There are 3 things that tell the truth: small children, drunk people, and yoga pants. HMDA data is close behind. Warning: sobering thoughts ahead, and not only the headlines about credit scores and mortgage pricing, officials trying to devise a plan for First Republic’s future, or two 80-year old white men posturing about the country’s future. Residential lenders at the recent MBA STRATMOR Peer Group meeting in Atlanta were looking at units, and I asked the MBA’s Joel Kan about some stats on fundings per year: 13.7 million in 2020, 14.2 million in 2021, 6.4 million in 2022 (awaiting final HMDA data in June), and 5.0 million forecast for 2023. That puts 2023’s fundings at about 1/3 of 2021’s. Forget overall volume numbers, since the loan sizes have moved higher… Have you reduced your expectations and staff, both in ops and production, to match a 66 percent decline in units? Or do you expect to grab market share through superior products, pricing