Guild Holdings Company

Good morning, ladies and gentlemen, and welcome to the Guild Holdings Company first quarter 2021 earnings conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session, and instructions will follow at that time. As a reminder, this call is being recorded. I would now like to turn the conference over to Michael Kim, Investor Relations. Please go ahead, Michael.

Thank you and good morning everyone. Before we begin, I'd like to remind everyone that comments on this conference call may contain certain forward-looking statements regarding the company's expected operating and financial performance for future periods. These statements are based on the company's current expectations. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of risks or other factors that are described in greater detail under risk factors in GILDS Form 10-K and 10-Q and other reports filed with the U.S. Securities and Exchange Commission. Additionally, today's remarks will refer to certain non-GAAP financial measures. Reconciliations of non-GAAP financial measures, where appropriate, to the corresponding GAAP measures can be found in today's earnings release filed with the SEC on as well as on Guild's Investor Relations website. Participating in the call today are Chief Executive Officer Mary Ann McGarry, President Terry Schmidt, and Chief Operating Officer David Nalen. Now I'd like to turn the call over to Mary Ann McGarry. Mary Ann?

Thanks, Michael, and good morning, everyone. We've got a fair amount to cover today with our earnings and the acquisition we announced this morning, and we want to make sure to leave plenty of time to address questions. So let's get started. Terry and I will walk through highlights from our first quarter results, and then we'll turn our attention to our acquisition of Residential Mortgage Services, or RMS for short. We posted a presentation on our website and will be referencing during our prepared remarks. So starting on slide three, key highlights for the first quarter included strong growth in originations with funded volumes up 70% year over year. In turn, our net revenue more than tripled while our net income and adjusted net income were up strongly versus the prior year quarter. We believe our results reinforce our differentiated business model focused on purchase lending, which has generated more consistent origination volumes and higher returns versus refinancing activity across interest rate cycles. Furthermore, our expanding geographic footprint both through acquisitions and organic growth, remains a key competitive advantage when it comes to driving profitable growth and shareholder value. We are growing our business in existing MSAs and entering new markets by recruiting loan officers to our platform. Over the last five years, 80% of Guild's production has come from loan officers that are still with Guild. This approach results in our high retention rates, and our ongoing coaching programs and system enhancements drive improving productivity for our existing loan officers. Technology continues to reshape the mortgage industry, and we believe our proprietary platform will increasingly add value. Our data analytics help us optimize prospecting. while our digital capabilities provide clients with a full suite of production and fulfillment services. And we focus on optimizing the servicing portfolio and client retention. Originating loan officers maintain relationships, which drives repeat business. And our data reinforces the efficacy of our model, with our refinance recapture rate remaining strong at 69% for the quarter. So with that, I'd like to turn it over to our president, Terry Schmidt. Terry?