0001558370-21-014673.txt : 20211104 0001558370-21-014673.hdr.sgml : 20211104 20211104172342 ACCESSION NUMBER: 0001558370-21-014673 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 121 CONFORMED PERIOD OF REPORT: 20210930 FILED AS OF DATE: 20211104 DATE AS OF CHANGE: 20211104 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: 211381219 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-20210930x10q.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 September 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 November 2, 2021

Common Stock, $0.0001 par value

59,029,210

PENNYMAC FINANCIAL SERVICES, INC.

FORM 10-Q

September 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

81

Item 4.

Controls and Procedures

83

PART II. OTHER INFORMATION

84

Item 1.

Legal Proceedings

84

Item 1A.

Risk Factors

85

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

85

Item 3.

Defaults Upon Senior Securities

85

Item 4.

Mine Safety Disclosures

85

Item 5.

Other Information

85

Item 6.

Exhibits

86

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;

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;

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

3

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.

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.

 

4

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)

    

September 30, 

    

December 31, 

    

2021

    

2020

(in thousands, except share amounts)

ASSETS

Cash

 $

476,497

 $

532,716

Short-term investments at fair value

5,046

15,217

Loans held for sale at fair value (includes $9,368,106 and $11,457,678 pledged to creditors)

9,659,695

11,616,400

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

80,862

Derivative assets

429,984

711,238

Servicing advances, net (includes valuation allowance of $127,453 and $181,433; $203,236 and $413,484 pledged to creditors)

522,906

579,528

Mortgage servicing rights at fair value (includes $3,600,978 and $2,577,964 pledged to creditors)

3,611,120

2,581,174

Operating lease right-of-use assets

85,266

74,934

Investment in PennyMac Mortgage Investment Trust at fair value

1,477

1,105

Receivable from PennyMac Mortgage Investment Trust

49,993

87,005

Loans eligible for repurchase

4,335,378

14,625,447

Other (includes $74,364 and $166,418 pledged to creditors)

567,776

692,169

Total assets

 $

19,745,138

 $

31,597,795

LIABILITIES

Assets sold under agreements to repurchase

 $

6,897,157

 $

9,654,797

Mortgage loan participation purchase and sale agreements

519,784

521,477

Obligations under capital lease

5,583

11,864

Notes payable secured by mortgage servicing assets

1,297,176

1,295,840

Unsecured senior notes

1,783,230

645,820

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

131,750

Derivative liabilities

14,204

42,638

Mortgage servicing liabilities at fair value

47,567

45,324

Accounts payable and accrued expenses

358,944

308,398

Operating lease liabilities

105,452

94,193

Payable to PennyMac Mortgage Investment Trust

138,972

140,306

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

31,815

35,165

Income taxes payable

659,768

622,700

Liability for loans eligible for repurchase

4,335,378

14,625,447

Liability for losses under representations and warranties

45,806

32,688

Total liabilities

16,240,836

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, 60,419,578 and 70,905,532 shares, respectively

6

7

Additional paid-in capital

372,198

1,047,052

Retained earnings

3,132,098

2,342,329

Total stockholders' equity

3,504,302

3,389,388

Total liabilities and stockholders’ equity

 $

19,745,138

 $

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 September 30, 

  

Nine months ended September 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

$

639,730

$

865,044

$

2,002,515

$

1,819,175

From PennyMac Mortgage Investment Trust

(12,976)

(9,775)

(38,772)

62,549

626,754

855,269

1,963,743

1,881,724

Loan origination fees:

From non-affiliates

88,040

69,496

274,048

177,747

From PennyMac Mortgage Investment Trust

6,541

6,076

21,861

14,344

94,581

75,572

295,909

192,091

Fulfillment fees from PennyMac Mortgage Investment Trust

43,922

54,839

158,777

149,594

Net loan servicing fees:

Loan servicing fees:

From non-affiliates

216,592

203,696

635,620

601,527

From PennyMac Mortgage Investment Trust

20,703

18,752

59,811

48,806

Other

30,463

27,920

91,793

85,218

267,758

250,368

787,224

735,551

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

(147,669)

(127,217)

(260,474)

(1,368,219)

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

3,135

(1,037)

18,293

Mortgage servicing rights hedging results

(86,459)

6,521

(437,492)

1,027,327

(234,128)

(117,561)

(699,003)

(322,599)

Net loan servicing fees

33,630

132,807

88,221

412,952

Net interest expense:

Interest income:

From non-affiliates

68,312

52,276

230,803

170,148

From PennyMac Mortgage Investment Trust

676

387

2,686

68,312

52,952

231,190

172,834

Interest expense:

To non-affiliates

90,711

61,109

299,575

171,482

To PennyMac Mortgage Investment Trust

2,070

1,280

6,416

90,711

63,179

300,855

177,898

Net interest expense

(22,399)

(10,227)

(69,665)

(5,064)

Management fees from PennyMac Mortgage Investment Trust

8,520

8,508

28,882

25,851

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

(67)

(288)

478

(602)

Results of real estate acquired in settlement of loans

378

1,214

1,698

803

Other

1,293

2,298

5,507

6,102

Total net revenues

786,612

1,119,992

2,473,550

2,663,451

Expenses

Compensation

249,183

202,440

773,079

550,762

Loan origination

80,932

53,752

243,999

150,677

Technology

32,406

28,964

100,314

69,976

Servicing

27,892

71,110

78,365

169,779

Professional services

24,429

18,307

62,549

44,211

Occupancy and equipment

9,389

8,491

27,456

24,822

Other

22,832

8,637

62,716

29,841

Total expenses

447,063

391,701

1,348,478

1,040,068

Income before provision for income taxes

339,549

728,291

1,125,072

1,623,383

Provision for income taxes

90,239

193,131

294,665

429,303

Net income

$

249,310

$

535,160

$

830,407

$

1,194,080

Earnings per share

Basic

$

4.02

$

7.39

$

12.65

$

15.65

Diluted

$

3.80

$

7.03

$

11.98

$

15.00

Weighted average shares outstanding

Basic

62,085

72,439

65,671

76,292

Diluted

65,652

76,138

69,341

79,618

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 September 30, 2021

Additional

Total

Number of

Par

paid-in

Retained

stockholders'

    

shares

    

value

    

capital

    

earnings

    

equity

(in thousands)

Balance, June 30, 2021

64,484

$