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PennyMac, the top dog in correspondent, says its broker business is booming

PennyMac Financial Services Inc. (PFSI) on Tuesday reported net income of $136.5 million for Q2 2025 on revenue of $444.7 million, which executives attributed to big strides made in the broker channel and a servicing portfolio that has surpassed $700 billion UPB. During the earnings call, CEO and Chairman David Spector commented that PennyMac was experiencing “remarkable growth” in the...

U.S. Home Sales See Highest June Cancellation Rate on Record

The U.S. housing market is experiencing a sharp uptick in home sale cancellations, with nearly 15% of all contracts signed in June falling through -- the highest share for any June since at least 2017, according to new data released by Redfin. Just over 57,000 pending home sales were scrapped last month, representing 14.9% of homes that went under contract. That's up from 13.9% a year ago, as elevated home...

Homebuilder Century Communities expands into Nevada

Century Communities Inc. — one of the largest homebuilders in the U.S. — will expand into Nevada for the first time through its Century Complete brand. New homes are planned at Ishani Ridge in Pahrump, Nevada, with sales expected to begin in August and prices starting in the range of $260,000. The new development will include more than 170 single-family home sites, with floor plans ranging from...

Californians report unraveling mortgage relief after the fires

In the wake of massive wildfires that destroyed 16,000 structures in Los Angeles County in January, hundreds of banks and mortgage companies agreed to let borrowers delay their monthly payments for 90 days, without demands for full repayment at the end of the forbearance period. Others simply pledged relief and relocation assistance. California’s state-run mortgage relief program, announced in...

California creates office dedicated to housing, homelessness issues

In a move to overhaul how California manages its housing and homelessness response, Gov. Gavin Newsom has proposed to divide the state’s Business, Consumer Services and Housing Agency into two distinct entities — the California Housing and Homelessness Agency (CHHA) and the Business and Consumer Services Agency. With no veto coming from the California State Legislature before a July 4 deadline, the...

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