A significant quarter-over-quarter decline in home lending at PennyMac Financial Services Inc. contributed to a sharp drop in earnings. Staffing also contracted.

Pre-tax income during the first-three months of 2017 was $62 million at the Westlake Village, California-based firm, sinking from $129 million the prior quarter.

PennyMac presented the results, in addition to other financial and operational metrics, as part of its earnings report for the first quarter of this year.

Source: Mortgage Daily