PennyMac Financial Services (NYSE:PFSI) is a fast growing residential mortgage originator and servicer, with a modest sized asset management business. It is a leading platform in the non-bank servicing and origination sector. There is currently uncertainty in the residential mortgage sector and that we think is also reflected in PFSI's current share price. The current market environment decreases earnings visibility and increases volatility. However, long-term the company is building an attractive platform for the origination and servicing of residential mortgages, and that the platform is designed to be dynamic as government retires its support for the mortgage markets. Together with its sister company PennyMac Mortgage Investment Trust (NYSE:PMT), PFSI has quickly become a Top...
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