Good afternoon, ladies and gentlemen, and welcome to the Finance of America Fourth Quarter 2020 Earnings Conference Call. I would now like to turn the conference over to Michael Fant, Senior Vice President of Finance at Finance of America. Please go ahead, Michael.

Thank you and good afternoon everyone, and welcome to Finance of America’s fourth quarter earnings call. With me today are Patti Cook, Chief Executive Officer; and Graham Fleming, President. As a quick reminder, this call is being recorded and you can find the earnings release on our Investor Relations’ website at www.financeofamerica.com. During the call, we may refer to our unaudited financials and non-GAAP measures, which are reconciled to GAAP results, to the extent available without unreasonable efforts, in our earnings release. Also, I would like to remind everyone that comments on this conference call may be forward-looking statements regarding the company's expected operating and financial performance for future periods. These statements are based on the company's current expectations and are subject to the Safe Harbor statement for forward-looking statements that you will find in today’s news release. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of risks or other factors that are described in Finance of America’s Form S-4 recently filed with the United States Securities and Exchange Commission. We are not undertaking any commitment to update these statements if conditions change. Please note these are interim period financials and are unaudited. Now I would like to turn the call over to Finance of America’s Chief Executive Officer Patti Cook. Patti?

Thanks Michael and good afternoon everyone. Today I will share some fourth quarter and full year highlights, and our President, Graham Fleming, will provide additional details on our financial results, capital structure and outlook. As it relates to our pending merger with Replay Acquisition Corp., which trades under the ticker RPLA, we remain on target to close in early April, and we are quite excited to transition to a public company under the ticker FOA. The fourth quarter brought an end to an exceptionally strong 2020 for the industry and for Finance of America. While we capitalized on outsized refinancing volumes driving record originations, we also benefitted from strong performance across our diverse set of businesses. One of the key differentiating factors for us is our broadly diversified platform that generates sustainable growth across economic cycles and capitalizes on market tailwinds as they present themselves. Our lending businesses include mortgages, reverse mortgages, and commercial loans distributed across distributed retail, third-party brokers and digital direct-to-consumer channels. In addition to the lending segments, we have a fee-for-service business, named Incenter, and a Portfolio Management business that includes a broker-dealer and a registered investment adviser. This diversification allows for broad reach and customer choice, and generates more consistent volumes, margins, revenue and earnings over time. Much of our success reflected the ongoing dedication and resilience of our team members, as well as the continued trust and partnership of our clients. And as we near the important milestone of becoming a public company, we are more eager than ever to continue to generate strong performance. Finance of America continued to deliver on all fronts, as strong fourth quarter results drove record full-year performance that exceeded the high-end of our prior guidance range, and further demonstrated the power of our diversified platform. As with the…

Thanks Patti. As mentioned earlier, we generated very strong results for the fourth quarter of 2020. More specifically, funded origination volume rose 7% on a sequential quarter basis to a record $9.8 billion, with total revenues of $539 million versus $605 million in the prior quarter. Expenses grew in line with the increase in funded volume during the quarter. Following through, we reported pre-tax net income of $153 million and adjusted EBITDA of $174 million for the fourth quarter of 2020. For the full year, total funded volume increased 70% to a record $32.6 billion, compared to $19.2 billion in 2019. In turn, total revenues hit another record in 2020 and doubled to $1.8 billion from $894 million in 2019. Pre-tax net income of $500 million was up more than 6x the $78 million generated in the prior year. Adjusted EBITDA was up nearly 5x to $597 million, well above the high end of our prior guidance range of $565 million. Turning to our segments and starting with our mortgage business, we generated record funded volumes of $8.8 billion and $7.9 billion of net rate lock volume during the fourth quarter. Total revenue of $367 million for the quarter was down on a sequential basis, largely a function of softer net rate lock volume and a modestly lower gain-on-sale margin, consistent with industry trends and seasonal expectations. Pre-tax net income was down on a sequential basis following the record levels in the third quarter. Full year 2020 funded volume grew 88% and net rate lock volume increased 83% compared to the prior year driving revenue up 145% on a year-over-year basis to $1.3 billion. Pre-tax net income totaled $460 million for 2020, up considerably versus 2019 levels. Our Reverse Originations segment originates home equity conversion mortgages and proprietary non-agency reverse…

Thank you, Graham. There is no question that our broadly diversified platform provides us the ability to generate growth across a multitude of economic cycles. Our diversification enables a broad reach and generates more consistent volumes, margins, revenue and earnings over time. We remain excited about the future, and we look forward to continuing to build relationships with the investment community and update everyone on our progress as we transition to a public company and build shareholder value. Thank you for your time and have a great evening.

This concludes today’s presentation. Thank you for your participation, you may now disconnect your lines at this time.