loanDepot, Inc.

Good morning and welcome everyone to Loan Depot's third quarter conference call. All lines have been placed on mute to prevent any background noise. If you would like to ask a question during the call, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press the pound key. I would now like to turn the call over to Gerhard Erdely, Senior Vice President, Investor Relations. Please go ahead.

Good morning, everyone, and thank you for joining our call. I'm Gary Harder-Dailey, Investor Relations Officer here at Loan Depot. Today, we will discuss Loan Depot's third quarter results. We are excited to share our financial results and other highlights of the quarter with you. Before we begin, I would like to remind everyone that this conference call may include forward-looking statements regarding the company's operating and financial performance in future periods. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to guidance to our pull-through weighted rate walk volume, origination volume, and pull-through weighted gain on sale margin. These statements are based on the company's current expectations and available information. Actual results for future periods may differ materially from these forward-looking statements due to risks or other factors that are described in the risk factors section of our filings with the SEC. A webcast and a transcript of this call will be posted on the company's investor relations website at investors.loandepot.com under the event and presentations tab. On today's call, we have Loan Depot founder, chairman, and CEO, Anthony Shea, and our chief financial officer, Patrick Flanagan, to provide an overview of our quarter as well as our financial and operational results. outlook, and to answer your questions. We're also joined by our Chief Capital Markets Officer, Jeff DeGurian, our Chief Analytics Officer, John Lee, and our Chief Revenue Officer, Jeff Walsh, to help address any questions you might have after I've prepared remarks. And with that, I'll turn things over to Anthony to get us started. Anthony?

Thank you, Gerhard. I'm pleased to be with all of you on the call today. Thank you for joining us. I look forward to sharing my perspective in answering your questions this morning. The third quarter proved to be another strong milestone in market share growth. According to the most recent data from the NBA, our market share increased by 46% from 2.4% to 3.5% compared to the same quarter last year. To put that increase into perspective, while the third quarter of 2020 was our most profitable quarter ever, our largest annual increase in market share came after that. demonstrating the resiliency and strength of our diversified channel strategy. When you combine that strategy with our growth, growing brand, and proprietary mellow tech stack, Loan Depot is the industry's only at-scale model of this type, and the hard work and enthusiasm of our talented employees delivered this growth. Our results demonstrated the agility and operational flexibility of our multi-channel strategy, which enables us to succeed in any market condition, including challenging ones. When competitive pressures in one channel compress profit margins, we have the flexibility to focus on our other channels and still deliver on our strategic goals. When increasing interest rates reduce the demand for rate and term refinances, we pivoted to emphasize the origination of less interest rate sensitive loans, such as purchase and cash out refinances. Combined, these two categories of loans increased 13% over the last quarter. The results of the third quarter are only a preview of what is to come in the future as we continue to hire the best, leverage our growing brand, develop and apply innovative technology solutions, drive down costs, and add more products and services to help our customers successfully navigate one of the most important financial transactions of their lives. Our marketing engine and customer acquisition abilities are one of the best in the business. Notably, in October, we wrapped up the successful first year of our multi-year partnership with Major League Baseball. By dominating media exposure on one of the biggest stages in professional sports, the League Championship Series presented by Loan Depot. Our brand reached millions of baseball fans during ALCS and NLCS and was further supported by the launch of a new national advertising campaign, Portrait of a Homeowner, that shares the benefits and unique feelings of owning a home through the eyes of real Loan Depot customers. Our market share increases as a direct result of our growing investment and increasing marketing reach. as well as our technology that matches customers to the best loan officer for their needs across our multi-channel strategy. Our unique website visitors for the first nine months of 2021 are up over 16% compared to the same period in 2020. This was in the face of lower market volume. With a similar advertising spend from the second quarter, we achieved double-digit brand metric increases during the third quarter, with consideration increasing by 15% and awareness increasing by 14% during the third quarter. Loan Depot's brand continues to gain momentum. Looking ahead, the real estate services industry are moving towards consolidation of products and services for the homeowner, and Loan Depot is leading the way. We are uniquely positioned with the brand, technology, and scale to invest in these additional products and services, particularly with the Loan Depot Grand Slam. Having announced this bundle of home buying services early in the third quarter, we are already starting to achieve early success. Purchase lead funding, real estate agent introductions, and real estate listings all increased substantially since the first quarter of this year. This growth, while impressive, was primarily accomplished before we publicly announced our Grand Slam package and was internally driven. We expect even better results in the coming quarters. Growth rates should accelerate as direct-to-consumer marketing for Mellow Home and Grand Slam gains traction. And we won't stop there. We're already planning to offer additional products and services for the benefit of our customers. Today, Loan Depot is more than a mortgage company. We're a digital commerce company committed to serving our customers throughout the home ownership journey with a full suite of products and services that meets our customers' needs along that journey. We are uniquely positioned to provide exceptional value and a reason to return to us long after an initial home financing transaction is complete. There is an energy and enthusiasm at Loan Depot. We're growing and remaining very true to our public statements about our intentions, abilities, and the ways in which we can do and will deliver for our customers. While we are proud of our progress, much of our energy is derived from the fact that we are just getting started. We are always looking for new opportunities to grow and further accelerate our long-term strategy. I am excited about what the future holds for our customers, our team, and ultimately our shareholders. With that, I'll turn things over to our CFO, Pat Flanagan, who will walk you, take you through our financial results in greater detail. Pat?