Risk Factors Update Summary

• Increased focus on purchase transactions and cost reductions targeting $375-400 million by Dec 31, 2022.
• Added provisions for multi-class structure, preferred stock issuance, and director removal requirements.
• Achieved over $500 million in annualized non-volume related cost reductions by Dec 31, 2022.
• Warehouse lines reduced from nine to eight, providing an aggregate available mortgage loan lending facility of $3.1 billion.
• Added contractual restrictions, including obligations under tax receivable agreement, in debt agreements. This may impact liquidity.
• Staffing levels reduced from 5,194 at Dec 31, 2022, to 4,250 at Dec 31, 2023.
• Loan origination activities expected to remain muted through 2024 due to declining refinancing volumes.
• Change from "will depend" to "depends" on research and reports for trading market.
• Loan origination activities declined in fiscal 2023, resulting in substantial revenue decrease and net losses.
• Board declared regular cash dividend of $0.240 per share until March 2022, suspending payments since Q2 2022.