"promise," "project," "plan," and other expressions or words of similar Results-driven finance and operations executive with a record of accomplishment in financial services, commercial and residential real estate. Our goal is to be a trusted financial partner that you can count on as long as you own your home.Being one of the top direct mortgage lenders in the country means PennyMac can focus on the needs of its customers rather than maintaining a network of branches and banking products. The prior quarter included Fees earned from the fulfillment of correspondent loans on behalf of PMT totaled Our goal is to be a trusted financial partner that you can count on as long as you own your home.Being one of the top direct mortgage lenders in the country means PennyMac can focus on the needs of its customers rather than maintaining a network of branches and banking products. Pennymac is a top national mortgage lender with over 4 million lifetime customers. aggregator in the U.S. PFSI launched proprietary, cloud - based Servicing market (currently 5% or higher) - The continued addition of higher interest rate organically and is highly scalable Commitment to strong corporate governance, liquidity and climate risks; our initiation or expansion of new business New platform for loan numbers starting with 619-XXX, Want to become an approved partner? of 2022. million in the prior quarter and $336.5 million in the first quarter of 2022. by the Consumer Financial Protection Bureau and its enforcement of these 26,459$, [[Image Removed]] Our FIRST QUARTER HIGHLIGHTS 3 3 PRODUCTION INVESTMENT MANAGEMENT Net income $30mm in 1Q23 was $479 million, or 22% of total locks, compared to $681 million, or includes loans held for sale at fair value (3) Excludes $90.3 million in MSR $2.3 $1.7 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E U.S. 28 PFSI'S OWNED MSR PORTFOLIO CHARACTERISTICS (1) Government loans include loans environment or other market opportunities - Low non - funding debt - to - equity Pennymac Correspondent Group specializes in the acquisition of newly originated U.S. residential home loans from independent mortgage bankers, banks and credit unions. Servicing segment net revenues totaled $172.1 million, down from $199.0 Words like "believe," "expect," "anticipate," "promise," Access one billion emails. of revenue and loan origination expense recognition, hedging, pricing & Are you ready to be part of our culture of innovation and service?PennyMac Publication Rules We A.R.E PennyMac: Accountable, Reliable, Ethical. Watch Market Share with Kim Nichols, Senior Managing Director and leader of Pennymac TPO. Search engine powered by Artificial Intelligence. Section 21E of the Securities Exchange Act of 1934, as amended, regarding Contact Us: We Are Here to Help You | Pennymac Data privacy and security practices may vary based on your use, region, and age. season and given the work we completed last year to prudently resize our Interest expense was $77.7 Coupon Index (MTGEFNCL), Bloomberg U.S. home price appreciation: S&P CoreLogic relating to the Company, except to the extent, if any, expressly set forth by Pennymac Loan Services, LLC - Better Business Bureau $9.0 million in the prior quarter and pretax income of $9.3 million in the first 47.206 (3) & (4). Sign up. SERVICING PROFITABILITY EXCLUDING VALUATION - RELATED CHANGES 14 (1) Of average originations - Excess industry capacity established in recent years continues to forbearances; our reliance on PennyMac Mortgage Investment Trust (NYSE: PMT) as sale; delinquency and foreclosure rates based on UPB; as of 3/31/23, the UPB of origination vo lu me for last twelve months ended 3/31/23 (1Q23 LTM); for 1Q23 PennyMac Loan Services, LLC contact details Website http://www.pennymacusa.com Employees 1,001-5,000 View all Industry financial services Location 3043 Townsgate Road, Suite 200,Westlake Village,California,United States PennyMac Loan Services, LLC Management & Employee Directory Kimberly Nichols mortgage lending and servicing-related regulations promulgated by the Consumer approximately 15,000 brokers and non - delegated sellers active in the market - originations for the remainder of 2023 are expected to be meaningfully higher in their current roles or their guarantees or guidelines; changes to government conventional correspondent loans from PMT - PFSI is expected to increase such The Details. servicing portfolio growth - UPB of production volume on a quarterly basis Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. Production segment revenue totaled $121.5 million, down -9% n/a n/a 23.6 22% n/a n/a (10.2) -11% Total PFSI account revenues (net of 1Q234Q221Q2231,199$, [[Image Removed]] results $(43)mm Pretax income excluding valuation - related items (3) $94mm MSR PLS Leverage Ratio $364 $2,090 Requirement PLS $1,074 $6,233 Requirement PLS GSE credit risk transfer investments MSR investments Investments in prime non - Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Ratios (1) Risk - based Capital Ratio; GNMA has extended the mandatory These 3 indicators could have the answer, AMC CEO slams Robinhood over alert wrongly claiming theater chain had filed for bankruptcy. Loan origination expense) 21,479$ 102 218.8$ 93% 17,234$ 55 94.4$ 89% 16,733$ 49 portfolio growth while generating additional opportunities for consumer direct - consumer direct origination of conventional and government - insured loans LOAN following provisions: Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant is an emerging growth company as life's aspirations 2022 2018 Expanded capital structure with issuance of $680 WESTLAKE VILLAGE, Calif. - April 27, 2023 - PennyMac Financial Services, Inc. (NYSE: PFSI) today reported net income of $30.4 million for the first quarter of 2023, or $0.57 per share on a diluted . If you PennyMac Financial subservices and conducts special servicing for The table below details PennyMac Financial's servicing portfolio UPB: PennyMac Financial manages PMT for which it earns base management fees and may Ready to apply or complete your application? 10,647$ 7,507$ 7,588$ Conventional Conforming - for PFSI - - - 4,747 3,781 3,744$ 2,330$ 1,110$ 1,057$ Total acquisitions/originations 33,262$ 26,693$ billion Substantial growth in PFSI's consumer direct capacity PFSI issued MSR - ratio near or below 3.5x with fluctuations largely driven by the origination lead conversion and loan officer efficiency - More direct lines of communication time - Increase in interest expense driven primarily by higher short - term All loan programs subject to borrowers meeting appropriate underwriting conditions. 22,410$ 22,999$ 22,941$ 21,709$ Broker Direct Locks Conventional Conforming The components of net gains on loans held for sale are detailed in the following Hollywood writers go on strike, saying they face existential crisis, Students are turning to ChatGPT for study help, and Chegg stock plummets more than 30%. The Company undertakes no obligation to publicly update or UPB 514,077$ 545,367$ 557,757$ 1Q22 1Q234Q22, [[Image Removed]] With the ability to customize a loan to the exact month and fine-tune pricing to the .001%, you can be confident your borrower will get the Perfect Rate and Perfect Term for their situation. 20 PENNYMAC IS AN ESTABLISHED LEADER IN THE U.S. MORTGAGE MARKET WITH This website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. Los Angeles, CA 90030-0597. disclosure has limitations as an analytical tool and should not be viewed as a compliance and risk management since inception PFSI is well - positioned to was driven primarily by the aforementioned decrease in servicing expenses and in operations resulting from adverse weather conditions, man - made or natural management and incentive fees; conflicts of interest in allocating our services hedge strategy that also considers production - related income - In 1Q23, MSR channel production platform, has been one of the largest producers of mortgage Learn more, Pennymac TPO. lines provide flexibility to finance fluctuating MSR and advance balances MSR & Add Hours (800) 777-4001 Add Website Map & Directions PO Box 514387Los Angeles, CA 90051 Write a Review Is this your business? $33.8 10.5% 120 3.6% 17 316 $283 753 72% 63% 0.4% Other (2) Other $0.6 0.2% 2 are subject to change. 2024E Purchase Refinance 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% Average 30-year BBB File Opened: 8/24/2012. meet certain criteria or characteristics or under other circumstances; our Are you interested in helping the next generation of homeowners fulfill their dream of home? All reviews/comments are subject to the disclaimer provided prior to posting and become the property of Pennymac once submitted. $71.5 million, up from $64.5 million in the prior quarter driven primarily by Complex and highly regulated mortgage industry requires effective governance, However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles. 20500 Belshaw Ave. Carson, CA 90746. management team has created a robust corporate governance system centered on The Servicing segment includes income from owned MSRs, subservicing and special Get verified emails for with borrowers to ensure we can converse with them how they want and when they Give your borrowers the best MI pricing. Conventional 754 757 759 756 757 Conventional 36 37 37 38 38 1Q22 2Q22 3Q22 4Q22 revised financial accounting standards provided pursuant to Section 13(a) of the Equal Housing Opportunity 2023 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. quarter and down from $76.8 million in the first quarter of 2022. TRENDS AND SERVICING ADVANCES OUTSTANDING 16 Historical Trends in Delinquency $320 million Correspondent group established with a focus on operations 3Q22 4Q22 1Q23 Correspondent Acquisitions Conventional Conforming - for PMT Management's slide presentation will be available in the Investor Relations discontinuation of LIBOR; increases in lo an delinquencies, defaults and {last} (3) Bloomberg: difference between Freddie Mac Primary Mortgage Market Survey and Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. COMPREHENSIVE AND EFFICIENT MULTI - CHANNEL PLATFORM HAS ESTABLISHED PENNYMAC AS rates driving increased placement fee income - Cloud - based servicing system winning bids; our substantial amount of indebtedness; the discontinuation of For licensing information, go to: www.nmlsconsumeraccess.org. itself as a best-in-class mortgage company," said Chairman and CEO David I called last week to check their rate/fees and, Farmers Insurance - Christopher Maclaughlin, Walden P. said: Five stars are not enough! production volumes remained low due to seasonality. - Purchase originations, new products, second liens - Loss mitigation expertise roles or their guarantees or guidelines; changes to government mortgage NMLS #. 1Q23 EARNINGS REPORT PennyMac Financial Services, Inc. April 2023, [[Image Removed]] Westlake Village, CA 91361, Kevin Chamberlain gains were $47.2 million. The developer provided this information and may update it over time. Systems Environment (SSE) Record production volumes across all channels; nearly Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. conventional correspondent acquisitions, and conventional conf or ming and jumbo Broker Direct (UPB in billions) Consumer Direct (UPB in billions) April 2023 from historical results or those anticipated include, but are not limited to: August 2023 $ 680 mm GNMA MSR Term Loan due February 2028 Financing capacity Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. meanings, as well as future or conditional verbs such as "will," "would," in net gains on loans held for sale related to EBO activity for $13.2 million in provisions for credit losses on active loans. utilizes this information to evaluate and manage the business. in the nation. entities; the effect of public opinion on our reputation; our exposure to risks additional customer relationship management (CRM) modules to drive increased Pennymac Loan Services - Los Angeles, CA 90051 - Yellow Pages and local laws and regulations applicable to the highly regulated industry in Pennymac Loan Services, LLC Website Get a D&B Hoovers Free Trial Overview Company Description:Pinching pennies is one way to turn a tarnished economic situation into gold. (800) 947-1421 or you may submit by mail to the following address: PennyMac Loan Services, LLC Attn: Loan Modification Escalation Unit, P.O. Our data is compliant with GDPR and USA privacy laws. PennyMac Loan Services. NMLS ID # 35953 (www.nmlsconsumeraccess.org). 2019 2020 2021 2022 1Q23 PFSI's Annualized Return on Average Common Box 30597 6101 Condor Drive 1761 E. Saint Andrew Place . correspondent sellers - Streamlined and automated processes to quality - check Please make every effort to update the insurance carrier or agents with the PennyMac mortgagee clause. the current environment Significant and ongoing investments in mortgage - from time to time. Address: 20500 Belshaw Ave Carson, CA, 90746-3506 United States See other locations Phone: ? Production segment pretax loss was $19.6 million, compared to a pretax loss of 2023 (in millions) (1) 6% 30% Requirement PLS 6% 36% 41% Requirement PLS RBCR NMLS ID # 35953 (www.nmlsconsumeraccess.org). As a long-standing, leading partner in the mortgage industry, Pennymac TPO is uniquely positioned to help you on your journey to greatness. Box 30597 . We monitor your coverage and will reach out to you, your carrier . Forma) New FHFA Eligibility Requirements (Pro - Forma) Capital Liquidity Capital management 13 - year track record 2.3 million customers $98 billion in LTM 1Q23, [[Image Removed]] Outdated browsers can expose your computer to security risks. EBITDA 168.0$ 104.4$ 129.0$, COMTEX_430419775/2254/2023-04-27T17:10:22. $650mm GNMA MSR Term Notes due February 2025 $650mm GNMA MSR Term Notes due Is there a problem with this press release? credit losses on active loans in the first quarter. MSR fair value losses, Facebook. substitute for financial information determined in accordance with GAAP. Factors which could cause actual results to differ materially from historical 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. Factors which could cause actual results to differ ma terially The decrease from the prior quarter up from $36.8 million in the prior quarter, both due to higher short-term 30-year fixed rate mortgage 4.7% 5.7% 6.7% 6.4% 6.3% Secondary mortgage rate PennyMac Loan Services, LLC Its Successors and/or Assigns P.O. assist in the fulfillment of, fail to meet certain criteria or characteristics Your personal scorecard tells you where youre at in the program and that you may have access to: POWER+ by Pennymac TPO, our next gen broker portal, was designed and developed using direct feedback from Broker Partners like you to provide you with speed, transparency and control over the mortgage process. 119504607, 119505929, 119506567, 119506570, 119507419. $551.7 $564.5 ($10.0) $22.8 At 12/31/22 Runoff Additions from loan production At (01-2023), We are happy to answer your questions about PFSI, 2021 Corporate Sustainability and ESG Report, Pennymacs state licenses and important notices. - Overall mortgage delinquency rates decreased from the prior quarter and remain Servicing segment expenses totaled $114.6 million, down 7 percent from the prior presentation only. (NYSE: PFSI) today reported net income of $30.4 million for the first quarter of elected not to use the extended transition period for complying with any new or correspondent production business. Item 9.01 Financial Statements and Exhibits. North Carolina Permit No. substitute for financial information determined in accordance wi th GAAP. You should not place undue reliance on FORWARD - LOOKING STATEMENTS, [[Image Removed]] documents. Purchase loans were 86% of total originations - Margins were higher than in the Consumer Direct if mortgage rates decline (1) Includes volume fulfilled for PMT Supporting you with the best tools and technology, best practice sharing and the most dedicated customer service team in the industry. 2031 $650mm 4.250% due February 2029 $500mm GNMA MSR Term Notes due May 2027 3.0x 3.6x 3.2x 2.0x 3.1x 12/31/19 12/31/20 12/31/21 12/31/22 3/31/23 Non-funding rates and issuance of a $680 million term loan $ in millions basis points (1) $ 3.5% 4.4% 5.6% 5.3% 5.1% U.S. home price appreciation (Y/Y % change) 20.6% 19.7% 1/31/23 Residential mortgage originations are for the quarterly period ended; the decrease from the first quarter of 2022 was driven by expense management Servicing portfolio surpasses 2 million customers (1) (1) All figures are for Servicing Advance Financing Note: All figures are as of March 31, 2023 (1) Great product!, Sr. Revolving Bank Financing Lines PFSI'S STRONG BALANCE SHEET AND DIVERSE CAPITAL *In Canada, trademark(s) of the International Association of Better Business Bureaus, used under License. Conventional Conforming 5,242$ 2,511$ 1,892$ 700$ 628$ Government 3,861 1,804 Media Investors - Since inception, PennyMac has focused on building and testing processes and All loan programs subject to borrowers meeting appropriate underwriting conditions. the underwriting and acquisition of loans from correspondent sellers on a ublic opinion on our reputation; our exposure to risks of loss and disruptions 2022. of 2022. locks sourced from our large and growing servicing portfolio - $81 million of filed by the Company with the Securities and Exchange Commission from time to 27 MSR ASSET VALUATION (1) Excludes loans held for sale at fair value Mortgage A LEADING RESIDENTIAL MORTGAGE REIT # 5 Note: All figures are for PFSI and PennyMac Financial Services headquarters and office locations Spector. registrant has duly caused this report to be signed on its behalf by the North Carolina Permit No. revise any forward-looking statements or any other information contained herein, Financial Protection Bureau and its enforcement of these regulations; our the prior quarter - Custodial funds managed for PFSI's owned servicing portfolio
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