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PennyMac Financial Services, Inc. reports net income of $56.2m.

WESTLAKE VILLAGE: PennyMac Financial Services, Inc. reported net income of $56.2 million for the third quarter of 2018, on revenue of $250.9 million.

Book value per share increased to $21.47 from $21.19 at June 30, 2018. Net income attributable to PFSI common stockholders was $14.5 million, or $0.57 per diluted share.

Also today, the Company completed a corporate reorganization that simplified its corporate structure and converted all equity ownership to a single class of publicly-traded common stock. Pro forma, giving effect to the reorganization, book value per share would have been $20.671.

Production includes the correspondent acquisition of newly originated government-insured mortgage loans for PennyMac Financial's own account, the underwriting and acquisition of loans from correspondent sellers on a non-delegated basis, fulfillment services on behalf of PMT and direct lending through the consumer direct and broker direct channels. PennyMac Financial's loan production activity for the quarter totaled $17.9 billion in UPB, of which $10.4 billion in UPB was for its own account, and $7.5 billion in UPB was fee-based fulfillment activity for PMT. Correspondent government and direct lending IRLCs totaled $11.1 billion in UPB.

"Our results this quarter reflect volume growth from last quarter in each of our production channels and continued growth of our servicing portfolio," said President and CEO David Spector. "Initiatives and investments targeted toward growing our consumer and broker direct channel volumes are showing encouraging results. While the transition to a higher rate environment has resulted in a smaller origination market and intensified competition, PennyMac, with its unique operational capabilities, stands to benefit from market consolidation and the shift to a purchase-money focused market. Finally, we are pleased to have completed our corporate reorganization which we believe offers many benefits including the simplification of our corporate structure, financial reporting, and improved comparability to other publicly traded companies."

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Publication:Daily the Pak Banker (Lahore, Pakistan)
Article Type:Financial report
Date:Nov 8, 2018
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