Seeking Alpha

PennyMac Mortgage hit by weak mortgage market

  • PennyMac Mortgage Investment (PMT -5.9%) slumps after a weak Q3 in which correspondent lending revenues fell to $18.9M, a 63% decline from Q2. Gain on sale on mortgages fell to $11M from $44.4M. The pretax loss in correspondent lending of $300K compared to $28.1 of income in Q2.
  • Q3 earnings presentation slides.
  • The company was able to deploy $350M in capital, acquiring 2 pools of nonperforming loans with $930M in UPB, completing a $550.5M jumbo loan securitization, and completing its initial investment in excess MSRs acquired by PennyMac Financial Services (PFSI -0.2%) which also reported weak mortgage results last night.
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