Amber Kramer: Yes. There is some that is variable. And there €“ in the prior quarters, besides the last two quarters, we have had the fair value adjustment for the contingent liability in there overall, which we didn’t have in this quarter. So, I would think that the majority of the G&A, call it, probably 75% fixed.
Rick Shane: Okay. That’s very helpful.
Operator: The next question comes from Kyle Joseph with Jefferies. Please go ahead.
Kyle Joseph: Hey. Good afternoon. Thanks for taking my questions. You guys highlighted two recent acquisitions. Just hoping to get any sort of color there in terms of evaluations or size and then give us a sense for your acquisition pipeline from here, if there is any sort of target geographies or anything?
Terry Schmidt: Yes. This is Terry. Those two acquisitions were kind of have followed in line with the past acquisitions that we have done, and they were both asset transactions. And I can say that as far as any type of premium that because of the €“ just the market dynamics that we are seeing right now and the stress on production, our production platforms that, that premium that we have paid in the past is lighter than it has been in the past. And €“ but very similar to the transactions that we have historically done.
Mary Ann McGarry: Okay. And this is Mary Ann. The pipeline is good €“ looks good. There is a lot of interest for a lot of production companies to find out options. And so we are very pleased with the opportunities that we see ahead of us.
Kyle Joseph: Got it. Thanks. And then just year-to-date, can you give us a sense for how the MSR mark has trended? I don’t need an exact number, but just how it’s trended so far this year.
Amber Kramer: We haven’t provided any information on the MSR valuations, but you would €“ just as rates change, the MSR valuation is going to align with those based on increasing or decreasing.
Kyle Joseph: Okay. Got it. And then just high level, you guys are a lot closer than I am, but can you give an overall sense of where you think the supply and demand of the industry are at this point. Obviously, supply was chasing demand down, are we close to approaching sort of an equilibrium there?
Terry Schmidt: I would say €“ yes, we are closer, but it’s still €“ there is still more supply out there than there is €“ it’s just there is not enough inventory out there. So, there is too many people chasing €“ too many lenders chasing loans still. But I can say that according to the NMLS at year-end, there was about 20% of the loan officers in this industry that did not €“ that let their licenses expire. So, I think it’s happening as far as that equilibrium rightsizing, but we are not there yet.
Mary Ann McGarry: And the MBA is projecting a drop in purchase volume next year, the whole trillion market cap, $1.6 trillion to $1.4 trillion. But there is still a lot of demand, a lot of buyers wanting a home, and we have a lot of pre-approvals and they are just waiting for the market to normalize. And so there is some trepidation with the volatility as well as not as many sellers are putting their houses on the market. Again, low inventories, but that all could be seasonality as well. So, we will see as we go into the spring as Rick mentioned. So, meanwhile, there is great opportunity.
Kyle Joseph: Yes. Got it. Thanks very much for answering my questions.
Operator: As we have no questions, this concludes our question-and-answer session. I would like to turn the conference back over to Mary Ann McGarry for any closing remarks.
Mary Ann McGarry: Thank you everyone for joining us today and have a great evening. We look forward to updating you on our next call. Bye.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may all now disconnect.
