Willie Newman: Yes, no, thanks Steve. So, I think kind of first things first, for us, which is, let’s stabilize the cashflow, get cashflow positive, and let’s get the earnings positive. And then after we do that for a period of time, we’ll consider other alternatives. I think right now, because we are creating liquidity, our primary focus is on, one, making sure the business is supported, which at this low level, there would’ve to be very significant shocks before we would suffer from a business standpoint. And then secondly is to pay down some of the debt that we have.
Steven DeLaney: Got it. I can understand the debt. Thank you both for your comments.
Operator: . Our next question comes from Doug Harter with Credit Suisse. Please go ahead.
Doug Harter: Thanks. Following up on that last comment about paying down debt, as you kind of return to operating cashflow positive, kind of how do you think about using your liquidity in order to pay down debt? Just kind of what are your thoughts around using that return to cashflow positivity?
Willie Newman: Yes. So, Doug, as I mentioned, really our primary focus right now is in paying down our debt, especially our MSR line is based on short term rates and with the curve being where it is, that’s gotten a lot more expensive than it was previously. So, really because we’re in that position where we’re generating cash, and we also have additional asset sales, as Mark mentioned. So, we’re going to be able to make a meaningful reduction in that line over the next couple of quarters. So, that will be our area of focus.
Doug Harter: And then I guess just how do you think about the MSR lines versus the unsecured debt, which obviously trades at a meaningful discount and being able to create some equity value by paying it down at a discount?
Willie Newman: Yes, we certainly will consider that as well. Again, we want to first get to that operationally cashflow-positive point. So, we don’t want to be too premature in committing the cash that we’re generating into something that is based on that longer-term tenor on the debt. So, but it’s certainly something that we’ve looked at and we will consider.
Doug Harter: Got it. And then lastly for me, just kind of given the smaller size of the business, just how do you think about long-term kind of staying kind of staying independent versus possibly considering strategic alternatives and selling the business?
Willie Newman: Well, I think, you have to be kind of cognizant of what’s happening in the market, and we are a smaller footprint. We also have lots of liquidity that we’re in the process of generating and have access to. So, we’re looking out and seeing what might make sense. And being a public company, we’re kind of open to having dialogue in either direction, but it is an environment where we do believe things will consolidate, and we kind of have our eyes open about that.
Doug Harter: Okay. Thank you.
Operator: There are no further questions at this time. I would like to turn the floor back over to Willie Newman for closing comments. Please go ahead.
Willie Newman: Yes, thanks. So, first of all, I really appreciate the questions and your interest in Home Point. With having the smaller footprint, sometimes we wonder how much interest we’ll have, but we do appreciate the questions and the intelligence of the questions. I do want to recognize Mark before we sign off, because everybody knows Mark’s leaving the organization in a couple of weeks. And Mark came into our organization at a time when the business and the company were growing very rapidly, and at the same time we were doing this little thing called an IPO. And so, he had to learn kind of about who we were and what we were doing, at the same time he had to really be one of the leaders in taking us public. So, and he did both those things extremely well.
