Guild Holdings Company

Good afternoon, ladies and gentlemen, and welcome to the Guild Holdings Company third quarter 2024 earnings conference call. At this time, all participants are in a 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 will now 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 on 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, Reconciliation of non-GAAP financial measures to the corresponding GAAP measures can be found in our earnings release furnished today with the SEC and also available on Guild's Investor Relations website. I'd now like to turn the call over to Chief Executive Officer Terry Schmidt. Terry?

Good afternoon, everyone. Thank you for joining us to discuss our third quarter results and strategic updates. With me today is David Nalen, our President, and Amber Kramer, our CFO. We are pleased not only with our third quarter results and the momentum we're building, but also with the benefits we continue to see from the successful execution of our strategy to invest in market share through the downturn. Guild is very well positioned for better than industry growth as the market normalizes. Let me start by highlighting our third quarter performance, which reflects the strength of our retail model and the sustainable, positive, trajectory of our business. We delivered adjusted net income of $31.7 million, as well as achieving profitability in our origination segment, which demonstrates the favorable operating leverage in our business. With $6.9 billion of originations in the quarter, we generated strong growth, up 6% sequentially from the second quarter and up 59% from the prior year. This performance demonstrates the strength of our retail origination business as we deliver positive results from the successful integration of our acquisitions and robust organic recruiting. We also experienced an increase in pull-through adjusted lock volume in part due to rate declines in the third quarter. Additionally, our balanced business model with a focus on purchase market originations coupled with our strategy of retaining servicing rights allows us to generate more reliable cash flow. Looking at our growth outlook, there are several reasons we are optimistic about our prospects. First and foremost, and a clear differentiator for Guild, is the realization of the growth platform we've been building through our acquisitions and organic recruiting. We expect to see the ongoing benefit of our leadership in the retail origination business, regardless of the rate environment. While the industry will see the benefits of a more favorable rate environment over time, Guild should see enhanced growth and continue to gain share as we also tap into the increasing production of our new loan officers, who we expect to do even more business with the benefit of Guild's leading product and technology offerings. We are also continuing to pursue growth and remain focused on achieving profitable long-term market share gains. While we will be opportunistic with prospective acquisitions, organic recruiting remains robust and reflects the strong Guild story resonating within the industry. With the demonstrated strength of our platform and positive brand in the industry, we are attracting many quality team members. In summary, we're confident in our strategy and our ability to capitalize on market opportunities as they arise. Our investments in market share during the downturn are positioning us for strong performance as the market improves. With that, I'd like to turn the call over to David for more details on our near-term outlook and positioning. David?