Pennymac Financial Services (NYSE: PFSI) reported Q2 EPS of $4.39, $1.50 better than the analyst estimate of $2.89. Revenue for the quarter came in at $821.63 million versus the consensus estimate of $661.29 million.

“During this period of historically low interest rates and disruption in the economy, PennyMac Financial was, and remains, a consistent and constructive source of new capital for consumers seeking to purchase a home or refinance their existing home throughout the COVID-19 crisis,” said President and CEO David Spector. “I am very proud of the hard work and investments we have made in our platform leading up to this period which have established PennyMac as an industry leader with strong capabilities to best serve our customers while delivering record financial performance to our shareholders. We reported record Production segment results and strong operating earnings in our loan servicing segment, which drove 15 percent book value growth from the prior quarter. We continue to invest in our platform and are pleased to note a new milestone in the development of our production technology with the launch of P3 for our correspondent customers as part of our vision to have a single, cloud-based platform for all production channels. The new portal is designed to drive operational efficiencies and an improved customer experience across all channels while increasing the speed of system enhancements. Additionally, we continue to be a positive force in the economy as we hired over 1,000 new PennyMac’ers in the quarter to enable us to address the planned, long-term growth of our direct lending platforms and assist our borrowers with hardships. PennyMac’s substantial investments in people, systems and infrastructure throughout its history have positioned us uniquely to address the very large opportunity in the mortgage markets. I am proud of the role this Company continues to play in the economic recovery and while prospects for the U.S. economy remain uncertain, given the present market environment, we expect PFSI’s exceptional financial performance to persist into 2021.”

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