Douglas Lebda: And the only thing I’d add to what J.D. said, just put a finer point on a couple of things. So just thinking about consumer behavior, you’re coming in looking to refinance your entire $400,000 house, you’ve got a mortgage rate from four years ago, that’s where the consumer benefit doesn’t make sense to refinance for your home value has gone up. So a second mortgage makes a lot of sense. And you flip to the lender side. The last time we had Home Equity growth like this was literally like 2001 to 2009 until the housing market had a major correction as we all know. And it wasn’t until losses from lenders mounted in the second mortgage business, until they pulled back, and now what we’re seeing is a resurgence of that.
As J.D. said, some of our Consumer Direct lenders are getting back into that business. It can be highly automated, oftentimes doesn’t require complete appraisal. So that gets reautomated. We expect that to help us out as refinance — refinancing your entire mortgage doesn’t make sense.
Ryan Tomasello : Thanks, appreciate all that color. And then second one for me on the expense side. Can you put a finer point around the additional levers you have to pull from here pending how performance trends throughout 2023, perhaps you could quantify a range of the additional costs that you think you could theoretically remove from the system? And also what type of environment we would need to see in order for those plans to start to be more seriously considered? Thanks.
Douglas Lebda: Yeah, I’ll start and I will let Trent put some details around. I doubt we’re going to give you a range, but I can tell you that we’re continually looking at things as we move to a more project oriented company with our quarterly cycle as I talked about. You are investing on a variable basis on a few things that you think are going to move the needle. And then everything else is €œfixed€. And we’re taking a continuous and very hard look at that. Trent.
Trent Ziegler: Yeah, just sort of continuing what Doug said, right, we’ve obviously taken some actions throughout the last 12 months in the form of workforce reductions and otherwise. Really, when you get past the advertising, which obviously, we’ll continue to look at and optimize the advertising phenomena as well. But beneath that, the vast majority of our fixed expenses are our people and our technology stack. And so some of those things are easier to move the needle on than others. But as Doug said, we sort of look at the body of work that we have going on, and sort of the best that we’re placing and the discrete initiatives, and we have to continue to kind of raised the hurdle rate as to what we fund and what we choose to invest in.
And so, relative to the commentary in the shareholder letter, should unit economics and some of our core businesses continue to get tougher, we’ve got to raise that hurdle rate and draw a bit of a harder line as to what we’re choosing to invest in. And so that’s the approach that we’re taking.
Andrew Wessel: Michelle, can we get the next question, please?
Operator: Please standby for our next question. Our next question comes from John Campbell with Stephens, your line is now open.
John Campbell: Hey guys, good morning.
Douglas Lebda: Hey John.
John Campbell: Hey, within consumer I mean, if we back out personal loans, credit cards, and small business, I think that implied consumer other was up pretty sharp, I think 28% year-over-year, that’s now about a fourth of the net. So curious about what drove the strengths there and how you’re thinking about that other business within consumer for the rest of the year?
Douglas Lebda: Sorry, John, consumer X personal loans and what else I’m sorry?
John Campbell: Ex personal loans, credit cards, and SMBs. Just the ones, the larger businesses you guys typically call out, I mean, if I look at that kind of implied bucket of other that’s about a 28% growth rate, so really good results there, just curious what drove that strength?
