The California-based Pennymac Financial Services executives rightsized the company and invested in its servicing portfolio amid a shrinking market in 2022.

Despite their efforts, profits still dropped to $475.5 million last year, down from $1 billion in 2021, the company reported on Thursday. In Q4 2022, the net income came in at $37.6 million, declining from $135 million in Q3 2022 and $173 million in Q4 2021.

“Pennymac’s decline in profitability from Q3 2022 is credit negative,” Warren Kornfeld,  Moody’s senior vice president, said. “However, the company was able to report a profit in an extremely difficult operating details ⇒

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