Latest news with #ShubhaDasgupta
Globe and Mail
13-05-2025
- Business
- Globe and Mail
Pineapple Financial Inc. Announces Proposed Share Consolidation to Strengthen Capital Structure and Support Long-Term Growth
Toronto, Ontario--(Newsfile Corp. - May 13, 2025) - Pineapple Financial Inc. (NYSE: PAPL) ("Pineapple" or the "Company"), a tech-enabled mortgage brokerage and fintech platform, today announced that its Board of Directors has approved the submission of a special resolution to shareholders to authorize a consolidation (the "Consolidation") of the Company's issued and outstanding common shares on the basis of between 10 and 20 pre-Consolidation shares for each one post-Consolidation share. The proposed Consolidation will be presented to shareholders for approval at a special meeting scheduled for June 26, 2025, with a record date set for May 23, 2025. "This proposed share consolidation reflects our continued efforts to strengthen our capital structure, enhance our trading profile, and position the Company for future growth," said Shubha Dasgupta, CEO of Pineapple Financial."As we continue to grow our volume, expand our verticals, and improve operational efficiency, we believe this step supports our long-term commitment to delivering shareholder value." The Consolidation, if approved, is expected to increase the per-share trading price of the Company's common shares, which may improve the Company's ability to attract institutional investors and meet minimum share price requirements for continued listing on the NYSE American exchange. It does not affect any shareholder's proportionate ownership interest or voting rights, except for minor rounding adjustments. Further details regarding the Consolidation and special meeting will be included in the management information circular to be filed and mailed to shareholders in accordance with applicable securities laws. About Pineapple Pineapple is an award-winning fintech and leading Canadian mortgage brokerage network, focusing on both the long-term success of agents and brokers as well as the overall experience of homeowners. With hundreds of brokers within the network, Pineapple creates cutting-edge cloud-based tools and AI-driven systems to enable its brokers to help Canadians realize their dream of owning a home. Pineapple is active within the community and is proud to sponsor charities across Canada to improve the lives of fellow Canadians. Follow us on social media: Instagram: @pineapplemortgage @empoweredbypineapple Facebook: Pineapple Mortgage LinkedIn: Pineapple Mortgage Safe Harbor Forward-Looking Statements Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. They are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and economic needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the registration statement filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results. It encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC. Additional factors are discussed in the Company's filings with the SEC, which are available for review at Media Contact: For media inquiries, please contact Shubha Dasgupta, Chief Executive Officer, at Pineapple. Email: shubha@ Related Links: Investor Relations Contact: For investor relations inquiries, please contact Pineapple Financial Inc.
Yahoo
13-05-2025
- Business
- Yahoo
Pineapple Financial Inc. Announces Proposed Share Consolidation to Strengthen Capital Structure and Support Long-Term Growth
Toronto, Ontario--(Newsfile Corp. - May 13, 2025) - Pineapple Financial Inc. (NYSE: PAPL) ("Pineapple" or the "Company"), a tech-enabled mortgage brokerage and fintech platform, today announced that its Board of Directors has approved the submission of a special resolution to shareholders to authorize a consolidation (the "Consolidation") of the Company's issued and outstanding common shares on the basis of between 10 and 20 pre-Consolidation shares for each one post-Consolidation share. The proposed Consolidation will be presented to shareholders for approval at a special meeting scheduled for June 26, 2025, with a record date set for May 23, 2025. "This proposed share consolidation reflects our continued efforts to strengthen our capital structure, enhance our trading profile, and position the Company for future growth," said Shubha Dasgupta, CEO of Pineapple Financial. "As we continue to grow our volume, expand our verticals, and improve operational efficiency, we believe this step supports our long-term commitment to delivering shareholder value." The Consolidation, if approved, is expected to increase the per-share trading price of the Company's common shares, which may improve the Company's ability to attract institutional investors and meet minimum share price requirements for continued listing on the NYSE American exchange. It does not affect any shareholder's proportionate ownership interest or voting rights, except for minor rounding adjustments. Further details regarding the Consolidation and special meeting will be included in the management information circular to be filed and mailed to shareholders in accordance with applicable securities laws. About Pineapple Pineapple is an award-winning fintech and leading Canadian mortgage brokerage network, focusing on both the long-term success of agents and brokers as well as the overall experience of homeowners. With hundreds of brokers within the network, Pineapple creates cutting-edge cloud-based tools and AI-driven systems to enable its brokers to help Canadians realize their dream of owning a home. Pineapple is active within the community and is proud to sponsor charities across Canada to improve the lives of fellow Canadians. Follow us on social media: Instagram: @pineapplemortgage @empoweredbypineapple Facebook: Pineapple Mortgage LinkedIn: Pineapple Mortgage Safe Harbor Forward-Looking Statements Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. They are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and economic needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the registration statement filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results. It encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC. Additional factors are discussed in the Company's filings with the SEC, which are available for review at Media Contact: For media inquiries, please contact Shubha Dasgupta, Chief Executive Officer, at Pineapple. Email: shubha@ Related Links: Investor Relations Contact: For investor relations inquiries, please contact Pineapple Financial Inc. ir@ To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-05-2025
- Business
- Yahoo
Pineapple Financial Inc. Announces Proposed Share Consolidation to Strengthen Capital Structure and Support Long-Term Growth
Toronto, Ontario--(Newsfile Corp. - May 13, 2025) - Pineapple Financial Inc. (NYSE: PAPL) ("Pineapple" or the "Company"), a tech-enabled mortgage brokerage and fintech platform, today announced that its Board of Directors has approved the submission of a special resolution to shareholders to authorize a consolidation (the "Consolidation") of the Company's issued and outstanding common shares on the basis of between 10 and 20 pre-Consolidation shares for each one post-Consolidation share. The proposed Consolidation will be presented to shareholders for approval at a special meeting scheduled for June 26, 2025, with a record date set for May 23, 2025. "This proposed share consolidation reflects our continued efforts to strengthen our capital structure, enhance our trading profile, and position the Company for future growth," said Shubha Dasgupta, CEO of Pineapple Financial. "As we continue to grow our volume, expand our verticals, and improve operational efficiency, we believe this step supports our long-term commitment to delivering shareholder value." The Consolidation, if approved, is expected to increase the per-share trading price of the Company's common shares, which may improve the Company's ability to attract institutional investors and meet minimum share price requirements for continued listing on the NYSE American exchange. It does not affect any shareholder's proportionate ownership interest or voting rights, except for minor rounding adjustments. Further details regarding the Consolidation and special meeting will be included in the management information circular to be filed and mailed to shareholders in accordance with applicable securities laws. About Pineapple Pineapple is an award-winning fintech and leading Canadian mortgage brokerage network, focusing on both the long-term success of agents and brokers as well as the overall experience of homeowners. With hundreds of brokers within the network, Pineapple creates cutting-edge cloud-based tools and AI-driven systems to enable its brokers to help Canadians realize their dream of owning a home. Pineapple is active within the community and is proud to sponsor charities across Canada to improve the lives of fellow Canadians. Follow us on social media: Instagram: @pineapplemortgage @empoweredbypineapple Facebook: Pineapple Mortgage LinkedIn: Pineapple Mortgage Safe Harbor Forward-Looking Statements Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. They are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and economic needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the registration statement filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results. It encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC. Additional factors are discussed in the Company's filings with the SEC, which are available for review at Media Contact: For media inquiries, please contact Shubha Dasgupta, Chief Executive Officer, at Pineapple. Email: shubha@ Related Links: Investor Relations Contact: For investor relations inquiries, please contact Pineapple Financial Inc. ir@ To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
06-05-2025
- Business
- Associated Press
Pineapple Financial Inc. (NYSE American: PAPL): Focused Execution in a Changing Mortgage Landscape
The Canadian mortgage market is at a turning point. With interest rates stabilizing and millions of homeowners facing upcoming mortgage renewals, demand for smarter, faster, and more affordable lending solutions is accelerating. Lenders and brokers alike are under pressure to deliver—quickly and efficiently—at a time when traditional processes often fall short. That's where technology comes in. Financial technology, or fintech, is transforming the mortgage experience—streamlining approvals, improving transparency, and helping consumers make more informed decisions. And with the global fintech sector projected to grow from $245 billion today to $1.5 trillion by 2030 (Boston Consulting Group and QED Investors), the opportunity is massive. One company positioned right at the intersection of this mortgage wave and fintech innovation? Pineapple Financial Inc. (NYSE American: PAPL). This Canadian mortgage tech company is building a scalable, cloud-based platform for brokers, combining personalized service with digital tools to serve a rapidly evolving market. What Does Pineapple Financial Do? Pineapple is a Canadian mortgage brokerage network with a difference. Instead of simply connecting borrowers and lenders, Pineapple gives its network of brokers powerful cloud-based and AI-driven tools that help them do their jobs better—and faster. With hundreds of brokers in its system, Pineapple focuses on both the success of its agents and the satisfaction of Canadian homeowners. In a market where more and more homeowners are renewing their mortgages or seeking new options, Pineapple is well-positioned to meet the demand. The company is also active in communities across Canada, supporting charities and giving back along the way. A Company on the Rise Pineapple has released a series of encouraging financial results over the past two quarters, showing strong growth, improved cost control, and a clear path toward profitability. In its most recent earnings release for the six months ended February 28, 2025, Pineapple reported: Revenue growth of 11.8% year-over-year, totaling $1.51 million. Gross billings up 15.2%, reaching $9.33 loss narrowed to $1.25 million from $1.53 million, thanks to cost-cutting and better cash usage cut nearly in half, dropping 47% year-over-year. SG&A expenses down 3.6%, a sign of smart spending discipline. Quarter-over-quarter, Pineapple continued this trend. For the three months ended February 28, 2025: Gross billings rose 19.6% and benefits dropped 27.7%, and marketing expenses were slashed by 62.1%. The company's net loss improved by 9.4%, down to $595,449. These numbers tell a consistent story: Pineapple is growing revenue while cutting costs—a rare combination that often signals a company nearing a financial turning point. CEO Shubha Dasgupta summed it up well: 'Our second-quarter results highlight the successful transition to an integrated platform, driving meaningful cost savings and enhancing our ability to scale. Despite the headwinds in the Canadian real estate market, our focus on operational efficiency, cost control, and platform innovation has resulted in significant progress.' Strong Start to Fiscal 2025 Even before the latest report, Pineapple showed strong momentum in Q1 of fiscal 2025. The company posted: 34.6% revenue growth, hitting $766,074 for the quarter. A 26.8% reduction in net loss, down to $656,894. Steady operating expenses despite investing in marketing and new technology. An improved cash position of $619,581, showing stronger liquidity. The company also raised additional capital and invested in intangible assets like software infrastructure—moves that are expected to boost future performance. Looking Ahead: Positioned for Growth The mortgage market in Canada is currently undergoing a shift. With many Canadians renewing mortgages and interest rates showing signs of easing, there's growing demand for smarter, tech-driven solutions. Pineapple is right in the middle of that trend. The company's integrated platform, improved financial performance, and focus on operational excellence have set the stage for potential profitability as early as this year. According to CFO Sarfraz Habib: 'We are well-positioned to achieve profitability in the near term, even amid a challenging macroeconomic environment.' Pineapple also continues to benefit from a large base of upcoming mortgage renewals—providing a built-in growth engine over the next 24 months. Final Thoughts With a scalable business model, improving financials, and a large addressable market, Pineapple Financial (PAPL) is a fintech that deserves a closer look. As the broader fintech sector heads toward a $1.5 trillion future, companies like Pineapple—focused, tech-enabled, and on a clear growth path—may be early movers in what could be the next wave of winners in financial technology. For investors interested in the intersection of fintech, real estate, and growth-stage companies, Pineapple could be a smart one to watch. Disclaimers: RazorPitch Inc. 'RazorPitch' is not operated by a licensed broker, a dealer, or a registered investment adviser. This content is for informational purposes only and is not intended to be investment advice. The Private Securities Litigation Reform Act of 1995 provides investors a safe harbor in regard to forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions, or future events or performances are not statements of historical fact and may be forward-looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties that could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in this action may be identified through the use of words such as projects, foresee, expects, will, anticipates, estimates, believes, understands, or that by statements indicating certain actions & quote; may, could, or might occur. Understand there is no guarantee past performance will be indicative of future results. Investing in micro-cap and growth securities is highly speculative and carries an extremely high degree of risk. It is possible that an investor's investment may be lost or impaired due to the speculative nature of the companies profiled. RazorPitch has been retained and compensated by the company to assist in the production and distribution of content related to PAPL. RazorPitch is responsible for the production and distribution of this content. It should be expressly understood that under no circumstances does any information published herein represent a recommendation to buy or sell a security. This content is for informational purposes only; you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained in this article constitutes a solicitation, recommendation, endorsement, or offer by RazorPitch or any third-party service provider to buy or sell any securities or other financial instruments. All content in this article is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in this article constitutes professional and/or financial advice, nor does any information in the article constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. RazorPitch is not a fiduciary by virtue of any persons use of or access to this content. Media Contact Company Name: RazorPitch Contact Person: Mark McKelvie Email: Send Email City: NAPLES State: Florida Country: United States Website: Press Release Distributed by To view the original version on ABNewswire visit: Pineapple Financial Inc. (NYSE American: PAPL): Focused Execution in a Changing Mortgage Landscape
Associated Press
01-05-2025
- Business
- Associated Press
4 Mortgage Stocks Primed to Surge as the Market Rebounds
The mortgage market is quietly heating up—and savvy investors are starting to take notice. After a bruising slowdown, early 2025 is flashing signs of a turnaround: U.S. mortgage originations are expected to climb to $2.3 trillion this year, up nearly 30% as rates stabilize and homebuyers re-enter the market. In Canada, a massive wave of mortgage renewals is creating a once-in-a-decade window for disruption. From AI-powered lending platforms to aggressive market consolidation, a new generation of mortgage players is rewriting the rules—and positioning themselves to dominate as the cycle turns. Let's take a closer look at some of the companies shaping this rapidly evolving landscape. Pineapple Financial Inc. (NYSE American: PAPL) is a Toronto-based mortgage brokerage network and technology platform that went public in late 2023. While still in its early stages as a publicly traded company, Pineapple has demonstrated solid revenue growth and improving operational efficiency through the first half of fiscal 2025. For the six months ended February 28, 2025, Pineapple reported $1.51 million in revenue, an 11.8% increase year-over-year. Gross billings rose 15.2% to $9.33 million, reflecting higher transactional volume and agent productivity across its brokerage network. Despite a net loss of $1.25 million for the period, this marks a 17.9% improvement over the $1.53 million loss posted in the same period the prior year. Quarter-over-quarter performance also showed continued progress. In Q2 FY2025, Pineapple generated $749,000 in revenue (up 6.8% YoY) and $4.52 million in gross billings (up 19.6%). The company reduced its net loss to $595,449 from $657,151 in Q2 FY2024, while lowering salaries and benefits expenses by 27.7% and advertising/marketing spend by over 60%. Management attributed these improvements to operational streamlining and its transition to a more scalable, tech-enabled platform. These results build on a strong Q1, when Pineapple posted 34.6% YoY revenue growth and a 26.8% reduction in net loss. The company ended Q1 with $619,581 in cash and shareholders' equity of $1.15 million, signaling modest but stable capitalization for its stage of growth. Looking forward, PAPL appears positioned to benefit from Canada's large pipeline of mortgage renewals, which management sees as a near-term tailwind. CEO Shubha Dasgupta has emphasized a focus on cost discipline and digital infrastructure as the company aims to scale efficiently. CFO Sarfraz Habib highlighted the narrowing losses and improved operating cash flow as markers of progress toward profitability. PAPL is showing signs of maturing into a leaner, more efficient player within the Canadian mortgage origination space. Its financial trajectory and positioning in a tech-forward segment make it a company to watch as broader sector dynamics evolve. Rocket Companies (NYSE: RKT) is a Detroit-based fintech platform known for modernizing the homeownership journey. Best known through brands like Rocket Mortgage and Rocket Homes, the company also offers services in real estate, title, and personal finance through products like Rocket Money and Rocket Loans. Founded in 1985, Rocket has become a leader in both mortgage origination and servicing—earning the #1 spot in J.D. Power's customer satisfaction rankings a combined 22 times. Now, Rocket is taking bold steps to expand its reach and integrate the entire homeownership process under one roof. In March 2025, Rocket announced it would acquire Redfin, one of the most visited real estate websites in the U.S., in a $1.75 billion all-stock deal. With nearly 50 million monthly visitors, Redfin brings serious online traffic, as well as over 2,200 real estate agents in 42 states. This move will connect Rocket's mortgage tools directly to house hunters, aiming to simplify the search-to-closing process. 'This deal accelerates our strategy to match buyers with the best agents and loan officers, all in one place,' said Rocket CEO Varun Krishna. Rocket expects the merger to deliver over $200 million in synergies by 2027, including $140 million in cost savings and $60 million in new revenue from cross-selling. The company believes this will strengthen its ability to offer a seamless, AI-powered buying experience backed by its expanding database of over 100 million properties. Just weeks later, Rocket announced another huge deal: the acquisition of Mr. Cooper Group, America's largest mortgage servicer, in a $9.4 billion all-stock transaction. Together, the combined company will manage a servicing portfolio of $2.1 trillion—representing 1 in 6 U.S. mortgages. This deal supercharges Rocket's servicing arm while expanding its ability to keep clients long-term. With an 83% recapture rate (how often Rocket keeps customers coming back), the company already outpaces the industry average by 3x. Now, with access to Mr. Cooper's nearly 7 million clients and 150 million annual interactions, Rocket expects to grow faster and smarter. The transaction is expected to generate $500 million in annual revenue and cost synergies, improve automation, and be immediately accretive to earnings. Mr. Cooper's CEO Jay Bray will join as President and CEO of Rocket Mortgage once the deal closes. With back-to-back acquisitions and a massive data advantage, Rocket is positioning itself as the most integrated and personalized homeownership platform in the market. Its AI tools are designed to anticipate customer needs, reduce friction in the homebuying process, and deepen long-term relationships with clients. Investors should keep an eye on Rocket's upcoming Q1 2025 earnings report on May 8, especially in light of these strategic moves. Between Redfin's online traffic and Mr. Cooper's massive servicing book, Rocket's flywheel for growth is spinning faster than ever. UWM Holdings Corporation (NYSE: UWMC) is a Michigan-based wholesale mortgage lender and parent company of United Wholesale Mortgage, the largest lender in the U.S. by volume. The company operates exclusively through the wholesale channel, partnering with independent mortgage brokers across the country. While macro headwinds continue to pressure mortgage origination volumes industry-wide, UWM has maintained its leadership position by aggressively pricing and investing in technology to streamline the broker experience. For Q4 2024, UWM originated $38.7 billion in loans, up 58.6% from $24.4 billion in Q4 2023, though slightly below Q3 2024's $39.5 billion. Net income for the quarter came in at $40.6 million, compared to a net loss of $461 million in the year-ago quarter. Gain-on-sale margin was 105 basis points, a modest decline from 118 bps in Q3 but an improvement from 92 bps in Q4 2023. Adjusted EBITDA totaled $118.2 million for the quarter, reflecting stable operating profitability despite fluctuating loan volumes. Full-year 2024 originations reached $139.4 billion, a 28.7% increase from 2023, including $96.1 billion in purchase loans and $43.4 billion in refinances. Net income for the year was $329.4 million, compared to a $69.8 million net loss in 2023. The company ended the year with $507.3 million in cash and equivalents, and a $3.97 billion mortgage servicing rights (MSR) portfolio with a weighted average coupon of 4.76%. Operationally, UWM continues to enhance its broker tools and efficiency. Recent product rollouts include a 90% LTV cash-out refinance option and expanded use of its AI-based ChatUWM platform, which now assists with automated income calculations and product recommendations. Application-to-close time averaged 17 business days during the quarter, and customer satisfaction (NPS) remained strong at 82.5. Looking ahead, UWM guided for Q1 2025 loan production between $28 billion and $35 billion, with a projected gain margin of 90 to 115 bps. The company also announced that Rami Hasani, formerly of Deloitte and currently VP of Finance, will assume the role of CFO starting April 1, 2025. Outgoing CFO Andrew Hubacker will stay on in an advisory capacity. While UWM's focus on scale and aggressive pricing may continue to pressure margins in the near term, the company's dominance in the wholesale channel, stable liquidity, and disciplined cost structure provide a degree of resilience as the broader housing market remains in flux. PennyMac Financial Services, Inc. (NYSE: PFSI) is a prominent U.S.-based specialty financial services firm focusing on mortgage production, servicing, and related investment management. Founded in 2008, PennyMac has grown to be a leader in the residential mortgage industry, employing approximately 4,100 people. In 2024, the company originated $116 billion in new loans and serviced a portfolio of $666 billion in unpaid principal balance (UPB), solidifying its position as a top mortgage lender and servicer in the U.S. In February 2025, PennyMac launched NonDel+, a new Non-Delegated solution within its POWER+ portal. This platform offers an intuitive, end-to-end loan experience tailored for banker partners who need control over their loans but seek assistance with disclosures, loan documents, and additional services. The initiative reflects PennyMac's ongoing commitment to expand its Third-Party Origination (TPO) offerings and enhance its competitive standing in the wholesale mortgage market. With the introduction of NonDel+, PennyMac further solidifies its leadership in the TPO channel, which is critical as the company remains the third-largest wholesale lender and the top acquirer of loans in the correspondent channel. In March 2025, PennyMac entered a strategic partnership with the LA28 Olympic and Paralympic Games and Team USA, becoming the official mortgage supporter for the 2026 and 2028 U.S. Olympic and Paralympic Teams. This partnership underscores PennyMac's commitment to the values of excellence and community engagement. The company will work with athletes and hopefuls to provide mortgage education and support, fostering a connection between the pursuit of athletic achievement and homeownership goals. This collaboration will also be central to PennyMac's marketing efforts, including the 'Where Greatness Lives' campaign. For the first quarter of 2025, PennyMac reported net income of $76.3 million, or $1.42 per share, on revenues of $430.9 million. This performance reflects a solid quarter despite broader market challenges. The company's production segment generated a pretax income of $61.9 million, driven by strong loan acquisition and origination activity, including $28.9 billion in total loans originated or acquired, representing a 33% increase from the previous year. The servicing segment continued its growth trajectory, with a pretax income of $76.0 million, reflecting a 10% year-over-year increase in the servicing portfolio, which reached $680.2 billion in UPB. PennyMac's results were partially impacted by valuation-related changes, with a $205.5 million loss in Mortgage Servicing Rights (MSR) fair values, offset by $106.8 million in hedging gains. However, the company's robust management of its portfolio and capital structure positioned it well for future growth, as indicated by the increase in book value per share to $75.57 from $74.54 at the end of 2024. Looking ahead, PennyMac's focus remains on leveraging its balanced business model to navigate market volatility, emphasizing continued growth in its servicing portfolio and strategic management of mortgage production. CEO David Spector highlighted the company's strength in adapting to economic changes, with plans to integrate artificial intelligence to enhance operational efficiencies. PennyMac remains committed to maximizing shareholder value and maintaining its leadership position in the mortgage Contact Company Name: RazorPitch Contact Person: Mark McKelvie Email: Send Email City: NAPLES State: Florida Country: United States Website: Press Release Distributed by To view the original version on ABNewswire visit: 4 Mortgage Stocks Primed to Surge as the Market Rebounds
