California-based Pennymac Financial Services increased its profits by 92% in the second quarter of 2023 from the prior quarter. Although the performance was propelled by its servicing portfolio – as occurred in previous quarters – mortgage production returned to profitability.

The company reported on Thursday its net income came in at $58.3 million in Q2 2023, up from $30.4 million in Q1 2023 but down from $129.1 million in Q2 2022, per Securities and Exchange Commission (SEC) filings.

“PFSI’s balanced business model continues to distinguish itself, with production returning to profitability due to higher volumes and margins, and strong details ⇒

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