This quarter exceeded expectations, primarily driven by AI-enhanced operational efficiency and the early realization of synergy benefits from the Mr. Cooper integration. Adjusted revenue of $2.82 billion surpassed the high end of guidance, adjusted EBITDA of $738 million (margin of 26%), net locked volume of $49 billion up 19% quarter-over-quarter. AI pre-approval letters accounted for 10%, with conversion rates improving 33%; Mr. Cooper integration achieved $400 million in synergies one year ahead of schedule; Rocket Pro added nearly 180 new partners, and the Compass partnership generated nearly 10,000 exclusive listings. Q2 guidance lowers revenue to $2.7–2.9 billion, but margin still expands year-over-year, reflecting continued market share growth in a more challenging environment. Positive signals: AI has doubled capacity to $300 billion, with fixed costs continuing to decline; Risk signals: The Middle East conflict is pushing rates higher, and the spring homebuying season has gotten off to a slow start.