PFSI PennyMac Financial Services Inc

PennyMac Financial Services, Inc. (NYSE: PFSI) today reported net income of $98.3 million for the second quarter of 2024, or $1.85 per share on a diluted basis, on revenue of $406.1 million. Book value per share increased to $71.76 from $70.13 at March 31, 2024.

PFSI’s Board of Directors declared a second quarter cash dividend of $0.30 per share, a 50 percent increase from the prior quarter, payable on August 23, 2024, to common stockholders of record as of August 13, 2024.

Second Quarter 2024 Highlights

• Pretax income was $133.9 million, up from $43.9 million in the prior quarter and $72.9 million in the second quarter of 2023
• Production segment pretax income was $41.3 million, up from $35.9 million in the prior quarter and $24.4 million in the second quarter of 2023
  • Total loan acquisitions and originations, including those fulfilled for PennyMac Mortgage Investment Trust (NYSE: PMT), were $27.2 billion in unpaid principal balance (UPB), up 25 percent from the prior quarter and 9 percent from the second quarter of 2023
  • Broker direct interest rate lock commitments (IRLCs) were $4.3 billion in UPB, up 28 percent from the prior quarter and 52 percent from the second quarter of 2023
  • Consumer direct IRLCs were $2.7 billion in UPB, up 25 percent from the prior quarter and second quarter of 2023
  • Government correspondent IRLCs totaled $11.1 billion in UPB, up 31 percent from the prior quarter and 3 percent from the second quarter of 2023
  • Conventional correspondent IRLCs for PFSI’s account totaled $9.9 billion in UPB, up 15 percent from the prior quarter and 32 percent from the second quarter of 2023
  • Correspondent acquisitions of conventional conforming and jumbo loans fulfilled for PMT were $2.2 billion in UPB, up 26 percent from the prior quarter and down 26 percent from the second quarter of 2023
• Servicing segment pretax income was $88.5 million, compared to $4.9 million in the prior quarter and $46.5 million in the second quarter of 2023
  • Pretax income excluding valuation-related items and non-recurring items was $149.0 million, up 20 percent from the prior quarter due to higher net loan servicing fees, higher earnings from placement fees on custodial balances, and lower operating expenses
  • Valuation-related and non-recurring items included:
    • $99.4 million in mortgage servicing rights (MSR) fair value gains, before recognition of realization of cash flows, more than offset by $171.8 million in hedging losses
    • Non-recurring, non-cash gain of $12.5 million related to a transaction within our closing services joint venture in our servicing segment
      • Net impact on pretax income related to these items was $(59.9) million, or $(0.82) in diluted earnings per share
    • $0.6 million provision for losses on active loans
  • Servicing portfolio grew to $632.7 billion in UPB, up 2 percent from March 31, 2024, and 10 percent from June 30, 2023 driven by production volumes which more than offset prepayment activity
• Investment Management segment pretax income was $4.0 million, up from $3.1 million in the prior quarter and $2.0 million in the second quarter of 2023
  • Net assets under management (AUM) were $1.9 billion, essentially unchanged from March 31, 2024, and June 30, 2023
• Issued $650 million of senior unsecured notes due in November 2030 at attractive terms and subsequently paid down short-term secured borrowings

“PennyMac Financial generated strong earnings in the second quarter with an annualized operating return on equity of 16 percent,” said Chairman and CEO David Spector. “Given our continued strong financial results, I am pleased to note that PFSI’s Board of Directors approved a quarterly common cash dividend of $0.30 per share from $0.20 per share, an increase of 50 percent. Our large and growing servicing business continues to drive revenue and cash flow in this higher interest rate environment and notably, our per loan servicing expenses were at record low levels as we continue to leverage our proprietary technology and operational scale. In the second quarter, total acquisition and origination volumes were $27 billion, up 25 percent from the prior quarter, driving continued growth of our servicing portfolio to more than $630 billion in unpaid principal balance at quarter-end.”

Mr. Spector continued, “While our financial performance in recent periods has been strong, I continue to believe Pennymac’s best days are yet ahead. This quarter we successfully raised $650 million in unsecured senior notes at attractive terms, further strengthening our balance sheet and demonstrating our strong access to capital and liquidity. In this higher interest rate environment, we have gained considerable market share in our purchase-focused correspondent and broker-direct lending channels, and with nearly $115 billion in UPB of the loans in our servicing portfolio carrying a note rate greater than 6 percent, our consumer direct lending channel will have a tremendous opportunity to provide our customers with lower mortgage rates when interest rates decline. Our multi-channel approach to loan production drives strong competitive advantages for us and with our balanced business model, we remain one of the best-positioned in the industry to drive continued growth and financial returns.”

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

  Quarter ended June 30, 2024 Mortgage Banking InvestmentManagement Production Servicing Total Total (in thousands) Revenues Net gains on loans held for sale at fair value

$

154,317

$

21,747

 

$

176,064

 

$

-

$

176,064

 

Loan origination fees

 

42,075

 

-

 

 

42,075

 

 

-

 

42,075

 

Fulfillment fees from PMT

 

4,427

 

-

 

 

4,427

 

 

-

 

4,427

 

Net loan servicing fees

 

-

 

167,604

 

 

167,604

 

 

-

 

167,604

 

Management fees

 

-

 

-

 

 

-

 

 

7,133

 

7,133

 

Net interest income (expense): Interest income

 

84,613

 

116,119

 

 

200,732

 

 

79

 

200,811

 

Interest expense

 

83,376

 

124,495

 

 

207,871

 

 

-

 

207,871

 

 

1,237

 

(8,376

)

 

(7,139

)

 

79

 

(7,060

)

Other

 

509

 

13,250

 

 

13,759

 

 

2,125

 

15,884

 

Total net revenues

 

202,565

 

194,225

 

 

396,790

 

 

9,337

 

406,127

 

Expenses

 

161,286

 

105,685

 

 

266,971

 

 

5,302

 

272,273

 

Income before provision for income taxes

$

41,279

$

88,540

 

$

129,819

 

$

4,035

$

133,854

 

 

Production Segment

The Production segment includes the correspondent acquisition of newly originated government- insured and certain conventional conforming 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 $27.2 billion in UPB, $25.0 billion of which was for its own account and $2.2 billion of which was fee-based fulfillment activity for PMT. Correspondent locks for PFSI and direct lending IRLCs totaled $28.0 billion in UPB, up 24 percent from the prior quarter and 20 percent from the second quarter of 2023.

Production segment pretax income was $41.3 million, up from $35.9 million in the prior quarter and $24.4 million in the second quarter of 2023. Production segment revenue totaled $202.6 million, up 10 percent from the prior quarter and 19 percent from the second quarter of 2023. The increase from the prior quarter was primarily due to higher volumes across all channels, and the increase from the second quarter of 2023 was primarily due to higher overall volumes and higher margins in the direct lending channels.

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

Quarter ended June 30,2024 March 31,2024 June 30,2023 (in thousands) Receipt of MSRs

$

541,207

 

$

412,520

 

$

562,523

 

Mortgage servicing rights recapture payable to PennyMac Mortgage Investment Trust

 

(473

)

 

(353

)

 

(509

)

Provision for representations and warranties, net

 

(53

)

 

(632

)

 

(1,131

)

Cash loss, including cash hedging results

 

(321,270

)

 

(158,971

)

 

(308,199

)

Fair value changes of pipeline, inventory and hedges

 

(43,347

)

 

(90,123

)

 

(111,265

)

Net gains on loans held for sale

$

176,064

 

$

162,441

 

$

141,419

 

Net gains on loans held for sale by segment: Production

$

154,317

 

$

141,431

 

$

126,249

 

Servicing

$

21,747

 

$

21,010

 

$

15,170

 

 

PennyMac Financial performs fulfillment services for certain 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 $4.4 million in the second quarter, up 10 percent from the prior quarter and down 19 percent from the second quarter of 2023. The increase from the prior quarter was primarily due to higher volumes acquired for PMT’s account. In the third quarter, PMT expects to retain approximately 30 to 50 percent of total conventional correspondent production, an increase from 18 percent in the second quarter.

Net interest income in the second quarter totaled $1.2 million, down from $2.0 million in the prior quarter. Interest income totaled $84.6 million, up from $63.9 million in the prior quarter, and interest expense totaled $83.4 million, up from $61.9 million in the prior quarter, both primarily due to higher average balance of loans held for sale and the associated financing during the quarter.

Production segment expenses were $161.3 million, up 8 percent from the prior quarter and 10 percent from the second quarter of 2023, both primarily due to higher overall volumes.

Servicing Segment

The Servicing segment includes income from owned MSRs and subservicing. The total servicing portfolio grew to $632.7 billion in UPB at June 30, 2024, an increase of 2 percent from March 31, 2024, and 10 percent from June 30, 2023. PennyMac Financial’s owned MSR portfolio grew to $402.6 billion in UPB, up 4 percent from March 31, 2024, and 18 percent from June 30, 2023. PennyMac Financial subservices $230.2 billion in UPB for PMT.

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

  June 30,2024 March 31,2024 June 30,2023 (in thousands) Prime servicing: Owned Mortgage servicing rights and liabilities Originated

$

379,882,952

$

364,441,567

$

319,257,805

Purchased

 

16,568,065

 

17,051,740

 

18,474,265

 

396,451,017

 

381,493,307

 

337,732,070

Loans held for sale

 

6,108,082

 

5,111,719

 

4,250,706

 

402,559,099

 

386,605,026

 

341,982,776

Subserviced for PMT

 

230,170,703

 

230,809,585

 

234,463,739

Total prime servicing

 

632,729,802

 

617,414,611

 

576,446,515

Special servicing - subserviced for PMT

 

8,810

 

9,427

 

12,780

Total loans serviced

$

632,738,612

$

617,424,038

$

576,459,295

Servicing segment pretax income was $88.5 million, up from $4.9 million in the prior quarter and $46.5 million in the second quarter of 2023. Servicing segment net revenues totaled $194.2 million, up from $111.6 million in the prior quarter and $156.4 million in the second quarter of 2023.

Revenue from net loan servicing fees totaled $167.6 million, up from $101.0 million in the prior quarter and $146.1 million in the second quarter of 2023. Loan servicing fees were $440.7 million, up from $424.2 million in the prior quarter primarily due to growth in PFSI’s owned portfolio, reduced by $200.7 million in realization of cash flows. Net valuation related declines were $72.4 million, down from $124.7 million in the prior quarter. MSR fair value gains, before realization of cash flows, were $99.4 million and hedging losses were $171.8 million driven by high hedge costs and significant interest rate volatility during the quarter.

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

  Quarter ended June 30,2024 March 31,2024 June 30,2023 (in thousands) Loan servicing fees

$

440,696

 

$

424,184

 

$

356,471

 

Changes in fair value of MSRs and MSLs resulting from: Realization of cash flows

 

(200,740

)

 

(198,564

)

 

(174,162

)

Change in fair value inputs

 

99,425

 

 

169,979

 

 

118,905

 

Hedging losses

 

(171,777

)

 

(294,645

)

 

(155,136

)

Net change in fair value of MSRs and MSLs

 

(273,092

)

 

(323,230

)

 

(210,393

)

Net loan servicing fees

$

167,604

 

$

100,954

 

$

146,078

 

 

Servicing segment revenue included $21.7 million in net gains on loans held for sale related to early buyout loans (EBOs), up slightly from the prior quarter and up from $15.2 million in the second quarter of 2023. These EBOs are previously delinquent loans that were brought back to performing status through PennyMac Financial’s successful servicing efforts.

Net interest expense totaled $8.4 million, compared to $11.5 million in the prior quarter and $5.1 million in the second quarter of 2023. Interest income was $116.1 million, up from $92.4 million in the prior quarter due to increased earnings from placement fees on custodial balances. Interest expense was $124.5 million, up from $103.9 million in the prior quarter due to higher average balances of debt outstanding during the quarter.

Servicing segment expenses totaled $105.7 million, down slightly from $106.7 million in the prior quarter.

Investment Management Segment

PennyMac Financial manages PMT for which it earns base management fees and may earn incentive compensation. Net AUM were $1.9 billion as of June 30, 2024, essentially unchanged from March 31, 2024 and June 30, 2023.

Pretax income for the Investment Management segment was $4.0 million, up from $3.1 million in the prior quarter and $2.0 million in the second quarter of 2023. Base management fees from PMT were $7.1 million, essentially unchanged from the prior quarter and second quarter of 2023. No performance incentive fees were earned in the first quarter.

The following table presents a breakdown of management fees:

Quarter ended June 30,2024 March 31,2024 June 30,2023 (in thousands) Management fees: Base

$

7,133

$

7,188

$

7,078

Performance incentive

 

-

 

-

 

-

Total management fees

$

7,133

$

7,188

$

7,078

  Net assets of PennyMac Mortgage Investment Trust at quarter end

$

1,939,869

$

1,958,914

$

1,931,496

Investment Management segment expenses totaled $5.3 million, down from $6.3 million in the prior quarter and $7.5 million in the second quarter of 2023.

Consolidated Expenses

Total expenses were $272.3 million, up from $261.8 million in the prior quarter primarily due to increased production segment expenses due to higher volumes.

Taxes

PFSI recorded a provision for tax expense of $35.6 million, resulting in an effective tax rate of 26.6 percent.

Management’s slide presentation and accompanying material will be available in the Investor Relations section of the Company’s website at pfsi.pennymac.com after the market closes on Tuesday, July 23, 2024. Management will also host a conference call and live audio webcast at 5:00 p.m. Eastern Time to review the Company’s financial results. The webcast can be accessed at pfsi.pennymac.com, and a replay will be available shortly after its conclusion.

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 approximately 3,900 people across the country. For the twelve months ended June 30, 2024, PennyMac Financial’s production of newly originated loans totaled $101 billion in unpaid principal balance, making it a top lender in the nation. As of June 30, 2024, PennyMac Financial serviced loans totaling $633 billion in unpaid principal balance, making it a top five mortgage servicer in the nation. Additional information about PennyMac Financial Services, Inc. is available at pfsi.pennymac.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, our 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: interest rate changes; changes in real estate values, housing prices and housing sales; changes in macroeconomic and U.S. real estate market conditions; 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 business; 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; 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; difficulties inherent in adjusting the size of our operations to reflect changes in business levels; purchase opportunities for mortgage servicing rights; our substantial amount of indebtedness; increases in loan delinquencies, defaults and forbearances; our reliance on PennyMac Mortgage Investment Trust (NYSE: PMT) as a significant contributor 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; our obligation to indemnify PMT if our services fail to meet certain criteria or characteristics or under other circumstances; investment management and incentive fees; conflicts of interest in allocating our services and investment opportunities among us and our advised entities; our ability to mitigate cybersecurity risks, cyber incidents and technology disruptions; the effect of public opinion on our reputation; our exposure to risks of loss and disruptions in operations resulting from severe weather events, man-made or other natural conditions, climate change and pandemics; 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 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 press release contains financial information calculated other than in accordance with U.S. generally accepted accounting principles (“GAAP”), such as pretax income excluding valuation-related items and operating net income 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 disclosures have 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 30,2024 March 31,2024 June 30,2023 (in thousands, except share amounts) ASSETS Cash

$

595,336

$

927,394

$

1,532,399

Short-term investment at fair value

 

188,772

 

69

 

8,088

Principal-only stripped mortgage-backed securities at fair value

 

914,223

 

524,576

 

-

Loans held for sale at fair value

 

6,238,959

 

5,200,350

 

4,270,494

Derivative assets

 

145,887

 

108,987

 

85,517

Servicing advances, net

 

414,235

 

499,955

 

500,122

Mortgage servicing rights at fair value

 

7,923,078

 

7,483,210

 

6,510,585

Investment in PennyMac Mortgage Investment Trust at fair value

 

1,031

 

1,101

 

1,011

Receivable from PennyMac Mortgage Investment Trust

 

29,413

 

30,835

 

25,046

Loans eligible for repurchase

 

4,560,058

 

4,401,896

 

4,401,098

Other

 

566,573

 

623,368

 

650,108

Total assets

$

21,577,565

$

19,801,741

$

17,984,468

  LIABILITIES Assets sold under agreements to repurchase

$

6,408,428

$

5,435,354

$

3,780,524

Mortgage loan participation purchase and sale agreements

 

511,837

 

363,798

 

505,712

Notes payable secured by mortgage servicing assets

 

1,723,144

 

1,972,020

 

2,472,726

Unsecured senior notes

 

3,160,226

 

2,521,031

 

1,781,756

Derivative liabilities

 

18,830

 

40,784

 

22,039

Mortgage servicing liabilities at fair value

 

1,708

 

1,732

 

1,940

Accounts payable and accrued expenses

 

294,812

 

263,338

 

334,234

Payable to PennyMac Mortgage Investment Trust

 

100,220

 

127,993

 

123,287

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

 

26,099

 

26,099

 

26,099

Income taxes payable

 

1,082,397

 

1,047,337

 

1,026,147

Liability for loans eligible for repurchase

 

4,560,058

 

4,401,896

 

4,401,098

Liability for losses under representations and warranties

 

28,688

 

29,976

 

30,146

Total liabilities

 

17,916,447

 

16,231,358

 

14,505,708

  STOCKHOLDERS' EQUITY Common stock -- authorized 200,000,000 shares of $0.0001 par value; issued and outstanding 51,017,418, 50,907,865, and 49,857,588 shares, respectively

 

5

 

5

 

5

Additional paid-in capital

 

30,053

 

27,179

 

-

Retained earnings

 

3,631,060

 

3,543,199

 

3,478,755

Total stockholders' equity

 

3,661,118

 

3,570,383

 

3,478,760

Total liabilities and stockholders’ equity

$

21,577,565

$

19,801,741

$

17,984,468

 

PENNYMAC FINANCIAL SERVICES, INC.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

  Quarter ended June 30,2024 March 31,2024 June 30,2023 (in thousands, except per share amounts) Revenues Net gains on loans held for sale at fair value

$

176,064

 

$

162,441

 

$

141,419

 

Loan origination fees

 

42,075

 

 

36,371

 

 

38,968

 

Fulfillment fees from PennyMac Mortgage Investment Trust

 

4,427

 

 

4,016

 

 

5,441

 

Net loan servicing fees: Loan servicing fees

 

440,696

 

 

424,184

 

 

356,471

 

Change in fair value of mortgage servicing rights and mortgage servicing liabilities

 

(101,315

)

 

(28,585

)

 

(55,257

)

Mortgage servicing rights hedging results

 

(171,777

)

 

(294,645

)

 

(155,136

)

Net loan servicing fees

 

167,604

 

 

100,954

 

 

146,078

 

Net interest expense: Interest income

 

200,811

 

 

156,426

 

 

172,952

 

Interest expense

 

207,871

 

 

165,769

 

 

178,642

 

 

(7,060

)

 

(9,343

)

 

(5,690

)

Management fees from PennyMac Mortgage Investment Trust

 

7,133

 

 

7,188

 

 

7,078

 

Other

 

15,884

 

 

4,033

 

 

3,253

 

Total net revenues

 

406,127

 

 

305,660

 

 

336,547

 

Expenses Compensation

 

141,956

 

 

146,376

 

 

136,982

 

Technology

 

35,690

 

 

35,967

 

 

35,244

 

Loan origination

 

40,270

 

 

30,568

 

 

31,646

 

Servicing

 

22,920

 

 

16,104

 

 

14,652

 

Professional services

 

9,404

 

 

9,262

 

 

17,888

 

Occupancy and equipment

 

7,893

 

 

8,676

 

 

10,066

 

Marketing and advertising

 

5,445

 

 

3,671

 

 

5,578

 

Other

 

8,695

 

 

11,153

 

 

11,574

 

Total expenses

 

272,273

 

 

261,777

 

 

263,630

 

Income before provision for income taxes

 

133,854

 

 

43,883

 

 

72,917

 

Provision for income taxes

 

35,596

 

 

4,575

 

 

14,667

 

Net income

$

98,258

 

$

39,308

 

$

58,250

 

Earnings per share Basic

$

1.93

 

$

0.78

 

$

1.17

 

Diluted

$

1.85

 

$

0.74

 

$

1.11

 

Weighted-average common shares outstanding Basic

 

50,955

 

 

50,547

 

 

49,874

 

Diluted

 

53,204

 

 

53,100

 

 

52,264

 

Dividend declared per share

$

0.20

 

$

0.20

 

$

0.20

 

 

PENNYMAC FINANCIAL SERVICES, INC. RECONCILIATION OF

GAAP NET INCOME TO OPERATING NET INCOME AND ANNUALIZED OPERATING RETURN ON EQUITY

  Quarter ended June 30, 2024 (in thousands, except annualizedoperating return on equity) Net income

$

98,258

 

Increase in fair value of MSRs and MSLs due to changes in valuation inputs used in the valuation model

 

(99,425

)

Hedging losses associated with MSRs

 

171,777

 

Non-recurring items

 

(12,484

)

Adjustments

$

59,868

 

Tax impacts of adjustments(1)

 

16,075

 

Operating net income

$

142,051

 

Average stockholders' equity

$

3,614,238

 

Annualized operating return on equity

 

16

%

 

(1) Assumes a tax rate of 26.85%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240723806615/en/

Media Lauren Padilla mediarelations@pennymac.com 805.225.8224

Investors Kevin Chamberlain Isaac Garden PFSI_IR@pennymac.com 818.224.7028