PennyMac Financial Services on Wednesday reported first quarter profit that met Wall Street analysts, while its revenue rose on increased loan servicing. The Moorpark company reported net income of $8 million (38 cents a share) for the quarter ended March 31 on revenue of $105.5 million. The company does not have comparable financial data from last year because it went public in May. Analysts on average had expected net income of 38 cents a share on revenue of $100 million, according to Thomson Financial Network. The company produces and services U.S. residential mortgage loans and is an affiliate of publicly held mortgage REIT PennyMac Mortgage Investment Trust. Stanford Kurland, the former president of Countrywide Financial, is chief executive of both companies. The company reported growth in most categories, including loan servicing, which rose 43 percent from the fourth quarter to $40 million. “We gained market share in correspondent lending, retail lending and loan servicing, and investment management assets continued to grow,” said Kurland in a prepared statement. Shares closed down 54 cents, or 3.47 percent, to $15.03 on the New York Stock Exchange. In its quarterly filing, PennyMac Mortgage Investment Trust reported falling profit in the first quarter, as its correspondent lending segment struggled. The Moorpark real estate investment trust posted net income of $37.9 million (50 cents a share) in the quarter ended March 31, compared with $53.3 million (90 cents) in the same period a year earlier. The company’s net investment income fell 20 percent to $76.6 million. The REIT primarily invests in distressed residential mortgages and other mortgage-related assets but also does correspondent lending, originating and packaging loans for sales to banks. Revenue from its correspondent lending business fell 32 percent from the fourth quarter to $12.3 million. Shares closed up 22 cents, or nearly 1 percent, to $23.33 on the New York Stock Exchange.
