But then we also have services in our closing line item that we’re continuing to invest in and we’re continuing to add on that will be incremental transaction revenues. So there’s a mix underneath the covers there. But we believe that having a more predictable business model for the longer term will enable us to continue to grow the business at 8% to 10% a year for a long period of time.
Operator: Our next question comes from Craig Siegenthaler from Bank of America. Craig, your line is now open.
Craig Siegenthaler: Good morning, everyone. I wanted to come back to Ben’s commentary that 4Q is the strongest Mortgage Tech sales quarter since last year. What products drove the increase in 4Q versus the prior quarters? And also given several announcements of exits and downsizes in the residential mortgage world, and I’m thinking Wells Fargo is probably the biggest, which products are you seeing under the most pressure on the sales front in 4Q?
Benjamin Jackson: Thanks for the question, Craig. So a lot of what we saw in terms of sales strength, so I’ll just — I’ll talk about 2022 first, then I’ll go in the fourth quarter. So for 2022 as a whole, our AIQ, that — the automation service that’s lowering the cost of manufacturing a loan to our clients was very strong throughout the entire year and each quarter. We had a good quarter in selling new clients onto that platform. Again, that’s hopefully lowering their cost of manufacturing along a lot of the comments that Jeff made before. And hopefully, those cost savings get passed on to the end consumer. In the fourth quarter, it was an interesting dynamic. It was actually our — the core Encompass product that drove that sales strength that we had in the fourth quarter.
So what we’re seeing is that, while you do have customers that are consolidating, you have some M&A, you have some downsizing that’s happening with that client mix. The two things that we see in parallel are that, one, a lot of the banks credit unions, non-bank originators, they’re using this time to invest in infrastructure. So if they have in-house systems, for example, which is often what we’re unseating, they’re looking to invest in their infrastructure to be ready for when this market snaps back. Looking at our funnel going forward, we know that a lot of the big banks are looking at that, that infrastructure that they have and looking at making investments to position them well when the market snaps back. And then the other thing that we’re seeing is, as I mentioned, as employees are impacted by these downsizings.
We’re seeing a lot of them start new shops. And as entrepreneurs, they’re starting new shops, and we’re well positioned to win that business as well. So we’re very well positioned across the entire spectrum. And people are taking — we see people taking advantage of the opportunity right now where there is a strain in the system to invest and be ready for when the market comes back.
Operator: Our next question comes from Brian Bedell of Deutsche Bank. Brian, your line is now open.
Brian Bedell: Great. Thanks, good morning folks. Thanks for taking my question. I wanted to turn back to fixed income trading. It’s been on such a strong growth trajectory. And when you described good traction in the muni business and data, maybe if you can talk a little bit more about the mix of revenues within that business. I know the market share gains have been really good. Is it mostly munis? And just thinking about the sustainability of this, munis has been growing more than doubling on a year-over-year basis, reaching a $100 million annual revenue business in the second quarter and if it can continues to grow like sequentially, it will be a $200 million annual business within a couple of quarters. So just trying to get a sense of the drivers behind that and if you think this momentum can continue?
