Home-lending activity slowed at PennyMac Financial Services Inc. But the company reported growth in both its servicing and staffing.

In its fourth-quarter 2017 earnings report, the Westlake Village, California-based mortgage banking firm revealed $122 million pre-tax income.

Earnings improved from $94 million in the preceding three-month period thanks to a $32 million benefit from the Tax Cuts and Jobs Act.

Source: Mortgage Daily