8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 11, 2023

PennyMac Financial Services, Inc.

(Exact name of registrant as specified in its charter)

Delaware	001-38727	83-1098934
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

3043 Townsgate Road, Westlake Village, California	91361
(Address of principal executive offices)	(Zip Code)

(818) 224-7442

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.0001 par value	PFSI	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 7.01 Regulation FD Disclosure.

PennyMac Financial Services, Inc. (the “Company”) will present at the Barclays Global Financial Services Conference on September 11, 2023. A copy of the investor update has been made available on the Company’s investor relations website and is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K.

The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of Section 18, nor shall it be deemed incorporated by reference into any disclosure document relating to the Company, except to the extent, if any, expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d)  Exhibits.

Exhibit No.	Description
99.1	Barclays Global Financial Services Conference Investor Update
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	PENNYMAC FINANCIAL SERVICES, INC.
Dated: September 11, 2023	/s/ Daniel S. Perotti
	Daniel S. Perotti
	Senior Managing Director and Chief Financial Officer

EX-99.1

Exhibit 99.1

Investor Update Barclays Global Financial Services Conference September 2023

2 This presentation 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, our financial results, future operations, business plans and in vestment 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 expression s o r 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 an d operations for any future period may vary materially from those projected projected herein and from past results discussed herein. These forward - looking statements include, but are not limited to, state ments regarding future changes in interest rates, prepayment rates and the housing market; future loan origination, servicing and production, including future production, operating and hedge e xpe nses; future loan delinquencies and forbearances; future earnings and and return on equity as well as other business and financial expectations. Factors which could cause actual results to differ ma terially from historical results or those anticipated include, but are not limited to: interest rate changes; declines in real estate or significant changes in U.S. housing prices or activity in the U .S. housing market; 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 fr om any noncompliance with the laws and regulations applicable to our business; 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 mortga ge modification programs; the licensing and operational requirements of states and other jurisdictions applicable to our business, to which our bank competitors are not subject; for ecl osure 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 reflec t c hanges in business levels; purchase opportunities for mortgage servicing servicing rights and our success in winning bids; our substantial amount of indebtedness; increases in loan delinquencies, de fau lts and forbearances; our reliance on PennyMac Mortgage Investment Investment Trust (NYSE: PMT) as a significant contributor to our mortgage banking business; maintaining sufficient capital an d l iquidity 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 o f, 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 othe r c ircumstances; investment management and incentive fees; conflicts of interest in allocating our services and investment opportunities among us and our advised entities; the effect of public opin ion on our reputation; our exposure to risks of los s and disruptions in operations resulting from adverse weather conditions, man - made or natural disasters, climate change and pandemics; our ability t o 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 de tect 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 di scussed in reports and other documents filed by the Company with the the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise a ny forward - looking statements or any other information contained herein, and the statements made in this presentation are current as of the date of this presentation only. FORWARD - LOOKING STATEMENTS

3 QUARTER - TO - DATE BUSINESS UPDATE – PRODUCTION AND SERVICING (1) Includes volume fulfilled for PennyMac Mortgage Investment Trust (NYSE:PMT) (2) Includes locks related to both PFSI and PMT loan acquisitions (3) As of 8/31/23; includes volumes subserviced for PMT • Correspondent acquisitions were $7.7 billion in August, up 35% from July (1) • Correspondent locks were $9.4 billion in August, up 56% from July (2) • Broker Direct originations were $0.8 billion in August, up 9% from July • Broker Direct locks were $1.1 billion in August, up 19% from July • Consumer Direct v olumes are roughly in - line with prior quarter volumes • Gain - on - sale margins through August have been relatively consistent with levels reported in 2Q23 • Servicing portfolio has grown to $584.0 billion in UPB (3) ‒ 18% of total servicing portfolio has a note rate of 5.0% or higher, up from 15% at the end of the prior quarter (3) Fundings ($ in billions) 2Q23 Jul-23 Aug-23 3Q23TD Correspondent Acquisitions (1) 21.2$ 5.7$ 7.7$ 13.4$ Broker Direct Originations 2.1$ 0.7$ 0.8$ 1.5$ Consumer Direct Originations 1.6$ 0.5$ 0.5$ 0.9$ Total acquisitions/originations 24.9$ 6.9$ 8.9$ 15.8$ 2Q23 Jul-23 Aug-23 3Q23TD Correspondent Locks (2) 21.6$ 6.1$ 9.4$ 15.5$ Broker Direct Locks 2.8$ 0.9$ 1.1$ 2.0$ Consumer Direct Locks 2.2$ 0.6$ 0.6$ 1.2$ Total Locks 26.6$ 7.6$ 11.1$ 18.7$ Interest Rate Lock Commitments ($ in billions)

XML

Cover	Sep. 11, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Sep. 11, 2023
Entity File Number	001-38727
Entity Registrant Name	PennyMac Financial Services, Inc.
Entity Central Index Key	0001745916
Entity Tax Identification Number	83-1098934
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	3043 Townsgate Road
Entity Address, City or Town	Westlake Village
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91361
City Area Code	818
Local Phone Number	224-7442
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	PFSI
Security Exchange Name	NYSE
Entity Emerging Growth Company	false