General World News

Pennymac delivers $30M profit in Q1

California-based Pennymac Financial Services reported gains in its servicing portfolio that offset losses with its origination activity in the first quarter of 2023, allowing the company to deliver an overall profit in the period. 

However, Pennymac’s profitability declined compared to the previous quarter amid a still-challenging mortgage market. The company reported on Thursday its net income came in at $30.4 million in Q1 2023, down from $37.6 million in Q4 2022 and $173.5 million in Q1 2022.

Servicing “is a critically important asset and has driven much of the success that we have enjoyed in mortgage banking,” David details ⇒

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