PennyMac Financial Services, Inc.
pfsi.pennymac.comWhat Do They Do?
Originates and services U.S. residential mortgage loans for borrowers, mortgage brokers and loan sellers, and manages investments related to the U.S. mortgage market.
10-K for FY2025, filed Feb 20, 2026We are a specialty financial services firm with a comprehensive mortgage platform and integrated business primarily focused on the…View ↗
Our investment management subsidiary is Pennymac Capital Management, LLC (“PCM”), a Delaware limited liability company registered with the…View ↗
Our loan production segment sources new prime credit quality residential conventional and government-insured or guaranteed mortgage loans…View ↗
In correspondent production we manage, for our own account and on behalf of PMT, the purchase from non-affiliates of mortgage loans that…View ↗
In broker direct lending, we obtain loan application packages from non-affiliated mortgage loan brokers, underwrite and fund the resulting…View ↗
Through our consumer direct lending channel, we originate mortgage loans on a national basis. Our consumer direct model relies on the…View ↗
How Do They Make Money?
Earns origination and fulfillment fees, interest while it holds loans, and gains when it sells them; it also earns fees for servicing and subservicing loans.
10-K for FY2025, filed Feb 20, 2026In our correspondent production activities, for loans we source for our own account, we earn loan origination fees from the correspondent…View ↗
In our loan fulfillment activities in support of PMT’s correspondent production activities and only for loans purchased for PMT’s account…View ↗
In broker direct lending, we obtain loan application packages from non-affiliated mortgage loan brokers, underwrite and fund the resulting…View ↗
In our consumer direct lending activities, we earn loan origination fees from the borrower, interest income during the time we hold the…View ↗
As the subservicer for the owner of servicing rights, we do not carry the related MSRs or MSLs on our balance sheet and therefore do not…View ↗
$20.1M
-
10-K for FY2025, filed Feb 20, 2026
$20.1M ↗
Who Are Their Customers?
Borrowers can apply directly through its online and call-center channel; it also gets loan applications through mortgage brokers and buys loans from non-affiliated sellers. It services loans for PMT and other non-affiliates.
10-K for FY2025, filed Feb 20, 2026In correspondent production we manage, for our own account and on behalf of PMT, the purchase from non-affiliates of mortgage loans that…View ↗
In broker direct lending, we obtain loan application packages from non-affiliated mortgage loan brokers, underwrite and fund the resulting…View ↗
Through our consumer direct lending channel, we originate mortgage loans on a national basis. Our consumer direct model relies on the…View ↗
We service loans both as the owner of MSRs and mortgage servicing liabilities (“MSLs”) and as the subservicer on behalf of PMT and…View ↗
Do Revenues Turn Into Profits?
Yes. Its net income in FY2025 was larger than its revenue, but spent more cash than it brought in: free cash flow was −$1.7B.
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 4, 2026
$21.7MView ↗
- ▼ −84%
- vs $136.5M in Q2 FY2025
-
Sep 14, 2026
Gave a third-quarter operating outlook
Production pretax income was expected below the second quarter, while servicing pretax income was expected above it; production revenue margin was projected at 75 - 85 basis points.
Sources
8-K, filed Sep 14, 2026
3 (1) Through or as of 8/31/26; portfolio includes loans subserviced for PMT and others (2) Basis points of fallout adjusted locks, net of…View ↗
-
Jul 29, 2026
Reported progress on Cenlar subservicing acquisition
The transaction was expected to close in the fourth quarter.
Sources
8-K, filed Jul 29, 2026
Continued to make progress on the acquisition of Cenlar’s subservicing business and expect the transaction to close in the fourth quarterView ↗
Growing. Revenue grew 2.7x in 4 years, from $7.3M in FY2021 to $20.1M in FY2025, about 29% a year.
Who Do They Compete With?
Competes with Rocket Mortgage, Rithm Capital, Freedom Mortgage, and United Wholesale Mortgage
10-K for FY2025, filed Feb 20, 2026In our loan production and servicing segments, we compete with large global banks and financial institutions, including the cash windows of…View ↗
Loading...
