Lee Smith: Yeah. Thanks, Tom. I mean it’s a significant restructuring. There is going to be noise in the first quarter, because we’re still running off the pipeline as it relates to the branches that we’re closing down. We’re paying severance. And then there’s going to be some payments as we exit certain leases. We will isolate that as a restructuring charge. But there’s going to be noise in the first quarter as a result of that from a cost point of view. When I think it will be very clean will be April 1. But having said that, and as Tom alluded to, we’re going to start seeing benefits from what we’ve done as soon as February, given we executed on this restructuring last Thursday.
Brody Preston: Got it. Okay. And Tom, maybe just one follow-up on the expenses. Just given the conversion isn’t happening until the first quarter, I guess, what percent of the $125 million should we think about being more 2024 oriented versus 2023?
Thomas Cangemi: Brody, I’d say half. But again, we’ve done a lot of transactions in our lifetime. We are going to — we have hit the ground running hard. We know what we have to do as far as integration. This is typical when we look at transactions. And there’s an opportunity here on a stand-alone basis. Like I indicated, we looked at the business ex-mortgage when we announced the deal. We looked at a run rate that was probably like $1.6 billion to almost $1.7 billion in total cost structure, and we tacked on about $125 million ex-mortgage. But mortgages changed, as I indicated, Lee has taken out a lot of cost in 2022. We think this is it. This is where we feel very confident that we’re lean. I think this is probably the lowest headcount that Flagstar has had and probably close to — probably maybe eight, nine years now.
So I think we’re in a very good position to really capitalize. A lot of investment in technology has been made by Flag, so on the mortgage side we can benefit here. The servicing platform is substantial. There’s a great opportunity to think about cross-selling some product on the servicing side, both on a HELOC loan position as well as deposit gathering efforts. So we’re in a good spot. It’s a difficult decision when you have to make these types of significant restructuring efforts. But at this stage of the game at that type of FTE, with this magnitude of the business and our presence, we have an opportunity here to really drive revenue at the appropriate time if there’s a resurgence in opportunity in the mortgage business.
Brody Preston: Got it. And then maybe just switching over to the…
Thomas Cangemi: Just one other point. The goal here was not to bleed. You don’t want to hemorrhage red as we come together. And Lee was challenged last year, every quarter was a challenge when it comes to the changing interest rate environment. And we’re going through quarterly repositioning on FTEs to a point where we looked at the business versus balance sheet, versus not balance sheet utilization. We really want to go back to the traditional mortgage banking model, where you had used balance sheet very selectively, and we are getting our gain-on-sale opportunity and we build the servicing portfolio as a revenue stream. So we have a barbell strategy overtime depending on market interest rates.
