Guild Holdings Company (NYSE:GHLD) Q3 2023 Earnings Conference Call November 8, 2023 5:00 PM ET
Company Participants
Terry Schmidt - Chief Executive Officer
David Neylan - President and Chief Operating Officer
Amber Kramer - Chief Financial Officer
Conference Call Participants
Kyle Joseph - Jefferies LLC
Richard Shane - JPMorgan Chase & Co.
Donald Fandetti - Wells Fargo Securities, LLC
Trevor Cranston - JMP Securities LLC
Operator
Good afternoon, ladies and gentlemen, and welcome to the Guild Holdings Company’s Third Quarter 2023 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.
I would now like to turn the conference over to Investor Relations. Please go ahead.
Unidentified Company Representative
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 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, the corresponding GAAP measures can be found in our earnings release furnished today with the SEC and are also available on Guild's Investor Relations website.
Now I'd like to turn the call over to Chief Executive Officer, Terry Schmidt. Terry?
Terry Schmidt
Thank you. Good afternoon, everyone, and thank you for joining us to discuss our third quarter results and strategic update. I am joined by our President, David Neylan, as well as our Chief Financial Officer, Amber Kramer. In the third quarter, we continue to adhere to the strategy we have consistently communicated with our focus on the retail purchase market and dedication to customer service, along with continuing to gain market share to position Guild for accelerated growth when the cycle turns. The ongoing industry headwinds in the mortgage market have been well publicized with high rates and prolonged limited housing inventory.
The Federal Reserve aggressively raised the Fed funds rate during 2022 by 425 basis points and further raised it by an additional 100 basis points through July of 2023. Rates have remained unchanged ever since, but future rate changes are uncertain.