PennyMac Financial Services Inc. reported Thursday that it earned $104.5 million in net income during the fourth quarter of 2024 on revenue of $470.1 million. It’s an about-face for PennyMac after it posted a net loss of $36.8 million in Q4 2023.
For 2024 as a whole, the California-based lender earned a profit of $311.4 million, up from $144.7 million in 2023. Its net revenue grew from $1.4 billion to $1.6 billion. And the company’s servicing portfolio, measured by unpaid principal balance (UPB), rose 10% during the year to $665.8 billion.
Pretax income for the final quarter of 2024 details ⇒
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