Investor Update

BarclaysGlobal Financial ServicesConference

September 2023

FORWARD-LOOKING STATEMENTS

This presentation containsforward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding management's beliefs, estimates, projections and assumptions with respect to, among other things, our financial results, future operations, businessplans and investment strategies, as well as industry and market conditions, all of which are subject to change. Words like "believe," "expect," "anticipate," "promise," "project," "plan," and other expressions or words of similar meanings, as well as future or conditional verbs such as

"will," "would," "should," "could," or "may" are generally intended to identify forward-looking statements. Actualresults and operationsfor any future period may vary materially from those projected

herein and from past results discussed herein. Theseforward-looking statementsinclude, but are not limited to, statementsregarding future changes in interest rates, prepayment rates and the housing market; future loan origination, servicing and production, including future production, operating and hedge expenses; future loan delinquencies and forbearances; future earningsand return on equity as well as other business and financial expectations. Factors which could cause actual resultsto differ materially from historical resultsor those anticipated include, but are not limited to: interest rate changes; declines in real estateor significant changes in U.S. housing prices or activity in the U.S. housing market; the continually changing federal, state and local laws and regulations applicable to the highly regulated industry in which we operate; lawsuitsor governmental actionsthat may result from any noncompliancewith the laws and regulations applicable to our business; the mortgage lending and servicing-related regulationspromulgated by the Consumer FinancialProtection Bureau and its enforcement of these regulations; our dependenceon U.S. government- sponsored entities and changes in their current roles or their guarantees or guidelines; changesto government mortgagemodification programs; the licensing and operational requirementsof states and other jurisdictions applicable to our business, to which our bank competitors are not subject; foreclosure delaysand changesin foreclosure practices; changes in macroeconomicand U.S. real estate market conditions; difficulties inherent in adjusting the size of our operations to reflect changes in businesslevels; purchaseopportunities for mortgage servicing rights and our success in winning bids; our substantial amount of indebtedness; increases in loan delinquencies, defaultsand forbearances; our reliance on PennyMac Mortgage Investment Trust (NYSE: PMT) as a significant contributor to our mortgage banking business;maintaining sufficient capital and liquidity and compliancewith financial covenants; our obligation to indemnify third-party purchasers or repurchase loans if loans that we originate, acquire, service or assist in the fulfillment of, fail to meet certain criteria or characteristicsor under other circumstances; our obligation to indemnify PMT if our services fail to meet certain criteriaor characteristics or under other circumstances; investment management and incentivefees; conflicts of interest in allocating our services and investment opportunities among us and our advised entities; the effect of public opinion on our reputation; our exposure to risks of los s and disruptions in operations resulting from adverse weather conditions, man-madeor natural disasters, climate change and pandemics; our ability to effectively identify, manageand hedge our credit, interest rate, prepayment, liquidity and climate risks; our initiation or expansion of new business activitiesor strategies;our ability to detect misconduct and fraud; our ability to mitigate cybersecurity risks and cyber incidents; our ability to pay dividends to our stockholders; and our organizational structure and certain requirementsin our charter documents. You should not place undue reliance on any forward-looking statement and should consider all of the uncertainties and risks described above, as well as thosemore fully discussed in reports and other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, and the statements made in this presentation are

current as of the date of this presentation only.

2

QUARTER-TO-DATE BUSINESS UPDATE - PRODUCTION AND SERVICING

• Correspondent acquisitions were $7.7 billion in August,

Fundings ($ in billions)

up 35% from July(1)

2Q23 Jul-23Aug-23 3Q23TD

  • Correspondent locks were $9.4 billion in August, up 56% from July(2)
  • Broker Direct originations were $0.8 billion in August, up 9% from July
  • Broker Direct locks were $1.1 billion in August, up 19% from July
  • Consumer Direct volumes are roughly in-line with prior quarter volumes
  • Gain-on-salemargins through August have been relatively consistent with levels reported in 2Q23
  • Servicing portfolio has grown to $584.0 billion in UPB(3)
    • 18% of total servicing portfolio has a note rate of 5.0% or higher, up from 15% at the end of the prior quarter(3)

Correspondent Acquisitions(1)

$

21.2

$

5.7

$

7.7

$

13.4

Broker Direct Originations

$

2.1

$

0.7

$

0.8

$

1.5

Consumer Direct Originations

$

1.6

$

0.5

$

0.5

$

0.9

Total acquisitions/originations $

24.9

$

6.9

$

8.9

$

15.8

Interest Rate Lock Commitments ($ in billions)

2Q23

Jul-23

Aug-23

3Q23TD

Correspondent Locks(2)

$

21.6

$

6.1

$

9.4

$

15.5

Broker Direct Locks

$

2.8

$

0.9

$

1.1

$

2.0

Consumer Direct Locks

$

2.2

$

0.6

$

0.6

$

1.2

Total Locks

$

26.6

$

7.6

$

11.1

$

18.7

(1)

Includes volume fulfilled for PennyMac Mortgage Investment Trust (NYSE:PMT)

3

(2)

Includes locks related to both PFSI and PMT loan acquisitions

(3)

As of 8/31/23; includes volumes subserviced for PMT

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Disclaimer

PennyMac Financial Services Inc. published this content on 11 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 September 2023 10:22:08 UTC.