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Broker Channel Launch Imminent at PennyMac

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Earnings and mortgage originations at PennyMac Financial Services Inc. saw quarter-over-quarter gains and year-over-year losses. A wholesale channel is about to open.

Pre-tax income at the
Westlake Village, California-based mortgage banking firm came to $94 million, according to its third-quarter earnings report.

Earnings retreated from $139 million in the same three-month period last year. But income improved from $58 million during the second quarter of this year.

Most recently, income included $69 million from production and $25 million from servicing.

Single-family loan originations totaled $18.925 billion in the three months ended Sept. 30 of this year. Correspondent acquisitions made up $17.403 billion, and consumer-direct was responsible for $1.522 billion.

Total mortgage production improved from $17.579 billion the prior quarter but fell from $20.598 billion a year prior. Year-to-date lending volume amounted to $51.451 billion.

Business could be slowing in the current quarter based on rate-lock volume, which
was $19.6 billion in the third quarter versus $20.5 billion in the second quarter.

PennyMac claims an 11 percent correspondent market share as of the most-recent date. It has 604 correspondent seller relationships in place.

PennyMac plans to open its broker-direct channel by the end of December.
The channel promises “state-of-the-art technology of the new broker-direct platform.” It says the move will give it “access to an additional 10 percent of the $1.7 trillion mortgage market.”

The third-party primary servicing portfolio grew to $162.800 billion from $157.224 billion three months earlier and $121.313 billion one year earlier.

The weighted-average servicing fee rate during the latest three-month period was 0.31 percent.

PennyMac serviced 1.210 million loans, growing the servicing portfolio from 1.102 million loans at the conclusion of the second quarter
and 939,000 at the same point in 2016.

Delinquency of at least 60 days was 2.5 percent as of Sept. 30, 2017, holding from the end of the second quarter
and improving from 2.9 percent on the same date last year.

PennyMac’s payroll grew to 3,142 people from 3,028 as of mid-year 2017 and over 2,900 at the close of the third-quarter 2016.

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