Guild Holdings Company (NYSE:GHLD) Q3 2022 Earnings Conference Call November 3, 2022 6:00 PM ET

Company Participants

Michael Kim - Investor Relations

Mary Ann McGarry - Chief Executive Officer

Terry Schmidt - President

David Manuel Neylan - Chief Operating Officer, Executive Vice President

Conference Call Participants

Donald Fandetti - Wells Fargo

Richard Shane - JPMorgan

Kyle Joseph - Jefferies

Operator

Good afternoon, ladies and gentlemen, and welcome to the Guild Holdings Company Third Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session with instructions to follow at that time. As a reminder, this call will be recorded today.

I would now like to turn the conference over to Michael Kim, Investor Relations. Please go ahead, Michael.

Michael Kim

Thank you, and good afternoon, everyone. Before we begin, I'd like to remind everyone that comments on this conference call may contain certain forward-looking statements regarding the company's expected operating and financial performance for future periods and industry trends. These statements are based on the company's current expectations. Actual results for a future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of risks or other factors that are described in greater detail under the section titled Risk Factors in Guild's Form 10-K and 10-Q and in other reports filed with the U.S. Securities and Exchange Commission.

Additionally, today's remarks will refer to certain non-GAAP financial measures. Reconciliations of non-GAAP financial measures to the corresponding GAAP measures can be found in our earnings release filed today with the SEC and are also available on Guild's Investor Relations website.

Participating in the call today are Chief Executive Officer, Mary Ann McGarry; and President, Terry Schmidt. Now I'd like to turn the call over to Mary Ann McGarry. Mary Ann?

Mary Ann McGarry

Thank you, Michael. Good afternoon, everyone, and thank you for joining us. Today, I'm joined by our President, Terry Schmidt; and our Chief Operating Officer, David Neylan. Our Chief Financial Officer, Amber Kramer, is out on maternity leave, and I'm excited to announce she recently welcomed twins to her growing family.

Market dynamics across the industry remained challenging during the third quarter. Mortgage rates continued to trend higher and inventories remained limited. As a result, industry-wide origination volumes remained under pressure with ongoing overcapacity issues and shifting competitive dynamics weighing on profitability trends across the industry. However, Guild delivered strong financial performance for the quarter, which we believe reinforces the benefits of our differentiated and decentralized business model across cycles and shifting competitive backdrops.