Photo: Roger Starnes Sr / Unsplash. Illustrative stock photograph; not a property or company discussed in this article. One of the country’s biggest mortgage companies is getting smaller on purpose. PennyMac Financial Services earned $29 million in the third quarter, or 54 cents a diluted share, according to its Oct. 29 earnings release. HousingWire reported that the profit was down 84% from a year earlier but up 32% from the second quarter. Total net revenue was $469 million. On an…
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PennyMac’s Profit Fell 84%. Now It’s Cutting $160 Million and Laying Off Loan Staff.
PennyMac reports lower annual profit and plans $160 million in cost cuts, including fulfillment layoffs, while servicing supports earnings and debt reduction.
