Bose George: Okay. Great. And then actually just going back to the gain on sale margin and the guidance. Just on the seasonality in 4Q, could we see the margins sort of at the midpoint or sort of not at the high end of the range? Or just any thoughts there?
Mathew Ishbia : Yes. I mean, I give a range for a reason because I usually expect that it’s going to be somewhere in the middle of the range, plus or minus, is how I always think about it. You are correct, though, in pointing out cyclicality. A lot of people don’t understand if you’re doing all refis, there’s no cyclicality in the fourth quarter and first quarter. But in real business, mortgage business purchases, fourth and first quarter are slower quarters. And you saw it even — if you look at our first quarter earlier this year. And so we expect it to be a little slower in the fourth and first quarter. That’s why I guided to where I’m guiding. I expect us to meet guidance in all aspects of things, I always say, which I’ve done, I think, for 12 consecutive quarters and will continue to do so.
So — but yes, you are astute to point out that fourth quarter and first quarter are slow mortgage months or quarters. And then second and third quarter, especially when you’re doing a lot of purchase, and we’re obviously the largest purchaser in the country.
Operator: Your next question comes from the line of Eric Hagen from BTIG.
Eric Hagen: Maybe one more on the margins. Just want to get a sense for the competitiveness in the market just really at these rate levels and maybe whether you’ve been surprised by the stability in margins at these rate levels and even like why the broker channel might have more stable margins if rates stay kind of in this ballpark right now?
Mathew Ishbia : Yes. So like I’ve said for years, I set the margins daily. So it’s — we make the decision what the margins are going to be. We control those, and we always will control the margins in a positive way. So we — so it’s not market-driven. It’s not — it’s UWM-driven, and we’re very involved with the details of it. And we try to set great pricing out for the brokers and help the brokers be competitive. But — so the market doesn’t dictate that as much. I know people — you guys don’t like to understand that or believe that, but that’s just the reality is that every day, I look at the pricing, I set it with our capital markets team. Personally, I do it. And we know where our margins are going to be. And so that’s why I’m very confident saying 75 to 100, and that’s what it will be again this quarter.
And when the market changes, to your point, I think what you’re asking, when the market changes and evolves, that range will change. Instead of 75 to 100, I might say, hey, 80 to 105 or 85 to 110 or eventually, I’ll say, 100 to 125. And then that changes as the margins — as the market changes. But when that’s in this range, it’s completely tied to what UWM does, and others will follow.
Eric Hagen: Right. I appreciate that. So how are you guys thinking about conditions in the MSR market right now? A lot of expectations for banks to be sellers of MSR and how you see the capacity of large bulk buyers in the market and their capacity to buy more and how that develops and really what you think those buyers might be sensitive to going forward?
