Exhibit 99.1

PennyMac Financial Services, Inc. Reports

Second Quarter 2023 Results

WESTLAKE VILLAGE, Calif. – July 27, 2023 – PennyMac Financial Services, Inc. (NYSE: PFSI) today reported net income of $58.3 million for the second quarter of 2023, or $1.11 per share on a diluted basis, on revenue of $336.5 million. Book value per share increased to $69.77 from $68.91 at March 31, 2023.

PFSI’s Board of Directors declared a second quarter cash dividend of $0.20 per share, payable on August 25, 2023, to common stockholders of record as of August 15, 2023.

Second Quarter 2023 Highlights

Notable activity after quarter end

“PennyMac Financial reported solid results in the second quarter, reflecting increased production volumes and profitability from the prior quarter as well as a continued strong contribution from our large and growing servicing business,” said Chairman and CEO David Spector. “Strong operating performance was partially offset by net valuation-related losses that resulted from the inverted yield curve and elevated hedge costs driven by multi-year highs in interest rate volatility. Book value per share was up to $69.77 at quarter end. We continue to operate at high levels of efficiency while also focusing on investing in technology to support our balanced, multi-channel production and servicing platform.”

Mr. Spector continued, “Though the mortgage origination market remains constrained, I have never felt better about our competitive position. Our leading correspondent lending activities continue to drive the organic growth of our servicing portfolio by adding loans at prevailing mortgage rates, which we expect will provide meaningful opportunities for our consumer direct division in future periods when rates decline. I am also extraordinarily proud of the growth we have achieved in broker direct since our entrance into the wholesale channel only five years ago. Our scale, platform and this management team’s ability to adapt to changing market environments are the reasons I expect PennyMac Financial to continue leading the industry with strong financial performance.”

The following table presents the contributions of PennyMac Financial’s segments to pretax income:

Production Segment

The Production segment includes the correspondent acquisition of newly originated government-insured and certain conventional conforming loans for PennyMac Financial’s own account, fulfillment services on behalf of PMT and direct lending through the consumer direct and broker direct channels, including the underwriting and acquisition of loans from correspondent sellers on a non-delegated basis.

PennyMac Financial’s loan production activity for the quarter totaled $24.9 billion in UPB, $21.9 billion of which was for its own account, and $3.0 billion of which was fee-based fulfillment activity for PMT. Correspondent locks for PFSI and direct lending IRLCs totaled $23.2 billion in UPB, up 23 percent from the prior quarter and 30 percent from the second quarter of 2022.

Production segment pretax income was $24.4 million, compared to a pretax loss of $19.6 million in the prior quarter and pretax income of $9.7 million in the second quarter of 2022. Production segment revenue totaled $170.6 million, up 40 percent from the prior quarter and down 24 percent from the second quarter of 2022. The quarter-over-quarter increase was driven primarily by higher volumes and margins.

The components of net gains on loans held for sale are detailed in the following table:

PennyMac Financial performs fulfillment services for certain conventional conforming and jumbo loans acquired by PMT from non-affiliates in its correspondent production business. These services include, but are not limited to, marketing, relationship management, correspondent seller approval and monitoring, loan file review, underwriting, pricing, hedging and activities related to the subsequent sale and securitization of loans in the secondary mortgage markets for PMT.

Fees earned from the fulfillment of correspondent loans on behalf of PMT totaled $5.4 million in the second quarter, down 54 percent from the prior quarter and 74 percent from the second quarter of 2022. The year-over-year decrease in fulfillment fee revenue was driven by lower conventional acquisition volumes for PMT’s account as PFSI acquired a higher proportion of the conventional loans sourced by PMT in the second quarter of 2023.

Net interest expense totaled $0.6 million, compared to net interest income of $2.9 million in the prior quarter. Interest income in the second quarter totaled $75.4 million, up from $57.0 million in the prior quarter, and interest expense totaled $76.0 million, up from $54.1 million in the prior quarter, both due to higher volumes and short-term interest rates.

Production segment expenses were $146.2 million, up 4 percent from the prior quarter and down 32 percent from the second quarter of 2022. The increase from the prior quarter was due to increased loan origination expenses due to higher volumes. The year-over-year decrease was driven primarily by decreased production in the direct lending channels and the expense management activities noted in prior quarters.

Servicing Segment

The Servicing segment includes income from owned MSRs, subservicing and special servicing activities. Servicing segment pretax income was $46.5 million, compared to $57.4 million in the prior quarter and $167.6 million in the second quarter of 2022. Servicing segment net revenues totaled $156.4 million, down from $172.1 million in the prior quarter and $278.6 million in the second quarter of 2022. The quarter-over-quarter decrease was primarily driven by a $14.5 million decrease in net gains on loans held for sale related to EBO activity for government-insured and guaranteed loans purchased out of Ginnie Mae securitizations.

Revenue from net loan servicing fees totaled $146.1 million, down from $148.8 million in the prior quarter. Revenue from net loan servicing fees included $36.2 million in net valuation related declines, compared to $43.0 million of such declines in the prior quarter. MSR fair value gains, before realization of cash flows, were $118.9 million in the quarter, and hedging losses were $155.1 million. Revenue from loan servicing fees included $356.5 million in servicing fees, which were up from the prior quarter due to continued portfolio growth, reduced by $174.2 million from the realization of MSR cash flows, which were up from $146.2 million in the prior quarter due to increased cash flow generated by the MSR asset during the quarter from servicing and placement fees.

The following table presents a breakdown of net loan servicing fees:

Servicing segment revenue included $15.2 million in net gains on loans held for sale related to EBOs. These gains were down from $29.7 million in the prior quarter and $69.7 million in the second quarter of 2022. These EBOs are previously delinquent loans that were brought back to performing status through PennyMac Financial’s successful servicing efforts.

Net interest expense totaled $5.1 million, versus $6.2 million in the prior quarter and $30.4 million in the second quarter of 2022. Interest income was $97.5 million, up from $71.5 million in the prior quarter driven primarily by increased placement fees on custodial balances. Interest expense was $102.6 million, up from $77.7 million in the prior quarter due to higher short-term interest rates and greater outstanding secured debt during the quarter.

Servicing segment expenses totaled $109.9 million, down 4 percent from the prior quarter. Servicing segment expenses in the second quarter included $7.5 million in reversals for credit losses on active loans. The prior quarter included $6.1 million in such reversals.

The total servicing portfolio grew to $576.5 billion in UPB at June 30, 2023, an increase of 2 percent from March 31, 2023 and 9 percent from June 30, 2022. PennyMac Financial subservices and conducts special servicing for PMT, whose servicing portfolio totaled $234.5 billion in UPB at quarter end, down 1 percent from March 31, 2023 and up 4 percent from June 30, 2022. PennyMac Financial’s owned MSR portfolio grew to $342.0 billion in UPB, up 4 percent from March 31, 2023 and 14 percent from June 30, 2022.

The table below details PennyMac Financial’s servicing portfolio UPB:

Investment Management Segment

PennyMac Financial manages PMT for which it earns base management fees and may earn incentive compensation. Net AUM were $1.9 billion as of June 30, 2023, down 2 percent from March 31, 2023 and 7 percent from June 30, 2022.

Pretax income for the Investment Management segment was $2.0 million, up from $0.3 million in the prior quarter and $0.2 million in the second quarter of 2022. Base management fees from PMT were $7.1 million, down 2 percent from the prior quarter and 11 percent from the second quarter of 2022 due to the decline in AUM. No performance incentive fees were earned in the second quarter.

The following table presents a breakdown of management fees:

Investment Management segment expenses totaled $7.5 million, down 16 percent from the prior quarter and 20 percent from the second quarter of 2022.

Consolidated Expenses

Total expenses were $263.6 million, down slightly from the prior quarter and down 21 percent from the second quarter of 2022. The decrease from the prior year was driven primarily by the expense management activities noted in prior quarters.

Taxes

PFSI recorded a provision for tax expense of $14.7 million, resulting in an effective tax rate of 20.1 percent during the quarter. The tax rate is lower than PFSI’s 2022 effective tax rate of 28.5 percent due to certain tax benefits recognized during the quarter.

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Management’s slide presentation and accompanying material will be available in the Investor Relations section of the Company’s website at pfsi.pennymac.com after the market closes on Thursday, July 27, 2023. Additionally, the Company will host a live question and answer (Q&A) session the same day at 5:00 p.m. Eastern Time. An audio webcast of the Q&A session will be available at pfsi.pennymac.com and a replay of the event will be available shortly after its conclusion.

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About PennyMac Financial Services, Inc.

PennyMac Financial Services, Inc. is a specialty financial services firm focused on the production and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market. Founded in 2008, the company is recognized as a leader in the U.S. residential mortgage industry and employs over 4,000 people across the country. For the twelve months ended June 30, 2023, PennyMac Financial’s production of newly originated loans totaled $97 billion in unpaid principal balance, making it the second largest mortgage lender in the nation. As of June 30, 2023, PennyMac Financial serviced loans totaling $576 billion in unpaid principal balance, making it a top five mortgage servicer in the nation. Additional information about PennyMac Financial Services, Inc. is available at pfsi.pennymac.com.

Forward-Looking Statements

This press release contains forward-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, the Company’s financial results, future operations, business plans 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. Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: interest rate changes; declines in real estate or 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; lawsuits or governmental actions that may result from any noncompliance with the laws and regulations applicable to our business; the mortgage lending and servicing-related regulations promulgated by the Consumer Financial Protection Bureau and its enforcement of these regulations; our dependence on U.S. government-sponsored entities and changes in their current roles or their guarantees or guidelines; changes to government mortgage modification programs; the licensing and operational requirements of states and other jurisdictions applicable to our business, to which our bank competitors are not subject; foreclosure delays and changes in foreclosure practices; changes in macroeconomic and U.S. real estate market conditions; difficulties inherent in adjusting the size of our operations to reflect changes in business levels; purchase opportunities for mortgage servicing rights and our success in winning bids; our substantial amount of indebtedness; increases in loan delinquencies, defaults and 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 compliance with 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 characteristics or under other circumstances; our obligation to indemnify PMT if our services fail to meet certain criteria or characteristics or under other circumstances; investment management and incentive fees; 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 loss and disruptions in operations resulting from adverse weather conditions, man-made or natural disasters, climate change and pandemics; our ability to effectively identify, manage and hedge our credit, interest rate, prepayment, liquidity and climate risks; our initiation or expansion of new business activities or 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 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 those more 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 press release are current as of the date of this release only.

The Company’s earnings materials contain financial information calculated other than in accordance with U.S. generally accepted accounting principles (“GAAP”), such as pretax income excluding valuation-related items that provide a meaningful perspective on the Company’s business results since the Company utilizes this information to evaluate and manage the business. Non-GAAP disclosure has limitations as an analytical tool and should not be viewed as a substitute for financial information determined in accordance with GAAP.

PENNYMAC FINANCIAL SERVICES, INC.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

PENNYMAC FINANCIAL SERVICES, INC.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)