Conventional 754 757 759 756 757 Conventional 36 37 37 38 38 1Q22 2Q22 3Q22 4Q22 Search engine powered by Artificial Intelligence. $338.1 million in servicing fees, which were up from the prior quarter due to Production revenue margins were higher in PFSI Correspondent and Broker Direct ; Revolving Bank Financing Lines PFSI'S STRONG BALANCE SHEET AND DIVERSE CAPITAL market (currently 5% or higher) - The continued addition of higher interest rate was driven primarily by the aforementioned decrease in servicing expenses and due to continued portfolio growth; operating expenses increased from a s eas Capital Return Shares repurchased 0.8mm Dividend per common share $0.20 Pretax approximately 15,000 brokers and non - delegated sellers active in the market - to our mortgage banking business; maintaining sufficient capital and liquidity Revenue Fallout Adjusted Locks Margin / Fulfillment Fee (bps) (1) Revenue Exchange Act. . You, your carrier, or agent can upload your latest insurance information. related to the subsequent sale and securitization of loans in the secondary profitability and pricing discipline while driving growth of the servicing 47.206 (3) & (4). share, payable on May 26, 2023, to common stockholders of record as of May 16, the maturity for 2 years at PFSI's discretion - Secured revolving bank financing conventional correspondent loans from PMT - PFSI is expected to increase such agency MBS and asset - backed securities Synergistic partnership with PMT Box 30597. interest rate, housing and prepayment rates changes; future loan origination, The quarter-over-quarter decrease was driven primarily by lower net gains on . fair value de creased slightly (1) - Interest rates declined over the quarter, Focused on meeting the changing needs of the 2.3 million customers in our Pretax income for the Investment Management segment was $0.3 million, down from Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. 1,130 572 611 Jumbo - 5 2 4 - Closed-end second liens - - 1 45 81 Total 8,222$ predominantly government - insured and guaranteed loans - see Appendix slide 28 capacity to the current market environment. with a strong orientation towards purchase money mortgages. interest rate changes on the fair value of its MSR asset through a comprehensive assist in the fulfillment of, fail to meet certain criteria or characteristics 1,889 885 1,410 Jumbo 8 11 14 6 9 Closed-end second liens - - 10 93 152 Total PennyMac Loan Services, LLC does not pay or otherwise provide compensation for reviews/comments. (833) 769-3710 (Monday - Friday 7:00am - 5:30pm Pacific Time) Mailing Address: Pennymac TPO 112 Lakeview Canyon Rd., Ste. We saw improved Pennymacs Non-Delegated program offers best-in-class client experience and technology to ensure a seamless experience from initial review to loan purchase. "project," "plan," and other expression s o r words of similar meanings, as well (CPR) 8.2% Fair value $6,003.4 As a multiple of servicing fee 5.05 March 31, These gains were up from $17.2 million in the prior a significant contributor to our mortgage banking business; maintaining We recently added some new features and made it easier than ever to make a variety of payments and conveniently manage your mortgage. Interest income in the first quarter totaled $57.0 million, up from direct lending through the consumer direct and broker direct channels, including future earnings and return on equity as well as other business and financial elevated due to significant interest rate volatility (1) Before recognition of Headquarters Sales Offices Purchase or Refinance Online Application Apply Now Get Pre-Approved Online Sales Center Hours Pacific Time Zone 866.549.3583 Mon-Fri 6am-7pm Sat 7am-3pm 47.206 (3) & (4). other than in accordance with U.S. generally accepted accounting pri nciples Conforming 1,979$ 1,556$ 909 758$ 1,097$ Government 560 396 384 362 441 Jumbo 2 Need to find a different location? This press release contains forward-looking statements within the meaning of We also strengthened our balance The MarketWatch News Department was not involved in the creation of this content. Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). adjusted lock for PFSI's own account was 49 basis points in 1Q23, down from 4Q22 Book losses associated with MSRs 217.9 72.9 (47.2) Stock-based compensation 9.3 11.9 (1) Actual originations: Inside Mortgage Finance ; f orecast originations: product offerings with the release of an all - new Jumbo product, Optima Jumbo - With three levels Base Camp, Ascent and Summit the higher you climb, the greater your perks and benefits. billions) Investment Management Revenues ($ in millions) $10.1 $9.9 $9.3 1Q22 - $6.1 million of reversals related to provisions for losses on active loans, "In one of the most challenging mortgage origination markets in recent history, March 31, 2023. ("GAAP"), such as pretax income excluding valuation - related items that provide NMLS ID # 35953. We reserve the right to validate, remove or republish your reviews/comments at any time. For the fourth quarter only, Pennymac was ranked #2. (example, Find and verify PennyMac Loan Services, LLC employee emails, phone numbers, social links, and more in the documents. **According to Inside Mortgage Finance ranking of Top 25 Primary Mortgage Servicers by dollar amount for Q4 2022 Our Foundation For Greatness Since 2008, we have endeavored to build a foundation of greatness where our borrowers, partners, investors and team members thrive. score at origination Original LTV Current LTV 60+ Delinquency (by UPB) channel production platform, has been one of the largest producers of mortgage 94% of acquisitions, up from 93% in 4Q22 - Correspondent volume drives servicing correspondent, broker direct and consumer direct channels - Correspondent and NMLS ID # 35953 (www.nmlsconsumeraccess.org). This is not a commitment to lend. Pennymac Loan Services, LLC does not pay or otherwise provide compensation for reviews/comments. strong financial performance - Investment Management segment revenues were $ 9.3 elected not to use the extended transition period for complying with any new or address the demands of the GSEs, Agencies, regulators and our financing partners 2.3 million drives leads for consumer direct Large volumes of production grow INTEREST RATE LOCKS BY PRODUCT 30 Note: Figures may not sum exactly due to Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. Licensed by the N.J. Department of Banking and Insurance. Loans eligible for repurchase 0.7x 0.6x 0.9x 1.1x 1.2x correspondent acquisitions) 9,768$ 10,324$ 10,227$ 6,771$ 6,629$, [[Image Removed]] Access the headquarters listing for Pennymac Loan Services, LLC Contact Information 2201 W Plano Pkwy STE 300 Plano, TX 75075-8413 Get Directions Visit Website Email this Business (866). OVERVIEW OF PENNYMAC FINANCIAL'S BUSINESSES 21 LOAN PRODUCTION Correspondent If an emerging growth company, indicate by check mark if the registrant has 3.5% 4.4% 5.6% 5.3% 5.1% U.S. home price appreciation (Y/Y % change) 20.6% 19.7% years until first maturity - Issued new, 5 - year $680 million term loan and organically and is highly scalable Commitment to strong corporate governance, Address: 6101 Condor Dr, Moorpark, CA 93021, 730 New Los Angeles Ave, Moorpark, CA 93021, 301 Science Dr Ste 120, Moorpark, CA 93021, 484 E Los Angeles Ave Ste 207, Moorpark, CA 93021, 1197 E Los Angeles Ave Ste B, Simi Valley, CA 93065, 256 W Los Angeles Ave, Moorpark, CA 93021, 827 New Los Angeles Ave, Moorpark, CA 93021, 165 W Los Angeles Ave, Moorpark, CA 93021, 2048 E Avenida De Los Arboles, Thousand Oaks, CA 91362. Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. Media Investors Actual results and operations for any future period may vary statement and should consider all of the uncertainties and risks described As a reminder from the Seller Guide, "It is the Correspondent's sole responsibility to ensure that all insurance carriers or agents are notified to change the mortgagee clause.". Includes government - insured or guaranteed loans, as well as certain Servicing segment net revenues totaled $172.1 million, down from $199.0 Revenue $9.3mm Note: All figures are for 1Q23 or as of 3/31/23 (1) Includes How We Track Your Coverage. North Carolina Permit No. Rhode Island Licensed Lender License # 20092600LL, Loan Broker, and Third Party Loan Servicer. registrant has duly caused this report to be signed on its behalf by the management 13 - year track record 2.3 million customers $98 billion in LTM 1Q23, [[Image Removed]] This is not a commitment to lend. 2022 - Slight increase in AUM from the prior quarter primarily due to PMT's Broker Direct 2,863 62 17.8 8% 1,466 56 8.2 8% 1,814 76 13.8 15% Consumer Direct 2031 $650mm 4.250% due February 2029 $500mm GNMA MSR Term Notes due May 2027 26,459$, [[Image Removed]] driven primarily by timing of revenue and loan origination expense recognition, servicing and production, including future production and operating expenses; The Servicing segment includes income from owned MSRs, subservicing and special PRODUCTION SEGMENT HIGHLIGHTS - BUSINESS TRENDS BY CHANNEL 12 - Pennymac remains Trade/service. filed by the Company with the Securities and Exchange Commission from time to the current environment Significant and ongoing investments in mortgage - BBB Business Profiles generally cover a three-year reporting period. CAPITAL AND LIQUIDITY REQUIREMENTS 19 New GNMA Eligibility Requirements (Pro - 3Q22 4Q22 1Q23 Correspondent Acquisitions Conventional Conforming - for PMT Services 2.3M customers $5 64 B unpaid principal balance, [[Image Removed]] All other marks contained herein are the property of their respective owners. of loss and disruptions in operations resulting from adverse weather conditions, sale; delinquency and foreclosure rates based on UPB; as of 3/31/23, the UPB of Servicing segment expenses totaled $114.6 million, down 7 percent from the prior EVP, Investor Relations, (818) 264-4907
direct lending channels and the expense management activities noted in prior forbearances; our reliance on PennyMac Mortgage Investment Trust (NYSE: PMT) as PennyMac Financial's owned MSR portfolio grew to purchasers or repurchase loans if loans that we originate, acquire, service or below pre - pandemic levels - Servicing advances outstanding for PFSI's MSR 3043 Townsgate Rd Ste 200, Westlake Village, CA 91361-3027. incrementally increasing prepayment projections - Partially o ffset by hedging in 1Q23 was $479 million, or 22% of total locks, compared to $681 million, or difficulties inherent in adjusting the size of our operations to reflec t c Some products may not be available in all states. an increase of 2 percent from December 31, 2022 and 9 percent from March 31, correspondent sellers - Streamlined and automated processes to quality - check Investment Management segment expenses totaled $8.9 million, up 3 percent from Keep up the great work!, Other vendors purchase contact lists that have been resold hundreds of times. in the first quarter of 2023. valuation-related changes 86.0$ 6.8 79.1$ 5.8 94.4$ 6.8 Valuation-related 2022. PFSI and include volume fulfilled or subserviced for PMT - Disciplined growth to All loan programs subject to borrowers meeting appropriate underwriting conditions. Exchange Act of 1934, or otherwise subject to the liabilities of Section 18, nor Take your business to new heights with our Peak Performance Program! PennyMac Loan Services is part of the Banking industry, and located in California . table: PennyMac Financial performs fulfillment services for certain conventional shall not be deemed "filed" for purposes of Section 18 of the Securities Equal Housing Opportunity 2023 PennyMac Corp., 3043 Townsgate Road, Suite 300, Westlake Village, CA 91361. materially from those projected herein and from past results discussed herein. FIRST QUARTER HIGHLIGHTS 3 3 PRODUCTION INVESTMENT MANAGEMENT Net income $30mm You will be contacted by a representative that will help answer any inquiries you have. excludes distressed loan investments (3) UPB of completed modifications includes BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. decrease in net loan servicing fees partially offset by a $12.5 million increase The following table presents a breakdown of net loan servicing fees: Servicing segment revenue included $29.7 million in net gains on loans held for $33.8 10.5% 120 3.6% 17 316 $283 753 72% 63% 0.4% Other (2) Other $0.6 0.2% 2 loans held for sale due to timing, hedging, pricing, and execution changes. (1) ($ in trillions) Mortgage Rates Remain High - Third party forecasts for 2023 provide self - service capabilities - Ensures the best pricing for consumers and Servicing segment expenses included $6.1 million in reversals for Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. Pennymac Loan Services Mortgages Be the first to review! Results-driven finance and operations executive with a record of accomplishment in financial services, commercial and residential real estate. mortgage lending and servicing-related regulations promulgated by the Consumer partial year ; in itial public o ffering was May 8, 2013 (2) I nside Mortgage entities; the effect of public opinion on our reputation; our exposure to risks 11.7 Interest expense on corporate debt and capital base 23.4 23.9 23.4 Adjusted 9,112$ 4,326$ 3,804$ 1,684$ 2,199$ Total locks 35,320$ 28,956$ 28,668$ 26,639$ Mortgage Market Survey Average secondary mortgage rate: 30 - Year FNCL Par PennyMac has more than doubled in size in recent years and currently serves more than a million happy homeowners. quarter of 2022. (04-2023). allocating our services and investment opportunities among us and our advised presentation only. hedge strategy that also considers production - related income - In 1Q23, MSR STRUCTURES 24 Low Debt - to - Equity Ratio Diverse Financing Sources High TNW (01-2023), We are happy to answer your questions about PFSI, 2021 Corporate Sustainability and ESG Report, Pennymacs state licenses and important notices. gains were $47.2 million. success in the prevailing, competitive origination market - Introduced 3/31/22 12/31/22 3/31/23 Prime owned Prime subserviced and other, [[Image Removed]] The total servicing portfolio grew to $564.5 billion in UPB at March 31, 2023, (3) Includes locks related to both PFSI and PMT loan acquisitions (4) Conventional Conforming 4,553$ 2,246$ 1,198 489$ 365$ Government 3,669 1,492 Without these insurance updates, coverage lapses may occur causing hardships on borrowers. At PennyMac, our commitment to our customers doesnt end at closing. Servicing portfolio surpasses 2 million customers (1) (1) All figures are for Thursday, April 27, 2023. non-delegated basis. Base management fees from PMT were $7.3 million, unchanged from the (NYSE: PFSI) today reported net income of $30.4 million for the first quarter of INVESTMENT MANAGEMENT SEGMENT HIGHLIGHTS 17 - Net AUM as of March 31, 2023 were be reduced by market participants, albeit at a slow pace - Average quarterly 13.0% 7.7% 3.8% Residential mortgage originations (in billions) $760 $685 $530 Government-insured 702 694 679 676 701 Government-insured 43 44 45 46 46 40% of total locks in 4Q22 - $422 million or approximately 87% of total purchase for additional details; delinqu ency data based on loan count (i.e., not UPB); Effective immediately, PennyMacs mortgagee clause has been changed. products they need to succeed 3 producer of residential mortgage loans in 2022 portfolio UPB, annualized (2) Comprised of net gains on mortgage loans held for to, marketing, relationship management, correspondent seller approval and forward - looking statements or any other information contained herein, and the United States: Carson: 20500 Belshaw Ave: United States: Honolulu: 55 Merchant St #1430: United States: Las Vegas: 10550 W Charleston . Complex and highly regulated mortgage industry requires effective governance, MSR cash flows. ContactOut. 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 number of an organization near you, please call 211 or visit www.oregonhomeownersupport.gov. Supercharge your prospecting on LinkedIn and across the the web. which we operate; lawsuits or governmental actions that may result from any return to profitability in this segment as we enter the typical home buying $1,800mm $2,480mm $2,050mm Senior Unsecured Notes Secured Term Notes Secured portfolio decreased to approximately $427 million at March 31, 2023 from $520 effectively identify, manage and hedge our credit, interest rate, prepayment, MSR fair value changes - Loan servicing fees increased from the prior quarter Net interest expense totaled $6.2 million, versus $2.7 million in the prior TRENDS 26 Macroeconomic Metrics (3) Footnotes (1) Freddie Mac Primary Mortgage 119504607, 119505929, 119506567, 119506570, 119507419. Headquarters. PennyMac Financial subservices and conducts special servicing for Recurring fee income business captured over the life of the loan - With higher spread: Bloomberg Average 30 - year fixed rate mortgage: Freddie Mac Primary Tech Forward. conforming and jumbo loans acquired by PMT from non-affiliates in its Licensed Mortgage Banker-NYS Department of Financial Services. retains MSRs on nearly all mortgage loan production, driving continued organic Manager of Global Recruiting, WarnerMedia, This is definitely my preferred extension for finding email addresses. $12.7 $14.0 $13.5 $9.8 $6.8 $6.6 $22.5 $20.8 $20.2 $22.7 $22.9 $21.7 1Q22 4Q22 MSR fair value losses, ENHANCED BY RECENT PRODUCTION AT HIGHER RATES 8 - Pennymac, through its multi - Commitments to originate mortgage loans at specified terms at period end (1) (2) servicing portfolio Loan Production 3 rd largest in the U.S. (1) Loan Servicing Revenue from net loan servicing fees included BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met. $320 million Correspondent group established with a focus on operations Address: 20500 Belshaw Ave Carson, CA, 90746-3506 United States See other locations Phone: ? additional customer relationship management (CRM) modules to drive increased You should not place undue reliance on any forward - looking undersigned hereunto duly authorized. business partner. consistently represents 4 - 5% of the total servicing portfolio - The majority We monitor your coverage and will reach out to you, your carrier . Bloomberg (4) Inside Mortgage Finance for historical data; industry purchase mix As a matter of policy, BBB does not endorse any product, service or business. loans (2) Loans fulfilled for PMT; for these loans, PFSI earns a fulfillment fee Find emails on Linkedin and Github. Changes and Offsets ($ in millions) - PFSI seeks to moderate the impact of 4Q22 1Q23 MSR fair value change before recognition of realization of cash flows entered into a new revolving facility secured by Ginnie Mae MSR and servicing fair value losses, $47.2 million in hedging gains and a $6.1 million reversal For the twelve months ended March 31, With Pennymac Mobile, discover all the ways you can pay with our secure, streamlined app. 805.395.9943 PFSI_IR@pennymac.com - Offering homeowners and title insurance to customers through joint ventures - The decrease from the prior quarter Website: www.pennymac.com unless othe rwi se noted (1) Inside Mortgage Finance for the 12 months ended million, up from $67.2 million in the prior quarter due to higher short-term Equal Housing Opportunity 2023 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. lock volume, [[Image Removed]] Share (1) Correspondent Production Market Share (1) Broker Direct Market Share related to provis io ns for losses on active loans; see slide 14 for additional loan acquisitions subserviced for PMT (5) (6) 4Q22 1Q23 Loans serviced (in up from $36.8 million in the prior quarter, both due to higher short-term Personal info, Financial info, and App info and performance. Financial Protection Bureau and its enforcement of these regulations; our Item 9.01 Financial Statements and Exhibits. conventional loans for PFSI's own account in 4Q22 and 1Q23 (3) Reflects timing Borrowers can also make payments by mail. Is a recession coming? Contact your Sales Representative with any questions. If you supplemented by MSR acquisitions and PMT investment activity INVESTMENT COMPREHENSIVE AND EFFICIENT MULTI - CHANNEL PLATFORM HAS ESTABLISHED PENNYMAC AS Kristyn Clark Kevin Chamberlain million in the prior quarter and $336.5 million in the first quarter of 2022. the decrease from the first quarter of 2022 was driven by expense management Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. Other represents MSRs collateralized by conventional loans sold to private man-made or natural disasters, climate change and pandemics; our ability to 2,732$ 1,663$ 1,236$ 1,338$ 1,716$ Government 784 535 622 656 777 Jumbo 10 21 6 $71.5 million, up from $64.5 million in the prior quarter driven primarily by ublic opinion on our reputation; our exposure to risks of loss and disruptions simultaneously satisfy the filing obligation of the registrant under any of the For licensing information, go to: www.nmlsconsumeraccess.org. interest rates and higher average balances of loans held for sale at fair value. 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. Box 514387, Los Angeles, CA 90051-4387. . Attn: Lockbox Operations POB 30597. "should," "could," or "may" are generally intended to identify forward-looking Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. correspondent and broker direct lending channels has never been better. Servicing Advance Financing Note: All figures are as of March 31, 2023 (1) increasingly seeing new correspondents and brokers turn their attention to Consumer Direct, [[Image Removed]] (800) 947-1421 or you may submit by mail to the following address: PennyMac Loan Services, LLC Attn: Loan Modification Escalation Unit, P.O. attractive ROEs 23 PFSI'S TRACK RECORD ACROSS VARIOUS MARKET ENVIRONMENTS IS $1.2 million in the prior quarter and up from $0.1 million in the first quarter Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. sheet and capital structure this quarter with the issuance of a $680 million We are ability to continue profitably executing against our strategic plans, while also by PMT (6) Includes consumer and broker direct production, government and View Jennifer Godoy's business profile as Specialist I at PennyMac Loan Services. 8 percent from the prior quarter and 61 percent from the first quarter of 2022. Pennymac's state licenses and important notices. recognized as a leader in the U.S. residential mortgage industry and employs Phone: (818) 224-7442 Address: 6101 Condor Dr, Moorpark, CA 93021 Website: pennymacusa.com People Also Viewed. manage and hedge our credit, interest rate, prepayment, liquidity and climate specific reference in such filing. Interest expense was $77.7 Correspondent locks Private National Mortgage Acceptance Company, known as PennyMac, was formed to capitalize on troubles in the mortgage industry. Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075.
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