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PIPEs are private investments made in publiccompanies, with no shares offered on the open market. Private equity firms use this method opportunistically to invest in publiccompanies, typically taking non-controlling stakes. They were also frequently used in SPACs to take advantage of retail mania.
You can see this quality in our 60-day delinquencies, which continued to decline during the third quarter on an overall basis and in each loan category with our MSR portfolio showing the lowest delinquency levels in our history as a publiccompany. So, we're seeing the benefit of that now. We'll eventually see the benefit later.
We have saved customers hundreds of millions of dollars by disrupting the traditional remittance industry with a digital-first approach, transparent feestructure, and customer-centric innovations. We introduced you to our flywheel in our first earnings call as a publiccompany. and Canada.
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