General World News

PennyMac posts strong profits in Q4 despite MSR losses

PennyMac, the nation’s largest mortgage aggregator, posted net profits of $452.8 million in the fourth quarter of 2020.

In all, the nonbank brought in $1 billion in revenue during the fourth quarter of 2020, its latest earnings report showed.

The gains were driven by “core production and servicing results partially offset by fair value losses on mortgage servicing rights (MSRs) and associated hedging and other losses,” the firm said in a statement to investors.

PennyMac’s pretax income for originations checked in at $572.6 million, down 7% from the third quarter, but up 182% details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com