PennyMac Financial Services, Inc. Reports Second Quarter 2022 Results

WESTLAKE VILLAGE, Calif.--()--PennyMac Financial Services, Inc. (NYSE: PFSI) today reported net income of $129.2 million for the second quarter of 2022, or $2.28 per share on a diluted basis, on revenue of $511.5 million. Book value per share increased to $65.38 from $62.19 at March 31, 2022.

PFSI’s Board of Directors declared a second quarter cash dividend of $0.20 per share, payable on August 26, 2022, to common stockholders of record as of August 16, 2022.

Second Quarter 2022 Highlights

  • Pretax income was $177.5 million, down 24 percent from the prior quarter and 36 percent from the second quarter of 2021
    • Repurchased 2.4 million shares of PFSI’s common stock at an average price of $46.81 per share for a cost of $113.6 million; also repurchased an additional 478 thousand shares in July at an average price of $48.19 per share for a cost of $23.0 million
    • Issued $500 million of 5-year term notes secured by Ginnie Mae mortgage servicing rights (MSRs)
  • Production segment pretax income of $9.7 million, up slightly from $9.3 million in the prior quarter and down from $244.4 million in the second quarter of 2021 primarily due to lower volumes as a result of the smaller origination market
    • Consumer direct interest rate lock commitments (IRLCs) were $4.3 billion in unpaid principal balance (UPB), down 53 percent from the prior quarter and 69 percent from the second quarter of 2021
    • Broker direct IRLCs were $2.2 billion in UPB, down 37 percent from the prior quarter and 51 percent from the second quarter of 2021
    • Government correspondent IRLCs totaled $11.3 billion in UPB, down 9 percent from the prior quarter and 28 percent from the second quarter of 2021
    • Total loan acquisitions and originations, including those fulfilled for PennyMac Mortgage Investment Trust (NYSE: PMT), were $26.7 billion in UPB, down 20 percent from the prior quarter and 56 percent from the second quarter of 2021
    • Correspondent acquisitions of conventional loans fulfilled for PMT were $10.3 billion in UPB, up 6 percent from the prior quarter and down 66 percent from the second quarter of 2021
  • Servicing segment pretax income was $167.6 million, down from $225.2 million in the prior quarter and up from $30.9 million in the second quarter of 2021
    • Pretax income excluding valuation-related items was $88.3 million, up 3 percent from the prior quarter
    • Valuation items included:
      • $233.8 million in mortgage servicing rights (MSR) fair value gains partially offset by $176.0 million in fair value decreases from hedging results
        • Net impact on pretax income related to these items was $57.8 million, or $0.75 in earnings per share
      • $21.5 million of reversals related to provisions for losses on active loans
    • Servicing portfolio grew to $527.3 billion in UPB, up 2 percent from March 31, 2022 and 11 percent from June 30, 2021, driven by production volumes which more than offset prepayment activity
  • Investment Management segment pretax income was $0.2 million, up from $0.1 million in the prior quarter and down from $4.1 million in the second quarter of 2021
    • Net assets under management (AUM) were $2.1 billion, down 7 percent from March 31, 2022, and 12 percent from June 30, 2021

“PFSI continues to distinguish itself as a best-in-class mortgage company, delivering strong financial results in the second quarter with an annualized return on equity of 15 percent,” said Chairman and CEO David Spector. “The quick, decisive and meaningful actions taken earlier this year to better align our expenses with lower expected levels of activity led to continued profitability in our production segment despite higher interest rates, increased volatility and industry overcapacity. We also saw a strong income contribution from our servicing business, which continues to grow organically as additions to the platform from our loan production activities more than offset prepayment activity. We ended the quarter with a servicing portfolio of 2.2 million customers representing nearly $530 billion in unpaid principal balance.”

Mr. Spector continued, “We remain diligent in identifying and implementing additional efficiencies across the Company while also simultaneously making investments in transformational technology projects which we believe will position PFSI for continued success. Though PFSI’s returns are projected to trend lower over the next few quarters due to volatility in the current market environment, I remain confident in our positioning over the long-term given our balanced business model with a large and growing servicing portfolio and this management team’s long history of executing through various markets.”

The following table presents the contributions of PennyMac Financial’s segments to pretax income:

Quarter ended June 30, 2022

Mortgage Banking

 

Investment
Management

 

 

Production

 

Servicing

 

Total

 

 

Total

(in thousands)

Revenue
Net gains on loans held for sale at fair value

$

152,895

$

69,672

 

$

222,567

 

$

-

$

222,567

 

Loan origination fees

 

39,945

 

-

 

 

39,945

 

 

-

 

39,945

 

Fulfillment fees from PMT

 

20,646

 

-

 

 

20,646

 

 

-

 

20,646

 

Net loan servicing fees

 

-

 

238,447

 

 

238,447

 

 

-

 

238,447

 

Management fees

 

-

 

-

 

 

-

 

 

7,910

 

7,910

 

Net interest expense:
Interest income

 

28,379

 

21,485

 

 

49,864

 

 

-

 

49,864

 

Interest expense

 

19,207

 

51,920

 

 

71,127

 

 

-

 

71,127

 

 

9,172

 

(30,435

)

 

(21,263

)

 

-

 

(21,263

)

Other

 

583

 

900

 

 

1,483

 

 

1,780

 

3,263

 

Total net revenue

 

223,241

 

278,584

 

 

501,825

 

 

9,690

 

511,515

 

Expenses

 

213,587

 

110,959

 

 

324,546

 

 

9,443

 

333,989

 

Income before provision for income taxes

$

9,654

$

167,625

 

$

177,279

 

$

247

$

177,526

 

Production Segment

The Production segment includes the correspondent acquisition of newly originated government-insured mortgage loans for PennyMac Financial’s own account, fulfillment services on behalf of PMT and direct lending through the consumer direct and broker direct channels, including the underwriting and acquisition of loans from correspondent sellers on a non-delegated basis.

PennyMac Financial’s loan production activity for the quarter totaled $26.7 billion in UPB, $16.4 billion of which was for its own account, and $10.3 billion of which was fee-based fulfillment activity for PMT. Correspondent government and direct lending IRLCs totaled $17.9 billion in UPB, down 29 percent from the prior quarter and 48 percent from the second quarter of 2021 due to the significant reduction in the size of the overall origination market.

Production segment pretax income was $9.7 million, up slightly from $9.3 million in the prior quarter and down from $244.4 million in the second quarter of 2021. Production segment revenue totaled $223.2 million, down 28 percent from the prior quarter and 61 percent from the second quarter of 2021. The quarter-over-quarter decrease was primarily driven by a $68.7 million decrease in net gains on loans held for sale and a $27.9 million decrease in loan origination fees, both driven by lower volumes.

The components of net gains on loans held for sale are detailed in the following table:

Quarter ended
June 30,
2022
March 31,
2022
June 30,
2021
(in thousands)
Receipt of MSRs and recognition of MSLs in loan
sale transactions

$

398,253

 

$

616,302

 

$

425,941

 

Mortgage servicing rights recapture payable to
PennyMac Mortgage Investment Trust

 

(4,752

)

 

(9,652

)

 

(11,548

)

Reversal of (provision for) liability for representations
and warranties, net

 

45

 

 

(885

)

 

(6,664

)

Cash (loss) gain (1)

 

(368,554

)

 

(54,134

)

 

61,654

 

Fair value changes of pipeline, inventory and hedges

 

197,575

 

 

(253,172

)

 

113,265

 

Net gains on mortgage loans held for sale

$

222,567

 

$

298,459

 

$

582,648

 

Net gains on mortgage loans held for sale by segment:
Production

$

152,895

 

$

221,610

 

$

419,293

 

Servicing

$

69,672

 

$

76,849

 

$

163,355

 

(1) Net of cash hedging results

PennyMac Financial performs fulfillment services for conventional conforming and jumbo loans acquired by PMT from non-affiliates in its correspondent production business. These services include, but are not limited to, marketing, relationship management, correspondent seller approval and monitoring, loan file review, underwriting, pricing, hedging and activities related to the subsequent sale and securitization of loans in the secondary mortgage markets for PMT.

Fees earned from the fulfillment of correspondent loans on behalf of PMT totaled $20.6 million in the second quarter, up 23 percent from the prior quarter and down 62 percent from the second quarter of 2021. The increase from the prior quarter was driven by higher conventional acquisition volumes and a higher weighted average fulfillment fee while the decrease from the second quarter of 2021 was primarily driven by the decrease in conventional acquisition volumes.

Net interest income totaled $9.2 million, up from $3.9 million in the prior quarter. Interest income in the second quarter totaled $28.4 million, down from $30.9 million in the prior quarter, and interest expense totaled $19.2 million, down from $27.1 million in the prior quarter, due to lower average balances of loans held-for-sale during the quarter.

Production segment expenses were $213.6 million, down 29 percent from the prior quarter and 34 percent from the second quarter of 2021. The decline from the prior quarter was driven by lower production volumes and a reduction in headcount consistent with the expense management initiatives announced in the prior quarter.

Servicing Segment

The Servicing segment includes income from owned MSRs, subservicing and special servicing activities. Servicing segment pretax income was $167.6 million, down from $225.2 million in the prior quarter and up from $30.9 million in the second quarter of 2021. Servicing segment net revenues totaled $278.6 million, down from $336.5 million in the prior quarter and up from $162.6 million in the second quarter of 2021. The quarter-over-quarter decrease was primarily driven by a $47.9 million decrease in net loan servicing fees and a $7.2 million reduction in gains on loans held for sale related to early buyout (EBO) activity.

Revenue from net loan servicing fees totaled $238.4 million, down from $286.3 million in the prior quarter primarily driven by lower net valuation related gains. Revenue from loan servicing fees included $302.4 million in servicing fees, reduced by $121.7 million from the realization of MSR cash flows. Net valuation-related gains totaled $57.8 million, and included MSR fair value gains of $233.8 million and hedging declines of $176.0 million primarily driven by increasing interest rates during the period.

The following table presents a breakdown of net loan servicing fees:

Quarter ended
June 30,
2022
March 31,
2022
June 30,
2021
(in thousands)
Loan servicing fees (1)

$

302,350

 

$

291,258

 

$

260,021

 

Changes in fair value of MSRs and MSLs resulting from:
Realization of cash flows

 

(121,724

)

 

(111,155

)

 

(85,671

)

Change in fair value inputs

 

233,826

 

 

324,066

 

 

(250,597

)

Hedging losses

 

(176,005

)

 

(217,860

)

 

91,118

 

Net change in fair value of MSRs and MSLs

 

(63,903

)

 

(4,949

)

 

(245,150

)

Net loan servicing fees

$

238,447

 

$

286,309

 

$

14,871

 

(1) Includes contractually-specified servicing fees

Servicing segment revenue included $69.7 million in net gains on loans held for sale related to reperforming government-insured and guaranteed loans purchased out of Ginnie Mae securitizations, or EBOs. These gains were down from $76.8 million in the prior quarter and $163.4 million in the second quarter of 2021 as a result of lower volumes and redelivery gains due to higher interest rates.

These EBOs are previously delinquent loans that were brought back to performing status through PennyMac Financial’s successful servicing efforts, primarily through loan modifications or FHA Partial Claims. With respect to the FHA Partial Claims, the reperforming loans must remain current for a minimum of six months to be eligible for resecuritization.

Net interest expense totaled $30.4 million, versus net interest expense of $27.3 million in the prior quarter and $16.5 million in the second quarter of 2021. Interest income was $21.5 million, down from $22.9 million in the prior quarter as increased placement fees on custodial balances offset the decline in interest income on EBO loans held for sale. Interest expense was $51.9 million, up slightly from the prior quarter.

Servicing segment expenses totaled $111.0 million, essentially unchanged from the prior quarter.

The total servicing portfolio grew to $527.3 billion in UPB at June 30, 2022, an increase of 2 percent from March 31, 2022 and 11 percent from June 30, 2021. PennyMac Financial subservices or conducts special servicing for $226.4 billion in UPB, up 2 percent from March 31, 2022 and 11 percent from June 30, 2021. PennyMac Financial’s owned MSR portfolio grew to $300.9 billion in UPB, an increase of 2 percent from March 31, 2022 and 12 percent from June 30, 2021.

The table below details PennyMac Financial’s servicing portfolio UPB:

June 30,
2022
March 31,
2022
June 30,
2021
(in thousands)
Prime servicing:
Owned
Mortgage servicing rights and liabilities
Originated

$

276,627,961

$

268,886,759

$

227,560,336

Acquisitions

 

20,683,203

 

21,911,132

 

31,050,313

 

297,311,164

 

290,797,891

 

258,610,649

Loans held for sale

 

3,575,712

 

5,125,298

 

10,438,935

 

300,886,876

 

295,923,189

 

269,049,584

Subserviced for PMT

 

226,365,581

 

222,864,324

 

204,132,766

Total prime servicing

 

527,252,457

 

518,787,513

 

473,182,350

Special servicing - subserviced for PMT

 

23,001

 

23,047

 

41,696

Total loans serviced

$

527,275,458

$

518,810,560

$

473,224,046

Investment Management Segment

PennyMac Financial manages PMT for which it earns base management fees and may earn incentive compensation. Net AUM were $2.1 billion as of June 30, 2022, down 7 percent from March 31, 2022 and 12 percent from June 30, 2021 due to PMT’s financial performance.

Pretax income for the Investment Management segment was $0.2 million, up from $0.1 million in the prior quarter and down from $4.1 million in the second quarter of 2021. Base management fees from PMT were $7.9 million, down from $8.1 million in the prior quarter and $8.6 million in the second quarter of 2021 due to the decline in AUM. No performance incentive fees were earned in the first or second quarters of 2022, while performance incentive fees of $3.3 million were earned in the second quarter of 2021.

The following table presents a breakdown of management fees:

Quarter ended
June 30,
2022
March 31,
2022
June 30,
2021
(in thousands)
Management fees:
Base

$ 7,910

$ 8,117

$ 8,648

Performance incentive

-

-

3,265

Total management fees

$ 7,910

$ 8,117

$ 11,913

 
Net assets of PennyMac Mortgage Investment Trust

$ 2,070,640

$ 2,221,938

$ 2,343,390

Investment Management segment expenses totaled $9.4 million, down 6 percent from the prior quarter and essentially unchanged from the second quarter of 2021.

Consolidated Expenses

Total expenses were $334.0 million, down 21 percent from the prior quarter and 28 percent from the second quarter of 2021. The quarter-over-quarter decrease was primarily driven by lower production volumes and a reduction in headcount as noted above.

Management’s slide presentation will be available in the Investor Relations section of the Company’s website at ir.pennymacfinancial.com after the market closes on Tuesday, August 2, 2022.

About PennyMac Financial Services, Inc.

PennyMac Financial Services, Inc. is a specialty financial services firm focused on the production and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market. Founded in 2008, the company is recognized as a leader in the U.S. residential mortgage industry and employs over 4,800 people across the country. For the twelve months ended June 30, 2022, PennyMac Financial’s production of newly originated loans totaled $166 billion in unpaid principal balance, making it the fourth largest mortgage lender in the nation. As of June 30, 2022, PennyMac Financial serviced loans totaling $527 billion in unpaid principal balance, making it a top ten mortgage servicer in the nation. Additional information about PennyMac Financial Services, Inc. is available at ir.pennymacfinancial.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding management’s beliefs, estimates, projections, and assumptions with respect to, among other things, the Company’s financial results, future operations, business plans and investment strategies, as well as industry and market conditions, all of which are subject to change. Words like “believe,” “expect,” “anticipate,” “promise,” “project,” “plan,” and other expressions or words of similar meanings, as well as future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” are generally intended to identify forward-looking statements. Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: changes in prevailing interest rates; our exposure to risks of loss and disruptions in operations resulting from adverse weather conditions, man-made or natural disasters, climate change and pandemics such as COVID-19; the continually changing federal, state and local laws and regulations applicable to the highly regulated industry in which we operate; lawsuits or governmental actions that may result from any noncompliance with the laws and regulations applicable to our businesses; the mortgage lending and servicing-related regulations promulgated by the Consumer Financial Protection Bureau and its enforcement of these regulations; our dependence on U.S. government-sponsored entities and changes in their current roles or their guarantees or guidelines; changes to government mortgage modification programs; the licensing and operational requirements of states and other jurisdictions applicable to our business, to which our bank competitors are not subject; foreclosure delays and changes in foreclosure practices; changes in macroeconomic and U.S. real estate market conditions; difficulties inherent in adjusting the size of our operations to reflect changes in business levels; purchase opportunities for mortgage servicing rights and our success in winning bids; our substantial amount of indebtedness; the discontinuation of LIBOR; increases in loan delinquencies and defaults; failure to modify, resell or refinance early buyout loans; our reliance on PennyMac Mortgage Investment Trust (NYSE: PMT) as a significant source of financing for, and revenue related to, our mortgage banking business; maintaining sufficient capital and liquidity and compliance with financial covenants; our obligation to indemnify third-party purchasers or repurchase loans if loans that we originate, acquire, service or assist in the fulfillment of, fail to meet certain criteria or characteristics or under other circumstances; our obligation to indemnify PMT if our services fail to meet certain criteria or characteristics or under other circumstances; decreases in the returns on the assets that we select and manage for our clients, and our resulting management and incentive fees; the extensive amount of regulation applicable to our investment management segment; conflicts of interest in allocating our services and investment opportunities among us and our advised entities; the effect of public opinion on our reputation; our ability to effectively identify, manage and hedge our credit, interest rate, prepayment, liquidity and climate risks; our initiation or expansion of new business activities or strategies; our ability to detect misconduct and fraud; our ability to mitigate cybersecurity risks and cyber incidents; our ability to pay dividends to our stockholders; and our organizational structure and certain requirements in our charter documents. You should not place undue reliance on any forward- looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in reports and other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, and the statements made in this press release are current as of the date of this release only.

The Company’s earnings materials contain financial information calculated other than in accordance with U.S. generally accepted accounting principles (“GAAP”), such as pretax income excluding valuation-related items that provide a meaningful perspective on the Company’s business results since the Company utilizes this information to evaluate and manage the business. Non-GAAP disclosure has limitations as an analytical tool and should not be viewed as a substitute for financial information determined in accordance with GAAP.

PENNYMAC FINANCIAL SERVICES, INC.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 

 

 

 

 

 

 

 

 

June 30,
2022

 

March 31,
2022

 

June 30,
2021

 

 

(in thousands, except share amounts)

ASSETS
Cash

$

1,415,396

$

489,799

$

324,158

Short-term investments at fair value

 

4,961

 

78,006

 

3,720

Loans held for sale at fair value

 

3,586,810

 

5,119,234

 

10,884,506

Derivative assets

 

103,901

 

225,071

 

371,269

Servicing advances, net

 

570,822

 

616,874

 

519,028

Mortgage servicing rights at fair value

 

5,217,167

 

4,707,039

 

3,412,648

Operating lease right-of-use assets

 

82,078

 

85,262

 

75,829

Investment in PennyMac Mortgage Investment Trust at fair value

 

1,037

 

1,267

 

1,580

Receivable from PennyMac Mortgage Investment Trust

 

43,234

 

27,722

 

61,883

Loans eligible for repurchase

 

2,778,768

 

2,721,574

 

7,613,244

Other

 

468,081

 

546,054

 

612,273

Total assets

$

14,272,255

$

14,617,902

$

23,880,138

 
LIABILITIES
Assets sold under agreements to repurchase

$

2,441,816

$

3,333,444

$

8,254,543

Mortgage loan participation purchase and sale agreements

 

502,116

 

494,396

 

512,253

Obligations under capital lease

 

-

 

1,396

 

7,677

Notes payable secured by mortgage servicing assets

 

1,793,260

 

1,298,067

 

1,296,731

Unsecured senior notes

 

1,778,055

 

1,777,132

 

1,288,769

Derivative liabilities

 

42,702

 

90,837

 

43,910

Mortgage servicing liabilities at fair value

 

2,337

 

2,564

 

100,091

Accounts payable and accrued expenses

 

317,998

 

371,908

 

369,766

Operating lease liabilities

 

102,756

 

106,316

 

96,463

Payable to PennyMac Mortgage Investment Trust

 

98,991

 

159,468

 

136,660

Payable to exchanged Private National Mortgage Acceptance
Company, LLC unitholders under tax receivable agreement

 

27,014

 

30,530

 

31,815

Income taxes payable

 

885,721

 

745,873

 

570,052

Liability for loans eligible for repurchase

 

2,778,768

 

2,721,574

 

7,613,244

Liability for losses under representations and warranties

 

39,336

 

42,794

 

44,335

Total liabilities

 

10,810,870

 

11,176,299

 

20,366,309

 
STOCKHOLDERS' EQUITY
Common stock--authorized 200,000,000 shares of $0.0001 par
value; issued and outstanding 52,938,854, 55,341,627, and
64,483,965 shares, respectively

 

5

 

6

 

6

Additional paid-in capital

 

-

 

-

 

618,337

Retained earnings

 

3,461,380

 

3,441,597

 

2,895,486

Total stockholders' equity

 

3,461,385

 

3,441,603

 

3,513,829

Total liabilities and stockholders’ equity

$

14,272,255

$

14,617,902

$

23,880,138

 

PENNYMAC FINANCIAL SERVICES, INC.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 

 

 

 

 

Quarter ended

 

 

June 30,
2022

 

March 31,
2022

 

June 30,
2021

 

 

(in thousands, except per share amounts)

Revenue
Net gains on loans held for sale at fair value

$

222,567

 

$

298,459

 

$

582,648

 

Loan origination fees

 

39,945

 

 

67,858

 

 

97,291

 

Fulfillment fees from PennyMac Mortgage Investment Trust

 

20,646

 

 

16,754

 

 

54,020

 

Net loan servicing fees:
Loan servicing fees

 

302,350

 

 

291,258

 

 

260,021

 

Change in fair value of mortgage servicing rights, mortgage
servicing liabilities and excess servicing spread financing

 

112,102

 

 

212,911

 

 

(336,268

)

Mortgage servicing rights hedging results

 

(176,005

)

 

(217,860

)

 

91,118

 

Net loan servicing fees

 

238,447

 

 

286,309

 

 

14,871

 

Net interest expense:
Interest income

 

49,864

 

 

53,882

 

 

80,797

 

Interest expense

 

71,127

 

 

77,307

 

 

102,431

 

 

(21,263

)

 

(23,425

)

 

(21,634

)

Management fees from PennyMac Mortgage Investment Trust

 

7,910

 

 

8,117

 

 

11,913

 

Other

 

3,263

 

 

3,432

 

 

3,143

 

Total net revenue

 

511,515

 

 

657,504

 

 

742,252

 

Expenses
Compensation

 

198,192

 

 

245,547

 

 

265,067

 

Loan origination

 

44,931

 

 

75,333

 

 

75,675

 

Technology

 

34,621

 

 

34,786

 

 

34,236

 

Professional services

 

20,793

 

 

20,103

 

 

24,834

 

Marketing and advertising

 

13,007

 

 

22,403

 

 

10,213

 

Occupancy and equipment

 

9,371

 

 

9,469

 

 

9,029

 

Servicing

 

3,051

 

 

(1,246

)

 

31,290

 

Other

 

10,023

 

 

16,589

 

 

12,393

 

Total expenses

 

333,989

 

 

422,984

 

 

462,737

 

Income before provision for income taxes

 

177,526

 

 

234,520

 

 

279,515

 

Provision for income taxes

 

48,363

 

 

60,927

 

 

75,286

 

Net income

$

129,163

 

$

173,593

 

$

204,229

 

Earnings per share
Basic

$

2.38

 

$

3.11

 

$

3.10

 

Diluted

$

2.28

 

$

2.94

 

$

2.94

 

Weighted-average common shares outstanding
Basic

 

54,167

 

 

55,831

 

 

65,890

 

Diluted

 

56,642

 

 

59,129

 

 

69,399

 

Dividend declared per share

$

0.20

 

$

0.20

 

$

0.20

 

 

Contacts

Media
Kristyn Clark
kristyn.clark@pennymac.com
(805) 395-9943

Investors
Kevin Chamberlain
Isaac Garden
PFSI_IR@pennymac.com
(818) 224-7028

Contacts

Media
Kristyn Clark
kristyn.clark@pennymac.com
(805) 395-9943

Investors
Kevin Chamberlain
Isaac Garden
PFSI_IR@pennymac.com
(818) 224-7028