PennyMac Financial Services on Wednesday reported second-quarter 2026 net income of $22 million, down 84% from a year earlier and sharply lower than its first-quarter net income of $82.3 million, as higher interest rates reduced mortgage production volume and weighed on profitability.

The company’s weaker quarter came in tandem with layoffs by the Westlake Village, California-based mortgage lender and servicer, which were confirmed by the company on Wednesday. The company also closed its office in Franklin, Tennessee, a month ago when staff in its consumer direct lending operations were laid off.

“As we align our operations accordingly, details ⇒

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