The Drop in Rates Is a Double-Edged Sword for Mortgage Originators Like PennyMac Financial Services [The Motley Fool]
PennyMac Financial Services, Inc. (PFSI)
Last pennymac financial services, inc. earnings: 2/6 04:30 pm
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Source: The Motley Fool
Last week was tumultuous for mortgage originators as the 0-year bond yield fell from .6% to 0.77%. This drop in yields was directly attributable to fears about the novel coronavirus pandemic and the Fed's drastic half-point cut PennyMac Financial Services ( NYSE:PFSI Is the drop in rates good or bad for mortgage originators? Read on to find out. Different businesses for different rates PennyMac Financial Services is one of the top non-bank mortgage originators in the United States. The company buys loans from smaller mortgage originators and then sells them to PennyMac Investment Trust NYSE:PMT REIT Image source: Getty Images. Falling rates mean more loans This week, the Mortgage Bankers Association reported that mortgage applications increased Mortgage servicing rights: An unusual asset The other side of the coin is PennyMac's $.9 billion MSR portfolio. While falling rates are great for originators, they are bad for mortgage servicing rights. Here is how servicing works: You know the
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PFSI
News
- PennyMac Financial Services, Inc. (NYSE: PFSI) had its price target lowered by analysts at Keefe, Bruyette & Woods from $105.00 to $100.00. They now have an "outperform" rating on the stock.MarketBeat
- PennyMac Financial Services, Inc. (NYSE:PFSI) Q1 2024 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
- PennyMac Financial Services, Inc. (NYSE: PFSI) was downgraded by analysts at StockNews.com from a "hold" rating to a "sell" rating.MarketBeat
- PennyMac Financial Services, Inc. (NYSE: PFSI) had its price target lowered by analysts at Deutsche Bank Aktiengesellschaft from $115.00 to $112.00. They now have a "buy" rating on the stock.MarketBeat
- PennyMac Financial Services, Inc. (NYSE: PFSI) had its "outperform" rating re-affirmed by analysts at Wedbush. They now have a $110.00 price target on the stock.MarketBeat
PFSI
Earnings
- 4/24/24 - Miss
PFSI
Sec Filings
- 4/24/24 - Form 8-K
- 4/19/24 - Form ARS
- 4/19/24 - Form DEFA14A
- PFSI's page on the SEC website