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      "text": "Mortgage macro environment remains challenging with 30-year fixed mortgage rates around 8%. As a result, we continue to throttle marketing expenses to prioritize profitability over near-term growth\nVolume declined 36%, from $1,136 million in the third quarter of 2022 to $731 million in the third quarter of 2023\nRevenue excluding Cash Offer program revenue declined 13%, from $19 million in the third quarter of 2022 to $16 million in the third quarter of 2023\nTotal Expenses excluding Cash Offer program expenses declined 45%, from $196 million in the third quarter of 2022 to $108 million in the third quarter of 2023\nGAAP Net Loss increased 50%, from $227 million in the third quarter of 2022 to $340 million in the third quarter of 2023\nQ3 2023 Net Loss included approximately $243 million of non-cash adjustments resulting from Balance Sheet movements associated with the de-SPAC closing¹\nAdjusted EBITDA loss improved 49% year-over-year in Q3 2023, from a loss of $108 million in the third quarter of 2022 to a loss of $54 million in the third quarter of 2023\nQ3 2023 Total Expenses, Net Loss and Adjusted EBITDA included several one-time compensation and vendor expenses related to the de-SPAC transaction closing that are not expected to recur in future periods",
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      "text": "One-Day Mortgage\nof D2C loans",
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      "text": "Gain on Sale\nMargin",
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      "text": "1. Included $238 million elimination of a Bifurcated Derivative and $5 million write-off of debt issuance costs from prior corporate line of credit\n2. Total Expenses in the nine months ending September 30, 2023 of $292 million ($389 million annualized). Total Expenses in the nine months ending September 30, 2022 of $1,110 million ($1,479 million annualized). Represents\n$1,090 million annualized Total Expenses reduction year-over-year between the comparison nine-month periods. Annualized values calculated by multiplying the nine month amounts by four-thirds to reach run-rate full year value.",
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