Mortgage Daily

Published On: August 3, 2018

Earnings increased and servicing expanded at PennyMac Financial Services Inc. But originations were down from last year, and delinquency deteriorated.

In its second-quarter earnings report, the Westlake Village, California-based company disclosed pre-tax income during the period of $75 million.

Earnings
accelerated from the same three months last year, when pre-tax income was $58 million. Results were modestly better than $73 million in the prior period.

Most recently, earnings were comprised of $19 million in production income, $55 million in servicing income and $1 million in investment management income.

Single-family loan originations came to $15.924 billion during the second quarter. Although business improved from $14.329 billion the previous quarter, it was down from $17.579 billion in the same three months last year.

The latest period’s production was comprised of $0.911 billion in consumer-direct originations, 0.062 billion in wholesale lending and $14.951 billion in correspondent acquisitions.

Total first-half 2018 originations amounted to $30.253 billion.

Current-quarter originations are likely exceeding the volume of the second quarter based on interest rate locks, which climbed to $18.0 billion in the second quarter from $15.3 billion in the first quarter.

The company had 631 correspondent seller relationships
and 268 approved mortgage brokers.

PennyMac said it expects to introduce a prime jumbo product for its wholesale channel in the third quarter.

PennyMac serviced $178.264 billion as of mid-year 2018. The servicing portfolio grew from $173.487 billion three months prior and $157.224 billion one year prior.

In addition, another $81.215 billion was subserviced for advised entities.

The number of loans serviced as of the most-recent date was 1.328 million.

Sixty-day delinquency was 2.9 percent, worsening from 2.6 percent as of March 31 and 2.5 percent as of mid-2017.

Headcount exceeded 3,000 people. On the same date last year, staffing stood at 3,028 people..

FREE CALCULATORS TO HELP YOU SUCCEED
Tools for Your Next Big Decision.

Amortization Calculator

Affordability Calculator

Mortgage Calculator

Refinance Calculator

FHA Mortgage Calculator

VA Mortgage Calculator

Real Estate Calculator

Tags

Pre-Approval Resources!

Making well educated decions in a matter of minutes and stay up to date on the latest news Mortgage Daily has to offer. Read our latest articles to stay up to date on what’s going on…

Resource Center

Since 1998, Mortgage Daily has helped millions of people such as yourself navigate the complicated hurdles of the mortgage industry. See our popular topics below, search our website. With over 300,000 articles, we are guaranteed to have something for you.

Your mortgages approval starts here.

Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here.

Stay Up To Days with Today’s Latest Rates

Mortgage

Today’s rates starting at

4.63%

5/1 ARM
$200,000 LOAN

Home Refinance

Today’s rates starting at

4.75%

30 YEAR FIXED
$200,000 LOAN

Home Equity

Today’s rates starting at

3.99%

3 YEAR
$200,000 LOAN

HELOC

Today’s rates starting at

2.24%

30 YEAR FIXED
$200,000 LOAN