0001558370-21-010612.txt : 20210805 0001558370-21-010612.hdr.sgml : 20210805 20210805170226 ACCESSION NUMBER: 0001558370-21-010612 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 123 CONFORMED PERIOD OF REPORT: 20210630 FILED AS OF DATE: 20210805 DATE AS OF CHANGE: 20210805 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PennyMac Financial Services, Inc. CENTRAL INDEX KEY: 0001745916 STANDARD INDUSTRIAL CLASSIFICATION: MORTGAGE BANKERS & LOAN CORRESPONDENTS [6162] IRS NUMBER: 831098934 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-38727 FILM NUMBER: 211149294 BUSINESS ADDRESS: STREET 1: 3043 TOWNSGATE ROAD CITY: WESTLAKE VILLAGE STATE: CA ZIP: 91361 BUSINESS PHONE: (818) 224-7442 MAIL ADDRESS: STREET 1: 3043 TOWNSGATE ROAD CITY: WESTLAKE VILLAGE STATE: CA ZIP: 91361 FORMER COMPANY: FORMER CONFORMED NAME: New PennyMac Financial Services, Inc. DATE OF NAME CHANGE: 20180709 10-Q 1 pfsi-20210630x10q.htm 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from           to           

Commission File Number: 001-38727

PennyMac Financial Services, Inc.

(Exact name of registrant as specified in its charter)

Delaware

83-1098934

(State or other jurisdiction of

(IRS Employer

incorporation or organization)

Identification No.)

3043 Townsgate Road, Westlake Village, California

91361

(Address of principal executive offices)

(Zip Code)

(818224-7442

(Registrant’s telephone number, including area code)

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

Class

Outstanding at August 3, 2021

Common Stock, $0.0001 par value

62,055,841

PENNYMAC FINANCIAL SERVICES, INC.

FORM 10-Q

June 30, 2021

TABLE OF CONTENTS

Page

Special Note Regarding Forward-Looking Statements

3

PART I. FINANCIAL INFORMATION

6

Item 1.

Financial Statements (Unaudited):

6

Consolidated Balance Sheets

6

Consolidated Statements of Income

7

Consolidated Statements of Changes in Stockholders’ Equity

8

Consolidated Statements of Cash Flows

9

Notes to Consolidated Financial Statements

10

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

62

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

80

Item 4.

Controls and Procedures

82

PART II. OTHER INFORMATION

83

Item 1.

Legal Proceedings

83

Item 1A.

Risk Factors

84

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

84

Item 3.

Defaults Upon Senior Securities

84

Item 4.

Mine Safety Disclosures

84

Item 5.

Other Information

84

Item 6.

Exhibits

85

2

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q (“Report”) contains certain forward-looking statements that are subject to various risks and uncertainties. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” “continue,” “plan” or other similar words or expressions. 

 

Forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans and strategies, contain financial and operating projections or state other forward-looking information. Examples of forward-looking statements include the following:

projections of our revenues, income, earnings per share, capital structure or other financial items;
descriptions of our plans or objectives for future operations, products or services;
forecasts of our future economic performance, interest rates, profit margins and our share of future markets; and
descriptions of assumptions underlying or relating to any of the foregoing expectations regarding the timing of generating any revenues.

Our ability to predict results or the actual effect of future events, actions, plans or strategies is inherently uncertain. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results and performance could differ materially from those set forth in the forward-looking statements. There are a number of factors, many of which are beyond our control that could cause actual results to differ significantly from management’s expectations. Some of these factors are discussed below.

 

You should not place undue reliance on any forward-looking statement and should consider the following uncertainties and risks, as well as the risks and uncertainties discussed elsewhere in this Report and the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (“SEC”) on February 25, 2021.

 

Factors that could cause actual results to differ materially from historical results or those anticipated include, but are not limited to:

our exposure to risks of loss resulting from adverse weather conditions, man-made or natural disasters, the effect of climate change, and pandemics, such as the COVID-19 pandemic;

failure to modify, resell or refinance early buyout loans and or defaults of early buyout loans beyond our expectations;

the continually changing federal, state and local laws and regulations applicable to the highly regulated industry in which we operate;

lawsuits or governmental actions if we do not comply with the laws and regulations applicable to our businesses;

the mortgage lending and servicing-related regulations promulgated by the Consumer Financial Protection Bureau (“CFPB”) 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;

elimination of the Federal Housing Finance Agency’s adverse market refinance fee;

foreclosure delays and changes in foreclosure practices;

the licensing and operational requirements of states and other jurisdictions applicable to our businesses, to which our bank competitors are not subject;

3

our ability to manage third-party service providers and vendors and their compliance with laws, regulations and investor requirements;

changes in macroeconomic and U.S. real estate market conditions;

difficulties inherent in growing loan production volume;

difficulties inherent in adjusting the size of our operations to reflect changes in business levels;

maintaining sufficient capital and liquidity to support business growth including compliance with financial covenants;

changes in prevailing interest rates;

our substantial amount of indebtedness;

increases in loan delinquencies and defaults;

our reliance on PennyMac Mortgage Investment Trust (“PMT”) as a significant source of financing for, and revenue related to, our mortgage banking business;

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 exposure to counterparties that are unwilling or unable to honor contractual obligations, including their obligation to indemnify us or repurchase defective mortgage loans;

our ability to realize the anticipated benefit of potential future acquisitions of mortgage servicing rights;

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 ourselves and PMT;

the effect of public opinion on our reputation;

our recent growth;

our ability to effectively identify, manage, monitor and mitigate financial risks;

our initiation of new business activities or expansion of existing business activities;

our ability to detect misconduct and fraud;

our ability to effectively deploy new information technology applications and infrastructure;

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.

4

Other factors that could also cause results to differ from our expectations may not be described in this Report or any other document.  Each of these factors could by itself, or together with one or more other factors, adversely affect our business, results of operations and/or financial condition.

 

Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

5

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

PENNYMAC FINANCIAL SERVICES, INC.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

    

June 30, 

    

December 31, 

    

2021

    

2020

(in thousands, except share amounts)

ASSETS

Cash

 $

324,158

 $

532,716

Short-term investments at fair value

3,720

15,217

Loans held for sale at fair value (includes $10,451,126 and $11,457,678 pledged to creditors)

10,884,506

11,616,400

Assets purchased from PennyMac Mortgage Investment Trust under agreements to resell pledged to creditors

80,862

Derivative assets

371,269

711,238

Servicing advances, net (includes valuation allowance of $140,270 and $181,433; $311,896 and $413,484 pledged to creditors)

519,028

579,528

Mortgage servicing rights at fair value (includes $3,408,088 and $2,577,964 pledged to creditors)

3,412,648

2,581,174

Operating lease right-of-use assets

75,829

74,934

Investment in PennyMac Mortgage Investment Trust at fair value

1,580

1,105

Receivable from PennyMac Mortgage Investment Trust

61,883

87,005

Loans eligible for repurchase

7,613,244

14,625,447

Other (includes $60,857 and $166,418 pledged to creditors)

612,273

692,169

Total assets

 $

23,880,138

 $

31,597,795

LIABILITIES

Assets sold under agreements to repurchase

 $

8,254,543

 $

9,654,797

Mortgage loan participation purchase and sale agreements

512,253

521,477

Obligations under capital lease

7,677

11,864

Notes payable secured by mortgage servicing assets

1,296,731

1,295,840

Unsecured senior notes

1,288,769

645,820

Excess servicing spread financing payable to PennyMac Mortgage Investment Trust at fair value

131,750

Derivative liabilities

43,910

42,638

Mortgage servicing liabilities at fair value

100,091

45,324

Accounts payable and accrued expenses

369,766

308,398

Operating lease liabilities

96,463

94,193

Payable to PennyMac Mortgage Investment Trust

136,660

140,306

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

31,815

35,165

Income taxes payable

570,052

622,700

Liability for loans eligible for repurchase

7,613,244

14,625,447

Liability for losses under representations and warranties

44,335

32,688

Total liabilities

20,366,309

28,208,407

Commitments and contingencies – Note 16

STOCKHOLDERS’ EQUITY

Common stock—authorized 200,000,000 shares of $0.0001 par value; issued and outstanding, 64,483,965 and 70,905,532 shares, respectively

6

7

Additional paid-in capital

618,337

1,047,052

Retained earnings

2,895,486

2,342,329

Total stockholders' equity

3,513,829

3,389,388

Total liabilities and stockholders’ equity

 $

23,880,138

 $

31,597,795

The accompanying notes are an integral part of these consolidated financial statements.

6

PENNYMAC FINANCIAL SERVICES, INC.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Quarter ended June 30, 

  

Six months ended June 30, 

2021

2020

  

2021

2020

(in thousands, except per share amounts)

Revenues

Net gains on loans held for sale at fair value:

From non-affiliates

$

594,196

$

687,765

$

1,362,785

$

954,131

From PennyMac Mortgage Investment Trust

(11,548)

(5,592)

(25,796)

72,324

582,648

682,173

1,336,989

1,026,455

Loan origination fees:

From non-affiliates

90,163

54,660

186,008

108,251

From PennyMac Mortgage Investment Trust

7,128

4,288

15,320

8,268

97,291

58,948

201,328

116,519

Fulfillment fees from PennyMac Mortgage Investment Trust

54,020

52,815

114,855

94,755

Net loan servicing fees:

Loan servicing fees:

From non-affiliates

208,275

199,178

419,028

397,831

From PennyMac Mortgage Investment Trust

20,015

15,533

39,108

30,054

Other

31,731

28,543

61,330

57,298

260,021

243,254

519,466

485,183

Change in fair value of mortgage servicing rights and mortgage servicing liabilities

(336,268)

(205,789)

(112,805)

(1,241,002)

Change in fair value of excess servicing spread financing payable to PennyMac Mortgage Investment Trust

636

(1,037)

15,158

Mortgage servicing rights hedging results

91,118

(15,764)

(351,033)

1,020,806

(245,150)

(220,917)

(464,875)

(205,038)

Net loan servicing fees

14,871

22,337

54,591

280,145

Net interest (expense) income:

Interest income:

From non-affiliates

80,797

46,526

162,491

117,872

From PennyMac Mortgage Investment Trust

792

387

2,010

80,797

47,318

162,878

119,882

Interest expense:

To non-affiliates

102,431

50,835

208,864

110,373

To PennyMac Mortgage Investment Trust

2,372

1,280

4,346

102,431

53,207

210,144

114,719

Net interest (expense) income

(21,634)

(5,889)

(47,266)

5,163

Management fees from PennyMac Mortgage Investment Trust

11,913

8,288

20,362

17,343

Change in fair value of investment in and dividends received from PennyMac Mortgage Investment Trust

144

543

545

(314)

Results of real estate acquired in settlement of loans

540

296

1,320

(411)

Other

2,459

2,123

4,214

3,804

Total net revenues

742,252

821,634

1,686,938

1,543,459

Expenses

Compensation

265,067

179,886

523,896

348,322

Loan origination

75,675

50,921

163,067

96,925

Technology

34,236

21,905

67,908

41,012

Servicing

31,290

56,503

50,473

98,669

Professional services

24,834

12,500

38,120

25,904

Occupancy and equipment

9,029

8,293

18,067

16,331

Other

22,606

11,264

39,884

21,204

Total expenses

462,737

341,272

901,415

648,367

Income before provision for income taxes

279,515

480,362

785,523

895,092

Provision for income taxes

75,286

127,685

204,426

236,172

Net income

$

204,229

$

352,677

$

581,097

$

658,920

Earnings per share

Basic

$

3.10

$

4.53

$

8.61

$

8.42

Diluted

$

2.94

$

4.39

$

8.16

$

8.11

Weighted average shares outstanding

Basic

65,890

77,790

67,493

78,240

Diluted

69,399

80,424

71,248

81,241

Dividend declared per share

$

0.20

$

0.12

$

0.40

$

0.24

The accompanying notes are an integral part of these consolidated financial statements.

7

PENNYMAC FINANCIAL SERVICES, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

Quarter ended June 30, 2021

Additional

Total

Number of

Par

paid-in

Retained

stockholders'

    

shares

    

value

    

capital

    

earnings

    

equity

(in thousands)

Balance, March 31, 2021