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PennyMac Q1 earnings pressured by MSR hedge losses
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PennyMac Q1 earnings pressured by MSR hedge losses
PennyMac Financial Services reported first-quarter net income of $82.3 million, or $1.53 per diluted share, as stronger mortgage production helped offset weaker servicing results tied to mortgage servicing rights valuation changes and hedging losses. The Westlake Village, California-based mortgage lender and servicer posted adjusted net income of $117.7 million, or $2.19 per diluted share, for the quarter ended March 31. Annualized adjusted retu…
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