Guild Holdings Company

Good afternoon ladies and gentlemen and welcome to the Guild Holdings Company second quarter 2024 earnings conference call. At this time, all participants are in listen-only mode. Later, we will conduct a question and answer session with instructions to follow at that time. As a reminder, this call will be recorded. I would now like to turn the conference over to Investor Relations. Please go ahead.

Thank you and good afternoon, 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 and industry trends. These statements are based on the company's current expectations. Preliminary results for any portion of a quarter may not be indicative of full quarter results and are subject to management and auditor customary review procedures. 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 the section titled Risk Factors in GILD's most recently filed annual report in Form 10-K and in other reports subsequently 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 to the corresponding GAAP measures can be found in our earnings released, furnished today with the SEC, and are also available on GILD's Investor Relations website. I'd now like to turn the call over to Chief Executive Officer, Terry Schmidt. Terry?

Good afternoon, and thank you for joining us to discuss our second quarter results and strategic update. With me today are David Nalen, our President, and Amber Kramer, our CFO. We are very pleased to share our second quarter results, which clearly demonstrate the effectiveness of our strategy. By remaining disciplined and consistent, we are not only delivering remarkable growth while gaining share, but we are positioning Guild for even stronger performance as rates and the housing market further improve. There are three key elements to Guild's strategy that we continue to deliver on. increasing our market share during the industry downturn through accretive acquisitions in organic recruiting. Two, investing in our people and technology platform. And three, delivering excellent service to retain customers for life and earn referral business. The successful execution of this strategy is evident in our results. In the second quarter, we delivered adjusted net income of $30.7 million compared to 8 million in the prior quarter. This impressive growth was primarily driven by our origination business and reflects our unwavering commitment to the retail mortgage channel. In the second quarter, total originations reached 6.5 billion, a substantial increase of 2.7 billion, or 69% from the first quarter. In Q2, we also significantly outpaced the industry growth rate, estimated at 14%. This again underscores our market share gains and the strength of our business model. Moreover, we experienced a 43% increase in volume for the quarter compared to the prior year's second quarter. Turning to our servicing segment, our unpaid principal balance increased to $89.1 billion at the quarter end. The cash flow from our servicing continues to grow, providing a natural hedge and complements our originations business. Combined with our local sales teams and our Guild 360 client retention system, we are well positioned to originate and recapture business across all market cycles. Specifically, our ongoing investments in our platform and technology reinforce our confidence in our ability to continue to drive outsized growth. To that end, we're proud to have recently debuted our internal artificial intelligence platform, Guild GPT. This platform sets new standards for speed and efficiency, allowing team members to easily access an AI assistant for instant delivery of customized information on company products, guidelines, and related questions. This innovation frees up our team to serve their partners and customers with speed and accuracy. Overall, we believe this quarter is a strong indicator of the power of Guild. Beyond these impressive results, we can clearly see the long-term value being created by our successful execution of Guild's growth strategy. Our investments to expand our sales force organically and through acquisitions are creating a large network of loan officers who live and serve their communities across the United States. This represents an opportunity to further accelerate our growth in the coming quarters. We have a strong conviction that we are only starting to realize the full power of the Guild platform as we continue to achieve market share gains, grow our servicing portfolio, and operate them as integrated businesses to create customers for life. We're confident in our strategy, our execution capabilities, our platform, and our ability to deliver long-term value for our shareholders. Thank you for your continued support and trust in GILD. With that, I will turn the call over to David. David?