Good afternoon and welcome to the fourth-quarter 2019 earnings discussion for PennyMac Financial Services, Inc. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com.
Before we begin, please take a few moments to read the disclaimer on Slide 2 of the presentation. Thank you.
Now I'd like to begin by introducing Stan Kurland, PennyMac Financial's Chairman.