Pennymac is implementing significant cost-cutting measures, including $160 million in annualized operating expense reductions. This move comes as the company experienced its lowest mortgage origination and acquisition volume since early 2024. Despite a $7 million loss in its production segment, the company's servicing segment saw a substantial increase in pretax income. Pennymac is also selling servicing rights to reduce debt and repurchase shares. The company anticipates higher-for-longer interest rates will continue to impact the market.
Agoura Hills, California
https://www.nationalmortgagenews.com/news/pennymac-sees-more-layoffs-as-originations-plummet-in-3q