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PennyMac Financial Services, Inc. Reports Third Quarter 2026 Results and <\/b>Announces Changes to its Leadership Team <\/b><\/p>\n
WESTLAKE VILLAGE, Calif.–(BUSINESS WIRE<\/a>)– \nAdditionally, PFSI today announced that Doug Jones, President and Chief Mortgage Banking Officer, will be retiring on June 30, 2027 after a storied career in the mortgage banking industry including more than 15 years of leadership at Pennymac. His roles and responsibilities will transition to other senior leaders within the company over the next several months.<\/p>\n \nAlso, effective January 1, 2027, Kevin Ryan, currently Chief Strategy Officer, will assume the role of Chief Financial Officer (CFO). Current CFO, Daniel Perotti, will remain in his current role through the remainder of this year and will continue to support the company in an advisory role through the first quarter of 2027. Mr. Ryan will continue to lead the strategy and business development teams while in his new role.<\/p>\n \n\u201cI am extraordinarily grateful to both Doug and Dan for their long service at Pennymac and their ongoing commitment to and passion for our business,\u201d said Chairman and Chief Executive Officer David Spector. \u201cBoth served in various roles and helped to shape Pennymac\u2019s significant growth and transformation into a leading mortgage company. They have made invaluable contributions to the company, and will be greatly missed.\u201d<\/p>\n \nMr. Spector continued, \u201cWe are very fortunate to have an exceptional leadership team and a deep bench of talent to lead Pennymac into the next chapter, and drive long-term value for our stockholders.\u201d<\/p>\n CEO Commentary<\/b><\/p>\n \u201cOur servicing business delivered strong profitability, while our production segment reported a pretax loss due an industry-wide contraction in origination activity coupled with margin pressure near the end of the quarter,\u201c said Chairman and CEO David Spector. \u201cWe expect mortgage demand will remain subdued due to higher interest rates, and as a result we have taken aggressive and proactive steps to right-size our platform appropriately. By the first quarter of 2027 we expect to have reduced our annualized operating expenses by $160 million from the second quarter of 2026.\u201d<\/i><\/p>\n Mr. Spector continued, \u201cLooking forward, we are executing on several high-impact strategic catalysts to optimize returns on capital. Subsequent to quarter-end, we agreed to sell $29 billion in UPB of low-rate conventional MSRs where recapture opportunities are limited. We plan to redeploy the $490 million in proceeds to reduce higher-cost debt and repurchase common shares while our stock trades at a sizable discount to book value. In addition, we expect to close the acquisition of Cenlar\u2019s subservicing business in early 2027, scaling our high-margin, fee-based servicing platform. Coupled with the accelerated deployment of AI across our production workflows, we are well-positioned to capture significant operating leverage when market volumes rebound.\u201d<\/i><\/p>\n \nThe table below highlights key financial performance metrics2<\/sup><\/i>:<\/p>\n
\nPennyMac Financial Services, Inc. (NYSE: PFSI) today reported net income of $29 million, or $0.54 in diluted earnings per share (EPS), on total net revenues of $469 million for the third quarter of 2026. Adjusted net income was $56 million, or $1.05 in adjusted diluted EPS, on adjusted net revenues of $502 million1<\/sup>. PFSI\u2019s Board of Directors declared a third quarter cash dividend of $0.30 per share, payable on November 27, 2026, to common stockholders of record as of November 16, 2026.<\/p>\n