The third-quarter financials for Pennymac Financial Services illustrate the double-edged sword of declining interest rates for mortgage companies. It can improve loan production and acquisitions but hurt their servicing portfolios.

When factoring both impacts on its earnings, the California-based lender delivered a profit of $69.4 million from July to September. That was less than its $98 million profit in the second quarter of 2024, according to filings with the Securities and Exchange Commission (SEC) on Tuesday. 

With lower rates and more opportunities to refinance mortgages, Pennymac details ⇒

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