Pennymac posts $29M profit amid expense cuts, upcoming leadership changes

PennyMac Financial Services Inc. (PFSI) on Thursday reported its financial results for the third quarter of 2026, with the California-based mortgage lender and servicer posting net income of $29 million from June to September — down 84% from a year ago but up 32% from the second quarter.The company enters the final quarter of the year balancing two diverging stories — an originations business that’s being squeezed by the highest mortgage rates in years alongside a servicing business that’s producing healthy results and is set to grow further through a coming acquisition.Pennymac is also attempting to right the ship through cost-cutting measures, including layoffs, while chairman and CEO David Spector announced coming leadership changes for 2027 during an earnings call with investors and analysts on Thursday. Spector said that effective Jan. 1, 2027, chief strategy officer Kevin Ryan will take over as the company’s chief financial officer. Current CFO Dan Perotti, who’s been with the company since 2008 and in the CFO’s seat since 2021, will remain in the role through the end of this year and serve in an advisory capacity through the first quarter of 2027. Additionally, Pennymac anno...