PennyMac Financial Services Inc 2024年度报告

PennyMac Financial Services, Inc. (NYSE: PFSI) is a specialty financial services firm with acomprehensive mortgage platform and integrated business focused on the origination,acquisition, and servicing of U.S. residential mortgage loans and the management ofinvestments related to the U.S. mortgage market. Since PennyMac’s founding in 2008, we have pursued opportunities to acquire, originate andmanage mortgage loans and mortgage-related assets and established what we believe is theleading residential mortgage platform in the U.S. We manage PennyMac Mortgage Investment Trust (NYSE: PMT), a publicly-traded mortgagereal estate investment trust (REIT). PMT is a tax-efficient vehicle for investing in mortgage-related assets and has a successful track record of deploying and managing capital inmortgage-related investments for more than 15 years. Dear Fellow Stockholders, PennyMac Financial Services, Inc.’s (NYSE: PFSI) strong financial performance in 2024 servesas testament to the critical role our scaled and balanced business model plays in achievingsuccess in mortgage banking across different interest rate environments. The year wascharacterized by extreme interest rate volatility - as evidenced by the yield on the 10-yearTreasury bond, which ranged from 3.6 percent to 4.7 percent - and low origination volumes.Inside Mortgage Finance estimates the origination market in 2024 totaled $1.7 trillion in unpaidprincipal balance (UPB); and while up 16 percent from 2023, it is still well below normalizedlevels. Housing affordability continues to be near all-time lows driven by steady and consistenthome price appreciation and mortgage rates in the 6 to 7 percent range. Despite thesechallenges, we produced a 9 percent return on equity (ROE) and a 17 percent operating ROE1,which excludes the impacts of fair value changes on hedged mortgage servicing rights (MSR)and non-recurring items, with strong contributions from both our industry-leading productionand servicing businesses. Though the origination market was constrained in 2024, pretax income from our productionsegment was $311 million, up 168 percent from 2023. Total production volumes, which includeacquisitions made by PennyMac Mortgage Investment Trust (NYSE: PMT), were $116 billion inUPB, up 17 percent from the prior year, and we retained our position as the second largestproducer of mortgage loans in the country. These achievements highlight both our strongaccess to the more consistent purchase market, primarily through our leading correspondentand broker-direct channels, and our ability to rapidly address refinance opportunities in our ownportfolio when they are presented by lower rates. Through the retention of MSRs on ourproduction, our servicing portfolio ended the year at $666 billion in UPB, up 10 percent from theend of 2023, with 2.6 million customers. Our large and scaled servicing business is a keycomponent of the success we have enjoyed over the years and specifically in this higherinterest rate environment. In 2024, we generated $643 million of operating pretax income1fromthe servicing segment, up 20 percent from the previous year. It is important to acknowledge that the rapid fluctuations in interest rates throughout the yearpresented some challenges in the hedging of our MSR portfolio. While our overall financialperformance was strong, increased interest rate volatility and elevated hedge costs led toperiods where the performance of our interest rate hedges did not effectively insulate ourperformance from fluctuations in the value of the MSR asset at our targeted levels. However, weremain confident in our ability to navigate these complexities through the ongoing refinement ofour risk management practices, which continue to provide stable growth in PFSI’s book valueper share by mitigating the impact of fluctuating MSR fair values on our stockholders’ equity. Looking toward 2025 and beyond, I believe we are extraordinarily well-positioned for continuedstrong execution across our core businesses. Our correspondent sellers and brokers havecultivated deep connections within their local communities, proving to be invaluable sources forpurchase loan originations. They recognize the distinct value proposition we can offer:consistently purchasing and originating loans quickly with minimal defects at competitiveprices. This strong foundation ensures a reliable flow of high-quality assets and positions ourservicing portfolio for sustained growth as we strategically retain the MSRs on almost all of ourproduction. The organic expansion of our servicing portfolio will serve as a powerful engine forfuture earnings potential, driving low-cost leads to our most profitable channel, consumer directlending, when interest rates decline, a trend we witnessed and capitalized on successfully in thethird quarter of 2024. Beyond our core strategies, we are committed to maximizing the opportunities we have createdthrough the growth and scale of our business. These includ