Appreciate everyone being here today. Got a bunch of questions, I'm going to go through them.

I know last quarter we didn't do Q&A and I know people missed that, I'm happy and hopefully this is valuable to you guys in any way possible about the industry, about UWM. I got a whole variety of types of questions.

I'm going to try not to duplicate and try to put some of them together, but I'll go through and maybe read off a person's name, read the question, and go through it. If anyone has any follow-up questions, I know I can't take them live this way, but obviously our investor relations team, Blake and everybody else, will be able to handle your questions and help you with anything you need.

Let's get started and we'll jump into it right now. First question, I got Doug Harter from BTIG: "What is the status of bringing servicing in-house?

What is the latest timeline transitioning all servicing to our own platform?" First, status of bringing servicing in-house.

Is the video on? It's working?

It's on. The video isn't on, but we can hear you.

They can hear you. Okay.

Yeah. Sorry if you can't see my I look good today.

Hopefully everyone will see the video, my IT people will fix this. Anyways, I'll answer the question without the video for this first one.

Anyways, status of bringing servicing in-house. It's going fantastic.

We feel really great about where servicing is right now and how it's going. We have, we have less than 100,000 loans on, but all new originations are going on, and then we've moved a bunch of loans over from Cenlar already.

We feel really good about that. The process will be this year.

Over the whole year, we'll bring all of our loans in-house from so there'll be no subservicers by the end of this year, and UWM will handle it all. Now, it's going really great.

Our our technology process is going great. We partnered with Black Knight, and then we partnered with Bilt, and we've also built a bunch of stuff ourselves.

We feel really good about where that's all going and how it's been going. Our client service has been excellent.

All the metrics that people look at are fantastic, we feel really good about that across the board. Servicing in-house is great.

The transition timeline, that's this year. Hopefully that answers your question, Doug.

I know there's some other servicing questions, I'm sure I'll get to them as we go through it. All right, the next one: Ryan Nash, Goldman Sachs: "What are your thoughts on future gain-on-sale margins?

What does competitive landscape look like in a heightened rate environment?" Obviously rates went up in in March, and they've gone up even more in April.

Now you guys can see me, I told you I had a good blue suit on today. Margin went up—excuse me, rates have went up in in in March from February.

I think the 10-year finished at 3.95%. Seeing rates go up, how does that impact competitive landscape and gain-on-sale margin?

What you'll see is, we're in a really great position from a from a perspective of of margin and competitive position. I feel like the competitive landscape is very competitive right now, and a heightened rate environment means obviously purchases more than refis.

However, you looked at our first quarter, we did a heck of a job on the refinance side. I guess my answer to you on this, Ryan, will be that, gain-on-sale margins, I kind of see this this range that they're in right now being the right range.

I think that it's going to continue to be in these levels right now, and not significantly higher, not significantly lower. I actually think there's upside in the margins based on, our margin was pretty strong in the first quarter, I expect it to be in the in those ranges again in the second quarter, but also if rates come down, you could see margins increase.

The competitive landscape, it is very competitive out there right now. We obviously had a great first quarter.

You guys saw the numbers and see what we did. First quarter is usually the slowest quarter.

Now obviously rates going up, it changes. The war going on, there's a lot of uncertainty, which creates issues obviously in the rate environment, but we feel really good about where it's at right now.

You [laughs] Ryan Nash also asked: "Thoughts on the Knicks winning at all?" [chuckles] So obviously must be a New York Knicks fan.

They have a very, very good team. We obviously just lost to OKC, who's an amazing team, too.

It'll be interesting. The East is is open, the Knicks have a very good chance.

I'm not really cheering for anybody, I'm just watching and learning. Good luck to your Knicks.

Let's go. Next question: Mark DeVries from Deutsche Bank: "What's the strategic value you see in Two Two Harbors, and what updates can you share of us regarding its progress or impact?"

The Two Harbors thing is out there right now. It's interesting, when we originally went to acquire the company, they have something that's really great.

They have a pristine servicing book, a great servicing book. When we bought the company, or originally agreed on the deal before all the work was done, we thought there'd be a lot of synergies also.

They had capital markets expertise, maybe some finance expertise, their servicing platform maybe we could learn from. As we went through the due diligence process, we learned that there was a really great servicing book, and and we still like that servicing book.

We originally put an offer out there. Where that stands now is like we don't see as much value in their management team.

I think their team members there, we met some of the their people are very good, but their leadership team we were not as impressed with. What's happened since then is they've went out and tried to get another bid, and they did, whether it was appropriate or not, we can discuss that at a later point.

What's happened is if they would have just engaged with us, we would we always planned on paying $12. Quite honestly, based on where the stock price went down, I'd rather pay it in cash than in stock, because I feel like I'm giving my stock away at a really low price.

The they never engaged. They just went out to another offer.

We made another offer, they just basically ignored it. Now they've we've made another one and said, "Okay, we'll go to $12," what we originally planned on playing, which I think is maybe $11.95, but you can do the math, based on when the stock was at $5.11 or $5.15 the day we cut the deal, I think.

We still feel really good about that deal. I feel like they're It's very clear that their management team and their board is which is has its own issues in the past with their lawsuits and stuff, is maybe playing some games, doing things because they realize that we don't see any value for them specifically.

It's interesting, the they have really great shareholders, which we are excited to bring onto UWM. Their board and their management team doesn't have any value to us, now they're trying to do anything they can to potentially go with someone else so that they have jobs and sustainability.

I think it will play out. We'll see how it shakes out for us.

That's the strategic value is their MSR book, their shareholders have some value because we think that we've got a chance to know a little of them during that process and feel like they got some really good shareholders and we'd love them to be UWMC shareholders. Whether they take cash or stock, it does not matter to me.

We feel really good about that. For the shareholders of Two Harbors, they obviously would prefer taking $12 in cash or UWM share than taking $11.30 in cash.

That's obviously going to play out that way. It's really surprising to see how it is, but we'll see how it goes.

I feel good about that, and we feel good about the strategic value. It's very clear to us that it's it's MSR book is the shareholders, and there's there's not we're not we don't have any value for their leadership team, which is obviously not what they like to hear.

All right. Mikhail Goberman—sorry if I don't pronounce everyone's name perfectly—from Citizens Bank: "Orig How do you foresee the balance between origination income and servicing income evolving, especially given the post-war reversal of rates seen since end of February?"

Listen. We're an origination company, we're the biggest and best originator in the country.

We feel great about where we are in origination. You saw an amazing first quarter.

We've been the number one originator for 4 straight years, and continue to build Number one wholesale lender for 11 straight years. Origination is our game.

Now, as I'm bringing servicing in-house, we're going to have more servicing, and we're going to continue to retain the servicing. Now, are we still opportunistic?

If someone gives me a bid that's we believe is more than what intrinsic value is, I'll sell the servicing. Like I have those options.

Now with the lower costs of servicing by bringing in-house and the better level of service, which will help retention, we feel like we got the best of all of it. How do I see it all balancing?

Like we'll see what the income levels of origination versus servicing. Origination's still our game, we're going to continue to build out the servicing book, but I'm always opportunistic and people call us all the time, cuz, even what I just talked about Two Harbors, some of the servicing book that they have, I called it a pristine servicing book, a lot of that happens to be our old servicing book that we sold them.

We feel good about the paper we originate every day and servicing the loans, but if someone wants to come offer us a great opportunistic price, we will always look at that. Thank you for the question.

Jason Stewart let's see Jason Stewart from Compass Point. Let me read through.

"There's an increased number of high Was there an increased number of high-producing brokers affiliated with UWM during the quarter supporting wholesale channel growth?" Good question, Jason.

High-producing broker shops affiliated with UWM, I always say the numbers and I'm it's roughly this, but there's 12,000, 12,500 brokers that work with UWM and maybe there's 400, 500 that are not all in with UWM. There's not that many high-producing shops to bring over to UWM.

They're affiliated with UWM. Almost everyone in the market works with UWM, that's why we have almost 50% market share.

I think it's 44.7% or 44.8% market share for the year last year of the broker channel. Our big focus is grow the channel.

Help brokers do more. Help more originators realize that broker is the place to go, whether they join a broker shop or start their own, and that's been a really big focus.

As the broker channel grows, UWM will grow even if our market share were happen to go down. I feel great about growing the broker channel.

Then are brokers coming over to join UWM? Yes, they are.

Every single day people see the value of what UWM does. I got some actually examples that maybe will come up that I can share because I've been talking about some things recently, with some new ideas that have happened.

Now separately from that, the the whole all-in thing with brokers, from years ago, one of the biggest adversaries of UWM was a guy named Mike Fawaz at Rocket who was saying a bunch of things negative about UWM and about what we do and how UWM wasn't best for brokers. Recently that man left his company at Rocket and started a broker shop and called me.

Now he's working with UWM. The biggest anti-UWM, I think he called it the bully shield, he came up with some stuff which I've I've got to know him now and I I like the guy.

I always respected the guy cuz he he was in the weeds of the business. He started a broker shop and chose to work with UWM and not to work with Rocket.

I think that sends enough message. Someone that knows every detail of what Rocket's doing and says, "I I" He came and learned about UWM and joined a broker or started a broker shop and picked to work with UWM, I think sends the message that there will be more and more big broker shops moving over to UWM.

There aren't that many left out there that don't work with us, but that's an opportunity. The bigger thing is grow the broker channel and continue to grow, and so that's been very positive and the broker channel is continuing to be very positive and we're excited about the growth of the channel.

All right. I got Let me I got I got a couple I'm going to bundle these, I apologize, not going to name everyone's name.

I got a couple questions on Mia and the AI initiative, let me just hit on that and kind of combine these questions. Let me see if I'm kind of combining a couple of people here, make sure I get it all here together.

Let me So I'll kind of read a couple of these, and then I'll talk generally about Mia, but one person asked about Mia's text messaging capabilities and how's it been going, customer's response to Mia generally, lead time, competitive like discuss Mia over the past So let me give you a a Mia update. Mia has been fantastic.

It's been almost a year. I rolled it out at UWM LIVE!

last year, and it's been amazing. I think the data, and I'll get the exact numbers, but I'll call roughly, I would say about 100,000 closings, but I think it's closer to like 80, 85,000, but let's call it, in that range of closings over the last year have come from Mia.

It's been fantastic. The Mia numbers, and like I said I'll get the exact numbers, but it's been the last report I saw was so strong with the Mia initiation of refinance opportunity.

If you look at our servicing book, people always ask ask me, "Hey, you have 2% or 3% of the servicing book, but you guys did 12% or 13% of all refinances." Mia is a big part of that.

Brokers do such a great job with the consumer up front, consumers want to come back to the broker. The problem was brokers did such a average to below average job, I won't say poor job, of following up with their past clients that they would just be one and done.

They do the purchase and then they wouldn't talk to them again. Now with Mia, she's keeping the broker in front of the of the of the past of the consumer.

When the consumer goes to refinance, they work with the broker, cuz the broker's offered the better deal anyways, they just they just didn't know who to call. Mia has been fantastic.

Now when she leaves voicemails, she does send a text message out. That was an initiation that was different.

It was just voicemails. She sent So she calls, and right now we're seeing the data, I think I gave this data before, Mia, about 40% of her calls get picked up, which was a bigger number than we expected.

So 60% leave a voicemail, and now we send a text message also. A lot of those call the broker back, like, "Hey, was that AI?

Or is that real? Was that spam?"

They're like, "Yeah, it was real. I can save you some money.

Let's talk," and they do a loan. Then on 40% or 16,000 of a 40,000 call day, let's just use that as a day, talk to Mia and have long conversations.

I just played ones today for the sales, like they have 2, 3, 4-minute conversations. Some of them know it's AI and some of them don't know it's AI.

It's gotten that good. Then they we send a follow-up email to the broker, "Hey, you have a call scheduled at 3:00 p.m.

with Jenny, the the borrower," and it's really been successful. I got more things coming out with Mia.

I'm going to continue to enhance it, make it The scale that we're doing it with our IT team has been phenomenal. Like there's no one in the country, I don't think there's anyone that I know of in any industry, let alone the mortgage business, doing it at this scale that we're doing with Mia.

It's been great. We feel really good about it.

It's going to get better, next week at UWM LIVE! and beyond.

I got some big enhancements to continue to make it better and better and better, and it will help brokers win. I think it's a big part of that 2%, 3% of the servicing book, 12%, 13% of refis, what's that delta?

Mia. Brokers are doing a great job, now we're doing a better job staying in front of them, and so it's been very, very successful.

Hopefully that I apologize if I didn't answer anyone's specific Mia question, but that kind of combines a couple here. All right.

Let's see: Kyle Kyle Joseph. "Could you review industry competitive trends, current broker share, and how do you anticipate evolving in the current market?"

I kind of answered that one, I apologize, but let me kind of give it a little bit more, and then we'll keep moving. Current broker share, I think it's about 28%.

The mortgage broker market is the brokers do about 28% of the market. Just 5 years ago, I think in 2019 or '20, it was like 14% to 15%.

It's almost doubled. It's growing.

Will it double again? We're working on it.

We're hoping so. It's obviously going from 14% to 28% is harder easier than going from 28% to 56%.

Our goal is to help brokers be the number one overall channel. So 50.1% is where we're going to go with the broker channel, and we're on a path to doing that.

With that being said, and then our share has been very steady. It's been over 40% for years now, I think 44.7% or 0.8%, whatever I told you guys earlier, is roughly what it is.

We'll call it between 40% and 45% consistently for years now. Never been done in the wholesale channel before.

Never even close, no one's ever got close to those market share numbers. It's because we provide value.

You understand, it's not because, I'm the best-looking guy and people love like It's because we provide value. We help brokers grow.

We help them look good to the real estate agents. We help them do more business, right?

We help them make the process easier. We help them be successful.

We train them, we coach them, we give them cool tools to help them win more loans. That's why we're the best, and why we're the biggest.

We're going to continue to be the best and the biggest in wholesale and overall, but the key is helping brokers win. As brokers win, UWM wins.

The nice part is, like being the largest lender in the country for 4 straight years, I only have a chance at 28 out of 100 loans. Think about that.

We're the biggest and we only have a chance at 28 out of 100 loans. Every other lender, the number two, the number three, number four, all those guys, they have they have access to 100 out of 100 loans.

They're competing for them. I'm not even having a chance at those 72.

As that 72 out of 100, the retail channel, goes to 65 or 60 or 50, well, that's just growth for UWM. That's why we're so bullish on the UWM's growth, but also on the broker growth.

We're going to all win together. I think that answers your question, Kyle.

You you had another one, I usually I'll come back to Well, I guess I kind of answered that: "What is UWM's current push share?" I kind of covered that one.

Thank you for the question. All right.

I got a couple questions here. Ryan I got a couple ones here tied to Yeah, I'm going to kind of kind of knock these out together.

Expenses. I got a couple questions on, our expenses.

As you guys saw, our expenses went down. The way I look at expenses in general is we invested a lot.

I've been talking about it for years. Now I'm starting to see, the harvesting or the success of those investments, right?

Whether you want to talk about TRAC+ or the investment in free credit reports to help brokers grow, like I can go through a lot of these details. What we're going to start seeing out is like more of a little leveling out of expenses.

As you saw, they went down. I don't, I I think our investments are going to start paying off now, and you're starting to see it already.

I think you saw a little in the first quarter is, we didn't have a great quarter by where I want us to be, but compared to the industry, we had a great quarter. I think we're up, I think last last year first quarter was $32 billion, which was a great quarter.

This year we did about $45 [billion?] .

That's significant. Our gain-on-sale was up and volume is up, year over year.

Seeing that, and that our expenses are flat or down, right, and so we feel good about where we're at from an expenses perspective. Like I said, I think of them as investments, and I think they're paying off in a really, really positive way.

I feel great about that. I think I'm trying to see, if I hopefully I covered that comment and question enough with that.

I think that covers it. Let's see.

I got Mikhail, you got another question here. Let me hit this one, cuz on "What are your thoughts on the new VantageScore rating system for borrower credit?"

Sorry, Mikhail Goberman, I'm just using your question again. Another question you have on VantageScore.

Let me give you thoughts on this cuz it's actually interesting. I've got a lot of talk.

Kudos to the leadership of FHFA and about rolling out a new way. FICO scores and credit reports have got really expensive.

If you have a competitor in there, now you have options. Options usually create better outcomes, and that's why wholesale works, cuz brokers have options and they figure out what's best.

People like us Now, what's happened is FICO and Vantage are both now on the top of their game to be the best they can be. Now with that being said, there's very few companies that were put on the pilot.

We were one of them. I think that got rolled out less than 2 weeks ago from FHFA Director Bill Pulte.

The support of Fannie Mae and Freddie Mac. 4 business days later, Wednesday of last week, we rolled it out, VantageScore.

It's been an enormous enormous success. Not for the reasons you might think, not for, "Hey, you're saving $50 a credit report."

That's possible, too. What we're doing is we've got both: FICO and VantageScore.

We're making sure the borrowers get the best opportunity, cuz they have different models. Vantage looks at it a little differently.

If you have a little bit thinner credit, they understand they can add rent and other things in there, more people can qualify, or maybe they qualify with, have a little bit higher score. Now, Vantage, you have to take a 20 base a 20-point haircut.

If the VantageScore is 744, that's equivalent of 724 on FICO. If the FICO score was 719, well, I just got that borrower a better deal: lower LLPAs or a little better opportunity, and so that's a win for the consumers.

This has been a massive thing in 5 business days. The amount of emails I've gotten on loans that we've helped brokers win, on consumers that have been so grateful and thankful that they can qualify for a home or they got a better interest rate and lower fees, has been phenomenal.

Kudos to FHFA, kudos to Fannie and Freddie getting it out. We rolled it out with VA today loans as well, and FHA will be soon.

I think the MI companies, the leaders in MI companies like Essent and Enact, they're on it, and others are they're coming. Like, like how do we do this?

How do we make things better for consumers? VantageScore and FICO, because by the way, FICO's still great in so many ways.

It's not one or the other, it's both are great. Now can we help consumers in a better way qualify for a mortgage?

Can we have better credit profiles? I've been extremely, extremely happy with this and the rollout.

Just to give you guys recognition of what we do, I our IT team, like to roll this thing out in 4 business days and have it work and flawlessly, is obviously a different team than put together the Zoom earlier that wasn't getting my video on earlier. Just kidding for my guys behind me behind the film.

You get my point of like they did a heck of a job. They did a heck of a job of getting this thing done, and it's out and live, and we're seeing so much success of it on VantageScore.

Congratulations to my IT team, to brokers that are understanding it, and to Fannie and Freddie, who said, "Let's go. Let's do this," and FHA, of course, FHFA for leading.

Hopefully that answers your question, but, other people don't have it. I think nobody in the country has it, by the way, besides UWM right now, cuz they can't implement it as quick as us.

Maybe they'll have it out in May or June. Like we're rolling with it, we're we're saving loans, helping loans, giving better deals right now because of Vantage.

All right. Let's see.

I got a couple questions here on let's put this We'll do a Bilt partnership question. There's a couple Let me try to read a couple of them off and I'll try to answer.

I'll I'll talk about Bilt, but, "Indication of Bilt co-brand relationship increase leads?" , like "Status partnership with Bilt, update, infrastructure is in place?"

Here here's how we're I'll say about Bilt. Bilt, Ankur Jain, the CEO of Bilt, phenomenal CEO, doing great things.

They're their vision is ridiculously great, it's fantastic. UWM is servicing.

UWM is a servicer. We brought servicing in-house, we are controlling everything.

What we did is we chose a platform on the front end that was able to provide rewards points to consumers, which has never been done. They don't have to use a credit card, they can use ACH to get free points.

It's all It's never been done in our industry. Rewards points for paying your mortgage on time.

What? You guys are all consumers, too, everyone loves points.

You can use points, and then it hooks their credit card in there, once again, and they get points. If they get their American Express points, they also get points through Bilt, and you can do this and earn points and use it for flights and other things that you want to use it for.

It's really, really cool. Now beyond that, the servicing platform is really slick.

Like we built this with them obviously cuz they had never done this before on the front end for mortgage, and so it's really cool for consumers. It's a great platform up front and the Bilt partnership.

Then on top of that, Bilt has over 6 million consumers, and, depending on the year, 8%, 10% of them go buy houses. Those are now curated leads that they're going to want to stay on the Bilt platform, and they're going to work with a mortgage broker.

That's a huge opportunity. We've already had that in pilot.

There's some really cool things. There's a concierge service that's really cool that gives our clients our consumers, which are our brokers' consumers, our brokers' partners, an amazing platform to get things done and make their life easier.

Truly a cool neighborhood experience. It's it's hard to explain to people, they don't understand it.

I'm actually Ankur's going to speak at UWM LIVE! next week, I know a lot of you guys are going to be at UWM LIVE!, hopefully you'll see him speak and you'll understand it a little bit better.

The vision's going to be awesome. The key is UWM has servicing in-house, we've been the best originator in the country for a long time, now we're going to be the best servicer because we're focused on it.

It's going to help retention for our brokers, it's going to make the consumer experience better, and there's all these other ancillary benefits, too. It's been a great, great partnership.

It's off, it's launched, it's rolling, it's fully active and, of course, getting better every day like we do with everything at UWM. Cuz we don't have all 600,000, 700,000 clients consumers on it, we only have the ones that are on it right now and they're all moving onto it.

I've shadowed the team, I spent time with our team, our service team. The servicing process has been really great.

I know you guys have asked me in the past, "Why don't you do it?" and I've always said, focus on originations, which I'm still doing, but the the cost expense will be great on on the servicing by not outsourcing anymore.

Better than that, the retention and the experience for the consumers and our brokers is going to be even better, and that's really what we're focused on. We're excited about that.

Hopefully that answered the Bilt things. Let me just see.

I got all these pages, make sure if anyone else had a Bilt question that could maybe tie into it. All right.

Here I got a couple Let's see. I got a couple This is an interesting one.

This might take a little bit of time, but it kind of covers I'll try to hit all of them together on "What do you see in the business for the next 3 to 5 years?" I got someone says, "What's a 10-year horizon?"

, someone says, "What's a 5-year?" , I got someone asking about how do I expect think expenses or volume will go over the next 3 years.

I'm going to kind of combine these and kind of give you my view on our business cuz we've been spending a lot of time on it. Like what does the next 3 to 5 years look like?

I look out I have 3-year goals, but then we also have 5-year goals and targets, so that's I think 2031. If you're saying the next 5 years, here's like high high a high-land level or high-end thought process on it is, I think UWM over the, 5 years, from whatever you want to call it, '27, '28, '29, '30, '31, those 5 years, we're expecting to do over $1.3 trillion in mortgages.

I believe we're going to do $1.3 trillion or more in that 5-year window, so that's a big number, overall. Now, there might be 1 year in there with $400 billion, there might be 1 year in there with $150 [billion?]

to $200 billion, right? I believe that $1.3 trillion is that kind of that North Star over the next 5 years while—and it's important to understand—while my expenses basically staying the same.

With our AI initiative and our technology, the expenses you see today, we'll call it roughly $600 million in a quarter, I think it's $590 [million?] or whatever, but you get my point, I expect when I do one point like each of these years, that's kind of what we'll see from an expense.

Think about volume doubling, more than doubling, and expenses the same. Now with that being said, there's another which really probably is not accounted for by many of you, outside of the volume and gain-on-sale margins basically being in those ranges that you see and expenses being flat, on top of that, I see another 20%, almost 25% in other revenue coming into UWM that's starting to happen with some of these ancillary products that we have and they're starting to really pick up steam.

Seeing revenue growth outside of just—and it's tied to originations, of course—but outside of just volume and gain-on-sale or however you want to think about it, there's some of that's it's in the gain-on-sale and some of it that's maybe not, and some opportunity. That's kind of like 3 to say I know that's high level, I didn't get into the nitty-gritty of some of these questions.

Let me just read and make sure like like and some of those other revenue sources, some of them, could there be opportunities on TRAC+? That's really taken off.

Could there be other opportunities to grow and help consumers while helping brokers and UWM winning? I see $1.3 trillion I guess I'll summarize it: $1.3 trillion over 5 years.

I see gain-on-sale margins basically being in these ranges, maybe slightly higher, we'll call it. Expenses flat or down, and it might be down, but I'll just call it flat to be to be clear.

At the same time, other revenue tied to some AI initiatives that we have that is actually starting to produce margin and and and gain-on-sale while others are producing things that are other revenues could be pretty cool. That's kind of where I look at that.

Hopefully that helps answer. I think that answered a handful of questions here.

Let me look. Yeah.

Hopefully that covers it. Obviously, if I didn't answer it exactly, some, some want shorter term or more detail, like I said, Blake Kolo, investor relations team will happy jump on a call anytime.

Matt Roslin, any of those people you can talk to. All right, let's see.

Let's see. I got Kyle Joseph, another question: Homebuyer like "How are you thinking of the Homebuyers Privacy Protection Act and its potential impacts on industry competitive the industry, competitive environments, and overall margin?"

All right, so, Kyle, let me answer that question. I think you're talking about the trigger lead rule.

The trigger lead rule, I think came out March 4th, I think is the date. It's definitely changed.

A consumer used to pull credit, man, 50 people would call them. Now it's the servicer, the original lender, original broker, maybe their bank, it's like three, four.

What it's actually done is change the competitive landscape, probably better experience for consumers, they're not getting 50 calls. That's one thing.

I think that was the goal of Congress and people that pushed this. On the flip side, the consumers maybe don't get as many options, cuz, you get offered one thing, you don't know any better, and you get offered 6.5% or with $5,000 of fees, and you don't know any better and no one else is offering things, you might pay that when you could have gotten 6.25% with $3,000 of fees by working with a mortgage broker, going to MortgageMatchup.com or going somewhere like that.

The trigger leads would get more people and make people compete more. From a competitive landscape, I could say I could argue that that's maybe not as good for the consumer.

The experience is better, but maybe the rates and fees aren't. Once again, if you're only winning on rates and fees, you ain't going to be around long in this business.

That that's part of it. Now like so so I could argue that it actually will increase margins, and you might see gain-on-sale margins increase a little bit because people aren't, lowball, lowball, lowball, lowball to win a loan because there's not 19 people calling them, in my example.

I think it's been good. It's been good overall.

I don't have a huge preference one way or for it or against it, but I'm just telling you what the results have been. Still early, it's only been 60 days or so since that rule came out.

That's what we're seeing right now. Brokers our brokers that work with trigger leads, they're just buying other people are buying data now.

It's just not trigger leads, there's other forms of buying data. People are still getting leads and so it's still competitive, I don't want to make it seem like there's it's just you go to one and you don't hear anything, but it's a lot less.

It's changed the competitive environment on that. Hopefully that answers your question, Kyle.

Let's see. Hopefully this format's good for you.

I feel like we've gone through a lot of questions. Let's see.

Here's one. A couple have asked a little bit about debt ratios.

Let me go through. "Why did secured debt go up relative to other aspects of the balance sheet?

How do we look at the debt ratio?" Obviously we look at the debt ratios every day.

We're very focused on them. The debt ratios were really good a couple years ago when the volume and the business wasn't as good, and now I think the business is really good and the debt ratios aren't as good as we'd like.

At the same time, some of those debt ratios are a little bit of an anomaly based on and same thing with the liquidity number based on some trades we have out there to help balance the MSR book. That sometimes goes up and down, and it at the end of the quarter it was up, but it's already come down a little bit now.

Those things change and fluctuate a little bit, which kind of throws those ratios off a little bit from what you're looking at. They're better than you see.

At the same time, like I said, I feel really good about it. We watch the numbers closely.

The key is earnings, right? We're starting to see You saw we had a very good earnings quarter in the first quarter.

I won't say very good, I'll say good. There'll be quarters that we have a lot bigger earnings, but we're monitoring it, managing it, you know.

We obviously really believe in delivering value to our shareholders of whether it's a dividend, which we've been doing obviously, but then, buy back shares or other things. How do we continue to add value to our shareholders?

That's what we think about a lot. Overall, our leverage ratios, our debt ratios, we feel really good about where they are.

We monitor them, we manage them, and we understand them very, very well. There's a lot of levers we can pull to make those ratios better while still doing more business and having higher earnings.

You'll see some of those in the second quarter and then beyond overall. I feel good about that.

I think that covered a couple people on that. Let me just make sure I didn't miss a a topic on that for anybody.

Let's keep moving. Let's see.

I'm going to try to hit a couple of these, but Jason Stewart, another one, and once again, please feel free to email. Like I know I can't do them live right now cuz I'm on a Zoom with you guys, but I'm trying to make sure I cover everyone's questions and make sure.

Here's here's a question kind of tied about from Jason from Compass Point: "During periods of high heightened volatility at the start of the year, how did you make UWM manage lock duration, pricing cadence? Did you increase frequency of rate sheet updates?"

I'll talk about that. "How much volatility is absorbed by built-in rewards?"

It's got nothing to do with that, but I'll explain that in a second. And "Impact of Purchase Boost 50 and some of these" So let me just talk pricing and dynamics and volatility.

First off, yeah, the market's been very volatile. We have an extremely experienced capital markets team, and so, yes, sometimes you have two and three different rate sheets in a day.

Maybe four, you know. Rates get better, we're putting an improvement out there, because if we don't put an improvement out there, we won't get the loans, cuz we want the brokers to have the the most competitive opportunity they have.

Pricing get worse, we have to worsen pricing. Like, as you guys know, this these numbers are all day, all day.

We have different thresholds that we move pricing up or down. When we hit those, we're like I said, I I bet there's been days of four, maybe even five.

Then there's some days that you put a rate sheet out at 10:00 a.m., nothing changes all day, or it doesn't move enough that I would make a a price change, cuz you want to have some consistency for our clients as well. That's a balance, but we feel really good about that, and that's why you saw really strong margins, fourth quarter, by the way, and first quarter, and you'll see them same thing in the second quarter: strong margins and we we our team manages risk and volatility.

I think that answers most of your question. You had a thing about built-in rewards, and that doesn't really have anything to do with it.

Built-in rewards is just another benefit of brokers using UWM and consumers paying UWM as a servicer because they get rewards points and they get some cool things through Bilt, which I kind of explained earlier. It's got nothing to do with gain-on-sale or pricing, to be honest with you, at all.

Then kind of another question from you and I think it's all one, but I'm kind of answering it. Sorry to keep hitting on your same question, Jason.

Purchase Boost 50 or pricing initiatives like So, all those things are designed to help brokers succeed and win. Our brokers are not "I need the lowest price to succeed," cuz, if that was the case, they'd have the they'd have they'd cut their comp in half and they'd all use Provident Funding, and that that doesn't make If lowest price does not win, lowest fees does not win.

A lot of our price incentives are more strategic than that. They're incenting brokers with a price incentive, but to use a tool of ours.

I think I think it was in the fourth quarter, maybe even the beginning of the first quarter, we had a incentive tied to 40 or 45 basis points, but use a hybrid or virtual closing, cuz I know that makes experience better for the consumer, which then makes the consumer more likely to like you, John Smith at Smith Mortgage, the broker, and more likely to refinance with you in the future. How do we make the borrower happy to score, which we track on every single loan, higher?

A lot of those are investments and it's all put in the gain-on-sale. When you see I did some stuff in the fourth quarter, I did some in the first quarter, and the gain-on-sale is still much higher than it was last year in the first quarter.

Understanding that 123 basis points, I think, is what it was in the first quarter, 122 in the fourth quarter. I understand the margins.

I personally get involved with it every single day, you know. We track it, we understand where we're at with these things, and we give a very competitive price to our brokers.

We add significant value to our brokers to help them win more loans. We give the best service in the industry, we come out with AI tools and technology, we invest with free credit reports for brokers to help them compete even more and help more consumers, and then part like I can go through all these things, I'm not going to go through them all, but it's all part of the deal.

Hopefully that makes sense. I hope you realize that one thing I said there that's maybe I've not done a good job explaining is a lot of these decisions are strategic to help brokers win.

Sometimes brokers never done a virtual closing and it's them getting extra 45 basis points will get them to do it, and then they do it on all the loans now even though they don't get that incentive, because they realize it's the best thing for the consumer and it'll help them build their business and grow and be a better experience, and then we all win. If brokers win, UWM wins.

When consumers realize the fastest, easiest, cheapest way to get a mortgage is through brokers, UWM wins. Real estate agents win.

Like we're all one team, because that's best for consumers. When a consumer goes to some random commercial or goes to their local bank, which, by the way, no disrespect to any of those people, but they usually are paying higher rates.

When a consumer goes to MortgageMatchup.com, they're going to find a broker that's going to get them a better rate, better fees, and a better experience. Anything I can do to drive more business there is what I will do.

I think I've covered a lot of I know I didn't answer every question, I apologize, but I did combine a bunch of them, I think I've covered most themes, if that's the right way of thinking about it. Let me just make sure.

UWM LIVE! questions.

I think I kind of answered UWM LIVE! about it's it's next week.

Thank you for those of you that are coming. It's going to be a great It's the biggest mortgage event of the year.

Please come. I look forward I'm going to meet with some investors, analysts, anybody that's out there.

Like I spend time, I'm there all day. We got some great speakers.

It's really cool to see the broker community. I think that's kind of answering your question here about is UWM LIVE!

am I going to be there? Of course I'm going to be there.

I love that. I'm here every day grinding at it.

We're about 40 minutes, and I feel like we've covered a lot of the questions. I don't know, how about this: Let me just make sure I'm not missing anyone's specific question that that asked.

I think I've covered it all. Let me know how you like the the format.

Maybe next month I can see you guys, too, and we can have more interaction. Either way, hopefully you liked the format.

Hopefully it's different. I know that last quarter you didn't like that we didn't do the Q&A, I'm here for it.

I love this. I I'll do this anytime with you guys.

I enjoy talking about our business, but also you can use me as talking about the whole industry, cuz this is what I live, breathe, and sleep every day. Please give us feedback, give our investor relations team on the on the format if you liked it.

If Make sure we didn't If we didn't answer your questions, I apologize. I think I got everybody, but if I didn't and you're asking Investor relations team, Blake, that whole team will will answer all your questions.

We appreciate you guys. Thanks for being partners with UWM, shareholders, investors, analysts, anything we do to help make your life easier.

Thanks for everything and we're going to keep winning together hopefully with our brokers, the broker community, and UWM is going to continue to grow with my amazing team members here at UWM. Thank you for your time.

Excited about the future here at UWM. Second quarter is going to be great as well, and we'll do this same format again unless I get a lot of different feedback that you didn't like it.

I hopefully you did, and hopefully it was valuable to you to spend this time with me. Have a great day.