Q2 2021 Ocwen Financial Corp Earnings Call
[music].
Okay.
Welcome to the Ocwen Financial Corporation second quarter earnings and business update conference call.
Our host for today's call is <unk> alien senior Vice President corporate Communications.
And <unk> comments contain references to non-GAAP financial measures such as adjusted pretax income and adjusted expensive among others. We believe these non-GAAP financial measures provide a useful supplement to discussions and analysis of our financial condition and and alternate way to view certain aspects of our business that is instructive.
And non-GAAP financial measures should be viewed in addition to and not as an alternative for the companies reported results under accounting principles generally generally accepted and the United States and reconciliation of and non-GAAP measures using this presentation for their most directly comparable gap measures may be found and the press release and the appendix to the investor presentation avail.
Abel on our website now I will turn the call over to Glenn Massena.
Good morning, everyone and thanks for joining us if you can please turn to slide Hi will cover some highlights for the second quarter.
I'm really proud of what our team accomplished and the second quarter and appreciate all the hard work adjusted pretax income was consistent with our expectations and with the past 2 quarters. Despite continued margaret compression and the quarter.
And more importantly, adjusted pretax income for the month of June reflect substantially improved earnings performance with annualized adjusted pretax Aare, we have 34 per cent and June Campbell, our CFO will cover that and more detail a little bit later.
[noise], Oh, we accomplished a lot and the quarter on record servicing editions and seller growth and improve scale and servicing and originations cost reduction and strong operating execution growth and higher March and channel services and products. All of this is giving us really strong momentum.
Yeah. We believe the month of June was a pivot point for us and our accomplishments and our plant car race transactions are a catalyst for a step change and second half adjusted pretax income.
[noise], Yeah, the previously announced RMS platform acquisition will help us expand our presence and reverse mortgages and we believe uniquely positioned to us as the only full service provider and this space, creating another new growth opportunity for us and finally, we continue to navigate a volatile and unpredictable environment.
And let's turn to slide 6 for a bit more about the environment.
[noise] industry volume levels continue to be robust versus historical levels for both forward and reverse the average of the Fannie Mae Freddie Mac and M. B a forecast for industry volume remains constant or consistent with levels projected at the start of the year.
Reverse mortgage endorsement volume increased 21% for the first half of 2021 versus the same period and the prior year and we are certainly a beneficiary of this growth.
We're dealing with incredible interest rate volatility. This time last year. The 10 year Treasury peaked at roughly 60.56 basis points, you know and peaked at about 170 for basis points and Q1 and outfits at roughly 118 basis points. So as expected interest rates are influencing volume Martin.
And and MSR values origination March and compression progress as expected and the second quarter margin seem to have stabilized during June and the and the channels that were participating in and we're seeing strong bulk volume and the pace of sub servicing rfps are accelerating.
And Mr values are up versus last year, but down quarter over quarter.
[noise] Ah June originations generated msr's with projected lifetime, all and cash yields ranging between 9% to 13% before secured leverage or over a 20 per cent return after a secured financing.
There were several changes and the GSC programs, we expect the changes involving limits to their whole loan acquisition channel and explicit additions to third party originations low level price adjustments will shift volume to Aggregators and direct co issues structures and we participate in these channels.
And lastly, regulatory focus is intensifying that's I think that's as expected and and the focus seems to be around convenience fees capital requirements forbearance compliance and for closure Moratoria, which has been extended 3 year and with certain exceptions.
And let's turn to slide 7 for some highlights on our 2021 objectives.
We continue to make good progress on our key objectives for 2021 again I'm proud of how our team is executing and where.
Generally on track or in some cases ahead of our targeted objectives. We've closed more than half are servicing additions target for the year recapture a continues to improve customer satisfaction is improving and were successfully executing a revenue diversification plans.
[laughter], assuming interest rates are consistent with July month on levels and industry volume is consistent with the industry forecast and we successfully execute our plans and there is no material change and the legal and regulatory environment. We believe we are on track to deliver low double digit to mid teen after tax Roe's mid 2021 and positive GAAP income for the full.
Yep.
[noise], Please turn to slide 8 and will cover some of the highlights on our key originations objectives.
[laughter] originations is delivering really solid progress again, and the second quarter, we closed $69 billion and total servicing additions and.
And every channel is delivering really strong double digit growth year over year.
And $51 billion of bulk purchases were closed and June are funded and June other servicing transfers on August 1st for our TCP transaction and September 1st for the American transaction on.
Unfortunately until these portfolios board, we are incurring the internal staffing costs as well as interim sub servicing fees, but obviously that will stop the interim servicing fees will stop once we transfer it onto our platform.
We will start marketing for recapture when these portfolios board.
Excluding bulk we had $17 billion a flow channel volume and some servicing additions that's up 21% over last quarter and almost double year over year.
As I mentioned earlier sub servicing activity is robust we were awarded roughly $14 billion and do some servicing opportunities, including RMS and our top 10 enterprise sales prospects represent $76 billion and additional.
Potential business.
Consistent with our plans going forward bulk and flow will be redirected to math.
And Q3 per agreement again, which will help us grow our sub servicing and portfolio recapture services cell.
Seller growth was really strong during the quarter or seller base was up 69% a quarter over quarter up 150 per cent, 56% year over year due to organic seller editions, and the TCP seller and integration, which finished and June.
Best efforts and Judy May pit were launched and the second quarter as we had expected and we're on track to launch our non delegated services and in queue for.
We continue to make good progress on a recapture objective recapture rate is up for points quarter over quarter, and 10 points year over year, and probably more importantly, and the second quarter, we exceeded or 30 per cent recapture objective on our government service, saying reverse servicing and pls portfolios and we continue to make really strong progress and <unk>.
<unk>.
Again here originations team is making terrific progress against their objective and I'm really proud of what they are delivering for us.
Let's turn to slide 9 and we can cover some of what we're doing and March and expansion.
And consumer direct where pretax profitability is a big multiple 21 times that of correspondent volume has more than doubled year over year as we grow our servicing portfolio. The marketing eligible population for recapture opportunity continues to grow as well. This population grew 49.
Per cent Europe for year, and we expect it to increase another roughly 85%. After all our bulk addition sports this gives us a very robust population of potential.
Potential consumers to solicit for for recapture services to fuel growth in our consumer direct channel Ah.
Reverse volume is up 47 per cent year over year pretax income in reverse originations is on average about 6 times that of forward and in addition to growing overall reverse volume. We are focused on driving retail originations, which are the highest margin and reverse retail reverse volume is up 150 per.
Sent year over year, and the first half as compared to the same time last year.
We're also focused as we mentioned earlier on growing Ginnie Mae and our best efforts, which again have higher margins than correspondent lending mandatory and GSC MSR flow delivery channels and.
Again, good progress here by the originations team excited about what they're doing and excited about the potential for our market expansion objectives.
Let's turn to slide tend to cover some highlights on our servicing business.
[noise] continuing to prove servicing costs and customer experience are key objectives for us and the team is performing well too.
To achieve these objectives, we are focused on moving the needle in for key areas.
That being technology process simplification scale and portfolio composition. The results have been very good so far overall servicing operating costs are down 8% quarter over quarter, and we've already achieved our full year target for servicing costs as a per cent of <unk> big for.
For 2021 and.
Technology is a big driver for us and our technology agenda has a 3 part focus reducing costs and proving execution and improving the customer experience [laughter]. Yeah. We believe our actions to improve client borrower and investor experienced are critical elements to support our growth and recapture rate objectives over the long run.
And with technology is the enabler, we can reduce costs and improve execution is at the same time.
In terms of scale, we've increased our total servicing UBB, 15%.
And in the quarter and sorry, UBB to better distribute are fixed costs and in terms of portfolio composition, increasing the percentage of agency loans is helping to increase average loan balance and decreased delinquencies and both of those trends will improve our ratio of operating expenses.
As as a per cent of servicing fees [noise].
So let's turn this slide 11 to review our servicing operating execution.
[laughter] servicing operating outperformance continues to exceed industry benchmarks and several areas average speed of answer and call abandonment rate continued to outperform the industry average as reported by the M. B a.
We are laser focused on supporting bars, who are exiting forbearance and helping them understand their options. We do believe the best path for homeowners communities and investors is defined what works with an investor guidelines to keep a homeowner and their home we.
And you too outperformed the industry as reported by the NBA relating to the percentage of borrowers with an agency loans, who exited forbearance with a reinstatement or loss mitigation solution and place between September 2020, and June 2021, roughly 93 per cent of our bars, who exited forbearance.
Had a reinstatement or loss mitigation and plan plan in place versus 83 per cent for the industry and that means if you look at the inverse only about 8 per cent of our borrowers on for barons have exited forbearance without a reinstatement planning on loss mitigation solution versus over 17% for the industry.
Based on this very same MBA data, we've delivered we're delivering about 20% more loss mitigation solutions for our customers versus our peers and again I think this demonstrates how are servicing capability to deliver superior performance for homeowners communities and investors.
Lastly, net promoter score is up 13 points from the second quarter of 2020 down a little bit versus solid first quarter due to an increase in the volume of new lawn boardings and seasonality.
[noise], Oh, let's turn to slide 12, and coming from cover some highlights on our servicing revenue diversification initiatives.
The focus here has been largely on harvesting modification gains on Judy may early pull by on opportunities and calm rights on Pls lone pools that we service.
And we did sell our first call rights transaction and July we expect settlement and September with servicing transfer in November the combination of low interest rates tight credit spreads and home price appreciation are creating a really strong environment for call rights.
And we're now conducting diligence for our fourth quarter transactions and we're looking at several potential opportunities to execute and 2022.
Considering our third quarter transaction, we believe we can realize over $20 million and call right gains this year versus the original estimate of for to 8 million. So that's up nicely from our prior estimate.
Regarding Ginnie Mae buyouts since we do not enjoy bank or bank like funding costs, we do not buy all delinquent Ginnie Mae loans out of pools, we buy them out based on the expectation of a successful loan modification or Ginnie Mae Bio program has been limited this year due to the <unk>.
And an extension of for parents relief and foreclosure Moratoria.
Year to date second quarter, we have realised $8 million and he b O games, and we now estimate roughly $15 million to $20 million total for the year versus the 22 to 32 million previously estimated that said when you look and total between call rights and the E. B O gains were at least on track, maybe a little bit better than what we.
We had originally anticipated.
And we see the realisation of the E B O modification and re pooling gains while lower this year, it's really just a delay and a timing issue and our expectation is we believe the opportunity will rollover and 2.2022 as well.
[noise], you know as as well related to revenue diversification for servicing let's turn to slide 13, and we could talk about the RMS acquisition.
[laughter] as part of our efforts to diversify servicing revenue sources during the second quarter, we executed and agreement with reverse mortgage solutions and their parent company mortgage asset management or ma'am to.
To acquire reverse the reverse servicing platform and real estate on businesses Pond.
Upon closing will become the subservice for RMS and ma'am under a 5 year, some servicing agreement, which would roughly double R reverse servicing portfolio.
And the RMS platform provides a high quality reverse servicing capabilities with experienced people and customize technology and the 5 year servicing agreement enables and expanded partnership with waterfall investments the parent company of ma'am and potential opportunities for additional growth.
The transaction supports our strategy to stand up and in house reverse servicing capability and to expand our sub servicing product offering to include forward servicing small balanced commercial and reverse mortgages.
We do expect the acquisition to be mildly dilutive for 2021, and largely due to integration and restructuring costs.
But we do believe it will be core pretax income accretive beginning in 2022 Ah with Ah starting and the second half of 2022 pretax income margins of about 14% and over a 20 per cent after tax row.
And this is before the in sourcing of servicing on a reverse portfolio and any incremental growth opportunities.
With the closing of this transaction, we will be the only reverse mortgage company that originated securitizers and directly services are reverse mortgages, providing our customers and partners with and and 2 and solution.
We believe this enables significant growth potential and further solidifies our position as a premier provider and the reverse mortgage base with the differentiated model [laughter]. The transaction is expected closed on the fourth quarter of this year, obviously subject to regulatory approval and other customary closing conditions.
And to wrap up here look we're excited to partner with mortgage asset management and waterfall investments and the reverse mortgage market, which we believe is a long term growth opportunity for us.
And with that I'll turn it over to June Campbell, our CFO to discuss and more detail our financial results for the quarter.
Glen Please turn to the next slide we reported $6 million and adjusted pretax income positive results for the seventh consecutive quarter. As you can see a result of and stable over the last 2 quarters through the moratorium environment.
Net income and the quarter was a 10 million dollar loss after $28 million and unfavorable notable largely driven by $50 million and net MSR for their value change driven by interest rate volatility and $13 million and transaction related legal expenses.
On the top right Bar chart and you can see that we are delivering on our growth objectives and costs leadership.
Revenue increased quarter over quarter is largely due to higher servicing fees on $55 billion and higher servicing edition.
Primarily from the $51 billion and bulk purchases and June.
Because these bulk purchases funded and 2 we generated 1 month of revenue and incremental expenses and the quarter and I'll show you on the next page 2 and reflected as a full quarter.
Operating expense as a percentage of average UPC with favourable quarter over quarter after absorbing cost and maintain capacity and for both and newbolt volume reported in June and as I mentioned last quarter excess costs, there and for parents moratorium and expectation and for a rainy.
Equity increased to $447 million after $10 million and GAAP net loss and $60 million of additional paid and capital and issuance of common stock and warrants net.
[noise] book value per share it's $49.
Please turn to slide 14.
June actual results reflected improved earnings performance with annualized adjusted pretax return on equity of 34%.
June and reflects the first full months and performance, including all servicing additions for the quarter.
The $69 billion it says the conditions and the quarter generate meaningful incremental revenue compared to the first quarter, we're realizing good cough leverage.
Going forward, we expect actual results to reflect net favorability from a number of items, although timing of each day and may vary.
Relating to our bulk purchases. This would include flow to income. Thanks, Larry fees, we capture income a reduction interim sub servicing fees elimination of Epo protection and incremental MSR interest expense.
Relating to our business initiatives, we would expect benefits from our expected call right and <unk> and.
Income the revenue and costs, resulting from our origination growth initiatives and the net effect of transitioning flow volume tomorrow.
Also expect actual results may reflect impact on changes and interest rates potential notable items and taxes.
The June actual results reflect a strong earning space going into the second half.
Please turn to slide 15.
This slide demonstrates that are balanced business models operating well with originations growth replenishing are servicing portfolio and offsetting run on.
On the top half the side you can see that our total origination volume was up across all channel approximately 5 times quarter over quarter and 8.
Time of year over year or.
Origination weighted average margins are normalizing is expected from a high of 149 basis points and the second quarter of 2022.50 for basis points for the second quarter of 2021.
We experienced some large and reduction and the higher margin consumer direct and reverse channel and overall mix ship to lower margin third party originated channel, which drove reduction and adjusted pretax income.
The reduction and margin was on the line with expectations and as Glenn mentioned, we launched best efforts and the month of June can you make it earlier in the quarter and on our target 2 launched on delegated and the fourth quarter, we expect needs to contribute higher margin.
On the bottom half the slide you can see results and are servicing said segment from building scale.
Second quarter servicing UVB, it's $237 billion and $58 billion increase over Q1 on.
Oh, and servicing UTV increased $58 billion to $157 billion, and anarchy portfolio concentrates and redo from 53% to 26% and year over year.
Servicing pretax income of $4 million with largely driven by higher servicing fee from higher U P b and the month of June.
Again, it's worth noting that we did not have the revenues and expenses from our bulk transaction reflected and servicing for a whole quarter.
Please turn to slide 16.
On the top half and the page you can see our liquidity position supports are planned investment and purchases and growth and origination we.
We ended the quarter with $257 million of cash and available bar and capacity after $147 million and MSR investments.
We've continued cash management discipline to drive lower borrowing and interest expense during the quarter on.
And on the bottom half of the page you can see that we've reduced our pretax weighted average cost of capital like 70 basis points from the fourth quarter of 2020 with lower asset based financing rates and improved advancing leverages levels for msr's, which offset higher corporate debt cost.
Please turn to slide 17.
This is the roadmap to meet our expectation to generate positive GAAP earnings with low to mid teen after tax on a row.
This assumes a stable interest rate environment, and no adverse changes and market conditions or legal and regulatory environment.
The pages broken down by our operating objected and and the origination servicing and corporate segment.
A few highlights we reflect the full quarter impact on the bulk transaction.
Flow Amazon and volume is redirected and that is starting on Q3 to grow performing subservicing.
And this results and the Knicks shifts to higher margin channels and as a result higher expected originations revenue margin.
The sale and the call rates transactions close in July and we expect E. B O transactions and the second half of the year and segments continue to achieve productivity targets achieved and cough leadership and quality operations.
And I will turn it back over the phone.
Oh, Thanks June and if we could please now turn to slide 18.
Look we're executing instead of balanced objectives that are aligned with our strategy of operational excellence and that's to achieve balance and diversification.
Scale and low cost best in class operational performance, and leading client investor and consumer satisfaction.
We believe these elements are critical for our long term success and value creation for our shareholders.
I'm proud of what the team accomplished and the second quarter and appreciate all their hard work again adjusted pretax income was consistent with our expectations and the past 2 quarters. Despite continued march and compression and.
And adjusted pretax income for the month of June reflect substantially improved earnings performance with annualized adjusted pretax roe's of 34%.
We accomplished a lot and a quarter record servicing and additions and seller growth improved scale and servicing and originations cost reduction and strong operating execution growth and higher margin channel services and products all of which is giving a strong momentum.
Yes. The month of June was a pivot point for us and we believe our accomplishments and our plant Carr Vice transactions are a catalyst for a step change and second half adjusted pretax income performance.
[laughter], the previously announced RMS platform acquisition will help us expand our presence and reverse mortgages and uniquely positioned to us as the only full service provider and the space, creating another new growth opportunity for us and finally, we continue to navigate a volatile and unpredictable environment.
I'd like to thank and recognize on board of directors and our global business team for their hard work and commitment to our success and proud of what our team is complicated and the second quarter and appreciate all their efforts and with that [noise].
Ross ready to open up the call for questions.
Thank you if you would like to ask the question we've from Star 1 on your telephone telephone keypad now and you will.
You'll be placed into the queue and the order to received please be prepared to ask you. A question when prompted once again, if you would like to ask a question for you from Star 1 on your phone now.
Our first question comes from Erik Hagen from B T. I G. Please go ahead and Eric.
Hey, good morning, and hope you guys are doing well I got a couple of questions.
I went for both of US are do you guys think he'll be coming to market and other origination pipelines were filling up again and.
Faster speeds and with what we're going to get and how how have your expectations for for bulk volume changed and what are the backdrop kind of mean for Ocwen and.
And second question is on the reverse service and.
And the kind of scale you guys think is necessary to really just be most effective dinner.
Really just to kind of properly manage.
And the liquidity risk and without detracting from the stability and you're really aiming for and others and the business.
Sure [laughter], so Eric look the yeah, the bulk market as we said for the first half of the year was pretty robust and we expect it's going to continue to be robust for the second half of the year.
Again, I think with rates coming down and and 10 year treasury coming down and mortgage and trades coming down and probably not as much margins have opened up a little bit and.
And we are seeing.
Increased origination.
Activity across the industry, So I do think.
<unk> is gonna be.
A robust channel for the second half of the year and.
And that's the beauty of our partnership with math, we have the ability we will be.
Looking to build.
The sub servicing base and math by participating and bulk transactions in terms of on balance sheet. We've.
Achieved our full year bulk volume objectives, and the first half of the year, but obviously will always look at.
Capital allocation.
And and performance and our other channels to see if it makes sense to put more on the box.
As it relates to reverse.
See the beauty of the transaction that we're doing with RMS is it gives us a reverse platform to again create balance and are reversed servicing portfolio. So bay.
Based on the.
The the U P b and RMS RMS Subservice and we're taking on will again have about a 50.50 balance between owned reverse servicing and subservice to reverse servicing and our expectation is we want to continue to grow.
<unk>.
Sets both of those portfolios.
It's Ah over and and 80 billion dollar Subservicing market out there for reverse mortgages with limited competition. So we do think there is an opportunity to continue to grow that piece of our business.
And again I think if we our focus has always been balanced and diversification and that's consistent with how we're approaching the reverse servicing space.
Christmas is coming from.
This or.
Our next question comes from Lee Kuperman from Omega family. Please go ahead Lee.
Thank you and 2 questions. She just always money on it but.
You're talking about 34% and with a pretext return on equity and this is 20% here for tax return book value was 49 and that would employ like $10 and earnings or something like that.
Close to it and we're not reporting on anything like that I realised June was a pivotal months, but for.
Are you talking about earnings and and run rate of like $10, a share and the secondhand for the year, which would employ $2.50 a quarter.
[noise] pushing.
Okay.
So good Boringly look we do thank June was a pivot point for the company, we do have our our our roadmap out there, but again if you look at the June results page that June Campbell, our CFO had.
Had talked about you can see that the quarterly adjusted pretax income based on June for results is about $38 million. So you know, obviously there'd be tax rate effect on that and we talked about a number of adjustments pluses and minuses.
And obviously the potential for notable transactions, but are notable adjustments but.
Again that June run rate is we believe very strong very healthy and pivots the company for the second half of the year.
And I would've put you down to specific you have been saying all along that you're expected to earn 20 per cent and 50% of wherever it is and equity.
And 2021 and that will employ 10, those and earnings.
We don't have any right there and for the first and second quarter basically.
Hold on 1 second.
And my cool please call back.
I'm sorry for the interruption.
With 2 phones anyway, this will employ earnings.
Willow with $2 for sure.
And for the year per quarter is that when you try and the toe people.
Lee our guidance was for low double digit to mid teen after tax Roe's mid 2021.
And where that guidance has been consistent for the entire year and we are reaffirming that guidance.
But you don't Wanna mentioned and numbers, Okay. Fine secondly, it seems to me just reading from a for the most of your competition is fun and themselves and a 4% rate you took on some very high cost and how could you be and effective competitor rows and rows and to your peers with such a high cause it didn't versus what they have.
[noise] no.
No question and no doubt about it our cost of corporate debt is is higher than our peers.
But we did include and are earning supplement and June cover and a little bit hour, we fund ourselves largely with asset base financing secured financing for our MSR servicer advances and warehouse.
And that has proven to be very efficient for us and.
As compared to the fourth quarter, we've substantially reduced our cost of all and cost of financing and are all and costs weighted average cost of capital.
For those assets when you take into consideration how.
How we've improved our secured financing so I don't think he can look at just the corporate debt I think you have to look at the entire debt stock to include secured financing and.
In terms of your liquidity position your stock exchange about here for book value and you know from my experience. If you could earn the current returns and booked you're talking about we should be showing the premium to book value do you have any flexibility in terms of other blowing their cheap equity.
[noise] lay and look the board has always focused on capital allocation our priorities right now continued to be driving growth and the business to get the scale and cost advantage and leveraged that we've talked about in terms of our our key objectives for the year.
Given our Leverages is relatively high corporate leverages relatively highest compared to peers are near term focus has really been to drive earnings to help D lever the business.
So that's really been our focus near term.
[noise] good luck. Thank you.
Thankfully.
Our next question from from Mark Moore Rodriguez from Stone Good capital. Please go ahead and Marco.
Good morning, and everybody. Thank you for taking my question.
Oh, we're on [noise].
Hi, I was wondering what kind of synergies you guys and expect to achieve and your reverse mortgage business once the arm and its acquisition is completed.
[noise], yeah, Mark on the reverse platform or picking up tomorrow mess again, I just want to reiterate is a terrific platform great people great technology, we're excited about it and <unk>.
First mortgage servicing is a little bit different than forward mortgage servicing but there are functions that are comparable and the the what are the places where we saw a value and this transaction was the ability to take the best of what RMS has to offer and combine it with the best of what our platform has to offer.
And leverage our scale.
And those areas that are common between forward and reverse mortgage servicing so.
Part of how we get to the 20 per cent return on equity and 14 per cent pretax margins is by harvesting integration savings. So we are looking forward to that.
Alright. Thank you I appreciate your time.
Thanks, Michael [noise].
And the next question coming from true Macintosh for Macintosh Investor Relations. Please go ahead true.
Hi, Thanks, and good morning and.
Could you give us an update on how the T. C. D integrations progressing last quarter, you had indicated that there was the potential to gain roughly 200 U correspondence owners.
Hey, good morning true, Yeah look I'm really proud of both our team and the T. C. B employees that we hired everybody just on a really good job we've.
And we've substantially completed the operational integration.
We've we've stood up and launched our best efforts activity.
And we've integrated I think it was it was over to on a client about 216.218 clients from.
From the T C B acquisition and those clients are up and running and on our platform. So yeah true. It's yeah. The integration is largely behind US. There's always some things is the dot and teased across but yeah. We are our correspondent platform. Today is is is fully functioning with.
With the support of the TCP people, so and customer base, we're excited about it.
Great Thanks, and good luck.
Thank you.
And as a reminder, if you'd like to ask a question for you from.
ER 1 on your phone now.
And at this time juror appears to be no further questions.
Great. Thanks for us and to everyone who joined the call. Thank you for very much for for your continued support of Ocwen.
Again, we've we've accomplished a lot and a quarter, we've got and aggressive agenda in front of us and we're excited about the opportunity to start in front of the company and look forward to giving you an update on the next quarter calm.
Have a good day.
And this concludes today's conference call. Thank you for attending.
The host has ended this call goodbye.