Q1 2022 Home Point Capital Inc Earnings Call
[music].
Greetings and welcome to home Capital's first quarter 2022 financial results call.
At this time all participants are in a listen only mode.
A question and answer session will follow the formal presentation.
If anyone should require operator assistance during the conference call, Keith Pitts Star and zero on your telephone keypad.
As a reminder, this conference is being recorded.
I'd now like to turn the conference over to your host Ginger Wilcox.
Thank you operator welcome to our first quarter 2022 earnings call. Joining me. This morning are willing Dillon, President and Chief Executive Officer, and Mark L. Baum Chief Financial Officer. During our prepared remarks, we will be referring to a slide presentation, which is available in the events section of the <unk>.
<unk> Investor Relations website before we begin I'd like to remind you. This call may include forward looking statements, which do not guarantee future events or performance.
These refer to home Point's, most recent SEC filings, including the company's annual report on Form 10-K, which was filed on March 12, 2021 for factors, which cause actual results to differ materially from these statements. We may be discussing certain non-GAAP measures on this call, which management believes are relevant in assessing the financial performance of the business.
These non-GAAP measures are reconciled to the nearest GAAP figures and home points earnings release, which is available on the company's website I'd now like to turn the call over to willing no men, President and Chief Executive Officer.
Thanks, Jay and good morning, everyone. During our prepared remarks, I'm going to discuss how we are positioning home point for future success by increasing our support and commitment to the wholesale channel and why do we believe brokers won't win in this market cycle I will also discuss our strategy, which we deployed ahead of other industry participants to navigate through.
The most challenging mortgage market in many years.
In 2018, we made the strategic decision to invest in the wholesale channel as their primary source originations while at the time broker share was materially less than the heights reached in early two thousands it was evident that how old the channel had evolved post crisis resulted in a more sustainable version of wholesale that when optimized through our broker partners could be the most of.
<unk> way for a consumer to obtain a mortgage loan we now have the data to prove this.
And in depth analysis of slide 2018 to 2020 under data shows that brokers provided an over $8000 average lifetime benefit to consumers on loans originated through the wholesale channel. In addition, brokers are substantially more effective at reaching into low and moderate income and minority communities and environment, where every loan.
Every dollar of savings and every efficiency matter, we strongly believe that continuing to invest in wholesale will provide the greatest upside opportunity to all participants loan officers consumers inefficient wholesale lenders focused on the customer experience at home point, we intend to being at the leading edge of wholesale lending I'll discuss several offerings that support.
This position shortly.
At the same time, we are in an industry, which is experiencing a severe dislocation.
Over the last few years the industry has built up capacity to handle originations exceeding four trillion dollars as production forecasts have been lowered to $2 five trillion with refinances, all but disappearing from the originations landscape. The dramatic increase in interest rates, coupled with record low inventories are putting further pressure on the purchase origination market.
Because of the competitive dislocation specific to the wholesale channel experienced last year, we have been taking actions to navigate through this industry wide dislocation months in advance of others. Recent actions, we have taken including those in process or divesting of non core operations and assets the sale of our investment in Longbridge.
We expect to close on this transaction in the second quarter the sale of select Msr's, we completed a large sale in the first quarter and having an additional sale planned in the second quarter. This enhances both our leverage and liquidity positions.
The sale of our correspondent Division. This recently announced sale also provides an opportunity for us to reduce our leverage as well as our corporate expense footprint and allows for reallocation of resources to focus on our wholesale business.
Next our platform and operational consolidations.
We are on time and on task for the consolidation of our servicing platform into service Mac as discussed previously this will convert a fixed cost into a lower variable cost.
In addition, we recently redeployed a segment of our direct origination Janet within our wholesale line of business, while our direct team executed extremely well during times of high refinance the reduced size of our servicing portfolio, coupled with a dramatically reduced opportunity set dictated that we reduced this operational footprint.
This also demonstrates the commitment to our broker partners as we are now fully invested in their ability to help us retain customers as the market allows.
Finally, investing in our broker partner experience in the first quarter of 2022, we made progress on several initiatives that will enhance our partner experience.
Launched a new platform that streamlines, the appraisal process for our partners, making it easier for them to order and manage appraisals. We also launched significant enhancements to back office technology for our underwriters. These enhancements will create a more efficient underwriting process and faster turn times for our partners. We also expanded our product offerings, adding solutions for jumbo.
<unk> adjustable rate mortgages and TBD locks. The addition of these programs expands our addressable market with our broker partners.
In addition to these more traditional enhancements, we are bringing innovative solutions to attack the issues that are most impacting both our broker partners and potential homebuyers.
To address the issue of housing supply, we have launched home point Newbuild program, we're offering through our partnership with level capital. This program is designed to help brokers function as a one stop shop for small to medium size homebuilders.
With this program, we connect our broker partners with construction financing through level capital and we partner with our brokers to provide the end mortgage after the home is built.
To address the issue of increasing buy side competition, we launched home point cash compete a cash offer program powered by accept.
Home point cash compete as the first cash offer program available to independent loan originators elevating their presence as a go to resource for helping homebuyers and the real estate agents win deals against all cash offers.
In summary, we continue to enhance our focus and investment in the channel that we believe will win wholesale the data demonstrates that mortgage brokers enabled by scaled wholesale lenders like home point are better for consumers. Ultimately this should result in market share growth in the channel we are positioned to drive that growth at.
At the same time like everyone in the industry, we are challenged by a significantly changed environment.
Fortunately, we have been taking actions to navigate three since mid 2021.
While we are now seeing others in the industry take actions to reduce capacity, which is what is required to get back to a more normalized revenue environment. We continue to operate based on current conditions and are staying focused on liquidity cost and the greatest opportunity for future upside as we pushed through the cycle with that I'd like to turn the call over to Mark.
Thanks, Willy and good morning, everyone.
We've included in the presentation and earnings release, our standard period over period financial results.
I'm going to focus my discussion on a handful of key metrics.
I'll be happy to answer any questions you have regarding the financial results following our prepared remarks.
Some point generated quarterly funded origination volume of $12 6 billion in the first quarter of 2022.
Gain on sale margin attributable to the channels before giving effect to the impact of capital markets and other activity was 61 basis points in the first quarter of 2022 versus 125 basis points from the first quarter of 2021, and 58 basis points in the fourth quarter of 2021.
In the first quarter of 2022, we added 364, new wholesale partners growing our broker partner base to 8376.
Starting this quarter, we will begin reporting on partner activation as represented by the number of active broker partners locking alone.
In the first quarter of 2022, we had 3603 active broker partners and an increase of three 5% from the fourth quarter and up over 24% from the prior year.
As Willie mentioned, we've continued to be aggressive on measures to shore up our business and cut costs.
Total expenses of $137 million in the first quarter of 2022.
Grew 40% versus the first quarter of 2021 and were 10% lower compared to the fourth quarter of 2021.
This was primarily driven by a 20% quarter over quarter reduction in expenses in the origination segment.
During the quarter home point completed previously announced sales of mortgage servicing rights. The aggregate unpaid principal balance of the portfolio was approximately $37 $1 billion and the total purchase price of the servicing rights was approximately $435 million.
Due to the sale of MSR assets. The total number of servicing customers declined 18% in the first quarter of 2022 compared to the fourth quarter of 2021.
Servicing portfolio you PB was 102 billion at the end of the first quarter of 2022 declining three 6% year over year and down 25% compared to the fourth quarter of 2021 due to the sale of MSR assets.
As of March 31, 2022, we had $656 million of available liquidity, while our total assets stood at $5 2 billion and our <unk>.
Total equity was $783 million.
Home point Capital's board of directors has declared a cash dividend of <unk> <unk> per share for the first quarter of 2022 payable to shareholders of record as of May 24th 2022.
As we previously discussed home point Capital's board of directors authorized a stock repurchase program, where the company may repurchase up to a total of $8 million of its issued and outstanding common stock and the repurchase program expires on December 31 of 2022.
During the first quarter, we repurchased over 460000 shares for $1 5 million under the repurchase program.
Before I finish my prepared remarks, I would like to briefly discuss our financial outlook.
As we look at the second quarter of 2022, the market volatility and competitive pressure the industry faced in the first quarter has persisted for the second quarter of 2022, we expect our volume level and gain on sale margins to be relatively consistent with what we saw in the first quarter.
Because it is difficult to predict when excess capacity will be removed, we will continue to optimize our business and further reduce costs.
We believe that the combination of our strong capital and liquidity position the strength of our partner network and the proactive measures that Willie discussed we are well positioned to navigate it.
That concludes our prepared remarks for this morning, we are now ready to turn the call back to the operator to take your questions operator.
Thank you.
At this time, we will be conducting a question and answer session.
If you would like to ask a question Keith Star one on your telephone keypad.
A confirmation tone will indicate your line is in the question queue.
You May press Star two if you would like to remove yourself from the question queue.
For participants using speaker equipment, it may be necessary for you to pick up your handset before pressing the stock.
One moment, please while we poll.
The first question comes from Doug Harter from Credit Suisse. Please proceed with your question Doug.
Hi, This is John Keller Johnson on for Doug.
Just a few questions I would like to get your thoughts around sort of the health of the dividend going forward.
And then maybe also if we could talk about the decision between.
Continuation of stock buybacks versus buying back debt and then sort of lastly, the pacing of MSR sales.
Mark do you want to start with that.
The board has declared a dividend for the coming quarter and that's that.
That's where we are on that.
In terms of stock buyback versus debt repurchase.
Stock buyback, we've been authorized up to $8 million. So it's a pretty modest number and so that's that's where that is and will be evaluating a debt buyback as we look at the in the context of our overall liquidity position.
On the question of Msr's.
We will continue to strategically look at our MSR portfolio and the opportunity in the market and our liquidity position and be in the market is we think is appropriate so really none of those strategies are different than what we have said in the last quarter.
Got it thank you.
Doug do you have any further questions.
I do not.
Okay. Thank you. Your next question comes from Steve Delaney from JMP Securities. Please proceed with your question. Please.
Everyone and look tough market. So congrats on posting a profit.
How we have to do with these days, so really looking at the expenses, which I'm sure you and your.
Mark or doing very closely.
It seemed odd to corporate expenses went up by about $4 million quarter to quarter.
Almost 40 versus 35% in the fourth quarter was there any one time items in there and maybe booking looking forward, where do you see that line item settling down quarterly over the balance of the year. Thank you.
Yes, sure Marty Steve I'll start.
So.
Primary difference is that we started accruing for bonus so.
We felt that was important from a from a organizational standpoint to have some level of incentive compensation out there I'll, let mark talk a little bit about future trends.
Sure Yeah. So Steve that's the primary differences what is what Willie said.
I would focus on the entirety of our expense base and we've got to look at it in the context of the of the market opportunity in corporate is not gonna be viewed any differently, there's less flexibility of course with corporate because there's certain amount of things you have to do but that having said that with the sale of a correspondent with the outsourcing of our.
Our servicing operation in partnership with service Mac Theres going to be opportunities to look at corporate as well and we will be doing that so I would expect downward.
Expect downward trends on the corporate expense line as well.
And on the origination segment expenses.
Down, but obviously volume was down from 20 billion to $12 5 billion.
Do you have in your mind, Mark a sort of a percentage of origination volume that we could expect that origination segment direct expenses to run at just in terms of a range of basis points.
Yes, we were at about 64 basis points this quarter I would like to see it lower than that of course, some of the volume drop being what it was where we were at 64 basis point level.
The challenge Steve is that as you try to get capacity out of the system. It doesn't happen instantaneously with volume drops you need the personnel on onboard so to close the existing loans and you never want to compromise on the partner and customer experience. So the expense coming out will always lag.
But having said that we're focused on it and we want to get our expenses lower than where they are right now in concert with where we see the market opportunity.
Thank you both for the comments and we appreciate the new upcoming disclosure about active brokers on a quarterly basis. Thanks.
Okay.
Thank you. The next question comes from Kevin Barker from Piper Sandler. Please proceed with your question Kevin.
Thank you I just wanted to follow up on the on the expense side.
Obviously, maybe some incremental decline in corporate expense, but what other expenses could we see decline.
Just given the exit of the correspondent channel.
The outsourcing of the servicing is there.
How should we consider a run rate of operating expenses as we move into the second and third quarter of this year.
You want to start with that market.
Sure glad to do so.
So let's start with the.
The servicing expenses.
<unk> said in the past I expect the servicing expenses to be more variable with the size of the portfolio.
As well as lower.
Overall so.
I thought the fourth quarter level of servicing expenses as a reasonable proxy even in the first quarter I would expect that number to come down as the portfolio declines you'll notice that we did a pretty substantial sale that happened at the very end of the quarter. So our average.
<unk> was it was pretty flat to where it was in the fourth quarter, but our ending was lower so I would think you can expect to see a similar decrease going forward and just remember that with the size of the portfolio going forward on.
On the origination side.
We're going to see an expense dropped by.
Earlier point, though it won't be.
For dollar as the volume drops because there tends to be a lag on that sort of thing as you again, you have to close out the pipeline and it takes time to move those expenses out, but we will be moving expenses out of the origination segment as well again with the goal of getting it lower than where we were this quarter, which was 64 basis points, we'd like to see it lower.
On that.
Okay and then.
In regards to.
Youre raising cash selling msr's.
Hum.
Why.
Can you to pay.
The dividend or do stock buybacks if your.
Attempting to increase your cash flow and Delever.
It seems a little counterintuitive to go down that route.
Is there any discussions around.
Potentially increasing.
Your capital or continuing to increase cash given the initiative.
Beyond the initiatives you've already put in place or discussed on this call.
Yeah. Thanks, Kevin.
We obviously discussed this on a regular basis and you can see the impact of what we've been doing and the reduction in our in the debt ratio and the increase in available liquidity.
Constant discussion about how to balance that out we feel like at this point we have sufficient.
Sufficient liquidity sufficient access or sources of liquidity to be able to.
Hey, David continue to pay the dividend continue to buy back stock and at the same time look at.
Buying back some of our debt so it's going to be a balancing we're going to balance that between those various things, but I think you can see you can expect to see all of the above right.
Okay, and then I believe your corporate debt to equity ratio dropped to one 2% TCE ratio is down nearly 15%.
I believe you are trying to get incrementally a little bit less leverage there.
Do you have specific goals that you can lay out and I believe you discussed these recently.
And when you think you'll reach then given given the state of the market today.
You want to start with that Mark sure. So our stated goal on the.
On the debt to tangible common is one times we.
We went from one six to one two times this quarter. So we're very pleased with the progress. We've made so the goal is to get to one times.
Having said that you said the most important thing there which is given the market environment. So.
Our long term goal is to get to one times will be focused on moving towards that direction.
Variable is going to be the market the opportunity to sell MSR or the opportunity to to create more E and in that equation and we will see how that evolves over time, but our goal is still to get to one times.
Got it Okay and then.
The gain on sale margins in the wholesale channel or are running.
Below.
A good portion of the market or from what we can observe from other competitors.
Do you see any opportunity or initiatives to be able to.
Drive pricing slightly higher given.
What is a very competitive market, but I mean is there any initiatives in place that you can really tweak the pricing there to maybe increase cash flow.
Perspective.
Yes.
The first quarter, Kevin It was obviously differentiator between knows that hedge MSR isn't does that do not hedge MSR, so and that extends not only to the MSR portfolio itself, but also to your your origination pipeline and kind of loans loans in process between being closed and being sold so as.
Now we have a hedging strategy.
Deliberate hedging strategy that reduces our risk and at the same time periodically gives us upside opportunity as observed in the first quarter, but I think it's hard to tell what others, who are not hedging msr's margins are.
Yes dramatic MSR movement in the first quarter that said, we do have a number of initiatives some of which we've talked about in the recorded remarks, but I'd say, most notably is that our turn times are now I'm sorry, our cycle times are now in the neighborhood of 19 days, which we think is very competitive relative to others in them.
Market place, so I would say that in the.
Partner experience are the two things that we're very focused on in order to to try to drive up margin.
Okay. Thank you. Thank you. Thank you Mark.
Thank you ladies and gentlemen, just another reminder, if you'd like to ask a question. Please press Star then one.
To ask a question Keith.
And then Glenn it looks.
<unk> comes from James Faucette from Morgan Stanley . Please proceed with your question James.
Hi, This is Blake matter on the line for James.
Earlier, you mentioned some positive developments in terms of the number of active broker partners on your platform I was wondering how much of that growth was driven by the migration of retail loan officers to the broker channel and where do you see things going from here.
Yes, so good question.
Most of the vast majority of the quarter over quarter growth was from existing.
Brokerage broker partners and loan officers that have been in the channel that said, we are seeing an increasing migration of loan officers from the retail channel into into the.
The broker segment and wholesale channel.
We are in the process of refining our analysis associated with that and we hope to publish more discrete numbers.
But.
At a minimum anecdotally and certainly.
Hmm and activation standpoint, and the initial activation standpoint, we're starting to see more of that so we do believe that that will be an additional opportunity upside opportunity for us.
Absolutely, especially as it becomes clearer the benefit that that that brokers provide the consumers that we stated in our remarks.
Got it that's helpful and earlier as you mentioned.
Cycle times are down to around 19 days or so.
Just curious anything to share in terms of how your cost originated are trending.
And how that's fared in recent quarters.
Sure I'll give that to mark.
Sure. So so nothing more than what what I previously said, which is that.
The reduction of cycle times, it does create more efficiency. It does improve the customer experience and it does enable us to lower cost and we did see a 20% reduction in origination costs. This.
This quarter the <unk>.
Volume dropped by more than that of course or basis points are higher and that's why we need to continue to take leverage the productivity improvements to look at our workforce and make sure we have that optimized so.
As I said earlier I expect to see some further downward momentum in terms of our overall expenses.
It's a more closely mirror, what the what the volumes look like but the point really made around cycle times is certainly a key component of that productivity.
Got it that's helpful.
And then one more question.
The market turns to become more purchase heavy.
Can you talk about any other potential new verticals that youre thinking about leaning into other that's in the non agency space or in other places.
Sure so.
We did announce the two programs that we think we are really looking to add a little bit differently. We have what we think is an appropriate product set in place, but for us to be that kind of the next.
No.
Non agency.
There are non QM lender doesn't seem to make a lot of sense versus.
More directly attacking the challenges that our that our broker partners are facing so home point cash compete.
One example of that.
Partnership we have with level of capital for builders is another example of that so those are really two ways in which we're really trying to get on the leading edge of drive it driving activity in addressing the true issues that our broker partners are facing out there.
Okay, great. Thanks for taking my questions.
Thank you. The next question comes from Mihir Bhatia from Bank of America. Please proceed with your question Mahesh.
Hi.
And thank you for taking my question I wanted to go back to some of the questions I think Kevin was talking about just.
In terms of your liquidity and managing.
Our debt to equity that is yielding I think double digits as of this morning. I was just wondering have you any any consideration to buying back debt versus maybe some of the other actions you've been taking.
Yeah, Hey, it's <unk>. So we are currently considering buying back debt as well.
As I mentioned with that Kevin's question.
All of that is on the table now so whether it's the equity buyback.
Our dividend and debt buyback.
All of those things are in scope for us now.
Okay. So it is a consideration.
Good to know.
Terms of the one other question just maybe a little in the weeds here, but in terms of the MSR sale I think I saw there was a $59 million loss on the MSR sale. This quarter and can you maybe just talk about that a little bit was there a mark issue I mean rates have only gone up since last.
Since you Mark deal books in December So I'm, just trying to understand exactly what's going on there.
Do you want to take that Mark.
Sure I'm, not sure, where we would've seen a loss, but we.
What we did with our MSR sale is that we we saw that prices are where they are as to your good point with rates being up values are higher and instead of marking up the book, we monetize it and sold it and took advantage of a liquidity opportunity.
So maybe our marks were not as high as other people, but largely that's because number one our hedge strategy and number two the fact that we sold a substantial amount of that book So that's.
So there's so that's what we saw there it wasn't a loss on the sale of in fact.
We sold it at our Mark.
If the warrants ran up after the time of the sale. We wouldn't have we wouldn't have gotten that but frankly that wasn't our strategy. Our strategy was to capitalize on where the values are now and monetize that asset.
Okay.
I guess, if you could talk about it offline I was just looking at the footnote two on the summary segment results. That's what I was looking at it but we can talk about that offline.
The other question I had.
Just in terms of going back to the cost structure is there anything you can help us with maybe like thinking about Q3 right. Once you <unk>. The sub servicing is in place Youre out of all the correspondent segment. What is the overall cost structure look like when we get to like Q3, Q4, I understand it moves around a little bit with volume but.
Anything you can help us with on that.
Sure so.
Again.
But there'll be downward momentum on both the servicing segments as we move towards a more variable structure in a smaller servicing book and on the corporate overhead segment as we simplified the operation because of the streamlining that we've talked about.
In terms of specific numbers I'm not prepared to give those but that's kind of some general guidance that should hopefully be helpful.
On the origination segment I previously said, we'd like to have that number at around 50 basis points, whether we can get there by the third quarter or not I'm not sure, but we are striving to have a lower than 64. So whatever your volume levels are expect the production.
Expense to go down.
Accordingly, or if we have similar volume it'll be it'll be similar.
Yeah, hopefully what <unk> seen from US is that if you look at what happened last year, Yes, I mentioned in my prepared remarks that we're very proactive in scoping and scaling the operation to what we believe that the opportunity set is and so we.
We look at it that we're ahead of the general market, where you've had a demand shock.
Demand shock out there and most companies have responded at what I would say more incrementally. We've responded more aggressively even starting last year and so you can expect that we will calibrate our both our operational expense in our corporate expense to where we believe the opportunity set is and as Mark indicated because we have divested of some of our businesses.
Kind of a natural component to that that will take place over the next several months.
Understood. Thank you for taking my questions.
Thank you. The next question is a follow up question from Kevin Barker from Piper Sandler. Please proceed with your question Kevin.
And then thank you I just wanted to follow up on the.
The cash side of the business you have obviously raised a lot of cash with the MSR sales.
<unk>.
When you look through the rest of this year.
Origination income is.
It was close to breakeven maybe slight decline and then.
That would require quite a bit of cash outlay and investment in msr's.
Would you do you see.
MSR sales as.
A better option to continue to increase cash or do you see them.
Potentially doing servicing released on your originations today in order to continue to generate cash.
So I think you can expect us to as Mark indicated Kevin to be in the market to sell MSR is while we don't want to do is be a forced seller of MSR. So we have ample access to liquidity through our leverage and.
And we will move in and out of the both the leverage and the MSR sales as the market dictates as opportunity dictates and as we have a need for liquidity. So I think again, you can expect us to be.
Excuse me you can expect us to be.
Active in all of the above.
Okay, and then your origination purchase refi mix leans, a little bit more refi relative to some of the industry estimates for purchase refi mix.
And you guided to I believe it was flat or funded volume in the second quarter are you seeing better traction with your broker partners on generating more purchase volume or have you seen like significant trends, where that where that is coming into place at least over the last few quarters with rates moving higher.
Yeah, we're seeing we're certainly seeing and as far as forward look as far as I knew rate locks. For example, we're definitely seeing a trend towards right I mean everyone's increased purchase but we're much more in line with what the market is at this point as far as the kind of the forward flows.
Okay, Alright, thank you for taking my questions.
Thank you ladies and gentlemen, we have reached the end of our question and answer session and I would like to turn the call back to James or will Cook for closing remarks. Please proceed ma'am.
Thanks, operator, and thanks to everyone for joining us this morning for our quarterly earnings call. Please feel free to contact me. If you have any questions and we look forward to speaking with you again next quarter.
Operator.
Thank you. This concludes today's conference you may disconnect your lines at this time and Pennsylvania for your participation.
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[music].
Yes.
Okay.
Yes.
Okay.
Okay.
Yes.
Okay.
[music].
Sure.
Sure.
Yes.
Okay.
Yes.
Yes.
Hi.
Yes.
Yes.
Yes.
Okay.
Yes.
Sure.
Okay.
Okay.
Yes.
Okay.
Thanks.
Yes.
Please.
Okay.
Yes.
Yes.
Okay.
Okay.
Okay.
Yes.
Yes.
[music].
Thanks.
Okay.
Yes.
Yes.
Yes.
Yes.
Okay.
Yes.
Okay.
[music].
Yeah.
[music].
Okay.
Hum.
[music].
Okay.
Yes.
Okay.
Yes.
Okay.
Yes.
Okay.
[music].
Okay.
[music].