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Day 1 | Transcript

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Hello, PRMI. Welcome to
our first-ever virtual

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National Conference.

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Our theme for conference this
year is Redefine Possible.

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And we've been so impressed
by all of the creative ways

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you have all redefined
what is possible

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as you adapted at
work, at school

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and at home.
You've found new ways

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to connect, to communicate
and to thrive,

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and we're so grateful for
all you've done. This year,

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we had to pivot and hold our
annual Conference virtually.

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We miss seeing you
in person, but we're

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grateful for the
chance to connect.

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And as a silver lining,
because this event is virtual,

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we were able to invite the
entire PRMI family

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to attend, something that
hasn't been possible

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in previous years.

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We're so glad you get to
be a part of this event,

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and we know that although
things will look and feel

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a bit different, this will
still be a rewarding week that

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will bring us closer
together and help

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us face the challenges
of the upcoming year.

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Our speakers
throughout Conference

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will inspire us with their own
stories of redefining possible.

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We'll hear from experts who will
help us make sense of this year

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and share strategies
for facing the future,

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even if it may feel
impossible to predict what's

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going to happen next year.

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2020 has certainly
been one for the books,

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and we're so grateful
for the incredible work

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that you've all
put into this year.

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We've been thrilled to
see our organization break

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record after record

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throughout this unique
and challenging time.

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You've truly achieved
amazing things,

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and we're excited to
celebrate together virtually

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during this year's unique
National Conference.

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You know, Chris,

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breaking records was exactly
the adrenaline rush I

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needed to stay motivated through
the ups and downs of 2020.

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Maybe we should find
some more records to break.

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Tom, I'm kind of in the
middle of something here.

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What's the matter, Chris?

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Are you afraid

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I might break more
records than you?

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Are you scared?

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All right.

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You're on.

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I could use a little
adrenaline boost

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to help me get hyped for this
year's Conference anyway.

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It's on, let's go.

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(Singing)

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(More singing)

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(Even more singing)

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Truce?

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Yeah, truce.

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I think we should
probably stick to setting

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mortgage records anyway.

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Breaking records is exciting.

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But that's only one part of
what we've accomplished together

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this year.

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We adapted to
extraordinary challenges,

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adjusted how we worked, found
creative ways to communicate

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with each other and
made our organization

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even stronger. This year has
proven once again that we can

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accomplish truly great
things, even in the face

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of unexpected difficulty.

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We've been so grateful
for your hard work,

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for your willingness to adapt
and your amazing contributions

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to PRMI. With all
of you on our team,

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I'm sure we can keep crushing
records and changing lives.

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Conference is going to look
a little different this year,

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but we're excited to hear from
insightful keynote speakers,

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celebrate your astounding
accomplishments

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and learn about our vision
for the upcoming year.

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To kick things off,

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I'm honored to introduce today
our president and CEO,

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Kenneth Knudson.
This year,

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He has shared his
sense of humor,

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and his snappy socks to keep
us going during tough times.

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He's deftly led us with
ambitious but attainable goals

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that have helped us continue
to meet our commitments

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and exceed our expectations.

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We've broken record after
record, all while still serving

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our purpose of
helping people achieve

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the dream of homeownership.

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We're so grateful for his
diligent hard work, business

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acumen and his truly
extraordinary leadership

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in this difficult time.

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And now, let's hear from
the captain of our ship,

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Kenneth Knudson.

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Greetings to all of
you, my incredible

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PRMI colleagues.

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Every year, the planning for
our next National Conference

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begins just weeks after we
adjourn our current year's

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National Conference.

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This planning process always
begins with a brainstorming

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session, during which we consider
the coming year's industry

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events.

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And we choose a conference
theme to capture

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the focus of our messaging.

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When we went through
this planning process

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late last year, we could never
have anticipated how perfect

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our chosen theme of
Redefine Possible

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would be for this
extraordinary year

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that we have just
now experienced.

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While we certainly
believed that we

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would back up our record
production of 2019

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with yet another
record year in 2020,

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we never imagined
that we could set

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eight consecutive
monthly production

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records between March

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and October, and then finish 2020
with an absolutely incredible

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$11 billion in new
mortgage production.

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We also never imagined that
the world and its economies

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would be brought to its
knees by a global pandemic.

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After all, these are the things
of Hollywood movie scripts

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and 19th-century history
books. While our country's

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national economy and many
mortgage financing services

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wrestled with the need to create
virtual workplace solutions,

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we still closed an amazing
$11 billion in new production

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in the face of challenges

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no one could have imagined.

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If this isn't the definition
of redefining what is possible,

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I don't know what it is.

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Let us consider for a
moment some of what

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we have managed to get
through in this past year.

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In early March, on the strength
of a notable reduction

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in interest rates, the industry
originated the equivalent

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of $5 trillion annually
in new mortgages--

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more than twice the
biggest origination year

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the industry has ever produced.

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In just six days of early
March, our organization

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originated and locked more
than $800 million in new loans.

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By the middle of
that same month,

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global economic realities
of the impact of COVID-19

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began to settle in. Warehouse
banks were fearful of expanding

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credit lines to support
refinance originations.

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Aggregators of
mortgage servicing,

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on which we had
relied for purchasing

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our originated product,

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were no longer buying those
loans. Double-digit unemployment

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emerged as the economy
was shut down to slow

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the spread of the virus.

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Fears of forbearance,
particularly

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on government loans,
caused that market

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to seize up. Other
Alt-A and nonconforming

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products soon followed.
To stabilize the economy,

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the Fed cut the target
overnight lending rate to 0%

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and announced a
quantitative easing plan

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to buy mortgage-backed
securities, further

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reducing interest rates.

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This triggered the start of
massive industry margin calls,

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which continued through April,

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on our forward-hedged
locked pipelines

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that were bloated with
the glut of loans locked

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during the month of March. At
the end of the first quarter.

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Congress passed the CARES
Act, which mandated up

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to 12 months of
forbearance relief

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for any borrower with
a COVID-19 hardship.

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This imposed a huge cash
demand on mortgage servicers

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in the form of advances of
principal, interest, taxes,

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and insurance with no
corresponding payment

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from the borrower.

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While warehouse lenders and the
buyers of mortgage servicing

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largely sat on the sidelines
for a few months out of fear

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of the future, PRMI put
its servicing team assets,

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its retained servicing
wherewithal and its cash

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to work selling its
new production directly

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to Fannie, Freddie and Ginnie in
a retained servicing strategy.

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This allowed us to turn our
warehouse lines more quickly,

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freeing up capacity to
begin funding record months.

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It allowed us to continue
delivering a competitive price

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to our branches when the
secondary market wasn't

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competing for our
business. Throughout 2020,

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PRMI's servicing
team has onboarded

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and more than 24,000
loans. They have managed

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more than 1,000 customer
requests for forbearance.

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And they have undertaken
the integration

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of a state-of-the-art new
servicing technology that

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allows us to better serve our
company's growing portfolio

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of PRMI-serviced loans.

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Retaining these loans gives
us greater opportunity

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to deliver on our
customer-for-life commitment. In March,

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We set a new monthly production
record of $730 million,

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the first of eight consecutive
months of new records.

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This production has
challenged our capacity

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to manufacture in ways we
never could have anticipated.

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It quickly became clear
that the industry did not

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have enough trained
backroom operations

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resources to manufacture the
consumer demand for mortgages.

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We challenged our
valued disclosure,

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processing, underwriting, closing
and post-closing associates

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to be more committed, more
creative and productive

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in the face of this
extraordinary volume.

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These incredible
Operations personnel

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are doing and
sacrificing so much

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for us to be able to
set these records.

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We are keenly aware that these
production records could not

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be achieved without the
excellence, commitment

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and sacrifice they bring to
the job every single day.

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And they've brought
it in the face

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of the extraordinary
circumstances,

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the likes of which we
have never seen before.

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In August, FHFA
announced, with no notice,

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a plan to tax conforming
refinance loans with a 50 basis

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point adverse fee that would
have cost our organization

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$3.5 million
on our $700 million

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locked pipeline that had already
been disclosed to the customer.

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The industry rallied to
postpone the fee until December,

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delaying the impact a
few months and allowing

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us to organize a strategy
that protected consumers

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from unnecessary fees
and our organization

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from unneeded expense.

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Now, this is a greatly
condensed version

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of what has been a year
of daily challenges

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that have tested the strength,
the resolve and the creativity

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of this great organization.

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The good news is we have passed
the test and proved once again

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that there is no challenge
that this organization and its

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remarkable people
cannot overcome.

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Some people shrink in the face
of challenge and hardship.

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But others, it brings
out their very best.

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Over the past months,
and even years,

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hardship has brought out
the very best in the

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PRMI team.

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Following the financial
crisis and during the years

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when massive new regulatory
oversight changed.

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So much of how we needed
to look at our businessa

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and then again,
this year when we

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faced a perfect storm
of both opportunity

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and challenge, our
PRMI team once again

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rose to the occasion.

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Why do threats and challenges
always bring out the best in us?

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At last year's
National Conference,

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we focused on the four pillars
of our organization--pillars

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we believe are fundamental
to managing any challenge

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or opportunity the
marketplace throws at us.

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These pillars of Battle-Tested
Model, Entrepreneurial Freedom,

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Red Shoes Service and
Selfless Partnership

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have overwhelmingly
proven themselves

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in this remarkable year.

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The industry battles we have
fought over the last 23 years,

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and our wise management
of PRMI's balance sheet,

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gave us the experience
and the financial strength

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00:14:52,890 --> 00:14:56,550
to take advantage of
historically low interest rates.

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When industry counterparties
withdrew their support

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00:14:58,882 --> 00:15:00,090
of mortgage lenders in March

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00:15:00,090 --> 00:15:03,000
and April this past year.

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Passing this stress
test as we have

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has shown these
counterparties more

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00:15:06,990 --> 00:15:09,180
about the incredible
capabilities and prowess

252
00:15:09,180 --> 00:15:14,890
of this company than any
examination or diligence.

253
00:15:14,890 --> 00:15:18,580
Respect for the entrepreneurial
freedom of our branches

254
00:15:18,580 --> 00:15:22,030
provided a blank canvas
for PRMI's field leaders

255
00:15:22,030 --> 00:15:25,900
to locally manage the process
of addressing the opportunities

256
00:15:25,900 --> 00:15:30,380
and challenges of
this 2020 market.

257
00:15:30,380 --> 00:15:34,160
Bringing Red Shoes Service to
our customers and to each other

258
00:15:34,160 --> 00:15:37,010
has served as an
inspiration to be the best

259
00:15:37,010 --> 00:15:39,800
version of ourselves in the
face of relentless pressure

260
00:15:39,800 --> 00:15:45,090
and stress. And finally,
our selfless partnership

261
00:15:45,090 --> 00:15:46,600
has been shown every day

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00:15:46,600 --> 00:15:49,120
in the trust we have
demonstrated in one another

263
00:15:49,120 --> 00:15:51,510
and the personal
sacrifice all have

264
00:15:51,510 --> 00:15:57,060
made to serve a purpose greater
than just financial reward.

265
00:15:57,060 --> 00:15:59,670
These four pillars have
been foundational to

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00:15:59,670 --> 00:16:02,950
our organization for 23 years.

267
00:16:02,950 --> 00:16:04,680
Of course, we have
matured and grown

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00:16:04,680 --> 00:16:07,150
in capabilities and assets.

269
00:16:07,150 --> 00:16:08,730
But the pillars
have been integral

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00:16:08,730 --> 00:16:10,380
to that growth and maturity,

271
00:16:10,380 --> 00:16:14,760
while our core values of
integrity, advocacy, excellence,

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00:16:14,760 --> 00:16:18,300
teamwork, stability and
happiness are the bedrock

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00:16:18,300 --> 00:16:21,690
on which those pillars sit.

274
00:16:21,690 --> 00:16:24,150
So what does the future hold?

275
00:16:24,150 --> 00:16:27,930
I am not sure anyone knows
the answer to this question.

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00:16:27,930 --> 00:16:30,450
Consider with me for a
moment an industry article

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00:16:30,450 --> 00:16:35,790
I came across from 1999 in which
Kit Sumner, former president

278
00:16:35,790 --> 00:16:37,470
of the Mortgage
Bankers Association,

279
00:16:37,470 --> 00:16:41,610
was asked this very
question. Sumner estimated

280
00:16:41,610 --> 00:16:46,320
that by 2020, about 25%
of all mortgage loans

281
00:16:46,320 --> 00:16:49,110
would originate
through the internet.

282
00:16:49,110 --> 00:16:51,620
But he also predicted that
the majority of borrowers

283
00:16:51,620 --> 00:16:53,600
would still want
to interact face

284
00:16:53,600 --> 00:16:56,450
to face with mortgage lenders
when navigating a home

285
00:16:56,450 --> 00:17:00,020
loan, which is likely the
biggest financial transaction

286
00:17:00,020 --> 00:17:04,780
they would ever make. Sumner
noted that hot markets spurred

287
00:17:04,780 --> 00:17:07,569
predatory practices for mortgage
companies that only wanted

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00:17:07,569 --> 00:17:10,750
to make a quick dollar and
then vanish again, leaving

289
00:17:10,750 --> 00:17:12,369
destruction in their wake.

290
00:17:12,369 --> 00:17:15,619
Continuing the
interview, Sumner stated,

291
00:17:15,619 --> 00:17:18,190
"It's a turf war, a
battle with those

292
00:17:18,190 --> 00:17:21,579
who will make mortgages at a
loss just to stay in business

293
00:17:21,579 --> 00:17:24,920
and a battle with Realtors
who control the customers.

294
00:17:24,920 --> 00:17:27,400
And, it is a battle with the
internet lenders and companies

295
00:17:27,400 --> 00:17:30,850
like Microsoft who are
telling people, 'Just come to us,

296
00:17:30,850 --> 00:17:33,790
and we'll do your home
loan.' Everyone is trying

297
00:17:33,790 --> 00:17:37,120
to jump into our business."

298
00:17:37,120 --> 00:17:39,070
This interview is
more than 20 years old

299
00:17:39,070 --> 00:17:41,080
yet it could describe
the industry cycle

300
00:17:41,080 --> 00:17:42,740
of the last several years.

301
00:17:42,740 --> 00:17:45,820
And the threats we have seen
over that 20 year period.

302
00:17:45,820 --> 00:17:49,420
Even the one in which
we find ourselves now

303
00:17:49,420 --> 00:17:51,560
the themes and
threats are the same.

304
00:17:51,560 --> 00:17:54,760
Now as they were more
than two decades ago.

305
00:17:54,760 --> 00:17:57,550
More and more consumers
are comfortable starting

306
00:17:57,550 --> 00:18:00,860
their mortgage purchase
journey online.

307
00:18:00,860 --> 00:18:04,240
But still value the guidance and
relationship of a trusted loan

308
00:18:04,240 --> 00:18:09,630
origination expert when
mortgage need is plentiful

309
00:18:09,630 --> 00:18:11,550
and profits attractive.

310
00:18:11,550 --> 00:18:13,980
The industry's relatively
low barriers for entry

311
00:18:13,980 --> 00:18:18,370
will attract new and unproven
mortgage competition.

312
00:18:18,370 --> 00:18:21,090
Instead of new and unexpected
potential competitors

313
00:18:21,090 --> 00:18:23,820
like Microsoft in 1999.

314
00:18:23,820 --> 00:18:26,610
We have emerging competitive
threats from strong

315
00:18:26,610 --> 00:18:30,690
and recognized brands like
Zillow Rocket Mortgage

316
00:18:30,690 --> 00:18:33,630
and Amazon.

317
00:18:33,630 --> 00:18:35,490
There are two certainties
for the future

318
00:18:35,490 --> 00:18:37,650
that we can absolutely rely on.

319
00:18:37,650 --> 00:18:44,480
First, the future is uncertain,
but will certainly be cyclical.

320
00:18:44,480 --> 00:18:48,050
Secondly whatever
those uncertainties

321
00:18:48,050 --> 00:18:52,080
and whatever that future primary
residential mortgage will

322
00:18:52,080 --> 00:18:54,510
navigate through
those conditions

323
00:18:54,510 --> 00:18:58,080
with our collective creativity
and with a long term

324
00:18:58,080 --> 00:19:02,360
view of managing a short
term set of challenges

325
00:19:02,360 --> 00:19:05,450
we will always move
forward effectively.

326
00:19:05,450 --> 00:19:09,950
Even in the most difficult of
times because of our ingenuity

327
00:19:09,950 --> 00:19:13,340
our discipline our positive
attitude our hard work

328
00:19:13,340 --> 00:19:15,710
and our commitment
to one another.

329
00:19:15,710 --> 00:19:17,960
This is the PR my advantage.

330
00:19:20,500 --> 00:19:21,730
It has been two years.

331
00:19:21,730 --> 00:19:24,750
This month since two of
pyramids founding partners.

332
00:19:24,750 --> 00:19:28,890
Its first CEO and its first
CFO announced their plans

333
00:19:28,890 --> 00:19:31,890
to retire from mine.

334
00:19:31,890 --> 00:19:33,660
We inherited an
organization that

335
00:19:33,660 --> 00:19:35,280
was built well by
these inspiring

336
00:19:35,280 --> 00:19:38,520
leaders an organization
with every capability

337
00:19:38,520 --> 00:19:40,470
to grow and compete
with the industry's

338
00:19:40,470 --> 00:19:43,470
best and biggest Lenders.

339
00:19:43,470 --> 00:19:46,230
We made a commitment to
pursue a responsible growth

340
00:19:46,230 --> 00:19:49,140
strategy that would make
the unique opportunities

341
00:19:49,140 --> 00:19:52,830
of this organization more widely
available to a broader swath

342
00:19:52,830 --> 00:19:54,840
of the industry's best talent.

343
00:19:54,840 --> 00:19:57,210
This commitment included
peer my shareholders

344
00:19:57,210 --> 00:20:00,550
recapitalizing our balance
sheet NPR my division.

345
00:20:00,550 --> 00:20:03,120
And branch managers rebuilding
their financial reserves

346
00:20:03,120 --> 00:20:09,420
to responsibly invest in our
new opportunities from the top

347
00:20:09,420 --> 00:20:10,860
to the bottom,

348
00:20:10,860 --> 00:20:14,190
I know that we have the best
team of mortgage professionals

349
00:20:14,190 --> 00:20:16,110
in our industry.

350
00:20:16,110 --> 00:20:20,250
You are the assets that give us
the sustainability and future

351
00:20:20,250 --> 00:20:22,740
to maintain our
active commitment

352
00:20:22,740 --> 00:20:28,070
to responsible growth. In 2019,

353
00:20:28,070 --> 00:20:28,800
we produced

354
00:20:28,800 --> 00:20:30,470
what at that that point
was PRMI's

355
00:20:30,470 --> 00:20:35,870
best year ever, growing volume
by 30% over our 2018 production

356
00:20:35,870 --> 00:20:39,500
levels. With historically
low interest rates,

357
00:20:39,500 --> 00:20:42,560
we have now enjoyed a full
70% growth in production

358
00:20:42,560 --> 00:20:44,570
during 2020.

359
00:20:44,570 --> 00:20:47,060
Nevertheless, this
extraordinary year

360
00:20:47,060 --> 00:20:50,390
is not just because of
refinanced transactions.

361
00:20:50,390 --> 00:20:53,270
PRMI also grew our
purchase referral business

362
00:20:53,270 --> 00:20:57,830
by 35%, outpacing the industry's
average purchase business

363
00:20:57,830 --> 00:21:02,850
growth of only 10%. While
many organizations and loan

364
00:21:02,850 --> 00:21:05,490
originators have been
distracted chasing

365
00:21:05,490 --> 00:21:07,980
the easy refinance
money this year,

366
00:21:07,980 --> 00:21:11,760
PRMI's wise loan originators
recognized the opportunity

367
00:21:11,760 --> 00:21:15,600
to strengthen existing purchase
referral relationships

368
00:21:15,600 --> 00:21:18,390
and to create new ones.

369
00:21:18,390 --> 00:21:20,970
This outstanding work
serves as a springboard

370
00:21:20,970 --> 00:21:25,410
for our continued success
going forward into 2021.

371
00:21:25,410 --> 00:21:29,070
While we may not match the
overall production of 2020,

372
00:21:29,070 --> 00:21:31,380
our success in serving
the less interest

373
00:21:31,380 --> 00:21:34,860
rate-sensitive purchase borrower
is a great early indicator

374
00:21:34,860 --> 00:21:37,080
of sustainable core growth

375
00:21:37,080 --> 00:21:40,140
when adjusted for
interest rate cycles.

376
00:21:40,140 --> 00:21:41,860
Throughout each of
the last two years,

377
00:21:41,860 --> 00:21:43,380
we have set a wildly
important goal

378
00:21:43,380 --> 00:21:47,460
for our organization that
serves as our North Star.

379
00:21:47,460 --> 00:21:53,490
In 2019, it was 20%
growth by 2020.

380
00:21:53,490 --> 00:21:57,540
In 2020, it was 28,000
customers served

381
00:21:57,540 --> 00:22:02,970
and 28,000 hours of service
to our local communities.

382
00:22:02,970 --> 00:22:06,840
On that note, I am excited to
announce our wildly important

383
00:22:06,840 --> 00:22:08,858
goal for 2021.

384
00:22:08,858 --> 00:22:11,400
While it's great to help people
lower their mortgage interest

385
00:22:11,400 --> 00:22:14,580
rate, PRMI's bread
and butter will always

386
00:22:14,580 --> 00:22:16,710
be the best-in-class service

387
00:22:16,710 --> 00:22:19,860
we provide the purchase borrower
and the referral sources

388
00:22:19,860 --> 00:22:24,260
who recommended us.
With this necessity in mind,

389
00:22:24,260 --> 00:22:26,450
we have set a goal
to grow our purchase

390
00:22:26,450 --> 00:22:30,620
business by 15% in 2021.

391
00:22:30,620 --> 00:22:33,170
That's three times the
forecasted industry growth

392
00:22:33,170 --> 00:22:35,150
in purchase transactions.

393
00:22:35,150 --> 00:22:38,480
Achieving this would equate
to roughly $6.2 billion

394
00:22:38,480 --> 00:22:43,770
in purchase money production
next year. When we add to this

395
00:22:43,770 --> 00:22:48,490
an industry projection of
35% refinance transactions,

396
00:22:48,490 --> 00:22:51,880
2021 should be another
banner year where

397
00:22:51,880 --> 00:22:55,300
PRMI will serve more
than 36,000 borrowers

398
00:22:55,300 --> 00:22:59,740
and generate $9.5 billion
in production.

399
00:22:59,740 --> 00:23:05,110
I am excited to work toward
this goal with you in 2021!

400
00:23:05,110 --> 00:23:07,570
Now, when I reflect
on the journey that

401
00:23:07,570 --> 00:23:12,760
is my life, my career and even
my outlook for the future,

402
00:23:12,760 --> 00:23:18,710
only one word does justice
to how I feel: Gratitude.

403
00:23:18,710 --> 00:23:22,580
How can I not have great
appreciation, respect

404
00:23:22,580 --> 00:23:28,410
and admiration for all that
brings me joy, happiness

405
00:23:28,410 --> 00:23:30,050
and satisfaction?

406
00:23:30,050 --> 00:23:35,040
First, on a personal level,
I am grateful for the life

407
00:23:35,040 --> 00:23:38,690
I enjoy, particularly given
the fruits of liberty

408
00:23:38,690 --> 00:23:40,700
in this great country of ours,

409
00:23:40,700 --> 00:23:43,790
with all of the opportunities,
privileges and blessings

410
00:23:43,790 --> 00:23:47,410
that we each enjoy every day.

411
00:23:47,410 --> 00:23:50,530
Second, I acknowledge
that we have all

412
00:23:50,530 --> 00:23:52,750
been so very blessed
to be involved

413
00:23:52,750 --> 00:23:55,100
in a great industry
where we serve

414
00:23:55,100 --> 00:24:00,260
so many in that fundamental
human need for housing.

415
00:24:00,260 --> 00:24:01,230
One of the great rights

416
00:24:01,230 --> 00:24:03,140
we hold dear in this
American experiment

417
00:24:03,140 --> 00:24:05,890
is the right to own property.

418
00:24:05,890 --> 00:24:08,910
What a great way for
us to honor that right

419
00:24:08,910 --> 00:24:12,710
and our heritage as Americans.

420
00:24:12,710 --> 00:24:15,830
Third, I have great
hope and optimism

421
00:24:15,830 --> 00:24:18,080
for the future
that is before us.

422
00:24:18,080 --> 00:24:22,020
We have learned much from the
experiences of this past year,

423
00:24:22,020 --> 00:24:24,980
And we have proven once
again that we are up

424
00:24:24,980 --> 00:24:26,630
for any challenge.

425
00:24:26,630 --> 00:24:31,040
We will meet any difficulty,
surmount any obstacle

426
00:24:31,040 --> 00:24:34,230
and mount an all-out
forward attack.

427
00:24:34,230 --> 00:24:36,770
And we will not just succeed--

428
00:24:36,770 --> 00:24:40,190
we will thrive!

429
00:24:40,190 --> 00:24:43,990
But this is not just
a personal journey.

430
00:24:43,990 --> 00:24:48,100
I am so very blessed to travel
this path with each of you.

431
00:24:48,100 --> 00:24:52,210
Together, we truly enjoy all
of the privilege, opportunity

432
00:24:52,210 --> 00:24:56,090
and grandeur that this
human experience affords us.

433
00:24:56,090 --> 00:24:58,190
We are able to work
alongside one another

434
00:24:58,190 --> 00:25:00,560
to support each other
through the low times,

435
00:25:00,560 --> 00:25:03,620
and lift each other up to be
the best versions of ourselves

436
00:25:03,620 --> 00:25:05,780
in the good times.

437
00:25:05,780 --> 00:25:08,240
If we continue to
act upon principle

438
00:25:08,240 --> 00:25:10,730
and according to our
values, our character

439
00:25:10,730 --> 00:25:14,350
will shine through as we
face the future together.

440
00:25:14,350 --> 00:25:17,800
Over the course of this week's
virtual National Conference,

441
00:25:17,800 --> 00:25:21,190
we will hear from keynote
speaker Victoria Arlen,

442
00:25:21,190 --> 00:25:24,010
a woman with a remarkable
story of overcoming odds

443
00:25:24,010 --> 00:25:27,520
through incredible
perseverance, positive attitude,

444
00:25:27,520 --> 00:25:32,110
and with the love of
dedicated friends and family.

445
00:25:32,110 --> 00:25:33,510
We will welcome
back Lonnie Mayne

446
00:25:33,510 --> 00:25:35,400
to help accelerate
the Red Shoes Living

447
00:25:35,400 --> 00:25:38,890
journey we began two
years ago. For many

448
00:25:38,890 --> 00:25:41,660
who are new to PRMI in the
last two years, our continuing

449
00:25:41,660 --> 00:25:45,490
refrain of delivering a customer
experience that stands out

450
00:25:45,490 --> 00:25:48,340
like a pair of red shoes
will be properly put

451
00:25:48,340 --> 00:25:52,760
into context by this
important message. We will also

452
00:25:52,760 --> 00:25:55,160
be privileged to hear once
again from Elliot Eisenberg,

453
00:25:55,160 --> 00:25:58,580
the Bowtie Economist,
who will share his fun

454
00:25:58,580 --> 00:26:02,810
and witty view on the economy
as we approach 2021 following

455
00:26:02,810 --> 00:26:07,400
our feisty and divisive
general election.

456
00:26:07,400 --> 00:26:10,220
Finally, on Friday, we
will have an opportunity

457
00:26:10,220 --> 00:26:14,030
to recognize PRMI's top
producers and contributors

458
00:26:14,030 --> 00:26:18,100
with our annual awards ceremony.

459
00:26:18,100 --> 00:26:21,730
It is our greatest wish that the
circumstances of this pandemic

460
00:26:21,730 --> 00:26:25,030
will improve in the coming year,
allowing us to gather again

461
00:26:25,030 --> 00:26:29,530
in person to renew friendships
and experience the camaraderie

462
00:26:29,530 --> 00:26:31,570
and share best practices
that has always

463
00:26:31,570 --> 00:26:33,020
made our National Conferences

464
00:26:33,020 --> 00:26:36,160
so worthy of the
investment we make in them.

465
00:26:36,160 --> 00:26:40,630
Until then, I hope you find value
in the messages of our 2020

466
00:26:40,630 --> 00:26:43,900
virtual Conference.
As we continue

467
00:26:43,900 --> 00:26:46,690
adapting to this new normal,

468
00:26:46,690 --> 00:26:48,370
remember that we
have the ability

469
00:26:48,370 --> 00:26:53,560
to redefine and mold our
futures, both as individuals

470
00:26:53,560 --> 00:26:57,210
and as an organization.

471
00:26:57,210 --> 00:27:04,020
I believe in PRMI.
I believe in each of you.

472
00:27:04,020 --> 00:27:07,380
And I believe that if we choose
to redefine what is possible

473
00:27:07,380 --> 00:27:10,830
and continue to build on
our pillars and core values,

474
00:27:10,830 --> 00:27:12,950
we will be the greatest
independent mortgage

475
00:27:12,950 --> 00:27:16,660
banker in America.

476
00:27:16,660 --> 00:27:18,010
Thank you

477
00:27:18,010 --> 00:27:20,830
and enjoy this week of
National Conference.

478
00:27:32,090 --> 00:27:34,120
Hello, PRMI team members.

479
00:27:34,120 --> 00:27:36,920
What a uniquely challenging
and unforgettable year

480
00:27:36,920 --> 00:27:38,170
this has been.

481
00:27:38,170 --> 00:27:40,000
We as a leadership
team couldn't be

482
00:27:40,000 --> 00:27:41,620
prouder of what
you've accomplished

483
00:27:41,620 --> 00:27:45,140
in the face of so many
uncertainties. This year,

484
00:27:45,140 --> 00:27:49,210
we set a goal to complete
28,000 units of service.

485
00:27:49,210 --> 00:27:50,600
Our PRMI team members
have found

486
00:27:50,600 --> 00:27:52,510
so many creative
and selfless ways

487
00:27:52,510 --> 00:27:55,360
to serve others throughout 2020.

488
00:27:55,360 --> 00:27:57,910
Let's take a moment to remember
some of these inspiring

489
00:27:57,910 --> 00:27:59,080
acts of service.

490
00:29:00,200 --> 00:29:02,080
As you know, we
still have a few weeks

491
00:29:02,080 --> 00:29:03,580
left to reach our goal,

492
00:29:03,580 --> 00:29:06,400
and I'd like to invite you
to join us in a final push

493
00:29:06,400 --> 00:29:10,660
to achieve 28,000 units
of service in 2020.

494
00:29:10,660 --> 00:29:14,260
We've chosen to support No Kid
Hungry, a wonderful organization

495
00:29:14,260 --> 00:29:17,890
that seeks to end child
hunger in the United States.

496
00:29:17,890 --> 00:29:21,970
A small donation of $5.12
can help feed a child

497
00:29:21,970 --> 00:29:25,000
experiencing food
shortage. From now

498
00:29:25,000 --> 00:29:26,230
through the end of the year,

499
00:29:26,230 --> 00:29:29,830
every $5.12 PRMI
team members donate

500
00:29:29,830 --> 00:29:33,040
to No Kid Hungry will be
counted as a unit of service

501
00:29:33,040 --> 00:29:35,860
and help provide food
for a child in need.

502
00:29:35,860 --> 00:29:37,450
This is a worthy cause.

503
00:29:37,450 --> 00:29:40,030
I hope you'll consider
donating what you can.

504
00:29:40,030 --> 00:29:41,950
Visit our National
Conference website

505
00:29:41,950 --> 00:29:44,290
and click the Donate button
in the top right corner

506
00:29:44,290 --> 00:29:46,480
to make a contribution.

507
00:29:46,480 --> 00:29:49,000
Thank you for your support
and for your incredible acts

508
00:29:49,000 --> 00:29:51,720
of service over the past year.