I'm with level going Thanks, Jay. review high everyone. morning of a slide on to our results Good start nine.
million. a share. is results the valuation of release As tax of the $XXX which $XXX included $X.XX These allowance deferred on you've our against which asset basis, totaled GAAP per reported we equal to income seen, net million
our we has As assumed billion, we WMIH established the cover at connection conducting And with we expire portion no DTA profitability and our appropriate of unutilized. to allowance in you the improved strategy. operating prudent estimated losses of of merger implementation know, of the projections billion a $X longer on the net and based a meant planning tax with XXXX time company's $X.X the to the allowance would year-end that NOLs, the of a DTA, the review which we concluded
the Based value to which in building time, billion carrying more investing over save federal for $X.X liquidity, expect means payments or tax DTA growth. deleveraging, at we cash year-end, on in
target in million equity, GAAP quarter tangible equivalent which the basis, XX%. Originations operating margins results mark-to-market common from a normalized. return a a fully long-term $XXX the the above well was benefited Our first, as also just from record in on which $XXX a down of is which million XX.X% million, focus in this But pretax quarter, $XXX tax On healthy was prior minute. a discuss to on of I'll let's income, our
Xome of and And in $X a we adjustments, terms we evenly level split million In similar were to of which see expense charges, Corporate. excluded severance this severance expect quarter. between
from quarter, shows in There Servicing a I'd the included the point $X corporate associated improve benefited last expenses. with recovery, were intended down activities some we which the to in certain This and corporate streamline operations to are items like charges and which cost $XX up were part you facilities with costs as severance shutting million that line initiatives which notable efficiency. and the quarter, out. a million are other reduction no in discussed core. the our of longer Also,
a the to MSR mortgage the in our quarter. mark-to-market basis reflected million carrying portfolio gain quarter. and turn to Also were lifetime booked mark-to-market $XXX Let's implications slightly slower outlook point during interest stronger prepayment And XX.X%. CPR XX-K from the XX the slide of assumption primarily increase in implying and The fourth speeds, decrease the in a the XX.X% short rates see discuss XX of the the you'll value which the in end net is income. help for a curve moving
MSR increased marketplace. XXX the basis we've by from in XXX these value which of reported of result basis similar points, to portfolio to others a seen the the the As changes, was change points
higher in but current on of creates DTC for our interest amortization portfolio, in The rates which our same channel conditions servicing very helping customers' focuses time existing a expense refinance. results the favorable at level
the we of portfolio, to two-year which are pretty or deal. of look if is is a save they total equivalent X.X Taking which for estimate refinanced month $XXX people position a a that in roughly our now, payback, good at our customers XX% per most estimate million the right of we
we’d future. foreseeable table absent that major sensitivity you our the a shows in volume DTC for move, expect rate The remain strong to channel
operators results, to of turn and recent slide the but our of the contributed the again about XX including innovative. acquisition let's advisor and million intangible $XXX Union, of as favorable to quarter, home they years, These we've also reflect conditions, Originations, on So, like market earnings Pacific investments are unit, made fourth obviously, which once of our who people pretax billion. disciplined talk point results, culture $XX.X the with the record well as important, in fundings but of in factors, extremely excellent creation
this our Originations, progress overall cycles. As more model was a in result business than and profitable past balanced more in it of is
margin and XXX with The provided is in right update December. which points basis in the strong line we remained
the the know, loan and when when book is we As expenses revenues you locked is loan funded. recognize
are fourth XXX locks locks margin fundings because more quarter right basis why third in with The the whereas which dropped is level. points in and margin fundings, line a other, of quarter each normalized outpaced the to high, was unusually
surge as a volumes. in approximately points, seen mortgage declined and have year-end, have Since by rates XX basis another we locked result,
while locks If to to During expect were see January, billion. was X.X margin trend the total some billion, inch to starting then this funded X at continues, expansion. we would volume ahead see
which with consistent the UPB guidance. XX Now, ended slide review let's Total servicing turn to at level flat billion, the third is portfolio. quarter with the our quarter $XXX and and
label portfolio runoff, flat. portfolio, at and largely the reverse grew of to components Looking while the mortgages continue sub nicely owned servicing private and was the
Despite having net portfolio speaking, to originations a runoff around sustain replenishment without MSR bulk held pursue indicates right acquisitions. elevated in which our co-investment partners sufficient rate to prepayments, estimate are, attributable that XXX%, net us to to we broadly
pretty the much deal acquisitions first quarter. As Jay seen in what this out, we in that's closing haven't pointed since any Seterus bulk XXXX since made you've
And a be grow planning the we will little entered of XXXX, sub-servicing probably performance or we UPB roughly total servicing depend our whether little As a shrink we're for on the to partners. flat.
was see you servicer deck. we in and This flows as reduction the the down to discuss quarter during XX.X% higher mark. this the in On servicing basis, servicing margin, and prior full to amortization. pressure the offset higher third points, ago. years other CPRs, million of X.X foreclosure due by for related recovery translated review expenses, excluding X.X basis which basis will $XX portfolio And liquidation quarter which the benefit let's much can to a associated This which the the was through a several margin turn with points a appendix at peaked which into XX slide and from acquired the
The in costs. interest is the reverse material due accounting but some variability timing does of treatment on recoveries financing of it of rates not a the runoff results, impact introduce the portfolio into and and margin driver of to the
As from see the can the X.X reverse you one third points quarter. from down this in basis point quarter, chart, basis contributed
delinquencies favorable, Finally, very remains that X%. the with trend XX I comment delinquency day to dropping
Now, million. quarter The highlight another slide rising quarter turning with in the strong unit. order the on income were million was title We sequentially from of pleased operating our the solid Xome with $XX XX. pretax at $XX refinance Xome through flow outperformance to
integrated, been very customers new efforts is commented and is has fully to we've that very for As on-boarding except some and carefully Assurant feedback platforms, related being managed efforts track now positive. on a to previously,
the that in the in slightly the third-party XX% up again proportion later services reflects in moving the start to notice and will revenues seasonal field You quarter. XX% slowdown spring. This typical fourth should of from dip
and and Xome cross over led the the generation play in team, role CEO We instrumental sell announced years, revenue he's an will January multiple vast win clients as to Rawls Mike we a has veteran experience new our existing operation. of Servicing executive brings company, highly to and credibility clients. and the Mike is XX-year compete services last to respected taken in of as for Xome. member that Mike five a
we've operating pretax income in already We XXXX million you. that the remain for $XX in shared confident with guidance
seasonal likely quarter dip you'll low so first next earnings a a point, in typically quarter. is However, see
servicers. And ended wrap some allowed for FHFA the on We let's recently by $XX very capital. million. XX with mortgage with came you which Now, slide a out operating the strong with liquidity, lines proposed of notice, up review to new year paydown us as of non-bank requirements liquidity and
expect We are comfortably in compliance and impact don't with they're if any proposals to we these our business. implemented,
asset cash this available spread. is an net at shared Earlier year, the its steady of of you illustrious cash called once we state sustain with current metric MSR access amount we flow, the discretionary which level,
state For the fourth quarter, million. $XXX was steady flow cash
January. with comments notes we on issuance pleased senior how to reception our were Jays in reiterate the market I'll
As out to year XXXX, providing which clears he a pointed a and be July three position through a half good out, us our this transaction maturities very runway, with is in. liquidity
expect, we're maturities, year. become in XXXX monitoring the alternatives the July maturities, the you'd next become analyze market closely callable for As XXXX year, callable which as of this we which we
worth was assets year-end. Tangible net XX% at
we're As considered sheet a test models. XX% a company recently, Jay rather and of simulation capital our not magic balance or process current our the target. results managing number, the undertaken planning and toward the mentioned, internal but we've higher stress reflects which That's
platform strongest very notes that result a range, strong building get our at balance higher we continue acquisitions. the on book equity believe industry, XX% prioritize stock putting sustainable a operating on We tangible a the or a retiring senior liquidity is that to sheet or and over good will Until closer we in to price value. in strategy and will top return above of that
that, with turn to Ken Q&A. it So, for I'll back