Core Viewpoint - PennyMac Mortgage Investment Trust (NYSE: PMT) is a stable mREIT with a dividend yield of 11.7% in 2024 [1] Company Overview - PMT invests in mortgages and has maintained stable share prices throughout 2024 [1] - The company offers three different types of preferred shares [1] Investment Focus - The focus is on income investing through common shares, preferred shares, or bonds [1] - The company is positioned to attract investors looking for high dividend yields [1]

Core Viewpoint - The article emphasizes the importance of value investing and highlights PennyMac Mortgage Investment Trust (PMT) as a strong candidate for value investors due to its attractive valuation metrics [1][3]. Company Summary - PennyMac Mortgage Investment Trust (PMT) holds a Zacks Rank of 2 (Buy) and a Value grade of A, indicating strong potential for value investors [2]. - PMT has a Forward P/E ratio of 9.34, significantly lower than the industry's average Forward P/E of 17, suggesting it may be undervalued [2]. - Over the past year, PMT's Forward P/E has fluctuated between 7.87 and 11.10, with a median of 9.88, indicating stable valuation metrics [2]. - The company has a P/CF ratio of 5.82, which is attractive compared to the industry's average P/CF of 8.77, further supporting the notion of undervaluation [2]. - PMT's P/CF has ranged from 5.60 to 10.50 over the past year, with a median of 7.45, reflecting its strong cash flow outlook [2]. Investment Outlook - The combination of PMT's low valuation metrics and strong earnings outlook positions it as one of the market's strongest value stocks, appealing to value investors [3].

Core Insights - PennyMac Mortgage (PMT) reported a revenue of $80.86 million for the quarter ended September 2024, reflecting a 50.5% decrease compared to the same period last year [1] - The earnings per share (EPS) was $0.36, down from $0.51 in the year-ago quarter, with a surprise of -2.70% against the consensus estimate of $0.37 [1] - The reported revenue was also below the Zacks Consensus Estimate of $93.75 million, resulting in a surprise of -13.75% [1] Financial Performance Metrics - Net interest income (expense) was reported at -$7.44 million, better than the estimated -$19.15 million [1] - Loan origination fees amounted to $6.64 million, exceeding the estimated $4.65 million [1] - Net loan servicing fee was -$85.08 million, significantly worse than the estimated -$19.47 million [1] - Net gains (losses) on loans acquired for sale were $20.06 million, slightly below the average estimate of $23.13 million [1] Stock Performance - Over the past month, shares of PennyMac Mortgage have returned -2.5%, contrasting with the Zacks S&P 500 composite's +2.8% change [2] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [2]

Financial Data and Key Metrics Changes - Net income to common shareholders was $31 million, or diluted earnings per share of $0.36, with an annualized return on common equity of 9% [3][10] - Book value per share at September 30 was $15.85, down slightly from the end of the prior quarter [3] - PMT's run rate reflects a quarterly average of $0.37 per share, up from $0.33 per share last quarter, primarily driven by the decline in short-term interest rates [14] Business Line Data and Key Metrics Changes - Credit sensitive strategies contributed $26 million in pre-tax income, with $17 million from organically created CRT investments [10] - Interest rate sensitive strategies contributed pre-tax income of $500,000, with MSR fair value decreasing by $84 million [11] - Total correspondent loan acquisition volume was $26 billion in the third quarter, up 15% from the prior quarter, with conventional loans acquired totaling $5.9 billion, up 167% from the prior quarter [12] Market Data and Key Metrics Changes - PMT accounted for approximately 7% of the total production market in the last year, with a leadership position in the correspondent channel [8] - The weighted average current loan-to-value ratio for mortgages underlying PMT's investments is below 50% [6] Company Strategy and Development Direction - PMT is focusing on optimizing capital allocation while evaluating emerging investment opportunities in the private label securitization market [7] - The company aims to increase investment in credit-sensitive assets, particularly in the context of evolving mortgage landscapes [20] - PMT plans to close securitizations of agency-eligible non-owner occupied loans in the fourth quarter and another similar transaction in the first quarter next year [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the performance of MSR investments due to low delinquency rates and substantial home equity accumulation [5] - The outlook for current investments in organically created CRT remains favorable, with expectations for continued stable cash flows [10] - Management noted that the evolving mortgage landscape presents new opportunities for PMT to be a material participant [7] Other Important Information - PMT effectively completed the refinancing of $457 million of CRT and MSR term notes, resulting in lower effective costs and extended durations [4] - Delinquency rates for borrowers underlying PMT's MSR portfolio remain low, with servicing advances outstanding decreasing to $71 million [11] Q&A Session Summary Question: Impact of yield curve steepness on dividend policy - Management indicated that a steepening yield curve could enhance earnings power, which would influence dividend evaluations [16][18] Question: Opportunities for credit-sensitive strategies - Management acknowledged good opportunities to increase investment in credit-sensitive assets, particularly in securitization activities [19][20] Question: Returns on jumbo loans and second liens - Management confirmed that jumbo loans are getting close to return targets, while second liens still have a way to go [22][25] Question: Capital deployment into new opportunities - Management stated that capital from CRT investments could be redeployed into credit-sensitive strategies, maintaining a constant level of MSR portfolio [26][29] Question: Future retention of conventional correspondent production - Management indicated a reduction in retention percentage to free up capital for securitization efforts, with potential to increase retention if returns are favorable [28][29] Question: Liquidity for debt repayment - Management confirmed that liquidity is in place for the repayment of $210 million in exchangeable senior notes due in November [14][35]

PennyMac Mortgage (PMT) came out with quarterly earnings of $0.36 per share, missing the Zacks Consensus Estimate of $0.37 per share. This compares to earnings of $0.51 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -2.70%. A quarter ago, it was expected that this specialty finance company would post earnings of $0.34 per share when it actually produced earnings of $0.17, delivering a surprise of -50%.Over the last four quart ...

Exhibit 99.1 PennyMac Mortgage Investment Trust Reports Third Quarter 2024 Results WESTLAKE VILLAGE, Calif. – October 22, 2024 – PennyMac Mortgage Investment Trust (NYSE: PMT) today reported net income attributable to common shareholders of $31.0 million, or $0.36 per common share on a diluted basis for the third quarter of 2024, on net investment income of $80.9 million. PMT previously announced a cash dividend for the third quarter of 2024 of $0.40 per common share of beneficial interest, which was declar ...

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers. Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors rely on traditional forms of analysis on ke ...

You can get access to everything we have to offer right now. Try our service and decide for yourself. I will be going over PMT-A (NYSE: PMT.PR.A ) today, which is a preferred share from PennyMac Mortgage Investment Trust ( PMT ). Before diving into the preferred shares, I'd like to touch on an event Analyst's Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article mysel ...

Core Insights - The article highlights the best mortgage refinance lenders in the U.S. as of October 2025, with a focus on their offerings and customer satisfaction ratings [1][2][10]. Group 1: Best Refinance Lenders - Truist Bank is recognized as the best overall refinance lender due to its wide selection of loans and low median debt-to-income (DTI) ratio requirement of 30, compared to other finalists whose DTI ratios ranged from 36 to 45 [2][8]. - TD Bank is noted as the runner-up, praised for its excellent refinancing options but limited by its regional service area, operating in only 15 states and Washington, D.C. [5][9]. - Bank of America specializes in conventional loan refinancing and is highly rated for customer satisfaction, although it does not cater to FHA or VA loans [6][15]. Group 2: Specialized Lenders - Pennymac is highlighted as the best for FHA and VA refinancing, known for its low interest rates and specialization in government-backed loans [10][16]. - Rate, formerly Guaranteed Rate, stands out for offering higher-value refinance loans, with a median loan amount of $335,000, significantly higher than other finalists [12][17]. - Fifth Third Bank is recognized for having the lowest loan costs among its peers, serving a limited number of states [21][27]. Group 3: Customer Satisfaction and Resources - Customer satisfaction ratings from J.D. Power indicate that Truist and Pennymac have below-average scores, while Bank of America is highly rated [8][12][15]. - U.S. Bank is noted for its extensive online resources, receiving a five-star rating for educational materials and tools available to customers [18][26]. Group 4: Market Trends - Mortgage refinancing applications have increased by 31% year-over-year, with the national average refinance APR for a 30-year mortgage at 6.64% and 5.91% for 15-year loans [29][44]. - The article emphasizes the importance of comparing offers from multiple lenders to secure the best refinancing deal [45][56].

Core Insights - The article discusses the best USDA lenders for September 2025, highlighting their unique offerings and suitability for different borrower needs [1][2]. Group 1: Best USDA Lenders - **Pennymac** is recognized as the best lender for low interest rates, being the largest U.S. lender of USDA loans and known for offering lower interest rates [2][33]. - **CMG Financial** is noted as the best lender for USDA refinancing, providing a comprehensive downloadable mortgage refinance guide [6][15]. - **Cardinal Financial** stands out for accepting lower credit scores compared to most lenders, making it suitable for borrowers with low credit scores [11][16]. - **CrossCountry Mortgage** is highlighted for its commitment to underserved communities, offering various assistance programs and educational resources [13][22]. - **U.S. Bank** is identified as the best full-service bank for USDA loans, being the largest USDA lender by volume and offering additional banking services [18][23]. Group 2: Loan Details and Requirements - **Pennymac** offers USDA loans with a minimum credit score of 580 for purchase loans and a debt-to-income ratio of 36% [8][9]. - **CMG Financial** requires a minimum credit score of 620 and has a similar debt-to-income ratio requirement [9][10]. - **Cardinal Financial** may accept credit scores as low as 580, but does not provide sample interest rates on its website [16][12]. - **CrossCountry Mortgage** has a minimum credit score requirement of 640 and offers a forgivable grant of up to $6,000 for first-time home buyers [22][23]. - **U.S. Bank** also requires a minimum credit score of 640 and has a median debt-to-income ratio of 36% [23]. Group 3: Loan Types and Features - USDA loans are categorized into **Guaranteed loans**, which are issued by private lenders to moderate-income borrowers, and **Direct loans**, aimed at the most financially vulnerable households [24][25]. - The **Single Family Housing Guaranteed loan** has no loan limit, while the **Direct loan** limit varies by county, with many counties having a limit of $419,300 in 2025 [36][34]. - USDA loans do not require a down payment and have relaxed credit standards, making them accessible to financially vulnerable households [31][35].