Eric Hagen: Hey, thanks. Good morning. I think I’ve got a couple of follow-ups. First on risk-based pricing. I mean would you say risk-based pricing is more effective when mortgage rates are high, relatively volatile? Or what would you say is kind of the ideal environment to leverage some of the inputs that go into risk-based pricing? And then second question, I mean, how are we thinking about any further rotation of mortgage origination and servicing from banks to the non-bank community? Does that drive your thoughts around any capital ratios, even how you think about the longer-term growth rate in the business, more generally, just given where the capital is being sourced and where that’s coming from? Thank you.
Tim Mattke: Sure. I’ll start off for risk-based pricing. I think we think about it across a number of different dimensions. I haven’t thought about it too much with interest rates being higher, if that makes it more conducive. I think there’s a sensitivity always to cost and us, the advantage of risk-based pricing is being able to ultimately reflect the risk that we think exists with a loan based upon the current conditions. And interest rate is one of those, but it’s much to do with what’s going to happen with home prices and the ultimate credit characteristics of the loan as well. So I wouldn’t put it as something that is more pronounced in my mind in this environment. And then the second part of your question, can you just refresh me on that again?
Eric Hagen: Yeah. Rotation of origination and servicing from bank to non-bank, thoughts around capital ratios, longer-term growth rate, just given where that capital is coming from. Thank you.
Tim Mattke: Yeah. I think it’s — there’s always some ebbs and flows as far as where things go to. I think the non-banks have obviously taken a larger and larger percentage recently. I think we feel really great about those customers as well. And I think it’s one of those things where when the market sees a little bit of disruption, you sort of look for what will the shakeout be? And I think there’s still some more to go there ultimately. And we’ll stay close. The good thing is we have a broad base of customers and do well across all those segments. And so I feel really good about however that organizes on the origination and servicing side, that we’re well positioned to be able to engage and win our fair share of business.
Eric Hagen: All right. Thanks for the comments. Appreciate it.
Tim Mattke: Sure.
Operator: Thank you. At this time, there are no further questions. I will now turn the call back over to management for closing remarks.
Tim Mattke: Thank you, Joel. I want to thank everyone for your interest in MGIC. We’ll be participating at Zelman’s Housing Summit in September. I look forward to talking to all of you at some point in the near future. Have a great rest of your week.
Operator: Ladies and gentlemen, this concludes today’s conference call. Thank you for participating. You may now disconnect.
