UWM Holdings Corporation Class A

on your telephone keypad. If at any time you'd like to remove yourself from the queue, please repress star one. Thank you. Blake Colo, you may begin your conference.

Good morning. This is Blake Colo, Chief Business Officer and Head of Investor Relations. Thank you for joining us and welcome to the third quarter 2023 UWM Holdings Corporation's earnings call. Before we start, I would like to remind everyone that this conference call includes four looking statements. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the earnings release that we issued this morning. I will now turn the call over to Matt Ishbia, Chairman and CEO of UWM Holdings Corporation and United Wholesale Mortgage.

Thanks, Blake. Appreciate it. And thank you to everyone for joining the call. We had another great quarter, and I'm incredibly proud of our results and excited for the opportunity ahead. I know that every loan we do today means that much more opportunity for us when rates go back down in the next 6, 12, 18 months, and we're doing a lot of loans right now. So things are going great. You're now seeing the reality of what I've been saying for years. When rates rise, both UWM and brokers shine while others struggle. Despite about a 25-year high in mortgage rates and low housing inventory, we continue to thrive in all aspects of the business, including having one of our best purchase quarters of all time. It's no secret why UWM and the broker community continue to do so well in the purchase market. Purchase transactions require an expert. They require more attention to detail. They require a higher level of service for real estate agents, consumers, and brokers, everybody. And they require an efficient process where speed matters for hitting contract deadlines. Together, UWM and independent mortgage brokers match these needs perfectly. We have world-class NPS scores, which was actually a plus 86 for this quarter. We have fantastic turn times that are the fastest in the industry. And we provide brokers with tools and technology to ensure all transaction details are handled with speed and efficiency and amazing client service. We love purchase because it's hard for others to compete at our level, and the business is less cyclical, providing UWM with a stable and consistent volume and earnings, as you continue to see. And when refis turn, we will be ready because we are investing heavily right now to ensure our brokers will win bigger than ever in the next refi cycle. The combination of our purchase business and scale and quality of our servicing book is so strong that our business can thrive in virtually all markets. We embrace these cycles each time they happen, and we come out stronger, and no other lender can say that. I've always said we'd rather be the best lender than the biggest, but we've, in fact, been both all last year and this year for the total numbers, but really the last five consecutive quarters, and, of course, for the last nine-plus years or nine years or so in wholesale. Turning to our results for the quarter, we delivered $29.7 billion in overall production, well within our guidance. Of that, almost $26 billion was purchase volume. As I talked earlier, we dominate in the purchase markets. We were doing more purchase volume the past few quarters than any other letter did volume, period. Our gain margin was 97 base points at the higher end of our range, and we generated $301 million of net income, which is inclusive of a $92.9 million markup of our MSR portfolio. But as you know, I always like to point out, regardless of the direction MSR marked, we are operationally profitable, which almost no mortgage company in the country can say. This is the true barometer of our success. Actually, in fact, I think we made more money this quarter than many of our competitors that are refi-focused have made all year or even five or six quarters worth. That's how strong our business is right now. I hope it is now clear, more than ever, that we are winning. I also hope people realize that we have seen multiple mortgage companies look great in low-rate environments who went out of business in the last two years or are struggling significantly, and that will continue to happen. You hear all other companies are doing great once rates drop, but remember, UWM is excellent regardless of interest rate. And that is why we have the obvious choice in the best-in-class mortgage originator in America. And we thank all our investors that have noticed that and continue to see that. The opportunity ahead will be massive. It might take six months, 12 months, or 18 months to get there, but I believe it's on the earlier end of that scale when the market turns. UWM will be the most prepared mortgage company. Whether it's a big refi boom, a mini refi boom, we will make the most of the opportunity. I'm going to now turn it over to our CFO, Andrew, for a few more details.