PMT - PennyMac Mortgage Q4 revenue slides as loan origination fees fade
PennyMac (NYSE:PMT) Q4 results highlighted a downturn in pretax income due to lower margins and volumes. Q4 EPS of $2.79 smashed the $0.39 consensus, though declined from $3.80 in the previous quarter. Total net revenue of $693.81M in Q4 also fell from $786.61M in Q3. Net gains on loans held for sale, loan origination fees and fulfillment fees from PennyMac, all took a hit. Q4 expenses were $459.7M, up from $447.1M in the previous period. Q4 interest income of $69M ticked higher from $68.3M in the prior quarter. Loans held for sale at fair value of $9.74B in the fourth quarter vs. $9.65B in Q3. Assets sold under agreements to repurchase were $7.3B, compared with $6.9B in the third quarter. Shares of PMT initially dipped by as much as 6% after the earnings report was released after the bell. The stock has since recovered, recently down just 0.4%. Previously, (Dec. 8, 2021) PennyMac
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PennyMac Mortgage Q4 revenue slides as loan origination fees fade