Investor Presentaiton
4Q 2023 Preliminary Results
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Mortgage Finance
Mortgage pre-tax income of $24 million
-
Noninterest expense down $7 million YoY, reflecting the benefit
of variable cost structure
Direct-to-Consumer (DTC) originations of $224 million,
reflective of current environment
-
Less than 20% of loans retained on balance sheet
4Q '23 originations primarily from existing depositors,
highlighting the strong customer value proposition
-
66% of DTC originations sourced from existing depositors
Continued focus on customer digital experience and
operational efficiency
Direct-to-Consumer Originations
($ billions)
Inc / (Dec) v.
Key Financials ($ millions)
4Q 23
3Q 23
4Q 22
Net financing revenue
$
51
$
(2)
$
(4)
Total other revenue
3
(1)
1
Total net revenue
$
54
$
(3)
$
(3)
Provision for credit losses
2
(1)
Noninterest expense (1)
30
(3)
(7)
Pre-tax income
$
24
$
(2)
$
5
Total assets (EOP)
$ 18,512
$
(233)
$ (1,017)
Mortgage Finance HFI Portfolio
4Q 23
3Q 23
4Q 22
Net Carry Value ($ billions)
$
18.4
$ 18.6
$ 19.4
52.2%
782
53.1%
54.6%
782
781
Wtd. Avg. LTV/CLTV(2)
Refreshed FICO
Held-for-Investment Assets
($ billions)
$0.2
$0.2
$19.4
$19.2
$18.9
$18.6
$18.4
$0.3
$9.1
$0.3
$9.0
$8.9
DTC
$8.9
$8.8
$0.2
$10.3
$10.2
$9.9
Bulk
$9.8
$9.6
4Q 22
1Q 23
2Q 23
3Q 23
4Q 23
4Q 22
1Q 23
2Q 23
3Q 23
4Q 23
See page 39 for footnotes.
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