Earnings from mortgage production were down at PennyMac Financial Services Inc. as originations fell. But servicing income strengthened as the portfolio grew.
The Westlake Village, California-based mortgage-banker disclosed in its first-quarter earnings report pre-tax income of $73 million during the first-three months of this year.
Results improved from the same-three months last year, when profits came in at $62 million. But they were down from $122 million in final-three months of 2017.
Source: Mortgage Daily