PennyMac Financial Services, Inc. Reports Second Quarter 2023 Results

July 27, 2023

PennyMac Financial Services, Inc. (NYSE: PFSI) today reported net income of $58.3 million for the second quarter of 2023, or $1.11 per share on a diluted basis, on revenue of $336.5 million. Book value per share increased to $69.77 from $68.91 at March 31, 2023.

PFSI’s Board of Directors declared a second quarter cash dividend of $0.20 per share, payable on August 25, 2023, to common stockholders of record as of August 15, 2023.

Second Quarter 2023 Highlights

  • Pretax income was $72.9 million, up 91 percent from the prior quarter and down 59 percent from the second quarter of 2022
    • Repurchased 0.4 million shares of PFSI’s common stock at an average price of $60.31 per share for a cost of $26.1 million
  • Production segment pretax income of $24.4 million, compared to pretax loss of $19.6 million in the prior quarter and pretax income of $9.7 million in the second quarter of 2022
    • Total loan acquisitions and originations, including those fulfilled for PennyMac Mortgage Investment Trust (NYSE: PMT) were $24.9 billion in unpaid principal balance (UPB), up 9 percent from the prior quarter and down 7 percent from the second quarter of 2022
    • Broker direct interest rate lock commitments (IRLCs) were $2.8 billion in UPB, up 11 percent from the prior quarter and 27 percent from the second quarter of 2022
    • Consumer direct IRLCs were $2.2 billion in UPB, down 2 percent from the prior quarter and 50 percent from the second quarter of 2022
    • Government correspondent IRLCs totaled $10.7 billion in UPB, up 4 percent from the prior quarter and down 5 percent from the second quarter of 2022
    • Conventional correspondent IRLCs for PFSI’s account totaled $7.5 billion in UPB, up 99 percent from the prior quarter
    • Correspondent acquisitions of conventional conforming loans fulfilled for PMT were $3.0 billion in UPB, down 54 percent from the prior quarter and 71 percent from the second quarter of 2022
  • Servicing segment pretax income was $46.5 million, down from $57.4 million in the prior quarter and $167.6 million in the second quarter of 2022
    • Pretax income excluding valuation-related items was $75.3 million, down 20 percent from the prior quarter driven by lower early buyout (EBO) income, higher realization of mortgage servicing rights (MSR) cash flows, and higher interest expense partially offset by higher servicing fee revenue and placement fee income
    • Valuation items included:
      • $118.9 million in MSR fair value gains, before recognition of realization of cash flows, more than offset by $155.1 million in hedging losses
        • Net impact on pretax income related to these items was $(36.2) million, or $(0.51) in earnings per share
        • $7.5 million of reversals related to provisions for losses on active loans
    • Servicing portfolio grew to $576.5 billion in UPB, up 2 percent from March 31, 2023, driven by production volumes which more than offset prepayment activity
  • Investment Management segment pretax income was $2.0 million, up from $0.3 million in the prior quarter and $0.2 million in the second quarter of 2022
    • Net assets under management (AUM) were $1.9 billion, down 2 percent from March 31, 2023 and 7 percent from June 30, 2022

Notable activity after quarter end

  • PFSI exercised its option to extend the maturity for $650 million in term notes secured by Ginnie Mae MSRs originally due in August 2023 for two years

“PennyMac Financial reported solid results in the second quarter, reflecting increased production volumes and profitability from the prior quarter as well as a continued strong contribution from our large and growing servicing business,” said Chairman and CEO David Spector. “Strong operating performance was partially offset by net valuation-related losses that resulted from the inverted yield curve and elevated hedge costs driven by multi-year highs in interest rate volatility. Book value per share was up to $69.77 at quarter end. We continue to operate at high levels of efficiency while also focusing on investing in technology to support our balanced, multi-channel production and servicing platform.”

Mr. Spector continued, “Though the mortgage origination market remains constrained, I have never felt better about our competitive position. Our leading correspondent lending activities continue to drive the organic growth of our servicing portfolio by adding loans at prevailing mortgage rates, which we expect will provide meaningful opportunities for our consumer direct division in future periods when rates decline. I am also extraordinarily proud of the growth we have achieved in broker direct since our entrance into the wholesale channel only five years ago. Our scale, platform and this management team’s ability to adapt to changing market environments are the reasons I expect PennyMac Financial to continue leading the industry with strong financial performance.”

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

Quarter ended June 30, 2023

Mortgage Banking

 

Investment
Management

 

 

Production

 

Servicing

 

Total

 

 

Total

(in thousands)
Revenue
Net gains on loans held for sale at fair value

$

126,249

 

$

15,170

 

$

141,419

 

$

-

$

141,419

 

Loan origination fees

 

38,968

 

 

-

 

 

38,968

 

 

-

 

38,968

 

Fulfillment fees from PMT

 

5,441

 

 

-

 

 

5,441

 

 

-

 

5,441

 

Net loan servicing fees

 

-

 

 

146,078

 

 

146,078

 

 

-

 

146,078

 

Management fees

 

-

 

 

-

 

 

-

 

 

7,078

 

7,078

 

Net interest expense:
Interest income

 

75,423

 

 

97,529

 

 

172,952

 

 

-

 

172,952

 

Interest expense

 

75,994

 

 

102,648

 

 

178,642

 

 

-

 

178,642

 

 

(571

)

 

(5,119

)

 

(5,690

)

 

-

 

(5,690

)

Other

 

528

 

 

304

 

 

832

 

 

2,421

 

3,253

 

Total net revenue

 

170,615

 

 

156,433

 

 

327,048

 

 

9,499

 

336,547

 

Expenses

 

146,200

 

 

109,889

 

 

256,089

 

 

7,541

 

263,630

 

Income before provision for income taxes

$

24,415

 

$

46,544

 

$

70,959

 

$

1,958

$

72,917

 

Production Segment

The Production segment includes the correspondent acquisition of newly originated government-insured and certain conventional conforming 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 $24.9 billion in UPB, $21.9 billion of which was for its own account, and $3.0 billion of which was fee-based fulfillment activity for PMT. Correspondent locks for PFSI and direct lending IRLCs totaled $23.2 billion in UPB, up 23 percent from the prior quarter and 30 percent from the second quarter of 2022.

Production segment pretax income was $24.4 million, compared to a pretax loss of $19.6 million in the prior quarter and pretax income of $9.7 million in the second quarter of 2022. Production segment revenue totaled $170.6 million, up 40 percent from the prior quarter and down 24 percent from the second quarter of 2022. The quarter-over-quarter increase was driven primarily by higher volumes and margins.

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

Quarter ended
June 30,
2023
March 31,
2023
June 30,
2022
(in thousands)
Receipt of MSRs

$

562,523

 

$

286,533

 

$

398,253

 

Mortgage servicing rights recapture payable to PennyMac Mortgage Investment Trust

 

(509

)

 

(485

)

 

(4,752

)

(Provision for) reversal of liability for representations and warranties, net

 

(1,131

)

 

(290

)

 

45

 

Cash loss, including cash hedging results

 

(308,199

)

 

(271,524

)

 

(368,554

)

Fair value changes of pipeline, inventory and hedges

 

(111,265

)

 

90,151

 

 

197,575

 

Net gains on mortgage loans held for sale

$

141,419

 

$

104,385

 

$

222,567

 

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

$

126,249

 

$

74,726

 

$

152,895

 

Servicing

$

15,170

 

$

29,659

 

$

69,672

 

PennyMac Financial performs fulfillment services for certain 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 $5.4 million in the second quarter, down 54 percent from the prior quarter and 74 percent from the second quarter of 2022. The year-over-year decrease in fulfillment fee revenue was driven by lower conventional acquisition volumes for PMT’s account as PFSI acquired a higher proportion of the conventional loans sourced by PMT in the second quarter of 2023.

Net interest expense totaled $0.6 million, compared to net interest income of $2.9 million in the prior quarter. Interest income in the second quarter totaled $75.4 million, up from $57.0 million in the prior quarter, and interest expense totaled $76.0 million, up from $54.1 million in the prior quarter, both due to higher volumes and short-term interest rates.

Production segment expenses were $146.2 million, up 4 percent from the prior quarter and down 32 percent from the second quarter of 2022. The increase from the prior quarter was due to increased loan origination expenses due to higher volumes. The year-over-year decrease was driven primarily by decreased production in the direct lending channels and the expense management activities noted in prior quarters.

Servicing Segment

The Servicing segment includes income from owned MSRs, subservicing and special servicing activities. Servicing segment pretax income was $46.5 million, compared to $57.4 million in the prior quarter and $167.6 million in the second quarter of 2022. Servicing segment net revenues totaled $156.4 million, down from $172.1 million in the prior quarter and $278.6 million in the second quarter of 2022. The quarter-over-quarter decrease was primarily driven by a $14.5 million decrease in net gains on loans held for sale related to EBO activity for government-insured and guaranteed loans purchased out of Ginnie Mae securitizations.

Revenue from net loan servicing fees totaled $146.1 million, down from $148.8 million in the prior quarter. Revenue from net loan servicing fees included $36.2 million in net valuation related declines, compared to $43.0 million of such declines in the prior quarter. MSR fair value gains, before realization of cash flows, were $118.9 million in the quarter, and hedging losses were $155.1 million. Revenue from loan servicing fees included $356.5 million in servicing fees, which were up from the prior quarter due to continued portfolio growth, reduced by $174.2 million from the realization of MSR cash flows, which were up from $146.2 million in the prior quarter due to increased cash flow generated by the MSR asset during the quarter from servicing and placement fees.

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

Quarter ended
June 30,
2023
March 31,
2023
June 30,
2022
(in thousands)
Loan servicing fees

$

356,471

 

$

338,057

 

$

302,350

 

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

 

(174,162

)

 

(146,183

)

 

(121,724

)

Change in fair value inputs

 

118,905

 

 

(90,264

)

 

233,826

 

Hedging (losses) gains

 

(155,136

)

 

47,227

 

 

(176,005

)

Net change in fair value of MSRs and MSLs

 

(210,393

)

 

(189,220

)

 

(63,903

)

Net loan servicing fees

$

146,078

 

$

148,837

 

$

238,447

 

 

Servicing segment revenue included $15.2 million in net gains on loans held for sale related to EBOs. These gains were down from $29.7 million in the prior quarter and $69.7 million in the second quarter of 2022. These EBOs are previously delinquent loans that were brought back to performing status through PennyMac Financial’s successful servicing efforts.

Net interest expense totaled $5.1 million, versus $6.2 million in the prior quarter and $30.4 million in the second quarter of 2022. Interest income was $97.5 million, up from $71.5 million in the prior quarter driven primarily by increased placement fees on custodial balances. Interest expense was $102.6 million, up from $77.7 million in the prior quarter due to higher short-term interest rates and greater outstanding secured debt during the quarter.

Servicing segment expenses totaled $109.9 million, down 4 percent from the prior quarter. Servicing segment expenses in the second quarter included $7.5 million in reversals for credit losses on active loans. The prior quarter included $6.1 million in such reversals.

The total servicing portfolio grew to $576.5 billion in UPB at June 30, 2023, an increase of 2 percent from March 31, 2023 and 9 percent from June 30, 2022. PennyMac Financial subservices and conducts special servicing for PMT, whose servicing portfolio totaled $234.5 billion in UPB at quarter end, down 1 percent from March 31, 2023 and up 4 percent from June 30, 2022. PennyMac Financial’s owned MSR portfolio grew to $342.0 billion in UPB, up 4 percent from March 31, 2023 and 14 percent from June 30, 2022.

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

June 30,
2023
March 31,
2023
June 30,
2022
(in thousands)
Prime servicing:
Owned
Mortgage servicing rights and liabilities
Originated

$

319,257,805

$

302,265,588

$

276,627,961

Purchased

 

18,474,265

 

19,026,774

 

20,683,203

 

337,732,070

 

321,292,362

 

297,311,164

Loans held for sale

 

4,250,706

 

6,692,155

 

3,575,712

 

341,982,776

 

327,984,517

 

300,886,876

Subserviced for PMT

 

234,463,739

 

236,476,714

 

226,365,581

Total prime servicing

 

576,446,515

 

564,461,231

 

527,252,457

Special servicing - subserviced for PMT

 

12,780

 

13,167

 

23,001

Total loans serviced

$

576,459,295

$

564,474,398

$

527,275,458

Investment Management Segment

PennyMac Financial manages PMT for which it earns base management fees and may earn incentive compensation. Net AUM were $1.9 billion as of June 30, 2023, down 2 percent from March 31, 2023 and 7 percent from June 30, 2022.

Pretax income for the Investment Management segment was $2.0 million, up from $0.3 million in the prior quarter and $0.2 million in the second quarter of 2022. Base management fees from PMT were $7.1 million, down 2 percent from the prior quarter and 11 percent from the second quarter of 2022 due to the decline in AUM. No performance incentive fees were earned in the second quarter.

The following table presents a breakdown of management fees:

Quarter ended
June 30,
2023
March 31,
2023
June 30,
2022
(in thousands)
Management fees:
Base

$

7,078

$

7,257

$

7,910

Performance incentive

 

-

 

-

 

-

Total management fees

$

7,078

$

7,257

$

7,910

 
Net assets of PennyMac Mortgage Investment Trust

$

1,931,496

$

1,970,734

$

2,070,640

Investment Management segment expenses totaled $7.5 million, down 16 percent from the prior quarter and 20 percent from the second quarter of 2022.

Consolidated Expenses

Total expenses were $263.6 million, down slightly from the prior quarter and down 21 percent from the second quarter of 2022. The decrease from the prior year was driven primarily by the expense management activities noted in prior quarters.

Taxes

PFSI recorded a provision for tax expense of $14.7 million, resulting in an effective tax rate of 20.1 percent during the quarter. The tax rate is lower than PFSI’s 2022 effective tax rate of 28.5 percent due to certain tax benefits recognized during the quarter.

Management’s slide presentation and accompanying material will be available in the Investor Relations section of the Company’s website at pfsi.pennymac.com after the market closes on Thursday, July 27, 2023. Additionally, the Company will host a live question and answer (Q&A) session the same day at 5:00 p.m. Eastern Time. An audio webcast of the Q&A session will be available at pfsi.pennymac.com and a replay of the event will be available shortly after its conclusion.

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 4,000 people across the country. For the twelve months ended June 30, 2023, PennyMac Financial’s production of newly originated loans totaled $97 billion in unpaid principal balance, making it the second largest mortgage lender in the nation. As of June 30, 2023, PennyMac Financial serviced loans totaling $576 billion in unpaid principal balance, making it a top five mortgage servicer in the nation. Additional information about PennyMac Financial Services, Inc. is available at pfsi.pennymac.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: interest rate changes; declines in real estate or significant changes in U.S. housing prices or activity in the U.S. housing market; 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 business; 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; increases in loan delinquencies, defaults and forbearances; our reliance on PennyMac Mortgage Investment Trust (NYSE: PMT) as a significant contributor 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; investment management and incentive fees; 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 exposure to risks of loss and disruptions in operations resulting from adverse weather conditions, man-made or natural disasters, climate change and pandemics; 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 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,
2023
March 31,
2023
June 30,
2022
(in thousands, except share amounts)
ASSETS
Cash

$

1,532,399

$

1,497,903

$

1,415,396

Short-term investment at fair value

 

8,088

 

3,584

 

4,961

Loans held for sale at fair value

 

4,270,494

 

6,772,423

 

3,586,810

Derivative assets

 

85,517

 

110,664

 

103,901

Servicing advances, net

 

500,122

 

547,158

 

570,822

Mortgage servicing rights at fair value

 

6,510,585

 

6,003,390

 

5,217,167

Operating lease right-of-use assets

 

56,410

 

61,406

 

82,078

Investment in PennyMac Mortgage Investment Trust at fair value

 

1,011

 

925

 

1,037

Receivable from PennyMac Mortgage Investment Trust

 

25,046

 

35,166

 

43,234

Loans eligible for repurchase

 

4,401,098

 

4,557,325

 

2,778,768

Other

 

593,698

 

513,241

 

468,081

Total assets

$

17,984,468

$

20,103,185

$

14,272,255

 
LIABILITIES
Assets sold under agreements to repurchase

$

3,780,524

$

5,764,157

$

2,441,816

Mortgage loan participation purchase and sale agreements

 

505,712

 

515,358

 

502,116

Notes payable secured by mortgage servicing assets

 

2,472,726

 

2,471,930

 

1,793,260

Unsecured senior notes

 

1,781,756

 

1,780,833

 

1,778,055

Derivative liabilities

 

22,039

 

49,087

 

42,702

Mortgage servicing liabilities at fair value

 

1,940

 

2,011

 

2,337

Accounts payable and accrued expenses

 

258,278

 

218,433

 

317,998

Operating lease liabilities

 

75,956

 

81,724

 

102,756

Payable to PennyMac Mortgage Investment Trust

 

123,287

 

142,007

 

98,991

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

 

26,099

 

26,099

 

27,014

Income taxes payable

 

1,026,147

 

1,010,928

 

885,721

Liability for loans eligible for repurchase

 

4,401,098

 

4,557,325

 

2,778,768

Liability for losses under representations and warranties

 

30,146

 

31,103

 

39,336

Total liabilities

 

14,505,708

 

16,650,995

 

10,810,870

 
STOCKHOLDERS' EQUITY
Common stock--authorized 200,000,000 shares of $0.0001 par value; issued and outstanding 49,857,588, 50,097,030, and 52,938,854 shares, respectively

 

5

 

5

 

5

Retained earnings

 

3,478,755

 

3,452,185

 

3,461,380

Total stockholders' equity

 

3,478,760

 

3,452,190

 

3,461,385

Total liabilities and stockholders’ equity

$

17,984,468

$

20,103,185

$

14,272,255

 

PENNYMAC FINANCIAL SERVICES, INC.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 
Quarter ended
June 30,
2023
March 31,
2023
June 30,
2022
(in thousands, except per share amounts)
Revenues
Net gains on loans held for sale at fair value

$

141,419

 

$

104,385

 

$

222,567

 

Loan origination fees

 

38,968

 

 

31,390

 

 

39,945

 

Fulfillment fees from PennyMac Mortgage Investment Trust

 

5,441

 

 

11,923

 

 

20,646

 

Net loan servicing fees:
Loan servicing fees

 

356,471

 

 

338,057

 

 

302,350

 

Change in fair value of mortgage servicing rights, mortgage servicing liabilities

 

(55,257

)

 

(236,447

)

 

112,102

 

Mortgage servicing rights hedging results

 

(155,136

)

 

47,227

 

 

(176,005

)

Net loan servicing fees

 

146,078

 

 

148,837

 

 

238,447

 

Net interest expense:
Interest income

 

172,952

 

 

128,478

 

 

49,864

 

Interest expense

 

178,642

 

 

131,771

 

 

71,127

 

 

(5,690

)

 

(3,293

)

 

(21,263

)

Management fees from PennyMac Mortgage Investment Trust

 

7,078

 

 

7,257

 

 

7,910

 

Other

 

3,253

 

 

2,363

 

 

3,263

 

Total net revenues

 

336,547

 

 

302,862

 

 

511,515

 

Expenses
Compensation

 

136,982

 

 

147,935

 

 

198,192

 

Technology

 

35,244

 

 

36,038

 

 

34,621

 

Loan origination

 

31,646

 

 

27,086

 

 

44,931

 

Professional services

 

17,888

 

 

21,007

 

 

20,793

 

Servicing

 

14,652

 

 

12,632

 

 

3,051

 

Occupancy and equipment

 

10,066

 

 

8,820

 

 

9,371

 

Marketing and advertising

 

5,578

 

 

3,241

 

 

13,007

 

Other

 

11,574

 

 

7,956

 

 

10,023

 

Total expenses

 

263,630

 

 

264,715

 

 

333,989

 

Income before provision for income taxes

 

72,917

 

 

38,147

 

 

177,526

 

Provision for income taxes

 

14,667

 

 

7,769

 

 

48,363

 

Net income

$

58,250

 

$

30,378

 

$

129,163

 

Earnings per share
Basic

$

1.17

 

$

0.61

 

$

2.38

 

Diluted

$

1.11

 

$

0.57

 

$

2.28

 

Weighted-average common shares outstanding
Basic

 

49,874

 

 

50,154

 

 

54,167

 

Diluted

 

52,264

 

 

53,352

 

 

56,642

 

Dividend declared per share

$

0.20

 

$

0.20

 

$

0.20

 

 

Media
Kristyn Clark
kristyn.clark@pennymac.com
805.395.9943

Investors
Kevin Chamberlain
Isaac Garden
PFSI_IR@pennymac.com
818.224.7028

Source: PennyMac Financial Services, Inc.