While there will be likely headwinds ahead of us as 10-year treasury yields continue to rise or 30-year rates continue to stay high, we feel comfortable that we can continue to operate this business with positive non-GAAP gross margins going forward. I’m really encouraged by the progress we’re making on the ambitious non-GAAP net income targets we set last year. We established this momentum and we will continue to trend in the right direction as we leverage Builder across more and more customers. This will enable us to speed up the pace of innovation which means more value to our customers and ultimately more revenue capture for us. While the market conditions are sending signs, the industry volumes may remain lower in the short term, we are confident in our strategy and it’s well suited for the current environment and will make us well positioned for when the industry conditions ultimately normalize.
In closing, we remain on offense and we’ll continue to deliver the best possible experience in a cost competitive way for our customers. Now, let me turn it over to Amir to talk to our key numbers for Q3 and our guidance for next quarter.
Amir Jafari: Thank you, Nima and good afternoon everyone. I’m pleased to be joining you today to discuss our financial results for the third quarter. Our third quarter marks another period of strong execution against a challenging economic backdrop and an important way point towards our ultimate goal of non-GAAP operating profitability by next year. Before I jump into the results, let me just remind you that, unless otherwise stated all results are non-GAAP. Total company revenues in the third quarter were $40.6 million, ahead of the midpoint of our original guidance and in line with our updated outlook from our Investor Day in late September. We reported platform revenue of $28.6 million which also fell within our revised guidance range.
Our mortgage banking suite revenue declined by 11% year-over-year to $20.3 million despite the origination environment declining 14% over the same period as measured by the Mortgage Bankers Association. This continues a trend of seven consecutive quarters of outperformance against broader market declines. Our mortgage suite economic value per funded loan rose to $86 from $77 in the same period last year, representing continued growth in utilization of our value-accretive add-on products. As a reminder, we first disclosed economic value for funded loan at our Investor Day in September, representing the contractual rates for mortgage and add-on products multiplied by the number of loans funded or transactions completed by our customers in the period divided by the total number of loans funded by customers in that same period.
We continue to believe the progress on this front is an encouraging sign our customers are realizing the benefit of ROI positive enhancements to their mortgage origination process via Blend and are growing their adoption of these at an incredibly rapid pace. We saw a slight shift in our market share. We attribute this to the industry conditions driving elevated levels of consolidation as well as some customers exiting their mortgage businesses entirely. As Nima mentioned, we believe our IMD Essentials product is well calibrated to the most immediate needs of our customer base today and are encouraged by the levels of early interest here. We continue to believe that technology is a key differentiator for mortgage customers even more so as the industry leans into efficiency.
while volumes remain depressed. I also want to remind you that in our three year outlook we outlined in September our base and conservative scenarios considered a market share in the low 20s. We still believe this is a conservative outlook even factoring the near-term headwinds we’ve seen within certain segments of our customer base. Turning to Consumer Banking. Our Consumer Banking suite revenue totaled $6.2 million in Q3, an increase of 18% as compared to the prior year period. This growth reflects new deployments and ramp-ups across our Builder powered consumer suite of offerings over the past year as well as the contribution from incremental platform fees. We believe we’re in the early innings of the upside unlocked by the Builder platform.
