PennyMac Financial Services Inc. sees opportunity in mortgage brokers and is about to launch a broker business. Quarterly originations increased as earnings declined.

The Westlake Village, California-based mortgage banking organization revealed in its second-quarter earnings report that its pre-tax income totaled $58 million.

Income retreated from $62 million in the preceding three-month period. The decline was even larger versus the same three months in 2016, when pre-tax income was $84 million.

Source: Mortgage Daily