Investments

PennyMac posts net income of $40.4 million for third quarter

PennyMac Mortgage Investment Trust (PMT) earned a net income of $40.4 million, or 81 cents a share, for its third quarter on net investment income of $99.2 million.

This is a 37% increase from its second quarter with earnings per share up 3% from the second quarter. The investment trust met consensus earnings estimates from Zack’s Investment Research.

Return on average equity was 16%, which is down from 17% a quarter prior.

PennyMac issued more than $359 million in new equity capital, which brings shareholders’ equity total to $1.2 billion.

In regard to mortgage investment results, correspondent purchases of $6.3 billion in unpaid principal balance increased 87% from 2Q. The conventional purchases of $3.7 billion in UPB also increased 111% from the prior quarter.

Correspondent interest rate lock commitments of $8.5 billion is up 84% from 2Q. Conventional IRLCs of $5.5 billion also increased 105% from the prior quarter.

The results also showed $357 million in unpaid principal balances of distressed mortgage purchases. 

cmlynski@housingwire.com

Most Popular Articles

UWM announces 1.99% rate for 30-year fixed mortgage

United Wholesale Mortgage announced Tuesday it is rolling out a new loan program that offers borrowers an interest rate as low as 1.99% for both purchase mortgages and refinances.

Aug 11, 2020 By

Latest Articles

New fee on mortgage refinances could cost homeowners $1,400

On Wednesday night the FHFA rolled out a new adverse market refinance fee of 0.5%, which will be assessed for loans sold to Fannie Mae or Freddie Mac after Sept. 1.

Aug 13, 2020 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please