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NEW YORK - PennyMac Financial Services (NYSE:PFSI) reported first quarter earnings and revenue that fell short of analyst expectations, as higher interest rates continued to impact the mortgage market.
The mortgage lender and servicer posted earnings per share of $1.42 for the quarter, significantly below the $2.78 analysts were expecting. Revenue came in at $430.9 million, also missing the consensus estimate of $522.21 million.
Net income for the quarter was $76.3 million, down from $104.5 million in the previous quarter and $39.3 million in the same period last year.
"PennyMac Financial delivered solid first quarter financial results, demonstrating our ability to consistently generate strong returns in a volatile market," said Chairman and CEO David Spector.
The company’s loan production totaled $28.9 billion in unpaid principal balance for the quarter, down 19% from the previous quarter but up 33% year-over-year. Its servicing portfolio grew to $680.2 billion, up 2% from the end of 2024.
PennyMac Financial’s board declared a quarterly dividend of $0.30 per share.
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