Chris Lapointe: Yes. And I would just add on. If you look at all of our cohorts on a month-to-month, quarter-to-quarter basis, they’ve all been relatively consistent with the framework that Anthony just laid out. At the overall portfolio level right now, our annualized charge off rate on the personal loans business is 2.97%. If you take the weighted average life into consideration for that portfolio, it gets you to an estimated life of loan losses of about 4.5%, which again is meaningfully below the 7% to 8% risk tolerance level that we have today.
Operator: Thank you. Our next question comes from the line of Moshe Orenbuch with Credit Suisse. Your line is now open.
Moshe Orenbuch: Great. Thanks. And most of my questions have been asked and answered. But I thought — and you talked about this a little bit in the prepared remarks, but I think it’s actually quite interesting in terms of the ability to increase whether it’s cross buy or reduce marketing spend because of the increase in the number of members across financial services and SoFi money. Could you talk a little bit — in a little more tell like how you would expect to see that playing out over the course of the next year or two in kind of more specifically? Is it a function of less marketing for consumer loans? Is it lantern products? Like what are the biggest benefits to SoFi?
Anthony Noto: Yes. So we talk about a concept called the FSPL, financial services productivity loop. And the concept is very simply, we want to leverage the broadest reach, most appealing high engagement products like Relay, like SoFi Money, like SoFi Invest and SoFi Credit Card to really build a significant amount of products in those categories. As we build that scale, we have information about our members that allows us to give them personalized offers that best meet their needs. So for example, if we bring in a SoFi Money customer member and that member does direct deposit with us and we see the mortgage that they’re paying or we see the student loan that they’re paying, we see them sitting on a ton of cash. We see them overrunning and having the significant amount of credit card debt.
We can make it very specific recommendation to them on how to get their money right in that particular area. We play that strategy out every day. Sometimes it’s driven by technology and data. And sometimes it’s driven by the mechanical processes of our teams, as well as our certified financial planners. That cross buy allows us to bring in that second product with no customer acquisition cost and has a huge impact on unit economics. So let’s take a personal loan, for example, and this is just illustrative. Let’s just say over the course of time, our average variable profit on a personal loan, and so that would be the revenue of that personal loan less the life of loan losses, the funding cost, variable operating cost and the customer acquisition cost resulted in $800 of variable profit.
