PennyMac is the third largest in the broker channel and aims to secure over 10% market share by the end of 2026. The company locked $7.2 billion in origination volume and reported a net income of $76.3 million in the second quarter, aided by a non-recurring tax benefit. However, underlying profitability showed weakness as pretax income declined from previous quarters. Production increased to nearly $40 billion in UPB, but expense growth and margin compression impacted pretax income. The servicing portfolio now totals $700 billion with 2.7 million customers.
PennyMac, as a trusted partner for brokers, aims for over 10% market share by 2026, having locked $7.2 billion in origination volume, placing third behind UWM and Rocket Pro.
The second quarter showed a bounce-back in net income to $76.3 million, primarily due to a non-recurring $81.6 million tax benefit, although underlying profitability declined.
Despite a robust origination of nearly $40 billion in the second quarter, pretax income dipped to $57.8 million, indicating challenges in production margins and rising loan origination costs.
PennyMac's servicing portfolio reached $700 billion in UPB, growing organically to serve 2.7 million customers, reflecting stability in a lower-volume origination market.
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