Andrew Nicholas: Great, thank you. And then if I could ask just a clarifying question for my follow-up. In terms of the mortgage market outperformance in EWS, I think, first, I want to clarify that the 15% decline for 2024 that you talked about if conditions persist. I want to make sure that I understood that that’s an inquiry estimate, or is that an origination estimate? And then also, when we think about the gap between those two numbers, is there any reason to believe that, that gap would — and this is just kind of a question around the market itself, not your guys’ performance. Any reason of that gap to narrow or widen in a prolonged weak environment, just kind of thinking about the different levels, levers if you can?
Mark Begor: I’ll jump in, and John can dive in behind me. First, on the last half of your question, we would expect the inquiries to be stronger than originations in this high mortgage rate environment. You call it weaker, but if you’re a consumer and in many cases, stretching to get a mortgage for a home that you want to buy because prices are still very high you do a lot of shopping around when there’s a high interest rate environment. I don’t think that’s going to change next year. I think we’re still going to see that environment, which certainly will benefit USIS with more credit pulls in that shopping environment. You want to add, John, on the forecast.
John W. Gamble, Jr.: Sure. So the first question, yes, the down 15% was a statement specifically about to the extent the run rate we’re talking about in the fourth quarter of 2023 for mortgage credit inquiries continues, then we would expect 2024 to be down 15%, if that’s the level that the market stays at, right. So…
Mark Begor: From origination?
John W. Gamble, Jr.: For mortgage credit inquiries, down 15%.
Mark Begor: And then against that, and we’ll give guidance in February. But against that down 15%, we would have our levers in both businesses around price, product penetration to deliver the outperformance against that market.
Operator: Thank you. Your next question is coming from Craig Huber from Huber Research Partners. Your line is now live.
Craig Huber: Hi, good morning. First question, can you quantify for us the revenue performance in the U.S. for credit cards and autos and what the outlook is there for the fourth quarter?
Mark Begor: Yes. I don’t think we give the actual revenue numbers, John.
John W. Gamble, Jr.: We do not. What we indicated is we thought that FI performed well in the quarter that auto performed well in the quarter. We had very good performance in commercial and we had really nice performance in counts identity and fraud business. So auto and FI were two of the strong performers that showed very good growth in the quarter for us, but we don’t actually disclose the specific revenue levels.
Mark Begor: And I would say we don’t expect real change in the fourth quarter from that third quarter run rate.
John W. Gamble, Jr.: No, we’re expecting business. We’re expecting fourth quarter to continue to be good in those businesses really.
Craig Huber: So is your argument then with the much higher interest rates out there, obviously impacting mortgages, as you’ve talked quite a bit about here. You’re not seeing significant impact to the rest of your business with a much higher rate. Obviously, the 10-year rate is approaching 5% here, has been at that level for many, many years are you not seeing an impact from much higher rates anywhere else in your business?
Mark Begor: We haven’t. But again, let me just be a little more deliberate for example, like in subprime auto, there’s been some pressure there from originations because they’re more deliberate around that subprime consumer being challenged. And then that subprime consumer at that higher interest rate even in parts is sometimes challenged to qualify for that. But broadly, no, when you think sometimes a small portion of the financial services industry, most of it is near in prime. And higher interest rates have not impacted auto originations or card originations in the near prime and prime space like they have in mortgage. Mortgage is just a big ticket item that had a massive impact on the rates over such a short time frame.
Craig Huber: Great, thank you.
Operator: Thank you. Next question is coming from Faiza Alwy from Deutsche Bank. Your line is now live.
Faiza Alwy: Yeah, hi, thank you. So I wanted to ask about mortgage again and really inquiries. So I know that the MBA forecast changes quite a bit. But I’m curious how you think about the MBA index and the application data that comes out every Wednesday morning because that showed that 3Q applications were down 29%, which is in line with your inquiry decline. So I would have thought that inquiries because you’re talking about higher shopping, I would have thought inquiries would have done better than that. So just give us some perspective into how we should think about that data and really what’s going on with inquiries relative to applications?
John W. Gamble, Jr.: Yes. So I think to our earlier commentary, I think what we’re finding is there’s lots of pieces of market estimates that are being disclosed by various third parties that I think in this current environment, our difficult — estimates are difficult to make. And admittedly, they’re difficult to correlate. So that’s why — honestly, we’ve shifted to trying to use our own internal actual volume data so that we can try to track it over time. We’ll certainly have a perspective as we look back historically, and we look at our volume data on inquiries relative to actual applications and actual originations they occur, and we’ll be happy to talk about that. But trying to do it real time right now, I think it’s just is very difficult given the movements in the environment.
And that’s why we think it’s better for us and better for you, quite honestly, if what we talk to you about is our actual volume data and then the things that are driving our performance to be better than our actual volume data.
Faiza Alwy: Okay. Understood. And then maybe just give us some perspective, again, on this inquiry question sort of where we were maybe pre-pandemic and what happened during the pandemic in terms of number of inquiries per whether it’s application or for origination sort of how far ahead are we, was it three or four inquiries back in 2019, did that fall down, are we at seven or eight now. Just some perspective on how much higher inquiries are now would be helpful?
Mark Begor: And versus what time frame, they’ve grown over the last three, four, five years really because of consumer behavior as well as more — the majority of mortgage applications happen online today, which is a phenomenon that is very different from what it was five years ago, which drives more credit polls. Over the last year, they’re fairly consistent, meaning it hasn’t changed in the last year, but they’re clearly up from five, four years ago, even three years ago.
John W. Gamble, Jr.: And again, and I know you know this right, but we disclosed — we provide every quarter what the actual inquiry numbers look like, how the — sorry, what the actual movements in inquiries were so you can see how that’s trending over time.