PennyMac Financial Services, Inc. Reports First Quarter 2022 Results

WESTLAKE VILLAGE, Calif.--()--PennyMac Financial Services, Inc. (NYSE: PFSI) today reported net income of $173.6 million for the first quarter of 2022, or $2.94 per share on a diluted basis, on revenue of $657.5 million. Book value per share increased to $62.19 from $60.11 at December 31, 2021.

PFSI’s Board of Directors declared a first quarter cash dividend of $0.20 per share, payable on May 27, 2022, to common stockholders of record as of May 17, 2022.

First Quarter 2022 Highlights

  • Pretax income was $234.5 million, essentially unchanged from the prior quarter and down 54 percent from the first quarter of 2021
    • Repurchased 2.3 million shares of PFSI’s common stock at a cost of $141.4 million; also repurchased an additional 905 thousand shares in April at a cost of $44.0 million
  • Production segment pretax income of $9.3 million, down from $106.5 million in the prior quarter and down from $362.9 million in the first quarter of 2021 due to lower volumes and margins resulting from a transitioning mortgage market
    • Consumer direct interest rate lock commitments (IRLCs) were $9.1 billion in unpaid principal balance (UPB), down 36 percent from the prior quarter and 32 percent from the first quarter of 2021
    • Broker direct IRLCs were $3.5 billion in UPB, down 9 percent from the prior quarter and 38 percent from the first quarter of 2021
    • Government correspondent IRLCs totaled $12.5 billion in UPB, down 20 percent from the prior quarter and 27 percent from the first quarter of 2021
    • Total loan acquisitions and originations, including those fulfilled for PennyMac Mortgage Investment Trust (NYSE: PMT), were $33.3 billion in UPB, down 29 percent from the prior quarter and 50 percent from the first quarter of 2021
    • Correspondent acquisitions of conventional loans fulfilled for PMT were $9.8 billion in UPB, down 43 percent from the prior quarter and 71 percent from the first quarter of 2021
  • Servicing segment pretax income was $225.2 million, up from $126.1 million in the prior quarter and $141.7 million in the first quarter of 2021
    • Pretax income excluding valuation-related items was $86.0 million, down 61 percent from the prior quarter primarily driven by decreased EBO loan-related revenue
    • Valuation items included:
      • $324.1 million in mortgage servicing rights (MSR) fair value gains partially offset by $217.9 million in fair value decreases from hedging results
        • Net impact on pretax income related to these items was $106.2 million, or $1.32 in earnings per share
      • $32.9 million of reversals related to provisions for losses on active loans
    • Servicing portfolio grew to $518.8 billion in UPB, up 2 percent from December 31, 2021 and 16 percent from March 31, 2021, driven by production volumes which more than offset prepayment activity
  • Investment Management segment pretax income was $0.1 million, down from $1.5 million in the prior quarter and from $1.4 million in the first quarter of 2021
    • Net assets under management (AUM) were $2.2 billion, down 6 percent from December 31, 2021, and 5 percent from March 31, 2021

“PFSI reported solid first quarter financial results, producing an annualized return on equity of 20 percent and demonstrating the strength of our balanced business model against a backdrop of rapid and significant increases in mortgage rates,” said Chairman and Chief Executive Officer David Spector. “Our earnings were driven by strong contributions from our large and growing servicing portfolio with 2.2 million customers and nearly $520 billion in unpaid principal balance. However, the unprecedented increase in mortgage rates resulted in lower overall industry origination volumes and left originators and aggregators who still hold excess operational capacity competing for a much smaller population of loans. This transitioning mortgage origination market contributed to the reduced financial performance in our production business.”

Mr. Spector continued, “We remain committed to driving further efficiencies across the platform while actively aligning our expense base with the expected lower levels of activity. As a public company for nearly nine years, PennyMac Financial has a long history of demonstrating success while managing through varying interest rate environments. I believe our scaled and comprehensive platform, including our commitment to enterprise risk management, and new initiatives across our business will enable us to navigate this challenging mortgage market.”

The following table presents the contributions of PennyMac Financial’s segments to pretax income:

Quarter ended March 31, 2022

Mortgage Banking

Investment

Management

 

Production

Servicing

Total

Total

(in thousands)
Revenue
Net gains on loans held for sale at fair value

$

221,610

$

76,849

 

$

298,459

 

$

-

$

298,459

 

Loan origination fees

 

67,858

 

-

 

 

67,858

 

 

-

 

67,858

 

Fulfillment fees from PMT

 

16,754

 

-

 

 

16,754

 

 

-

 

16,754

 

Net loan servicing fees

 

-

 

286,309

 

 

286,309

 

 

-

 

286,309

 

Management fees

 

-

 

-

 

 

-

 

 

8,117

 

8,117

 

Net interest expense:
Interest income

 

30,941

 

22,941

 

 

53,882

 

 

-

 

53,882

 

Interest expense

 

27,059

 

50,248

 

 

77,307

 

 

-

 

77,307

 

 

3,882

 

(27,307

)

 

(23,425

)

 

-

 

(23,425

)

Other

 

785

 

616

 

 

1,401

 

 

2,031

 

3,432

 

Total net revenue

 

310,889

 

336,467

 

 

647,356

 

 

10,148

 

657,504

 

Expenses

 

301,619

 

111,314

 

 

412,933

 

 

10,051

 

422,984

 

Pretax income

$

9,270

$

225,153

 

$

234,423

 

$

97

$

234,520

 

Production Segment

The Production segment includes the correspondent acquisition of newly originated government-insured mortgage loans for PennyMac Financial’s own account, fulfillment services on behalf of PMT and direct lending through the consumer direct and broker direct channels, including the underwriting and acquisition of loans from correspondent sellers on a non-delegated basis.

PennyMac Financial’s loan production activity for the quarter totaled $33.3 billion in UPB, $23.5 billion of which was for its own account, and $9.8 billion of which was fee-based fulfillment activity for PMT. Correspondent government and direct lending IRLCs totaled $25.1 billion in UPB, down 25 percent from the prior quarter and 30 percent from the first quarter of 2021.

Production segment pretax income was $9.3 million, down from $106.5 million in the prior quarter and $362.9 million in the first quarter of 2021, and reflect lower volumes and margins as a result of the significant reduction in the size of the overall origination market as mortgage rates rose rapidly over the quarter. Additionally, production expenses and capacity levels remain elevated in relation to production levels given the rapid transition in the market and are actively being managed to better align to the anticipated market size. Production segment revenue totaled $310.9 million, down 27 percent from the prior quarter and 54 percent from the first quarter of 2021. The quarter-over-quarter decrease was driven by a $93.2 million decrease in net gains on loans held for sale primarily driven by the smaller market and lower margins.

The components of net gains on loans held for sale are detailed in the following table:

Quarter ended

March 31,

2022

December 31,

2021

March 31,

2021

(in thousands)

Receipt of MSRs and recognition of MSLs in loan sale transactions

$

616,302

 

$

467,141

 

$

463,571

 

Mortgage servicing rights recapture payable to PennyMac Mortgage Investment Trust

 

(9,652

)

 

(12,701

)

 

(14,248

)

Provision of liability for representations and warranties, net

 

(885

)

 

(315

)

 

(6,368

)

Cash gain (1)

 

(54,134

)

 

37,537

 

 

818,937

 

Fair value changes of pipeline, inventory and hedges

 

(253,172

)

 

8,996

 

 

(507,551

)

Net gains on mortgage loans held for sale

$

298,459

 

$

500,658

 

$

754,341

 

Net gains on mortgage loans held for sale by segment:
Production

$

221,610

 

$

314,826

 

$

515,963

 

Servicing

$

76,849

 

$

185,832

 

$

238,378

 

 
(1) Net of cash hedging results

Loan origination fees for the quarter totaled $67.9 million, down 23 percent from the prior quarter and 35 percent from the first quarter of 2021, driven by lower production volumes.

PennyMac Financial performs fulfillment services for conventional conforming and jumbo loans acquired by PMT from non-affiliates in its correspondent production business. These services include, but are not limited to, marketing, relationship management, correspondent seller approval and monitoring, loan file review, underwriting, pricing, hedging and activities related to the subsequent sale and securitization of loans in the secondary mortgage markets for PMT.

Fees earned from the fulfillment of correspondent loans on behalf of PMT totaled $16.8 million in the first quarter, down 17 percent from the prior quarter and 72 percent from the first quarter of 2021. The decrease from the prior quarter was driven by lower conventional acquisition volumes, partially offset by a higher weighted average fulfillment fee.

Net interest income totaled $3.9 million, down from $4.3 million in the prior quarter. Interest income in the first quarter totaled $30.9 million, down from $40.0 million in the prior quarter, and interest expense totaled $27.1 million, down from $35.7 million in the prior quarter, due to a lower balance of loans held-for-sale during the quarter.

Production segment expenses were $301.6 million, down 6 percent from the prior quarter and 3 percent from the first quarter of 2021. PennyMac Financial is actively aligning its capacity and related expenses to the smaller projected origination market size that is expected to result from rising mortgage rates.

Servicing Segment

The Servicing segment includes income from owned MSRs, subservicing and special servicing activities. Servicing segment pretax income was $225.2 million, up from $126.1 million in the prior quarter and $141.7 million in the first quarter of 2021. Servicing segment net revenues totaled $336.5 million, up from $255.7 million in the prior quarter and $262.2 million in the first quarter of 2021. The quarter-over-quarter increase was primarily driven by a $191.6 million increase in net loan servicing fees partially offset by a $109.0 million reduction in gains on loans held for sale related to EBO activity.

Revenue from net loan servicing fees totaled $286.3 million, up from $94.7 million in the prior quarter primarily driven by net valuation related gains. Revenue from loan servicing fees included $291.3 million in servicing fees, reduced by $111.2 million from the realization of MSR cash flows. Net valuation-related gains totaled $106.2 million, and included MSR fair value gains of $324.1 million and hedging losses of $217.9 million primarily driven by increasing interest rates during the period.

The following table presents a breakdown of net loan servicing fees:

Quarter ended

March 31,

2022

December 31,

2021

March 31,

2021

(in thousands)

Loan servicing fees (1)

$

291,258

 

$

287,888

 

$

259,445

 

Changes in fair value of MSRs and MSLs resulting from:
Realization of cash flows

 

(111,155

)

 

(97,025

)

 

(82,663

)

Change in fair value inputs

 

324,066

 

 

(58,407

)

 

306,126

 

Change in fair value of excess servicing spread financing

 

-

 

 

-

 

 

(1,037

)

Hedging losses

 

(217,860

)

 

(37,723

)

 

(442,151

)

Net change in fair value of MSRs and MSLs

 

(4,949

)

 

(193,155

)

 

(219,725

)

Net loan servicing fees

$

286,309

 

$

94,733

 

$

39,720

 

 
(1) Includes contractually-specified servicing fees

Servicing segment revenue included $76.8 million in net gains on loans held for sale related to reperforming government-insured and guaranteed loans purchased out of Ginnie Mae securitizations, or early buy out loans (EBOs). These gains were down from $185.8 million in the prior quarter and $238.4 million in the first quarter of 2021. These EBOs are previously delinquent loans that were brought back to performing status through PennyMac Financial’s successful servicing efforts, primarily through loan modifications or FHA Partial Claims. With respect to the FHA Partial Claims, the reperforming loans must remain current for a minimum of six months to be eligible for resecuritization.

Net interest expense totaled $27.3 million, versus net interest expense of $25.2 million in the prior quarter and $17.1 million in the first quarter of 2021. Interest income was $22.9 million, down from $28.9 million in the prior quarter driven by a decrease in average EBO balances held for sale. Interest expense was $50.2 million, down from $54.1 million in the prior quarter driven by a decrease in average balances of financing for EBO loans.

Servicing segment expenses totaled $111.3 million, down 14% from the prior quarter due to a $28.6 million decrease in the reversal of provision for credit losses.

The total servicing portfolio grew to $518.8 billion in UPB at March 31, 2022, an increase of 2 percent from December 31, 2021 and 16 percent from March 31, 2021. PennyMac Financial subservices or conducts special servicing for $222.9 billion in UPB, up slightly from December 31, 2021 and up 18 percent from March 31, 2021. PennyMac Financial’s owned MSR portfolio grew to $295.9 billion in UPB, an increase of 3 percent from December 31, 2021 and 14 percent from March 31, 2021.

The table below details PennyMac Financial’s servicing portfolio UPB:

March 31,

2022

December 31,

2021

March 31,

2021

(in thousands)

Prime servicing:
Owned
Mortgage servicing rights and liabilities
Originated

$

268,886,759

$

254,524,015

$

211,289,054

Acquisitions

 

21,911,132

 

23,861,358

 

36,252,669

 

290,797,891

 

278,385,373

 

247,541,723

Loans held for sale

 

5,125,298

 

9,430,766

 

12,959,016

 

295,923,189

 

287,816,139

 

260,500,739

Subserviced for PMT

 

222,864,324

 

221,864,120

 

188,279,019

Total prime servicing

 

518,787,513

 

509,680,259

 

448,779,758

Special servicing - subserviced for PMT

 

23,047

 

28,022

 

45,143

Total loans serviced

$

518,810,560

$

509,708,281

$

448,824,901

Investment Management Segment

PennyMac Financial manages PMT for which it earns base management fees and may earn incentive compensation. Net AUM were $2.2 billion as of March 31, 2022, down 6 percent from December 31, 2021 and 6 percent from March 31, 2021.

Pretax income for the Investment Management segment was $0.1 million, down from $1.5 million in the prior quarter and $1.4 million in the first quarter of 2021. Base management fees from PMT were $8.1 million, down from $8.9 million in the prior quarter and $8.4 million in the first quarter of 2021. No performance incentive fees were earned in the periods presented.

The following table presents a breakdown of management fees:

Quarter ended

March 31,

2022

December 31,

2021

March 31,

2021

(in thousands)

Management fees:
Base

$

8,117

$

8,919

$

8,449

Performance incentive (adjustment)

 

-

 

-

 

-

Total management fees

$

8,117

$

8,919

$

8,449

 
Net assets of PennyMac Mortgage Investment Trust

$

2,221,938

$

2,367,518

$

2,357,143

Investment Management segment expenses totaled $10.1 million, up 13 percent from the prior quarter and 22 percent from the first quarter of 2021.

Consolidated Expenses

Total expenses were $423.0 million, down 8 percent from the prior quarter and 4 percent from the first quarter of 2021. The quarter-over-quarter decrease was driven by the lower production and servicing expenses noted above.

Management’s slide presentation will be available in the Investor Relations section of the Company’s website at ir.pennymacfinancial.com after the market closes on Thursday, May 5, 2022.

About PennyMac Financial Services, Inc.

PennyMac Financial Services, Inc. is a specialty financial services firm focused on the production and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market. Founded in 2008, the company is recognized as a leader in the U.S. residential mortgage industry and employs over 6,000 people across the country. For the twelve months ended March 31, 2022, PennyMac Financial’s production of newly originated loans totaled $201 billion in unpaid principal balance, making it the third largest mortgage lender in the nation. As of March 31, 2022, PennyMac Financial serviced loans totaling $519 billion in unpaid principal balance, making it a top ten mortgage servicer in the nation. Additional information about PennyMac Financial Services, Inc. is available at ir.pennymacfinancial.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding management’s beliefs, estimates, projections, and assumptions with respect to, among other things, the Company’s financial results, future operations, business plans and investment strategies, as well as industry and market conditions, all of which are subject to change. Words like “believe,” “expect,” “anticipate,” “promise,” “project,” “plan,” and other expressions or words of similar meanings, as well as future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” are generally intended to identify forward-looking statements. Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: changes in prevailing interest rates; our exposure to risks of loss and disruptions in operations resulting from adverse weather conditions, man-made or natural disasters, climate change and pandemics such as COVID-19; failure to modify, resell or refinance early buyout loans; the continually changing federal, state and local laws and regulations applicable to the highly regulated industry in which we operate; lawsuits or governmental actions that may result from any noncompliance with the laws and regulations applicable to our businesses; the mortgage lending and servicing-related regulations promulgated by the Consumer Financial Protection Bureau and its enforcement of these regulations; our dependence on U.S. government-sponsored entities and changes in their current roles or their guarantees or guidelines; changes to government mortgage modification programs; the licensing and operational requirements of states and other jurisdictions applicable to our business, to which our bank competitors are not subject; foreclosure delays and changes in foreclosure practices; changes in macroeconomic and U.S. real estate market conditions; difficulties inherent in adjusting the size of our operations to reflect changes in business levels; purchase opportunities for mortgage servicing rights and our success in winning bids; our substantial amount of indebtedness; the discontinuation of LIBOR; increases in loan delinquencies and defaults; our reliance on PennyMac Mortgage Investment Trust (NYSE: PMT) as a significant source of financing for, and revenue related to, our mortgage banking business; maintaining sufficient capital and liquidity and compliance with financial covenants; our obligation to indemnify third-party purchasers or repurchase loans if loans that we originate, acquire, service or assist in the fulfillment of, fail to meet certain criteria or characteristics or under other circumstances; our obligation to indemnify PMT if our services fail to meet certain criteria or characteristics or under other circumstances; decreases in the returns on the assets that we select and manage for our clients, and our resulting management and incentive fees; the extensive amount of regulation applicable to our investment management segment; conflicts of interest in allocating our services and investment opportunities among us and our advised entities; the effect of public opinion on our reputation; our ability to effectively identify, manage and hedge our credit, interest rate, prepayment, liquidity and climate risks; our initiation or expansion of new business activities or strategies; our ability to detect misconduct and fraud; our ability to mitigate cybersecurity risks and cyber incidents; our ability to pay dividends to our stockholders; and our organizational structure and certain requirements in our charter documents. You should not place undue reliance on any forward-looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in reports and other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, and the statements made in this press release are current as of the date of this release only.

The Company’s earnings materials contain financial information calculated other than in accordance with U.S. generally accepted accounting principles (“GAAP”), such as pretax income excluding valuation-related items that provide a meaningful perspective on the Company’s business results since the Company utilizes this information to evaluate and manage the business. Non-GAAP disclosure has limitations as an analytical tool and should not be viewed as a substitute for financial information determined in accordance with GAAP.

PENNYMAC FINANCIAL SERVICES, INC.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 

March 31,

2022

December 31,

2021

March 31,

2021

(in thousands, except share amounts)

ASSETS
Cash

$

489,799

$

340,069

$

441,870

Short-term investments at fair value

 

78,006

 

6,873

 

24,850

Loans held for sale at fair value

 

5,119,234

 

9,742,483

 

13,385,789

Derivative assets

 

225,071

 

333,695

 

530,852

Servicing advances, net

 

616,874

 

702,160

 

550,150

Mortgage servicing rights at fair value

 

4,707,039

 

3,878,078

 

3,268,910

Operating lease right-of-use assets

 

85,262

 

89,040

 

74,795

Investment in PennyMac Mortgage Investment Trust at fair value

 

1,267

 

1,300

 

1,470

Receivable from PennyMac Mortgage Investment Trust

 

27,722

 

40,091

 

68,644

Loans eligible for repurchase

 

2,721,574

 

3,026,207

 

12,312,393

Other

 

546,054

 

616,616

 

638,257

Total assets

$

14,617,902

$

18,776,612

$

31,297,980

 
LIABILITIES
Assets sold under agreements to repurchase

$

3,333,444

$

7,292,735

$

10,848,477

Mortgage loan participation and sale agreements

 

494,396

 

479,845

 

518,747

Obligations under capital lease

 

1,396

 

3,489

 

10,468

Notes payable secured by mortgage servicing assets

 

1,298,067

 

1,297,622

 

1,296,285

Unsecured senior notes

 

1,777,132

 

1,776,219

 

1,288,198

Derivative liabilities

 

90,837

 

22,606

 

68,557

Mortgage servicing liabilities at fair value

 

2,564

 

2,816

 

46,026

Accounts payable and accrued expenses

 

371,908

 

359,413

 

355,429

Operating lease liabilities

 

106,316

 

110,003

 

96,069

Payable to PennyMac Mortgage Investment Trust

 

159,468

 

228,019

 

164,469

Payable to exchanged Private National Mortgage Acceptance Company, LLC unitholders under tax receivable agreement

 

30,530

 

30,530

 

35,165

Income taxes payable

 

745,873

 

685,262

 

751,855

Liability for loans eligible for repurchase

 

2,721,574

 

3,026,207

 

12,312,393

Liability for losses under representations and warranties

 

42,794

 

43,521

 

38,428

Total liabilities

 

11,176,299

 

15,358,287

 

27,830,566

 
STOCKHOLDERS' EQUITY
Common stock—authorized 200,000,000 shares of $0.0001 par value; issued and outstanding 55,341,627, 56,867,202, and 66,961,401 shares, respectively

 

6

 

6

 

7

Additional paid-in capital

 

-

 

125,396

 

762,585

Retained earnings

 

3,441,597

 

3,292,923

 

2,704,822

Total stockholders' equity

 

3,441,603

 

3,418,325

 

3,467,414

Total liabilities and stockholders’ equity

$

14,617,902

$

18,776,612

$

31,297,980

PENNYMAC FINANCIAL SERVICES, INC.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 

Quarter ended

March 31,

2022

December 31,

2021

March 31,

2021

(in thousands, except earnings per share)

Revenue
Net gains on loans held for sale at fair value

$

298,459

 

$

500,658

 

$

754,341

 

Loan origination fees

 

67,858

 

 

88,245

 

 

104,037

 

Fulfillment fees from PennyMac Mortgage Investment Trust

 

16,754

 

 

20,150

 

 

60,835

 

Net loan servicing fees:
Loan servicing fees

 

291,258

 

 

287,888

 

 

259,445

 

Change in fair value of mortgage servicing rights, mortgage servicing liabilities and excess servicing spread financing

 

212,911

 

 

(155,432

)

 

222,426

 

Hedging results

 

(217,860

)

 

(37,723

)

 

(442,151

)

Net loan servicing fees

 

286,309

 

 

94,733

 

 

39,720

 

Net interest expense:
Interest income

 

53,882

 

 

68,979

 

 

82,081

 

Interest expense

 

77,307

 

 

89,844

 

 

107,713

 

 

(23,425

)

 

(20,865

)

 

(25,632

)

Management fees from PennyMac Mortgage Investment Trust

 

8,117

 

 

8,919

 

 

8,449

 

Other

 

3,432

 

 

1,971

 

 

2,936

 

Total net revenue

 

657,504

 

 

693,811

 

 

944,686

 

Expenses
Compensation

 

245,547

 

 

226,723

 

 

258,829

 

Loan origination

 

75,333

 

 

86,789

 

 

87,392

 

Technology

 

34,786

 

 

41,112

 

 

33,672

 

Marketing and advertising

 

22,403

 

 

16,568

 

 

6,665

 

Professional services

 

20,103

 

 

31,734

 

 

13,286

 

Occupancy and equipment

 

9,469

 

 

8,354

 

 

9,038

 

Servicing

 

(1,246

)

 

31,470

 

 

19,183

 

Other

 

16,589

 

 

16,950

 

 

10,613

 

Total expenses

 

422,984

 

 

459,700

 

 

438,678

 

Income before provision for income taxes

 

234,520

 

 

234,111

 

 

506,008

 

Provision for income taxes

 

60,927

 

 

61,028

 

 

129,140

 

Net income

$

173,593

 

$

173,083

 

$

376,868

 

Earnings per share
Basic

$

3.11

 

$

2.97

 

$

5.45

 

Diluted

$

2.94

 

$

2.79

 

$

5.15

 

Weighted-average common shares outstanding
Basic

 

55,831

 

 

58,247

 

 

69,113

 

Diluted

 

59,129

 

 

61,944

 

 

73,117

 

Dividend declared per share

$

0.20

 

$

0.20

 

$

0.20

 

 

Contacts

Media
Kristyn Clark
kristyn.clark@pennymac.com
(805) 395-9943

Investors
Kevin Chamberlain
Isaac Garden
PFSI_IR@pennymac.com
(818) 224-7028

Contacts

Media
Kristyn Clark
kristyn.clark@pennymac.com
(805) 395-9943

Investors
Kevin Chamberlain
Isaac Garden
PFSI_IR@pennymac.com
(818) 224-7028