Tue, Jul. 12, 9:53 AM
Wed, Jan. 13, 10:33 AM| Wed, Jan. 13, 10:33 AM | 10 Comments
Dec. 10, 2015, 10:32 AM
- The roughed-up mortgage sector sees some dip-buying as Barclays initiates coverage on PennyMac Mortgage Investment (PMT +3.5%) and PennyMac Financial Services (PFSI +0.9%) with Overweight ratings.
- The $21 price target on PMT is a 36% upside to last night's close. The $20 PT on PFSI represents 25% upside.
Jul. 29, 2015, 1:01 PM
- Trying to generate income for your portfolio, asks Leon Cooperman. He tells CNBC he's an owner of Chimera Investment (CIM +0.7%) - yielding 13.9% and trading at 80% of book value - Ellington Financial (EFC +2.4%) - yielding 14.4% and trading at 80% of book - PennyMac Financial (PFSI +1.3%) - yielding 14.1% and trading at 84% of book - and THL Credit (TCRD +6.8%) - yielding 12.3%, trading at 80% of book, with the CEO and number two man buying the stock, and the company buying back shares, something one doesn't normally see in externally managed firms.
Jul. 27, 2015, 11:04 AM
- Q2 EPS is expected to be $0.57-$0.61 versus consensus of $0.60.
- Loan production volume of about $13B in UPB vs. $9B in Q1.
- Adjusted EBITDA of $66M-$76M vs. $80M.
- Full results are set for after the close on August 5.
- PFSI -2.5%
Nov. 11, 2014, 10:55 AM
- No one has come forward to deny yesterday's NY Post story leaking the imminent departure of Ben Lawsky from his job leading the New York Department of Financial Services.
- Hoping for a friendlier regime at DFS, Ocwen Financial (OCN +6.9%) continues a move higher which began when the story broke yesterday afternoon.
- Among competitors (also with regulatory issues, but maybe not at Ocwen's level): Walter Investment (WAC +4%) and Nationstar Mortgage (NSM -1.8%). Also of interest in the sector is PennyMac Financial Services (PFSI).
Oct. 22, 2014, 11:06 AM
- Bank of America and Evercore Partners throw in the towel on Ocwen Financial (OCN -8.5%), downgrading to Neutral/Hold, following yesterday's letter from Ben Lawsky's NY Dept. of Financial Services and the company's bungled response.
- Is it time to start thinking about a takeout? Sitting on Ocwen's board and presumably still a sizable shareholder is Wilbur Ross (NASDAQ:WLRH) who sold his Homeward Residential Holdings to Ocwen in 2012.
- Altisource Portfolio Solutions (ASPS -9.6%), Home Loan Servicing Solutions (HLSS -5.3%), Altisource Asset Management (AAMC -4.3%), Altisource Residential (RESI -4.5%).
- Other industry players: Nationstar Mortgage (NSM), Walter Investment (WAC +0.5%), New Residential (NRZ +0.1%), PennyMac FInancial (PFSI -0.4%).
- Previously: Moody's downgrades Ocwen following DFS allegations
Oct. 21, 2014, 12:25 PM
Jul. 16, 2014, 7:40 AM
- An analysis of cash flow combined with continued regulatory issues has Wells Fargo cutting the nonbank mortgage servicers to Underweight from Market Weight, and Nationstar Mortgage (NYSE:NSM) and Walter Investment (NYSE:WAC) cut to Underperform from Market perform.
- The team, however, keeps its Buy ratings on Home Loan Servicing (NASDAQ:HLSS) and PennyMac Financial (NYSE:PFSI).
- NSM -1.5% premarket
Mar. 31, 2014, 3:21 PM
Mar. 27, 2014, 8:48 AM
Dec. 23, 2013, 2:22 PM
- Homebuilders and private mortgage insurers are partying thanks to incoming FHFA chief Mel Watts' weekend move to postpone an increase in fees which would have raised significantly raised mortgage costs for those with good, but not stellar credit and less than 20% to put down.
- "This is a victory for the housing finance industry," says FBR's Edward Mills. "We believe that this is the first of a series of decisions by incoming Director Watt to preserve/expand mortgage credit availability ... We view this announcement as positive for housing generally, but specifically for private mortgage insurers, originators, and homebuilders."
- Homebuilder ETFs: XHB +2%, ITB +2.8%.
- Homebuilder names: Toll Brothers (TOL +3.9%), Putle (PHM +5%), Lennar (LEN +3.2%), KB Home (KBH +6.9%), Hovnanian (HOV +4.8%), D.R. Horton (DHI +2.8%), Standard Pacific (SPF +4%).
- Mortgage insurers: Radian (RDN +4.1%), MGIC (MTG +1.1%), Genworth (GNW +1.6%), Old Republic (ORI +0.7%), NMI Holdings (NMIH +1.1%). Essent Group (ESNT -0.6%) is off a hair, but up 29% since its late-October IPO.
- Not showing much reaction today, but potentially set up to disappoint if the GSEs do not allow any private oxygen in mortgage finance are Redwood Trust (RWT -0.2%) and PennyMac Financial (PFSI +1.2%).
Nov. 7, 2013, 10:32 AM
- 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.
May 20, 2013, 2:58 PM
PennyMac Financial Services, Inc. is a financial services company with a comprehensive mortgage platform and integrated business focused on the production and servicing of U.S. residential mortgage loans and the management of investments related to the U.S. residential mortgage market. The... More
Industry: Mortgage Investment
Country: United States
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