we providing value our
for all because to where their times, that difficult Finally, we well XX/X tell during to work be. back thanks believe do I wish can big want been I we to to hard team all and everybody get you we our have these should working a will to we
to I has the with supplement, which going that, begin will refer been X Page and I actually. to With posted am online
QX company We right going are and to through financial company our highlights.
$X.XX. of of diluted and losses impairment had billion For share. loss or realized a $X.X per GAAP and net This $X.XX we of includes the mark-to-market $X.XX quarter,
Our were $XXX.X $X.XX per or share. core earnings million diluted
fact hand of to X% XX, stock of quarter as had million. $XXX per or building up $XXX share March just yield correlated XX liquidity a I of we of on Unencumbered today assets dividend was dividend were Cash again to $XXX cash million our First million, common X/XX, of position. March $X.XX XXXX. as is as common the that alluded
is X/XX billion. of $X.X as of per value was as equity net share Our common Book $XX.XX. X/XX
about end from value $XX.XX the March. from book to decreased the Our XX% to $XX.XX during by December quarter of again
the quarter. earnings Prior XX, slated were back this to for great us. was Page really $X.XX. on going earlier we quarters be to X, March my two were of Core track tale for to comments, a a
value book between and $XX.XX $XX.XX. was Our
Our was leverage X.Xx. and was $XXX volumes, million and mortgage million, going $XX origination make our company overall to between $XXX billion
you could As see result we core we lost forward COVID, $X.XX fast impact as in of a earnings. the and
Our book $X and in total down some down sales as income assets. in origination reduction we a through volumes we $XX the X/XX. went large by Origination and off million as drop by value servicing pulled company rates, had of overall as went leverage X.Xx tailed a
left time if want create page, value if businesses think operating say our the end, could those X, think and trade we slide put low in growth we us theoretical operating for in we illustrate last about value book just of a as to $X.X Page billion. million X what I the our the take let’s make companies you $XXX business. and the And P/E. a go of would enterprise side to That the we and at be
on value Our value an million, share recreate businesses about are $XX.XX. of $X.XX balance current $XXX per $X.X our equity of implied diluted which billion, book off operating or book sheet an extra
will So around $X $X.X on the side balance page, billion of billion. at the something or right if of see you look total take and the balance value on you be sheet give – could
think we could we So illustrate be I what forward. our again as want value operating the go to just of companies
financing our the dramatically. the to our end $XX.X portfolio now reduced adapted X.Xx. exposure reduced investment in hand we our sold from of as side leverage through our we $XXX business. again and portfolio environment, assets down liquidity on as to to X, April We pointed of the billion. mark-to-market capacity of in $XX.X that’s and to we total our executed COVID of and X.Xx reducing billion look Page investment We plan. When out we our macro Cash we billion on $X.X you added right the earlier slide, advanced million
securities we company go today and in includes we about think non-agency reposition that sold as securities, X, $XX.X the loans. Page we securities and again, billion forward the agency
decreased dramatically. repo Our mark-to-market again And the in priced exposure. we reduced even non-agency at the seasoned million has once deals. height our of $XXX crisis, We been
expect non-agency of securities XX% more loans forward, page, the with to end financed exposure. be the mark-to-market and our right of will the or look you side that no go our If limited of May we term by
and driven today, truly of servicing financing securities are – going XX% are strategies will Shellpoint. solutions which assets, forward XX% on investment currently to and and businesses loans and Our or be our origination focus complementary NewRez by serviced term either by
call slide. am we continue typical right to lot not of billion I our rights. is a this. X on going of $XX call spend to Page Today, time control
$XX sale was rights not that but in large recall, only announced also will billion of partners sold during securities, quarter. included were billion our the with roughly call continue the that we QX of a during to the that you work non-agency on billion, that If $XX made $XX we words
quality of are top the on experience unparalleled an Advances has team get portfolios you the assets our advance in we can portfolio. of one XXX% the the managing XX, our Page XXXX, highest balances. They market. are advances of advances, Since have Servicer recovered in waterfall. large the of mortgage
financing billion slide, and on Following down. you by have our can working will the funded with completed have advance with And through managed others the term then, XXXX, believe advance and today. going and that balances continue for w Since Shellpoint we successfully to other $X.X to these debt. only XX can see of and of acquisition Ocwen part you we the of down had billion $XX of these billion Cooper, $X.X HLSS but balances bottom NewRez, was and peak over not in see servicing billion $X.X billion the securitizations servicers, balances we servicers, manage $X.X as
today online the at will That’s out, XX% which advance or little of on $X.X billion time down markets, Page Ginnie a $X.X facilities servicer capital we with the back bit. debt, advance to billion this $X a expect includes that I the billion brought to on at are slide and that’s XXXX. no of balances end XX, Maes in we is come that $X.X of no the of talk billion, LTV financed and advancing from
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billion, capacity, to XX, out things advance couple this of Page slide. total point $X.XX on
hopefully advance to extra things an obligations they for million will while out in on we announced of servicer to the forbearance, this non-FHA, online extra loans will are come in think P&I last some case week to out they here forbearance. need the on million are increase financing based programs, going pointed are We to million. to on goes I the fund the additional in scenario, XXX% P&I, a In million and earlier, Couple case million to Ginnie months. financing working Mae we that currently as advanced base XX important. a that which loans million $XXX amount would X $XXX Ginnie liquidity are next that create scenario very in many to point many, expect Ginnie I that XX stress $XX months, provides equity an to limit could case, to in Today, we the extra financing, new a days. In $XXX that $XXX project the that advanced believe servicer an stress result in We only advances. $XXX out with
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on work right, the about strategy, very, to think MSR our a On That we very is recapture. big thing. you when continue
recapture We Cooper. with on working are
with on working recapture are We NewRez.
with We agreements have recapture we are on agreement we lead them. some and going are to the sub-servicing where be –where generators work
have upside from a levels. of lot current there We
market market. think a current of is As the you XX% market, about refi the roughly today
new Our a refis significantly in market. than should loan purchase recaptured the on on percentages be that higher
– a with other our limited again mark-to-market Page On couple the XX. capital is banks notes, XX% on on different? the things MSR point notes out, side with are exposure, page, banks our funding to is XX% exposure. left financing, of Why MSR the with we of financing and markets mark-to-market one, of limited term in variable
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industry seasoned are We loans the very versus XX-month more and in season impaired XX loans months. credit
are to when bangs it’s for I that about versus believe their about forward. customers, box XXX as announcing center we is with around point that large mean? to population business banks the getting give tightening. there the the think in today, provide origination market speeds money I thing we out be or credit Our XXX non-QM FICOs box, are but do is think think HELOCS. pulling Obviously, refinancing take no will going do other you virtually XX%. of slower you of the the One does today What go we credit out mean origination back our and a couple jumbo credit is to
XX. Page
Our business of mortgage servicing margins origination the origination some margins in are have that widest of years. today and the and Shellpoint. we NewRez The business capitalized seen well in the origination as well the brand is as under business is
production As I shifted to Fannie, pointed our out, and Freddie Ginnie loans. we this
can and so rate crisis. have environments. on of take to this and multi-channel we provides various we Most non-QM a flexibility, navigate We homeowners through continue helping exited non-agency approach focus importantly, advantage
We second are none. servicing special as I experiencing believe to
with work to continue We homeowners.
on and creating We help functionality in implement work we to programs forbearance to educate online new and our digital continue to portals homeowners. continued
had through be run-rate significantly pointed XX% of and working of down the a process is a during good job we million you quarter, $XX there million. higher. $XXX very doing as Finally, think crisis. the of Today, are the jobs employees XXX profit our navigate I from another that as from that currently will are this in great home adding and we We
Page XX.
I here. things we estimate quick to seen for the of production as $XX of couple out have our wides we and be earlier, long sale pointed $XX are some time. in billion a Just between something One recent on margins And is that a billion gain at XXXX.
origination better be will Page This growth We think us business, XX, a where we when think direct-to-consumer going recapture. spending and do are we We that are add to resources. of need is about this and lot help to here. to is be to the time channel be at going recapture. very we we to excited continue the better see
had funding. you of If we billion of end look at quarterly QX, the $X.X
the We be A lot that X.X. are business. expect by around to at our of going be is of QX we recapture end going to
a think we XX, do Page have I servicing best-in-class operation.
with and our a to his and homeowners get who that through a Jack home mind, the runs Navarro working them from Him do very keep in this job, difficult times. fabulous comfort job team business, of have is and XX% who in again of We doing on great these environment are phone. difficult working employees provide
and end. income net million portfolio $XXX pre-tax between to servicing the was quarter estimate billion and we for at $XXX Our something our be year $XX
servicing something On side, are proud we the is very of. special this
have work servicing borrowers delinquencies expertise. work is with and for to well COVID-XX with FHFA, they customers positive – Ginnie special We regarded XX industry. Again, frankly whole clients. by This GSEs. Jack do includes well This job outcomes rise, and have closely before in We includes banks. COVID-XX. are includes XX regulators great team provide to different other SMS his been This center the different positioned even very and through affected the the quite loan as over money investors. institutional Mae that a its
expand post to online forbearance have our We as we continued requests digital and solutions. support to we implemented capacity tools manage forbearance
made A about were a couple have X% and still in all portfolio and granted borrowers were update current XXXX. April loans through our borrowers that borrowers think granted the Aril in more XX% forbearance the in quick COVID have XXX,XXX of all just slides April on on XXX,XXX of payment as those XX are Of March Page of we been their portfolios XXXX. current our XX, forbearance. forbearance how
run an the on to we going companies. earnings John Covius and lot in it's as basically not origination investment our Clements, Surface prior before mortgage that by Rob of servicing solution On of I an recall calls third-party different this company well I business and it time from services all alluded service ancillary as a you as am company have spend kinds may to provides mortgage to
property called provides management banks We own and have business REO we services and which and and appraisal services Guardian, a then servicers. company press title field does a to in
book is we other we'll we're Page this value get remain to the portfolio gave couple to illustration to get smaller to the that job one our thing be will is grow think I can to value want $XX the where to book grow can understated we environment back book loan we before number where anything bond remains or and were management all of XX, continue risk focus out we our they I things going this an and Finally protecting we opportunistic do to back why our take value before one. much want think portfolio we in $XX you
open I that, to line turn up questions. will the back With the it and could for operator we
