Ditech Holding Corporation reported earnings for the fourth quarter and year ended December 31, 2017. For the quarter, total revenue was $200.5 million, a decrease of $243.6 million as compared to the prior year quarter, primarily due to decreases of $226.0 million in net servicing revenue and fees and $36.3 million in net gains on sale of loans, partially offset by $20.5 million in higher net fair value gains on reverse loans and related HMBS obligations. The decrease in net servicing revenue and fees was driven by a $182.9 million decrease in fair value changes related to servicing rights as well as a $42.7 million decline in servicing fees. The change in fair value of servicing rights due to valuation inputs and other assumptions was $199.2 million lower in the current year quarter due to a smaller increase in mortgage interest rates. The realization of expected cash flows change to fair value of servicing rights improved by $16.4 million and servicing fees decreased in the current year quarter due to the reduction in owned MSR portfolio driven by MSR sales and portfolio runoff. The decrease in net gains on sales of loans resulted from an overall lower volume of locked loans, partially offset by a shift in mix to the higher margin consumer channel. The increase in net fair value gains on reverse loans and related HMBS obligations was primarily due to net non-cash fair value adjustments resulting from valuation model assumption adjustments related to buyout loans and changes in market pricing during the fourth quarter of 2017. For the full year GAAP net loss was $426.9 million, or $11.61 per share, as compared to a GAAP net loss of $833.9 million, or $23.18 per share for the year ended December 31, 2016. The current year net loss included non-cash fair value charges of $157.1 million due to changes in valuation inputs and other assumptions, a gain of $67.7 million on the sale of the principal insurance agency and substantially all of the insurance agency business, which was completed on February 1, 2017, restructuring costs of $55.7 million and reorganization costs of $37.6 million. Ditech Financial received Fannie Mae's STAR performer for general servicing for servicing of Fannie Mae residential loans during 2017. Total revenue for the year ended December 31, 2017 was $831.3 million, a decrease of $164.5 million as compared to the year ended December 31, 2016, primarily due to decreases of $125.1 million in net gains on sale of loans resulting from an overall lower volume of locked loans and $38.0 million in insurance revenue due to the sale of the principal insurance agency and substantially all of the insurance agency business during the first quarter of 2017. Loss before income taxes was $430.256 million compared to $789.818 million a year ago.