Mat Ishbia: Yes. Thanks for the question, Eric. Appreciate it. So the buy-down opportunity is great. It’s a 2-1 buy-down 1-0 buy-down and even a 3-2-1 buy-down. And I think the key is mortgage brokers are knowledgeable. They understand they have those options those are still viable. Those will continue to be viable. Those don’t go away or change. Those are very good opportunities. And whether it affects affordability or really what they more for us to give a borrower the consistency of a 30-year fix, but the lower rate or the lower payment for the first two or three years or one year, depending on the buy-down of the buy-down product. And it’s been a very successful product instead of real estate agents and sellers lowering their price, you can contribute towards a buy-down and it creates opportunity.
We’re seeing a lot of it, and it’s been very successful. And we’re the largest purchase lender in the country, we’re kind of leading on that, and people are using it quite a bit right now.
Eric Hagen: Yes. That’s really helpful detail. So there’s lots of focus out there on bulk MSR supply and they’re being a pretty robust pipeline. I’m just curious how you guys are thinking about the opportunity and sort of the value in selling MSRs against that backdrop, even how you think about doing that versus drawing against the MSR financing that you have? Thank you, guys.
Mat Ishbia: Yes. Thanks for the question on that, too. So, I think there is a lot more made out of this crazy amount of supply hitting the market. I think that’s a little bit more of a fun media story than a reality. UWM’s liquidity is extremely strong. We think the MSR market is actually more liquid than you guys are recognizing and we’re taking advantage of that. If we want to, we have complete control of it. We can either, A, tap the MSR line, as you pointed out; or B, sell MSRs, sell the — we have all different options. Liquidity is not a concern. liquidity is always a concern in any mortgage business. It’s not a concern for UWM with a great job at our finance team and our MSR sales team. Everyone has been doing to make sure that we don’t have to think about that stuff.
And so we’re opportunistic. We’re in exactly the position we want to be. Our MSR book is strong. It produces a lot of liquidity. And at the same time if we want to sell, we can sell that as well. And so I think a lot more has been made of this because of who we are, that people want to buy our servicing. And when you’re a company that’s maybe struggling, people don’t want to buy your service because of rep and warrants and other things. We’re the strongest mortgage company in America, period, and people know that. So for us, it’s not an issue. I don’t think it’s as much of an issue as people make, but maybe it’s a little more for some of the weaker counterparties.
Eric Hagen: Yes. That’s helpful detail. Thanks you, guys, very much.
Operator: The next question is from Doug Harter with Credit Suisse. Your line is open.
Douglas Harter: Thanks. Just — I apologize if this is asked, but just can you talk about how you think your market share trends as you kind of have pulled back from gain on and how sticky kind of the additions that — of brokers that you have added will be?
