PennyMac Q4 2023 Earnings Report
Key Takeaways
PennyMac Financial Services, Inc. reported a net loss of $36.8 million for the fourth quarter of 2023, or $(0.74) per share, on revenue of $361.9 million. The net loss was primarily driven by a one-time accrual related to an arbitration with Black Knight. Despite a challenging origination market, PennyMac Financial produced nearly $100 billion in UPB of mortgage loans for the year and grew its servicing portfolio to over $600 billion.
Net loss of $36.8 million, or $(0.74) per share, on revenue of $361.9 million.
Production segment pretax income was $39.4 million, up from pretax income of $25.2 million in the prior quarter.
Servicing segment pretax loss was $95.5 million, including a non-recurring arbitration accrual of $158.4 million.
Total servicing portfolio grew to $607.2 billion in UPB at December 31, 2023, an increase of 3 percent from September 30, 2023.
PennyMac
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PennyMac Revenue by Segment
Forward Guidance
No specific forward guidance was provided in the document.
Revenue & Expenses
Visualization of income flow from segment revenue to net income