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EX-99.1 - EX-99.1 - Nationstar Mortgage Holdings Inc. | d582752dex991.htm |
8-K - FORM 8-K - Nationstar Mortgage Holdings Inc. | d582752d8k.htm |
Exhibit 99.2
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EDITED TRANSCRIPT
NSMQ1 2018 Nationstar Mortgage Holdings Inc Earnings Call
EVENT
DATE/TIME: MAY 03, 2018 / 1:00PM GMT
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MAY 03, 2018 / 1:00PM, NSMQ1 2018 Nationstar Mortgage Holdings Inc Earnings Call
Jay Bray Nationstar Mortgage Holdings Inc.Chairman, President & CEO
C O N F E R
E N C E C A L L P A R T I C I P A N T S
Bose Thomas George Keefe, Bruyette, & Woods, Inc., Research DivisionMD
Douglas Michael Harter Crédit Suisse AG, Research DivisionDirector
Kevin James
Barker Compass Point Research & Trading, LLC, Research DivisionVP and Senior Analyst
PRESENTATION
Operator
Good day, ladies and gentlemen and thank you for standing by.
Welcome to the Nationstar Mortgage Holdings Inc. First Quarter 2018 Earnings Call. (Operator Instructions)
As a reminder, this conference is being recorded. Its my pleasure to turn the call to Mr. Amar Patel.
Amar R. PatelNationstar Mortgage Holdings Inc.Executive VP & CFO
Good
morning, everyone, and thank you for joining our first quarter 2018 earnings call.
Before we get started, I would like to remind you that our quarterly press
release and earnings supplement are available from the Shareholder Relations section of the website, www.nationstarholdings.com. In addition, we will make forward-looking statements during todays call that are subject to risks and
uncertainties. Factors that may cause actual results to differ materially from expectations are detailed in our SEC filings, including the Form 8-K filed today, containing our earnings release and quarterly
supplement. Information about any non-GAAP financial measures referenced, including a reconciliation of those measures to GAAP measures, can also be found in the earnings release and in the quarterly
supplement available on the website.
All right. Now Id like to turn the call over to Nationstar Chairman and CEO, Jay Bray.
Jay BrayNationstar Mortgage Holdings Inc.Chairman, President & CEO
Thanks
Amar, and good morning, everyone. Before discussing the quarter, I wanted to provide a brief overview of the company as well as an update on our previously announced merger with WMIH. Nationstar is one of a kind company with team members and a set
of assets that are almost impossible to replicate. We have been the largest non-bank servicer for the past 3 years running, and we are currently the third largest servicer in the United States. We provide
customer-centric mortgage servicing solutions for over 3 million customers and earn fees on over $500 billion in loans. While servicing is the foundation of our business model, our Origination segment replenishes our portfolio and allows
us to gain new customers at attractive returns.
We ended the year as the 16th largest originator with $19 billion in funded volume over the last 12 months.
(technical difficulty) state services business, which supports Nationstar and other third parties with a range of services including title, close, valuation and property preservation and inspection.
Over the last year, we have fulfilled our 414,000 services orders and sold over 11,000 properties.
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MAY 03, 2018 / 1:00PM, NSMQ1 2018 Nationstar Mortgage Holdings Inc Earnings Call
Lets discuss the latest on the merger. As you know, in February, we announced our agreement to merge with WMIH Corp., and we are excited about the transaction.
We firmly believe that this transaction creates value for all shareholders.
The transaction
provides near-term liquidity for those shareholders electing cash while preserving long-term value for those electing stock. Shareholders electing stock benefit from an increase in ownership of 14% and accretion to cash EPS of approximately 20%
through the use of the net operating loss carryforward of WMIH.
We will be a better positioned business with additional free cash flow created by the cash tax
savings. We plan to utilize this increased cash flow for continued investments and deleveraging.
Weve been working diligently on the changing control
process, including regulatory approvals.
Today, we have received approval from over 80% of the 54 states and jurisdictions. Upon completion of the shareholder vote
in mid-June and all regulatory approvals, we anticipate a third quarter close.
Now lets look at the first quarter
results. The company had a strong start to the year, we experienced improved revenue and servicing from reduced amortization, achieved profitability in our newly launched production channels and expanded our third-party clients at Xome. We reported
GAAP net income of $160 million or $1.61 per diluted share, and adjusted earnings of $44 million or $0.44 per diluted share.
These results were driven
largely by servicing, which generated 5.5 basis points of adjusted probability on a servicing portfolio of over $500 billion.
Originations had earned
$25 million adjusted pretax income and produced $5.1 billion in funded volume.
Xome earned $14 million adjusted pretax income and sold over 2,800
properties through the exchange business. We reentered the field services business at Xome, and we look forward to developing this business over the course of 2018.
Now lets move into Servicing. Servicing earned $69 million adjusted pretax income or 5.5 basis points in adjusted profitability. Our Servicing portfolio
ended with $500 billion and 3.2 million customers.
We have built a self-sustained platform that will benefit from rising interest rates. As interest
rates rise, prepayments speeds decline, which increases the value of our portfolio and improves our financial results.
In the first quarter, total revenue improved
as a result of higher operational revenue and decreased amortization. The 13% amortization improvement stemmed from a reduction in prepayment speeds, net of recapture, which decline 2 CPR from the prior quarter.
Over the first quarter, expenses increased 5%, driven by temporary increases in staffing costs to optimize advanced recoveries. This allows us to shorten our collection timelines
and reduce our financing cost while improving overall liquidity.
We have demonstrated our platform and scale to take an additional take on additional growth
through more subservicing wins, organic replenishment and continued acquisitions.
While boarding activity is seasonally light in the first quarter, we have
transfers scheduled in the second half of the year that will help achieve growth in the portfolio by at least 5% or above $533 billion.
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MAY 03, 2018 / 1:00PM, NSMQ1 2018 Nationstar Mortgage Holdings Inc Earnings Call
will take time and investment to achieve. We will provide a more detailed update on these as we execute them, although prepayment environment and identified cost savings for 2018
will drive continued improvement in our results and allow us to achieve our stated target of 6 basis points of adjusted profitability.
Now lets move into
Originations. Originations performed in line with our expectations in a challenging marketing environment. The segment delivered $25 million in adjusted pretax income on funded volume of $5.1 billion. The
30-year mortgage rate increased over 40 basis points during the quarter, and the banks reported a 21% decline in origination volume quarter-over-quarter.
This decline came in a bit worse than the 16% decrease in consensus forecast from MBA, Fannie and Freddie. And for us, our volume was flat from the prior quarter, so a great
result. Correspondent volume increased 10% versus the prior quarter, which accounted for the total revenue decline of 10% quarter-over-quarter.
We continue to
diversify our offerings. This past year, we made investments to expand our purchase and new customer acquisition channels. These channels have already achieved profitability, and we are thrilled that they are positioned to contribute to our overall
results and growth efforts.
After interest rates moved significantly in the first quarter, we acted quickly and recalibrated the business to the current market
environment. In March, we achieved $12 million adjusted pretax income for the month. We maintained our full year target of $140 million pretax income for 2018. We will be able to drive further new customer growth through our latest
customer tool, which we call Home Intelligence. This was a new product launch and next, Id like to provide some detail around this exciting tool.
We are in a
great position to help both new and existing customers improve their financial well-being by offering personalized debt consolidation solutions in a very simple and effective manner.
Today, the U.S. consumer debt load is at an all-time high. Many of our customers face financial stress, as debt balances from credit card,
auto or student loans continue to rise. However, the mortgage market remains extremely healthy. Home equity is at a record high and default rates are at record lows. Our own portfolio has over $400 billion in home equity or an average of
$100,000 per customer.
As you can see on the slide, we were able to help Scott, one of our customers, achieve over $500 in monthly cash savings by utilizing the
available equity in his home, refinancing his current mortgage and finding a significantly lower rate on homeowners insurance.
This data-driven solution is called
Home Intelligence. And its a tool to leverage what we know about our customers and matching them with the right product mix from our suite of solutions.
There are over 60 million outstanding mortgages in the United States and approximately 19 million of these consumers have a profile similar to
Scotts, substantial home equity and high interest-rate consumer rate, where we could save him over $500 a month. This presents a significant opportunity to improve the financial situation of our customers as well as significantly expand our
customer base. Home Intelligence will positively impact the financial situation for various homeowners and provide a powerful new customer acquisition channel for volume growth even in the current interest rate environment.
Now lets move to Xome. This quarter, Xome achieved $14 million in adjusted pretax income, while the origination market is down and delinquencies remain near all-time lows, Xome achieved 17% quarter-over-quarter earnings expansion, primarily from third-party growth. Third party volume accounted for 36% of total inflows, and I think its important to recognize
third-party customers are replacing Nationstar volume. This is an impressive achievement, and Im extremely proud of the team.
The exchange business sold over
2,800 properties in the quarter, a 6% increase over the prior quarter.
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MAY 03, 2018 / 1:00PM, NSMQ1 2018 Nationstar Mortgage Holdings Inc Earnings Call
consolidating their vendor footprint to high performers with national scale and expanding business with vendors who offer comprehensive solutions across the mortgage life cycle.
Xome is building on strong new business acquisition momentum. We executed 6 new third-party customer wins in the first quarter, and we have a very active and attractive sales pipeline.
Xome did execute 1 strategic transaction during the quarter. In 2014, the company acquired Real Estate Digital, a data provider and aggregator powering online real estate for Xome
and many third parties.
The first quarter adjustment of $8 million was related to a strategic decision to sell REDs
non-core brokerage web hosting business. Xome will retain the data side of RED. Xome has a proven track record of incubating, launching and expanding services.
We recently began taking orders for our field service business, which fulfills property preservation and inspection orders. Last year, Nationstar spent $185 million on field
service orders with third parties, and we plan to capture a significant portion of this revenue opportunity as the business ramps. We are targeting a $20 million earnings run rate in field services by the end of 2018.
In closing, this mornings first quarter results reflect our teams commitment to operational excellence, and we are reaffirming our 2018 targets.
As we look to 2018 and beyond, we do so from a position of financial and operational strength. We have achieved scale and efficiency, and we believe there is a compelling
opportunity for significant cost savings across the platform in the next 2 years while improving the customer experience. Coupled with the benefits of a rising rate environment and enhanced free cash flow from the merger, we will continue to build
value for our shareholders over the long term.
2018 is a defining year for our company, and I would like to personally thank all of you for your partnership.
And now Id like to turn it over to the operator for Q&A.
Q U E S T
I O N S A N D A N S W E R S
Operator
(Operator Instructions) And our first
question is from the line of Doug Harter from Crédit Suisse.
Douglas Michael HarterCrédit Suisse AG, Research DivisionDirector
Jay, hoping you could put a little color behind the move from the profitability of servicing in the first quarter to the over 6 basis points for the year. How much
of that is cost saves? And how much of thats further amortization declines?
Jay BrayNationstar Mortgage Holdings Inc.Chairman,
President & CEO
I think the way to think about it, its probably about 50-50, honestly. If you look at the
amortization, thats well actually, its probably 3 components. One is the overall revenue. As we sit today, we actually are ahead of schedule, we think, from the overall pipeline and growing the portfolio to 5% that we previously
outlined. So I think revenue is, call it, 1/3 of it, I think 1/3 of it is amortization and a 1/3 of it is expense cuts.
So and I mean the amortization,
obviously, the quarter was came in a little better than expected from an amortization standpoint. The second quarter, I think, is in line with kind of how we thought about the quarter and then the expense saves, as weve talked about, we
have a number of initiatives underway. So we feel good about that as well.
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MAY 03, 2018 / 1:00PM, NSMQ1 2018 Nationstar Mortgage Holdings Inc Earnings Call
And just on the boardings, I mean, is are most of the boardings going to be, kind of, be back-end loaded? Such that, kind of, the
growth really happens in the third and fourth quarter? Or should we see some additional boardings in the second quarter?
Jay BrayNationstar Mortgage Holdings
Inc.Chairman, President & CEO
Youll see more in the second than you saw in the first. But yes, youll see the majority I mean, as
we sit today, youll probably see somewhere between 16 billion and 20 billion total additions in the second quarter, probably close to 50 billion in the third and ramp down to about 25 billion in the fourth. So you will see
more in the second, third will be the biggest and then fourth will come in around that 25 billion as we sit today.
Operator
And our next question is from Bose George with KBW.
Bose Thomas GeorgeKeefe, Bruyette,
& Woods, Inc., Research DivisionMD
Yes, actually first just on the field services revenue at Xome. Was there any of that in the first quarter? And then
can you just reiterate sorry, that music wasnt from me can you just reiterate can you reiterate what you said about the annual revenue and EBITDA from the fuel services revenue once thats fully once its
fully ramped? And also I assume thats fairly seasonal so can you just, sort of, give us the break out in like how it falls on a quarterly basis, roughly?
Jay
BrayNationstar Mortgage Holdings Inc.Chairman, President & CEO
Sure, for the first question, the first quarter, no, there was 0 revenue
or EBITDA. I think when we exit the year, we would expect that business to be at a $20 billion EBITDA kind of run rate. And its about an 18% margin business, call it, Bose. And so...
Amar R. PatelNationstar Mortgage Holdings Inc.Executive VP & CFO
Thats about $110 million to $120 million in revenue.
Unidentified Company Representative
Yes, so $110 million to
$120 million in revenue. And I mean, I think, youre right. I mean, you will see some seasonality, obviously, slowing down in the first and the fourth and strongest in the second and third. I mean, thats how were thinking about
it.
Bose Thomas GeorgeKeefe, Bruyette, & Woods, Inc., Research DivisionMD
Okay, great. And then actually back on the servicing, sort of, the pipeline for larger transactions, can you just talk about what youre seeing out there on that front?
Jay BrayNationstar Mortgage Holdings Inc.Chairman, President & CEO
Yes, I mean, in the first quarter, we acquired a couple of bulks in the smaller range, call it $3 billion to $5 billion range. Were having a lot of success on the
subservicing side, partnering with previous partners and some new partners as well, which will most of that will board in the third quarter.
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MAY 03, 2018 / 1:00PM, NSMQ1 2018 Nationstar Mortgage Holdings Inc Earnings Call
its pretty consistent with what we thought would happen. Youre seeing more supply coming to market from a variety of different players. I think its the first step
in what ultimately may lead to industry consolidation, but youre seeing originators selling some servicing now, which we expected to happen. And so I think were pretty bullish about the pipeline and whats to come.
Bose Thomas GeorgeKeefe, Bruyette, & Woods, Inc., Research DivisionMD
Actually, just one more. In terms of the strategy on that the consumer loan, home equity loan product. How far along do you think you are? When do you think
we could start seeing some traction with that business? And are there other companies out there that are doing it successfully at the moment?
Jay
BrayNationstar Mortgage Holdings Inc.Chairman, President & CEO
Well I think I mean the interesting thing, right, and youre
probably seeing this in the overall marketplaces, the refinance segment of the market has moved towards debt consolidation or cash out. So you move from rate term to really debt consolidation. And even today, its probably close to 67% of our
refi business. So its starting to happen. I think with the new app that were rolling out, well do that on a pilot kind of databases, call it May June-ish and then roll it out in a more meaningful way in the third quarter. And
were pretty bullish about it. I think its going to in our mind, theres a lot of people that talk about debt consolidation. Therere a lot of people that attack it in different ways. But theres really not 1 place
you can go to, to kind of truly understand the value of your home. And Xome gives us all the assets we need to make that a very rich user experience, and then also be able to kind of take a look at the liability side of your balance sheet and help
you figure out the best solution. And I think home intelligence is going to do that for not only our customers but new customers. And it may, in all cases, not be a refinance, a debt reconsolidation refinance. So well have other products such
as personal loan, second liens, homeowner insurance. I think our goal is to put more money into our customers pockets, and I think itll this will do that. So you should expect more updates from us, call it, on the third
quarter call, is the way to think about it.
Operator
And our next question is
from the line of Kevin Barker with Piper Jefferies.
Kevin James BarkerCompass Point Research & Trading, LLC, Research DivisionVP and Senior
Analyst
Help us understand some of the mix shift between non-agency, agency and subservicing. Obviously, agency
nonagency servicing tends to have, or the capacity to have better margins than some of the other servicing. And then were obviously seeing a big mixed shift towards a larger subservicing portfolio and a capital-light model. Could you help us
understand like the different profitability that you expect on a pretax basis between non-agency, agency and then subservicing as well?
Jay BrayNationstar Mortgage Holdings Inc.Chairman, President & CEO
Yes,
Amar, you want to take the first piece of that and I can I mean, I think, the way I think about it, Kevin, is I mean, you know this but our portfolio has changed dramatically, right, from a delinquency profile standpoint. So now we
are, call it, 97% less than 60 days delinquent. And that in and of itself, I mean, if you look at the agency piece of that business, thats highly profitable, right? I mean, the margin on that is very strong and so I think the profitability
between the private label and, frankly, the Fannie, Freddie and Ginnie has evolved and is pretty consistent now. Because youve such a clean book on your Fannie, Freddie and Ginnie businesses. And on the subservicing, yes, I think, look,
weve always said were going to be thoughtful on how we think about subservicing, and weve got arguably the best client in the history of the world with USAA and weve added some other clients along the way, and its
performing as we expected. Its performing in that 2 to 3 basis point range and the margins are
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MAY 03, 2018 / 1:00PM, NSMQ1 2018 Nationstar Mortgage Holdings Inc Earnings Call
Amar R. PatelNationstar Mortgage Holdings Inc.Executive VP & CFO
The only
thing Id add to that is on so Jay talked about subservicing profitability being the 2 or 3 basis points. MSR profitability can be its certainly internally higher, but it requires capital investment. And the MSR probability,
depending on how much leverage you put on it, can vary. If you put no leverage on to it, it could be 10 to 12 basis points.
And I think that is consistent, like
Jay said, across the various investor types, agency, nonagency. What the differentiator is the price. Because the credit dynamics could be different than the price for agency, its higher than nonagency, and thats what brings it to
a common profitability.
Kevin James BarkerCompass Point Research & Trading, LLC, Research DivisionVP and Senior Analyst
You mentioned 10 to 12 basis points of potential profitability. Are you realizing that level of profitability within the agency and nonagency portfolios today?
Amar R. PatelNationstar Mortgage Holdings Inc.Executive VP & CFO
Well, as
I mentioned, that is without any financing applied to it.
Jay BrayNationstar Mortgage Holdings Inc.Chairman, President & CEO
Or coinvestor.
Amar R. PatelNationstar Mortgage Holdings Inc.Executive
VP & CFO
Or coinvestor or anything like that. And obviously, weve used a number of different capital structures for our own profitability. And so
our overall is less because we applied coinvest to that. So you take our MSR probability, which is north of 8 to 9 basis points, along with our subservicing profitability, that winds us to this 6 basis points, or 5.5 or 6 basis points profitability.
Kevin James BarkerCompass Point Research & Trading, LLC, Research DivisionVP and Senior Analyst
And so if thats running at like 8 or 9 and the subservicing is running at 2 or 3 and you continue to have this mix shift towards more subservicing in the capital-light model,
which obviously has higher ROE given it requires very little E. Could you help us understand if the 6 basis points is sustainable going into 2019, 2020 as you make this mix shift?
Amar R. PatelNationstar Mortgage Holdings Inc.Executive VP & CFO
Well we
made the mix shift really last year as we as our portfolio will up being 60% or approximately 60% MSR, 40% subservicing. And given the boarding activity that weve outlined for this year, we expect that to not really changed that much.
So with our current mix shift of additions that were putting on with MSRs and subservicing, we certainly believe thats sustainable.
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MAY 03, 2018 / 1:00PM, NSMQ1 2018 Nationstar Mortgage Holdings Inc Earnings Call
overall performance, I mean, I think, youre going to continue to see default cost come down. Weve invested heavily there. We continue to invest heavily in the claims
area, et cetera, to recover our money faster. And I think theres opportunity for the default costs to continue to decline. So I think between kind of maintaining our mix where were at today, I think with the cost initiatives that we have
and, frankly, I think with default costs continuing to come down, both from an efficiency standpoint and from a performance standpoint, yes, I think we are we feel good about the coming years and the overall probability that we outlined.
Kevin James BarkerCompass Point Research & Trading, LLC, Research DivisionVP and Senior Analyst
And then in regards to the corporate segment, you saw a pretty big drop in expenses, and youre guiding to further expenses. Can you just detail what are the main drivers of
that? And whether that can whether the current run rate will sustain, suffer or decline as we move through 2018?
Amar R. PatelNationstar Mortgage
Holdings Inc.Executive VP & CFO
Right, I mean, the we targeted a $30 million reduction year-over-year, and were off to a great
start in Q1 given the fact that weve got a $9 million reduction for the quarter. We dont we think the overall corporate expense will pick up a bit over the course of the year, but we feel comfortable in achieving the
$30 million target. Now that reduction is caused by a few things. Weve been buying back debt along the way last year and this year. And we will reduce our overall corporate debt expense and thats a corporate debt expense,
thats about half of it. And the other half is overall efficiencies were getting in the corporate segments. Were consolidating some of the functions that weve had previously, and that was the large pickup that we saw in Q1.
Operator
And ladies and gentlemen this concludes of our Q&A session and
program for today. Thank you for participating. You may all disconnect. Have a wonderful day.
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