Dive Brief:

• PennyMac Financial Services and its mortgage real estate investment trust subsidiary snapped up Kevin Ryan, most recently the CFO of the fintech Better and who previously spent over two decades at Morgan Stanley, as its chief strategy officer amid a series of leadership changes, according to a Monday release. Ryan will join the company on Oct. 13.
• The Westlake Village, California-based residential mortgage company also promoted Marshall Sebring, who joined the company last year to lead portfolio risk management, to become chief investment officer of PFSI and its subsidiary PennyMac Mortgage Investment Trust. Shiva Iyer, most recently the chief audit executive, was also promoted to head PennyMac’s enterprise risk functions. 
• "These appointments are a vital step in aligning our organization with future growth opportunities and the continued evolution of our business," David Spector, chairman and CEO of Pennymac, said in a statement included in the release. 

Dive Insight:

PennyMac’s leadership changes come amid consolidation in the home lending market. On Oct.1, mortgage giant Rocket Cos. completed its $14.2 billion acquisition of loan servicer Mr. Cooper Group. Asked how PennyMac is positioned in the competitive landscape at a September conference, Spector noted that the company is continuing to offer new products and more competitive pricing.  

“I believe that we are the best in the broker channel at being able to price and execute. And that gives us a competitive advantage,” Spector said on Sept. 8 at Barclays Annual Global Financial Services conference.

While the Federal Reserve last month trimmed the benchmark interest rate for the first time in 2025, Bloomberg News reported late last week that mortgage rates are expected to stay “within a tight range for the time being as financial markets assess the implications of the government shutdown.” As of Sept. 24 the average 30-year mortgage rate was 6.39%, according to an Oct. 1 Bankrate report.

For its latest quarter, Pennymac reported its net income rose to $136.4 million from $98.3 million in the year earlier Q2, with its servicing portfolio growing 11% to $699.7 billion year-over-year. The company also reported a pre-tax loss from corporate and other items to $35.5 million, up from $12 million in the year-earlier quarter.