- **Record Performance**: ROTCE 17.2%, up 0.4pts QoQ, driven by operating leverage and AI. Normalized ROTCE would hit upper end of 16%-20% guidance.
- **AI-Driven Efficiency**: AgentiQ AI reduces call center costs, with beta testing of autonomous task execution.
- **$200M MSR Fund Launch**: Pioneers asset-light growth strategy with institutional investors.
- **Home Equity Dominance**: 60% of originations in Q2, $900B total customer equity available for future growth.
- **Rock-Solid Balance Sheet**: 26.6% capital ratio, $3.8B liquidity, 1% delinquencies, and 50% cost-to-serve below industry average.
- **Rocket Integration**: Set to close merger, with post-close plan to launch integrated homeownership platform.

**【CEO Summary Section】**
- **Strong Q2 Performance**: Operating ROTCE of 17.2%, up from 16.8% Q1, within guidance range of 16%-20%. Normalized for stock buyback pause, ROTCE would be at upper end of range.
- **Resilience in Challenging Market**: Achieved double-digit returns for 2.5 years despite high mortgage rates, driven by operating leverage, fee income, and AI adoption.
- **AI and Innovation**: AgentiQ AI tool rolled out, improving customer service efficiency. Beta testing advanced AI features for call center automation.
- **MSR Fund Launch**: Launched $200M MSR fund with blue-chip investors, aiming to scale asset-light strategy.
- **Rocket Merger Excitement**: Preparing for post-close integration to build integrated homeownership platform.

**【President's Remarks】**
- **Servicing Momentum**: $332M pretax income, +15% YoY. Subservicing UPB flat at $1.5T, despite $62B client departure, offset by new $40B client win.
- **Operating Efficiency**: Cost-to-serve 50% below industry average, driven by scale and process improvements.
- **Originations Growth**: $64M pretax income, $9.4B fundings. Home equity loans up 40% sequentially, 60% of mix. Turn times 6 days faster YoY.
- **Correspondent Channel Strength**: Top 5 player, +20B Q3 MSR acquisitions, maintaining margin discipline.

**【CFO Financial Commentary】**
- **Net Income**: $198M, including $269M pretax operating income, offset by $30M mark adjustments and $7M intangible amortization.
- **Asset Quality**: Delinquencies at 1%, lowest in 5 years. MSR portfolio FICO 730+, LTV 65%, with 15% FHA limit and avoidance of 2023-24 vintages.
- **Liquidity and Capital**: $3.8B liquidity, capital ratio 26.6%, up from 24.4% YoY. MSR valuation 156bps UPB, 5.4x base strip.
- **Student Loan Impact**: 16% of customers have student loans, delinquencies peaked at 8.7% in April, now 7.9%. Minimal risk to portfolio.

**【Merger Update】**
- **Rocket Combination**: Post-close integration plan underway, aiming to deliver platform benefits to clients and investors. Stock buyback program paused during merger.


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