PennyMac Financial Crushes It on Record Mortgage Volume
Mortgage originators have fared relatively well during the COVID-19 crisis. The initial weeks were difficult as a lack of liquidity in the mortgage markets and margin calls besieged the industry. But as April turned to May, the origination business took off.
PennyMac Financial (NYSE: PFSI) has been a stellar performer in what has been a very volatile year for many companies, and it's one of the few financial stocks that can claim that.
PennyMac Financial just reported second-quarter earnings, which soared on record origination volume. Net revenue rose 171% to $822 million, and earnings per share increased from $0.92 to $4.39.
Source Fool.com
