PennyMac Q3 revenue falls 25.6% as mortgage demand stays weak
The gist
PennyMac Financial Services' Q3 2026 revenue fell 25.6% year on year to $469 million, missing consensus.
The mortgage lender's results show how higher rates are squeezing home-loan activity.
How it unfolded
- Oct 29, 2026PennyMac reported Q3 2026 revenue of $469 million, down 25.6% year on year and below consensus; non-GAAP profit of $1.05 per share missed estimates by 14.9%.
- Oct 29, 2026Shares fell 2.8% to $62.67 immediately after the release.
- Oct 29, 2026CEO David Spector said servicing was strongly profitable while production posted a pretax loss on weaker origination activity and margin pressure, and said the company expects to cut annualized operating expenses by $160 million from Q2 2026 levels by Q1 2027.