In a high-rate environment, Pennymac Financial Services delivered profits in 2023, mainly due to the performance of its servicing portfolio.
That’s despite a net loss in the last quarter of the year attributable to the resolution of a long-standing arbitration process with Black Knight regarding its servicing technology and losses in mortgage servicing rights (MSR) fair value.
“2023 was one of the more challenging origination markets in recent history, with industry volumes down approximately 40% from 2022 and unit originations at their lowest level since 1990,” David Spector, chairman and CEO, told analysts during a call on Thursday afternoon.
California-based Pennymac delivered a details ⇒
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