On the strength of its servicing segment, California-based Pennymac Financial Services delivered a $129.2 million profit in the second quarter, which was down 25.6% quarter-over-quarter and 36.7% year-over-year, the company reported Tuesday.  

The nonbank lender’s top executives said the company reported a strong performance given the downturn in mortgage originations. “We improved margins across all three channels,” David Spector, chairman and chief executive officer, said in a recorded earnings message. 

He added: “Combined with the quick, decisive and meaningful actions taken earlier this year to align our expenses with lower expected levels of activity, it led to continued profitability in details ⇒

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