Terry Schmidt: Sure. Outside of acquisitions, we’re always focused on organically growing as well and bringing in originators. And that, too, is more active than it’s been – our pipeline is larger than it’s been all year. And we hired a new recruitment manager, and he’s doing a fantastic job. And I think it’s just that the brand that we’ve built in the industry, everybody understands that this is what we do, whether it’s acquisitions or organic and to date, our organic goal, we’ve actually met the goal for the year, and we still have two months left. So there still is quite a bit of opportunity there as well. So we’re going both fronts.
Trevor Cranston: Okay. Great. Appreciate the comment. Thank you.
Operator: And our next question will be a follow-up from Rick Shane with JPMorgan. Please go ahead. Rick, your line is open.
Richard Shane: Sorry about that. I apologize. I should have asked this before and if it’s disclosed anywhere, and I’ve missed it, I apologize. Should we assume that the pretax operating income on the $17.4 million adjustment is essentially 100%?
Amber Kramer: I mean it would flow through the income statement and apply the same – the same tax figure that our overall financials have.
Richard Shane: Right. But there are no operating expenses or amortization or any.
Amber Kramer: Correct.
Richard Shane: Okay. Got it.
Amber Kramer: Yes. And Rick, just to be clear, because of one of the comments you said, so the increase relates just to the fair value estimates driven by the enhancements to the model. So for the loans that are in our locked pipeline and held-for-sale inventory in the third quarter, when these loans are sold, this fair value-related gain will be offset at the time of sale. So I just want to make sure that’s clear because you were talking about liquidity on the MSR, and it’s not in there, it’s really sitting in the loans held for sale on the balance sheet.
Richard Shane: Got it. Okay. And so the way to think of this is not that you changed the assumptions which you would run through the fair value, but you literally just changed the model and said, okay, wait a second, the way we’re enhancing the way we’re doing this. And even if we had done the – if we were to do this retroactively and run the model, the numbers would have simply been different in the past.
Amber Kramer: It’s just a model enhancement. And so it’s just the servicing value and how it’s incorporated into the fair value at the time of lock in the loans held for sale. And then like I said, it offsets the time of sale. So it’s really just a balance sheet impact at the end of Q3 from that perspective.
Richard Shane: Okay. Terrific. Thank you guys.
Operator: And this concludes our question-and-answer session. I’d like to turn the conference back over to Terry Schmidt for any closing remarks.
Terry Schmidt: Just wanted to say thank you for being on the call, and we’ll just keep executing on our strategy, and we’ll talk next quarter. Thank you.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect your lines.
