California-based nonbank mortgage lender PennyMac Financial Services’ net income dropped more than 50% in the first quarter from the same period in 2021, driven by lower profits from its production segment due to surging mortgage rates and a shrinking origination market. However, the company still reported a pretax net income of $234.5 million in the first quarter, essentially unchanged from the prior quarter.

The firm’s earnings were driven by its servicing portfolio and about $520 billion in unpaid principal balance, said David Spector, chairman and chief executive officer of PennyMac in an earnings call. 

PennyMac’s servicing portfolio grew to $518 billion in details ⇒

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