California-based Pennymac Financial Services delivered an increased profit in the third quarter of 2022, mainly due to the performance of its servicing portfolio. 

However, the company has been looking at the challenges ahead and has started to estimate the impacts of a recession on its businesses while monitoring the need for more cost savings initiatives. 

Profits came in at $135 million from July to September, up 4% quarter-over-quarter, but down 46% year-over-year, the company reported Thursday. 

“In the current environment, our servicing portfolio is contributing the majority of PFSI’s earnings while also providing significant cash flow to support investments across our details ⇒

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