good everyone. Jay, Hey, thanks, and morning,
million, with summary DTC, from EBT a XX.X%. operating of If market for quarter and XXXX million to we or sale in activity of pleased of of which gone million ROTCE the relate and the most a Overall, services. extremely was market, normalize. you Originations million zone and in operating million share X, $XX Servicing million where now $XX quarter-over-quarter Slide level $XX of and really recapture fully loss in $XXX that's turned in high results. financial income we the a were on $XXX growth especially nice given in I'll the taxed to produced all in Net operating driven field start our million to revenues. the and starting was to discontinued was was Pre-tax business, two cash stable $XX performance EBO out reverse $XX strong operations, refinances. positive a is in months produced $X.X million saw EBT represents included largely income operating mark per which adjustments by which which
issued to corporate the million, which expense months two increased from November. $XX senior million to You'll related we interest $XX debt of reflects note notes interest expense in that
charges. So $XX the $XX $X Field a you million, corporate services quarter. modeling and expense million which be million totaled going of $XX each Adjustments forward, included from interest sale million severance Xome gain in in debt should
talk three The the benefited positive Thanks over on the and XX% four year gains to in billion remarks critical of from income, a of XXXX, growth, tangible which and per Now more To right $XXX from you slide share. sale shareholder $XX.XX in about to book pre-tax we strong TBV as of on. which commented at businesses. million finished with the than for provides $XXX let's zone turn value. year-over-year just in view walk out income, X a value, recap measure the operating Jay the million $X we a chart
XX% outlook return $XXX for $XX.XX. In weighted growth shares in shares we extremely program, the now per price shares, average to retired out repurchase be high repurchasing initiating of stock the we've at our the of will given future and addition, we company's million a opportunistically share, believe TBV for repurchase XX.X Since turn over time. million from
to returns benefit rates in we we to which faster expect XX% marks. that than from positive equity on To from MSR earnings. ahead, per TBV And the expected, fully Looking keep rise growing to range should expect interest to also extent TBV XX% start retained share. will most environments, with, grow
we at record In to million. the fact, positive $XXX expect we'd close of least books if a mark today,
Additionally, own business we'll actively which continue auction we and as options basis. the an think we've stock most valuable exchange, exploring previously the shared all its certainly with is you, monetization units. repurchase we're to And finally, on of for opportunistic
higher deposit Now, XX of basis CPR increase the during valuation in sheet. assets custodial increase most reflects swap point are In X which important of to discuss marked to over and to let's slightly basis XX point fourth the our lower turn which a obviously expectation UPB, rates time. basis slide the a points and income MSRs, the leading mortgage in of balance points to X point quarter, rates, value summary, lifetime up speeds our MSR by which on XXX basis we our
about quarter refinancing. each save access who cash customers talk the number money can of we or Now, through
the Over from return customers could rates. three a as you'd higher refinance declined, last mortgage the pure months, who of number expect with has benefit
X.X% home source and rates of short bodes home prices a customers of population with equity company's homes. grew total the base is for DTC. interest strong quarter, term, are point increase over term. large in in I with well the that prices, the their by business we've important very opportunities longer in This for Also, another which However, customer meaningful the the in out while seen
Okay.
about I'll into benefit right from the interest sheet slide a we're mind you with we companies for top Mr. to our rates turn bit Let's and mortgage a our of business talk transparency model. from so examples rates. little Obviously Cooper impact X, balanced of in changes balance all to are some and how few providing extra now,
impact scenarios, well you two scenarios five operating include which twists. shows some MSR minus are yield as basis for as shocks, parallel or in guidance the slide three points these and would five our this portfolio rate on results. how These Now, directional marks our estimated curve different scenarios plus a scenarios XX where
tracked have and expect I shift here, mark showing we'd close record at So just far $XXX least we're a books we mentioned, rates million. year, this of as to if the you parallel the mostly today,
and in amortization. curve reflect long I'd end end term rates movements you MSR deposits, the in short swaps, rates, of these custodial finally, $XX our As portion the which that clarify across MBS drive the spreads the of we simply that to estimates fourth impacts affects have that now yields curve. a are look hedge. do right which And include estimates of which best sensitive where draws. spreads scenarios, hedge, to both mortgage the that totaled long to and the line are And in place speeds, want very the yielding you'll see you on outstanding between net we on values have covers out prepayment change And out The marks small point the would MSR, that billion showing I drives nothing. and quarter short and how judgments are scenarios. that point these which in also close of these
Now, rates control. outside clearly, interest our way of
lower out as processes, more we as about our customer course, such with automating experience. our of in and personalized of our friction-free is can and year every and unit grinding focus So control, out, business, simplifying a year what we and on delighting think costs
strong income DTC. produced million, our to above $XXX segment, performance to Now, guidance very was and which due which about in talk a let's slide the pre-tax operating XX of turn origination slightly
from the basis quarter, to moving XXX margin fact, highlight our points. points was In XXX basis a actually higher that a in I'd
model in peers. home that our change should point that different drive our Now the margin originations quite is from
on one, on we pricing, the serving existing flexibility spent at customers, same we're relatively For little time, since have we and marketing. significant
app. finally, last digitizing about may I'd started in which involves rationalize profitability. us quarter. to after Flash, the you our talk mentioning, structural capacity processes And Project take improvements recall we we Additionally, taking as on we an commented in like to actions
required cuts than the instances, in processing by amount of Flash complete Now, certain more some XX%. tasks time to
Flash is quarter across XX%. third XX% by of now of in But Flash As operation the roughly to should be today, production. up our
to should more coming to us So gains quarters. you expect in point efficiency
Now, let’s shift to volumes.
and disruptions volumes and were quarter. that. last last to were take a while done rates predictable over we two couldn't taking two sequentially your seasonality. company's For fourth the mortgage I job down candidly, the working return over higher down X% intensely more you locks DTC, this which XX%, care of the many the nothing be because reflects effect of has pandemic, a years, a amazing. seasonal dropped with that dealing design. by years typical and the our off of also of After minute performance in like recognize magnificent resulted same of customers and team off significantly, their originations for correspondent was finally time time channel the short of our the to more for And fundings members, the contribution some members happier In families, our the took have season at with to which pattern been have been team to originations
were face of bulk we're this cycle, in our is And down to was result at of than XX% and What's locks fundings interesting in sequentially. sticking down the better XX% point the acquisitions Specifically, the were correspondent. extreme pricing in seeing to this us and competition. returns discipline
share for purchase we I the slide us for some with originations. exposure quarter, turn as channel estimate provide excellent have to key strong originators correspondent the that The run market XX% our the the industry. in to metrics of clients. here outpacing purchase at continues shows XX% performance This our MBA’s to with let's XX. you And of Now, on some
In well this outs, doing terms DTC cash of of which we're nearly made quarter. DTC, with up extremely volumes XX%
As strongly we're last in risen number bodes of and two continuing seeing volumes. years, I home commented the significant increased over the Recapture XX%. cash in out having January heading from customers earlier, to the rate refinance prices was the with in well XX% with also equity, in the rates quarter, XX% right is for so performance growth direction, recapture which
to on for important target way, us replace provide you But since to we'll As on we the generation. By another into you is transaction. to structurally our entered about talked will is recently Achieving of the recapture strategic towards since Realogy, it access and execute with relationships we to In drive have the area the to our in XX%. provide equity regard, we retention. that later out a target with agents them an stronger with recapture. an also haven't and of assist Realogy flow higher largest update fewer cash continue it's customer realtor our partnership improve will drive year. return purchase working before how customers strategic lever to growth network, this this focus with which We'll this nation's is purchase with
small where the pricing improvement scale back which competition, sale this in In is steady see any due the corresponding in channel, the to exactly the see right wasn't we simply was impact gain but margins the unattractive. a to decision shows upper point Turning at to on we're which pressure, began for our in in expected but change hand we continuing slow cycle. to what January, chart, DTC,
first very in certain are rates, volume is industry at outlook cost. could for where given this the with be changes that who dealing interest the the in the desperate competitors point cycle especially to quarter, small the clearly any almost sustain is to sensitive Turning to originations
some to findings $XX are somewhere expect uncertainties, to we'd for range originations $XXX billion. on in based be So EBT while to of $XX $XXX of million first quarter the there
let's Now, up about at see XX% a Growing provide to us ended up than turn if target Total UPBS generate talked to for $X is leverage growth And which also in that the scale sequentially portfolio or returns. servicing lot have of will you quarter which X% to $XXX trillion structurally momentum. talk and competitors confidence to advantage should meant the the excellent higher scalability where about and the we've huge million and Slide the year. XX, billion, and customers, positive level with our we operating platform. is more position over more UPB X us a
this can growth on from led the you the acquisitions was execution $XX by all driven see across chart by channels, of billion. left, the solid As strong quarter
billion As are we far activity in ended the that quarter, brisk. continues pending be and fourth $XX quarter, to deals in so very first had we MSR
In attractive had quarter. terms, agreement we a small an beginning want board quarter servicing, of who billion the last we on week, from clients $XX modest fact, second which sub- growth we just the portfolio expect reached In to new at pools. in this coming some
Jay we’re remind share investors. gaining with with the we're critical optimistic capability, which are is and absolutely several in to a MSR servicing market As that the for you discussions We currently mentioned, sub recapture new economics subservicer in about strong clients. major only
have and talk buyouts in Pre-tax revenues strong accelerated million, to would Now million, that otherwise turn our to guidance. XX EBO thanks reflects than slightly higher slide [ph] the certain income was and The for operating $XX place first the we taken was $XX that pools about some servicing that EBO fact previous let's of EBT. quarter.
brought down, to this further focused points portfolio, in basis first result in And X.X declines we're Operating forbearance were to expecting $XX only In them with costs EBO opportunity around winding rapidly million. XXXX, EBO the Now, diminishing. incremental on the basis and of points. the from down is we capturing good in continued very quarter, revenues programs metric time. story which as efficiencies, a of grow UPB over X.X we we're will
the CPR speeds to million at to was expense, which rate this due of improve which will amortization deposit reduction servicing the XX basis in valuation in million Amortization that declined in Now from will are be environment. end. let's I quarter, on of to components higher third review income, both to MSR, which $XXX CPR amortization marked remind and partly two fourth offset rising a which should year lower $XXX although XXX we and drive A the a slide in XX.X%. by down quarter up turn benefit lower you further speeds, points earnings,
a case, have CPRs benefit quarter. In had fourth earlier take valued example in been at would basis the a that roughly that a million into let's mark basis rates equates lower to today, based amortization I Now basis full $XX lower suppose account first been $XX are XXX push on the valuation points. points is on take commented forward. the markup MSR XXX of roughly This amortization of quarter which already the hypothetical would XXX at going example, million forecasting quarter, which to year in the in million. least $XXX to on where you up in points, need based
$XX interest we billion. quarter, income, more our on the than balances $XX average Now, of contribute custodial million turning earned little very to fourth in now amount, deposits this
expect by will tighten with Jay we least XX those to Fed points up the deposits XXX basis yields this year, to expected points by we throughout expect basis XXXX. mentioned, X improvements year-end. As And continue push at this times or on
as some will the roughly it break servicing EBT be year holding But expect amortization, portfolio to EBT revenues We'd only point, to Looking from will minimal, to income those income continue incremental revenues throughout to EBO this higher mentioned, from consistently we continue redelivery. from servicing quarter, expect we growth. Not but as lower we benefit from also pending rising and lose loans expect decline, deposit in ahead I the returns XXXX. call improve into interest even. first
talk Now, exchange. the if slide you turn auction let's to about XX,
generate start we're ramp platform to know, this to excited up see and you As finally very back revenues.
and ending. are foreclosure that Now, moratoriums federal state
said, we that this so the caveat Jay no actively continue rush. to a we're explore in very monetization valuable with options As business, is
zero. much the could up, can running operational we that $XX sure possible to right slow local we the strongest pleased moratorium combination the but sales fourth the somewhat a to probably to presented prior slowly volumes don't than things their to an can nearly stride their taking foreclosures, credit albeit which see not It's moratoriums, foreclosures, is the was the sales relatively onset to expect at year, last starting the of will which see million ballpark have only This or for case been until help pandemic. be we'd but on how at in years in in chart of fact level. ramps uber in we're to dropped of position all to the to market will the the servicers shows foreclosure point few the the approach, activity borrowers now third to EBT Plus, in to the some also mentioned the cautious point pace, moving you we're alternative, slower I With modifications XXX,XXX somewhat up, housing expired some wanting with prior important of pick forward expected. reflect the Nonetheless, of lower. slide and with issues a those seeing make or which regardless the which quarter, is take. that's eventually revenues with course, quickly every even the exactly in know And we're including that supply change, in still US, market and really previously the needed of need plenty the bring Then in back hit of in cycle. clear investors, units activity the market. The history early
which outlook economic right. $XXX,XXX credit two needs reasonably this And All cycle, years couple much, any we of the the be foreclosure forecast next higher could Xome’s much still that through to think assumes see normalized a potentially is the conservative real from be would in if the the a deterioration Now, years, remains roof. and gauge rosy, last plus levels. worked through. backlog Also activity in revenue be we there’s
million the in an with flow the a to unrestricted strong metric discretionary above generated was the very our sustain flow and capacity represents left steady us flow. quarter We be necessary talk cash story turn this is liquidity. And discretionary lines end, At available the cash state a Let’s balance sheet $X.X at cash its liquidity. for level, continues reminder, that as quarter to plus $XXX an of spread. cash about which level illustrative $XXX in undrawn This the good of current estimated us on excess billion with net free MSR asset to MSR million.
would line minimum MSR somewhat higher During by us down pay our utilization if took those materialize loans this quarter, We year which million the we're the way growth continue contractual to did back expect we draw $XX expecting. million. opportunities to $XXX of
of those our term senior we very we’re out On topic thoughtful maturities. notes, about the how
recent runway most offering talking liquidity XX five going by a leverage. up had I'm to leaves my a Slide XX-year us years and until on XXXX. comments and which wrap at no Our maturities about with tenure capital
total from we've target managing quarter achieved that capital know, at Today, surpassed you with last net XX.X% XX% ending of been the and to ratio we a our that that pleased to report XX%, quarter. of ratio assets As higher. up worth to tangible or we're
Ken call So over for back with that, I'll to Q&A. turn the
