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After that, the next issue is going to be maintaining appropriate yields on originations.
Direct-to-Consumer (DTC) originations of $267 million, reflective of current environment.
Higher interest rates also discourage borrowing, especially for mortgages; mortgage originations have fallen by 50% in the past year.
Source: https://seekingalpha.com/article/4614240-m2-update-no-reason-to-worry?source=feed_all_articles
Last time, we were at 9.09%, we just cited that we were 10.9% on our originations in this quarter, we've done a great job of raising rates through the year.
Maybe just, first of all, I guess a pulse of your markets and how demand is trending, but just given some of the hires that you talked about and the commentary on, originations already exceeding the third quarter level.
Mortgage details are on Slide 27. Mortgage generated pretax income of $21 million and $197 million in direct-to-consumer originations, reflecting current market conditions.
Profit share revenue in the second quarter of 2023 associated with new originations was $19 million, or $553 per certified loan, as compared to $26.3 million or $591 per certified loan in the second quarter of 2022.
Upstart Holdings’ key metrics are pointing south primarily because of higher interest rates which make new loan originations unattractive.