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PMT’s correspondent segment, which acquires newly originated loans from correspondent sellers and typically sells or securitizes the loans, saw a pretax income of $1.8 million. That’s down from $7.1 million in the previous quarter.
The firm acquired $20.2 billion in UPB of loans through its correspondent production activities, down 3% from Q4 and 10% from Q1 2022. Its conventional correspondent production volumes totaled $6.6 billion in UPB, down 2% from the previous quarter and 32% from a year ago.
“We continue to see attractive opportunities to deploy capital into new investments as well as the repurchase of our shares well below book value,” Spector said. “Given PMT’s seasoned investment portfolio with solid underlying fundamentals and its strong balance sheet, I remain optimistic for continued strong financial performance in 2023.”
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