PennyMac Financial Services Investor Presentation — February 2022

Document content

4Q21 EARNINGS REPORT

PennyMac Financial Services, Inc.

February 20222This presentation 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,” a nd 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 statem ents. Actual results and operations for any future period may vary

materially from those projected herein and from past results discussed herein. These forward -looking statements include, but are not limited to, statements regarding the future impact of the COVID -

19 pandemic on our business; future loan origination, servicing and production; future loan delinquencies, forbearances and s ervicing advances; future early buyout activity and other business and

financial expectations. Factors which could cause actual results to differ materially from historical results or those antici pated include, but are not limited to: our exposure to risks of loss and

disruptions in operations resulting from adverse weather conditions, man -made or natural disasters, climate change and pandemics such as COVID -19; failure to modify, resell or refinance early

buyout loans; the continually changing federal, state and local laws and regulations applicable to the highly regulated indus tryin which we operate; lawsuits or governmental actions that may result

from any noncompliance with the laws and regulations applicable to our businesses; the mortgage lending and servicing -related re gulations 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 curre nt roles or their guarantees or guidelines; changes to government

mortgage modification programs; the licensing and operational requirements of states and other jurisdictions applicable to th e Company’s businesses, 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; dif ficulties inherent in growing loan production volume; difficulties

inherent in adjusting the size of our operations to reflect changes in business levels; purchase opportunities for mortgage s ervicing rights and our success in winning bids; changes in prevailing