California-based nonbank mortgage lender Pennymac Financial Services posted record loan production last year, but a significant decline in net profits. Reflecting the higher rate landscape, in the last three months of 2021, the servicing segment brought more returns to the company than production.
The company reported a net income of $1 billion in 2021, down from a record of $1.6 billion in the previous year. In the fourth quarter, the pretax income was $234.1 million, a 31% decrease from the previous quarter and a 62% decline compared to the same period of 2020.
BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com