PennyMac Financial Services, Inc. Reports Second Quarter 2022 Results


WESTLAKE VILLAGE, Calif.–(BUSINESS WIRE)–
PennyMac Financial Services, Inc. (NYSE: PFSI) today reported net income of $129.2 million for the second quarter of 2022, or $2.28 per share on a diluted basis, on revenue of $511.5 million. Book value per share increased to $65.38 from $62.19 at March 31, 2022.


PFSI’s Board of Directors declared a second quarter cash dividend of $0.20 per share, payable on August 26, 2022, to common stockholders of record as of August 16, 2022.


Second Quarter 2022 Highlights


  • Pretax income was $177.5 million, down 24 percent from the prior quarter and 36 percent from the second quarter of 2021


    • Repurchased 2.4 million shares of PFSI’s common stock at an average price of $46.81 per share for a cost of $113.6 million; also repurchased an additional 478 thousand shares in July at an average price of $48.19 per share for a cost of $23.0 million

    • Issued $500 million of 5-year term notes secured by Ginnie Mae mortgage servicing rights (MSRs)

  • Production segment pretax income of $9.7 million, up slightly from $9.3 million in the prior quarter and down from $244.4 million in the second quarter of 2021 primarily due to lower volumes as a result of the smaller origination market


    • Consumer direct interest rate lock commitments (IRLCs) were $4.3 billion in unpaid principal balance (UPB), down 53 percent from the prior quarter and 69 percent from the second quarter of 2021

    • Broker direct IRLCs were $2.2 billion in UPB, down 37 percent from the prior quarter and 51 percent from the second quarter of 2021

    • Government correspondent IRLCs totaled $11.3 billion in UPB, down 9 percent from the prior quarter and 28 percent from the second quarter of 2021

    • Total loan acquisitions and originations, including those fulfilled for PennyMac Mortgage Investment Trust (NYSE: PMT), were $26.7 billion in UPB, down 20 percent from the prior quarter and 56 percent from the second quarter of 2021

    • Correspondent acquisitions of conventional loans fulfilled for PMT were $10.3 billion in UPB, up 6 percent from the prior quarter and down 66 percent from the second quarter of 2021

  • Servicing segment pretax income was $167.6 million, down from $225.2 million in the prior quarter and up from $30.9 million in the second quarter of 2021


    • Pretax income excluding valuation-related items was $88.3 million, up 3 percent from the prior quarter

    • Valuation items included:


      • $233.8 million in mortgage servicing rights (MSR) fair value gains partially offset by $176.0 million in fair value decreases from hedging results


        • Net impact on pretax income related to these items was $57.8 million, or $0.75 in earnings per share

      • $21.5 million of reversals related to provisions for losses on active loans

    • Servicing portfolio grew to $527.3 billion in UPB, up 2 percent from March 31, 2022 and 11 percent from June 30, 2021, driven by production volumes which more than offset prepayment activity

  • Investment Management segment pretax income was $0.2 million, up from $0.1 million in the prior quarter and down from $4.1 million in the second quarter of 2021


    • Net assets under management (AUM) were $2.1 billion, down 7 percent from March 31, 2022, and 12 percent from June 30, 2021


“PFSI continues to distinguish itself as a best-in-class mortgage company, delivering strong financial results in the second quarter with an annualized return on equity of 15 percent,” said Chairman and CEO David Spector. “The quick, decisive and meaningful actions taken earlier this year to better align our expenses with lower expected levels of activity led to continued profitability in our production segment despite higher interest rates, increased volatility and industry overcapacity. We also saw a strong income contribution from our servicing business, which continues to grow organically as additions to the platform from our loan production activities more than offset prepayment activity. We ended the quarter with a servicing portfolio of 2.2 million customers representing nearly $530 billion in unpaid principal balance.”


Mr. Spector continued, “We remain diligent in identifying and implementing additional efficiencies across the Company while also simultaneously making investments in transformational technology projects which we believe will position PFSI for continued success. Though PFSI’s returns are projected to trend lower over the next few quarters due to volatility in the current market environment, I remain confident in our positioning over the long-term given our balanced business model with a large and growing servicing portfolio and this management team’s long history of executing through various markets.”


The following table presents the contributions of PennyMac Financial’s segments to pretax income:



















Quarter ended June 30, 2022


Mortgage Banking

 


Investment

Management

 

 


Production

 


Servicing

 


Total

 

 


Total


(in thousands)

Revenue


Net gains on loans held for sale at fair value


$


152,895


$


69,672

 


$


222,567

 


$


-


$


222,567

 

Loan origination fees

 


39,945

 


-

 

 


39,945

 

 


-

 


39,945

 

Fulfillment fees from PMT

 


20,646

 


-

 

 


20,646

 

 


-

 


20,646

 

Net loan servicing fees

 


-

 


238,447

 

 


238,447

 

 


-

 


238,447

 

Management fees

 


-

 


-

 

 


-

 

 


7,910

 


7,910

 

Net interest expense:


Interest income

 


28,379

 


21,485

 

 


49,864

 

 


-

 


49,864

 

Interest expense

 


19,207

 


51,920

 

 


71,127

 

 


-

 


71,127

 

 


9,172

 


(30,435


)

 


(21,263


)

 


-

 


(21,263


)

Other

 


583

 


900

 

 


1,483

 

 


1,780

 


3,263

 

Total net revenue

 


223,241

 


278,584

 

 


501,825

 

 


9,690

 


511,515

 

Expenses

 


213,587

 


110,959

 

 


324,546

 

 


9,443

 


333,989

 

Income before provision for income taxes


$


9,654


$


167,625

 


$


177,279

 


$


247


$


177,526

 


Production Segment


The Production segment includes the correspondent acquisition of newly originated government-insured mortgage loans for PennyMac Financial’s own account, fulfillment services on behalf of PMT and direct lending through the consumer direct and broker direct channels, including the underwriting and acquisition of loans from correspondent sellers on a non-delegated basis.


PennyMac Financial’s loan production activity for the quarter totaled $26.7 billion in UPB, $16.4 billion of which was for its own account, and $10.3 billion of which was fee-based fulfillment activity for PMT. Correspondent government and direct lending IRLCs totaled $17.9 billion in UPB, down 29 percent from the prior quarter and 48 percent from the second quarter of 2021 due to the significant reduction in the size of the overall origination market.


Production segment pretax income was $9.7 million, up slightly from $9.3 million in the prior quarter and down from $244.4 million in the second quarter of 2021. Production segment revenue totaled $223.2 million, down 28 percent from the prior quarter and 61 percent from the second quarter of 2021. The quarter-over-quarter decrease was primarily driven by a $68.7 million decrease in net gains on loans held for sale and a $27.9 million decrease in loan origination fees, both driven by lower volumes.


The components of net gains on loans held for sale are detailed in the following table:














Quarter ended


June 30,
2022


March 31,
2022


June 30,
2021


(in thousands)
Receipt of MSRs and recognition of MSLs in loan
sale transactions


$


398,253

 


$


616,302

 


$


425,941

 

Mortgage servicing rights recapture payable to
PennyMac Mortgage Investment Trust

 


(4,752


)

 


(9,652


)

 


(11,548


)

Reversal of (provision for) liability for representations
and warranties, net

 


45

 

 


(885


)

 


(6,664


)

Cash (loss) gain (1)

 


(368,554


)

 


(54,134


)

 


61,654

 

Fair value changes of pipeline, inventory and hedges

 


197,575

 

 


(253,172


)

 


113,265

 

Net gains on mortgage loans held for sale


$


222,567

 


$


298,459

 


$


582,648

 

Net gains on mortgage loans held for sale by segment:


Production


$


152,895

 


$


221,610

 


$


419,293

 

Servicing


$


69,672

 


$


76,849

 


$


163,355

 


(1) Net of cash hedging results



PennyMac Financial performs fulfillment services for conventional conforming and jumbo loans acquired by PMT from non-affiliates in its correspondent production business. These services include, but are not limited to, marketing, relationship management, correspondent seller approval and monitoring, loan file review, underwriting, pricing, hedging and activities related to the subsequent sale and securitization of loans in the secondary mortgage markets for PMT.


Fees earned from the fulfillment of correspondent loans on behalf of PMT totaled $20.6 million in the second quarter, up 23 percent from the prior quarter and down 62 percent from the second quarter of 2021. The increase from the prior quarter was driven by higher conventional acquisition volumes and a higher weighted average fulfillment fee while the decrease from the second quarter of 2021 was primarily driven by the decrease in conventional acquisition volumes.


Net interest income totaled $9.2 million, up from $3.9 million in the prior quarter. Interest income in the second quarter totaled $28.4 million, down from $30.9 million in the prior quarter, and interest expense totaled $19.2 million, down from $27.1 million in the prior quarter, due to lower average balances of loans held-for-sale during the quarter.


Production segment expenses were $213.6 million, down 29 percent from the prior quarter and 34 percent from the second quarter of 2021. The decline from the prior quarter was driven by lower production volumes and a reduction in headcount consistent with the expense management initiatives announced in the prior quarter.


Servicing Segment


The Servicing segment includes income from owned MSRs, subservicing and special servicing activities. Servicing segment pretax income was $167.6 million, down from $225.2 million in the prior quarter and up from $30.9 million in the second quarter of 2021. Servicing segment net revenues totaled $278.6 million, down from $336.5 million in the prior quarter and up from $162.6 million in the second quarter of 2021. The quarter-over-quarter decrease was primarily driven by a $47.9 million decrease in net loan servicing fees and a $7.2 million reduction in gains on loans held for sale related to early buyout (EBO) activity.


Revenue from net loan servicing fees totaled $238.4 million, down from $286.3 million in the prior quarter primarily driven by lower net valuation related gains. Revenue from loan servicing fees included $302.4 million in servicing fees, reduced by $121.7 million from the realization of MSR cash flows. Net valuation-related gains totaled $57.8 million, and included MSR fair value gains of $233.8 million and hedging declines of $176.0 million primarily driven by increasing interest rates during the period.


The following table presents a breakdown of net loan servicing fees:












Quarter ended


June 30,
2022


March 31,
2022


June 30,
2021


(in thousands)
Loan servicing fees (1)


$


302,350

 


$


291,258

 


$


260,021

 

Changes in fair value of MSRs and MSLs resulting from:


Realization of cash flows

 


(121,724


)

 


(111,155


)

 


(85,671


)

Change in fair value inputs

 


233,826

 

 


324,066

 

 


(250,597


)

Hedging losses

 


(176,005


)

 


(217,860


)

 


91,118

 

Net change in fair value of MSRs and MSLs

 


(63,903


)

 


(4,949


)

 


(245,150


)

Net loan servicing fees


$


238,447

 


$


286,309

 


$


14,871

 


(1) Includes contractually-specified servicing fees



Servicing segment revenue included $69.7 million in net gains on loans held for sale related to reperforming government-insured and guaranteed loans purchased out of Ginnie Mae securitizations, or EBOs. These gains were down from $76.8 million in the prior quarter and $163.4 million in the second quarter of 2021 as a result of lower volumes and redelivery gains due to higher interest rates.


These EBOs are previously delinquent loans that were brought back to performing status through PennyMac Financial’s successful servicing efforts, primarily through loan modifications or FHA Partial Claims. With respect to the FHA Partial Claims, the reperforming loans must remain current for a minimum of six months to be eligible for resecuritization.


Net interest expense totaled $30.4 million, versus net interest expense of $27.3 million in the prior quarter and $16.5 million in the second quarter of 2021. Interest income was $21.5 million, down from $22.9 million in the prior quarter as increased placement fees on custodial balances offset the decline in interest income on EBO loans held for sale. Interest expense was $51.9 million, up slightly from the prior quarter.


Servicing segment expenses totaled $111.0 million, essentially unchanged from the prior quarter.


The total servicing portfolio grew to $527.3 billion in UPB at June 30, 2022, an increase of 2 percent from March 31, 2022 and 11 percent from June 30, 2021. PennyMac Financial subservices or conducts special servicing for $226.4 billion in UPB, up 2 percent from March 31, 2022 and 11 percent from June 30, 2021. PennyMac Financial’s owned MSR portfolio grew to $300.9 billion in UPB, an increase of 2 percent from March 31, 2022 and 12 percent from June 30, 2021.


The table below details PennyMac Financial’s servicing portfolio UPB:














June 30,
2022


March 31,
2022


June 30,
2021


(in thousands)
Prime servicing:


Owned


Mortgage servicing rights and liabilities


Originated


$


276,627,961


$


268,886,759


$


227,560,336

Acquisitions

 


20,683,203

 


21,911,132

 


31,050,313

 


297,311,164

 


290,797,891

 


258,610,649

Loans held for sale

 


3,575,712

 


5,125,298

 


10,438,935

 


300,886,876

 


295,923,189

 


269,049,584

Subserviced for PMT

 


226,365,581

 


222,864,324

 


204,132,766

Total prime servicing

 


527,252,457

 


518,787,513

 


473,182,350

Special servicing – subserviced for PMT

 


23,001

 


23,047

 


41,696

Total loans serviced


$


527,275,458


$


518,810,560


$


473,224,046


Investment Management Segment


PennyMac Financial manages PMT for which it earns base management fees and may earn incentive compensation. Net AUM were $2.1 billion as of June 30, 2022, down 7 percent from March 31, 2022 and 12 percent from June 30, 2021 due to PMT’s financial performance.


Pretax income for the Investment Management segment was $0.2 million, up from $0.1 million in the prior quarter and down from $4.1 million in the second quarter of 2021. Base management fees from PMT were $7.9 million, down from $8.1 million in the prior quarter and $8.6 million in the second quarter of 2021 due to the decline in AUM. No performance incentive fees were earned in the first or second quarters of 2022, while performance incentive fees of $3.3 million were earned in the second quarter of 2021.


The following table presents a breakdown of management fees:











Quarter ended


June 30,
2022


March 31,
2022


June 30,
2021


(in thousands)
Management fees:


Base


$ 7,910


$ 8,117


$ 8,648

Performance incentive


-


-


3,265

Total management fees


$ 7,910


$ 8,117


$ 11,913

 
Net assets of PennyMac Mortgage Investment Trust


$ 2,070,640


$ 2,221,938


$ 2,343,390


Investment Management segment expenses totaled $9.4 million, down 6 percent from the prior quarter and essentially unchanged from the second quarter of 2021.


Consolidated Expenses


Total expenses were $334.0 million, down 21 percent from the prior quarter and 28 percent from the second quarter of 2021. The quarter-over-quarter decrease was primarily driven by lower production volumes and a reduction in headcount as noted above.


Management’s slide presentation will be available in the Investor Relations section of the Company’s website at ir.pennymacfinancial.com after the market closes on Tuesday, August 2, 2022.


About PennyMac Financial Services, Inc.


PennyMac Financial Services, Inc. is a specialty financial services firm focused on the production and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market. Founded in 2008, the company is recognized as a leader in the U.S. residential mortgage industry and employs over 4,800 people across the country. For the twelve months ended June 30, 2022, PennyMac Financial’s production of newly originated loans totaled $166 billion in unpaid principal balance, making it the fourth largest mortgage lender in the nation. As of June 30, 2022, PennyMac Financial serviced loans totaling $527 billion in unpaid principal balance, making it a top ten mortgage servicer in the nation. Additional information about PennyMac Financial Services, Inc. is available at ir.pennymacfinancial.com.


Forward-Looking Statements


This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding management’s beliefs, estimates, projections, and assumptions with respect to, among other things, the Company’s financial results, future operations, business plans and investment strategies, as well as industry and market conditions, all of which are subject to change. Words like “believe,” “expect,” “anticipate,” “promise,” “project,” “plan,” and other expressions or words of similar meanings, as well as future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” are generally intended to identify forward-looking statements. Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: changes in prevailing interest rates; our exposure to risks of loss and disruptions in operations resulting from adverse weather conditions, man-made or natural disasters, climate change and pandemics such as COVID-19; the continually changing federal, state and local laws and regulations applicable to the highly regulated industry in which we operate; lawsuits or governmental actions that may result from any noncompliance with the laws and regulations applicable to our businesses; the mortgage lending and servicing-related regulations promulgated by the Consumer Financial Protection Bureau and its enforcement of these regulations; our dependence on U.S. government-sponsored entities and changes in their current roles or their guarantees or guidelines; changes to government mortgage modification programs; the licensing and operational requirements of states and other jurisdictions applicable to our business, to which our bank competitors are not subject; foreclosure delays and changes in foreclosure practices; changes in macroeconomic and U.S. real estate market conditions; difficulties inherent in adjusting the size of our operations to reflect changes in business levels; purchase opportunities for mortgage servicing rights and our success in winning bids; our substantial amount of indebtedness; the discontinuation of LIBOR; increases in loan delinquencies and defaults; failure to modify, resell or refinance early buyout loans; our reliance on PennyMac Mortgage Investment Trust (NYSE: PMT) as a significant source of financing for, and revenue related to, our mortgage banking business; maintaining sufficient capital and liquidity and compliance with financial covenants; our obligation to indemnify third-party purchasers or repurchase loans if loans that we originate, acquire, service or assist in the fulfillment of, fail to meet certain criteria or characteristics or under other circumstances; our obligation to indemnify PMT if our services fail to meet certain criteria or characteristics or under other circumstances; decreases in the returns on the assets that we select and manage for our clients, and our resulting management and incentive fees; the extensive amount of regulation applicable to our investment management segment; conflicts of interest in allocating our services and investment opportunities among us and our advised entities; the effect of public opinion on our reputation; our ability to effectively identify, manage and hedge our credit, interest rate, prepayment, liquidity and climate risks; our initiation or expansion of new business activities or strategies; our ability to detect misconduct and fraud; our ability to mitigate cybersecurity risks and cyber incidents; our ability to pay dividends to our stockholders; and our organizational structure and certain requirements in our charter documents. You should not place undue reliance on any forward- looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in reports and other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, and the statements made in this press release are current as of the date of this release only.


The Company’s earnings materials contain financial information calculated other than in accordance with U.S. generally accepted accounting principles (“GAAP”), such as pretax income excluding valuation-related items that provide a meaningful perspective on the Company’s business results since the Company utilizes this information to evaluate and manage the business. Non-GAAP disclosure has limitations as an analytical tool and should not be viewed as a substitute for financial information determined in accordance with GAAP.










































PENNYMAC FINANCIAL SERVICES, INC.


CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 

 

 

 

 

 

 

 

 


June 30,

2022

 


March 31,

2022

 


June 30,

2021

 

 


(in thousands, except share amounts)


ASSETS


Cash


$


1,415,396


$


489,799


$


324,158

Short-term investments at fair value

 


4,961

 


78,006

 


3,720

Loans held for sale at fair value

 


3,586,810

 


5,119,234

 


10,884,506

Derivative assets

 


103,901

 


225,071

 


371,269

Servicing advances, net

 


570,822

 


616,874

 


519,028

Mortgage servicing rights at fair value

 


5,217,167

 


4,707,039

 


3,412,648

Operating lease right-of-use assets

 


82,078

 


85,262

 


75,829

Investment in PennyMac Mortgage Investment Trust at fair value

 


1,037

 


1,267

 


1,580

Receivable from PennyMac Mortgage Investment Trust

 


43,234

 


27,722

 


61,883

Loans eligible for repurchase

 


2,778,768

 


2,721,574

 


7,613,244

Other

 


468,081

 


546,054

 


612,273

Total assets


$


14,272,255


$


14,617,902


$


23,880,138

 

LIABILITIES


Assets sold under agreements to repurchase


$


2,441,816


$


3,333,444


$


8,254,543

Mortgage loan participation purchase and sale agreements

 


502,116

 


494,396

 


512,253

Obligations under capital lease

 


-

 


1,396

 


7,677

Notes payable secured by mortgage servicing assets

 


1,793,260

 


1,298,067

 


1,296,731

Unsecured senior notes

 


1,778,055

 


1,777,132

 


1,288,769

Derivative liabilities

 


42,702

 


90,837

 


43,910

Mortgage servicing liabilities at fair value

 


2,337

 


2,564

 


100,091

Accounts payable and accrued expenses

 


317,998

 


371,908

 


369,766

Operating lease liabilities

 


102,756

 


106,316

 


96,463

Payable to PennyMac Mortgage Investment Trust

 


98,991

 


159,468

 


136,660

Payable to exchanged Private National Mortgage Acceptance
Company, LLC unitholders under tax receivable agreement

 


27,014

 


30,530

 


31,815

Income taxes payable

 


885,721

 


745,873

 


570,052

Liability for loans eligible for repurchase

 


2,778,768

 


2,721,574

 


7,613,244

Liability for losses under representations and warranties

 


39,336

 


42,794

 


44,335

Total liabilities

 


10,810,870

 


11,176,299

 


20,366,309

 

STOCKHOLDERS’ EQUITY


Common stock–authorized 200,000,000 shares of $0.0001 par
value; issued and outstanding 52,938,854, 55,341,627, and
64,483,965 shares, respectively

 


5

 


6

 


6

Additional paid-in capital

 


-

 


-

 


618,337

Retained earnings

 


3,461,380

 


3,441,597

 


2,895,486

Total stockholders’ equity

 


3,461,385

 


3,441,603

 


3,513,829

Total liabilities and stockholders’ equity


$


14,272,255


$


14,617,902


$


23,880,138

 






































PENNYMAC FINANCIAL SERVICES, INC.


CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 

 

 

 

 


Quarter ended

 

 


June 30,

2022

 


March 31,

2022

 


June 30,

2021

 

 


(in thousands, except per share amounts)


Revenue


Net gains on loans held for sale at fair value


$


222,567

 


$


298,459

 


$


582,648

 

Loan origination fees

 


39,945

 

 


67,858

 

 


97,291

 

Fulfillment fees from PennyMac Mortgage Investment Trust

 


20,646

 

 


16,754

 

 


54,020

 

Net loan servicing fees:


Loan servicing fees

 


302,350

 

 


291,258

 

 


260,021

 

Change in fair value of mortgage servicing rights, mortgage
servicing liabilities and excess servicing spread financing

 


112,102

 

 


212,911

 

 


(336,268


)

Mortgage servicing rights hedging results

 


(176,005


)

 


(217,860


)

 


91,118

 

Net loan servicing fees

 


238,447

 

 


286,309

 

 


14,871

 

Net interest expense:


Interest income

 


49,864

 

 


53,882

 

 


80,797

 

Interest expense

 


71,127

 

 


77,307

 

 


102,431

 

 


(21,263


)

 


(23,425


)

 


(21,634


)

Management fees from PennyMac Mortgage Investment Trust

 


7,910

 

 


8,117

 

 


11,913

 

Other

 


3,263

 

 


3,432

 

 


3,143

 

Total net revenue

 


511,515

 

 


657,504

 

 


742,252

 


Expenses


Compensation

 


198,192

 

 


245,547

 

 


265,067

 

Loan origination

 


44,931

 

 


75,333

 

 


75,675

 

Technology

 


34,621

 

 


34,786

 

 


34,236

 

Professional services

 


20,793

 

 


20,103

 

 


24,834

 

Marketing and advertising

 


13,007

 

 


22,403

 

 


10,213

 

Occupancy and equipment

 


9,371

 

 


9,469

 

 


9,029

 

Servicing

 


3,051

 

 


(1,246


)

 


31,290

 

Other

 


10,023

 

 


16,589

 

 


12,393

 

Total expenses

 


333,989

 

 


422,984

 

 


462,737

 

Income before provision for income taxes

 


177,526

 

 


234,520

 

 


279,515

 

Provision for income taxes

 


48,363

 

 


60,927

 

 


75,286

 

Net income


$


129,163

 


$


173,593

 


$


204,229

 


Earnings per share


Basic


$


2.38

 


$


3.11

 


$


3.10

 

Diluted


$


2.28

 


$


2.94

 


$


2.94

 


Weighted-average common shares outstanding


Basic

 


54,167

 

 


55,831

 

 


65,890

 

Diluted

 


56,642

 

 


59,129

 

 


69,399

 

Dividend declared per share


$


0.20

 


$


0.20

 


$


0.20

 

 




Media


Kristyn Clark

[email protected]

(805) 395-9943


Investors


Kevin Chamberlain

Isaac Garden

[email protected]

(818) 224-7028

Source: PennyMac Financial Services, Inc.

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