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			PFSI Form 8-K (03-17-20)
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			<font style="display:inline;font-weight:bold;color:#000000;font-size:16pt;">UNITED STATES</font>
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			<font style="display:inline;font-weight:bold;color:#000000;font-size:16pt;">SECURITIES AND EXCHANGE COMMISSION</font>
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			<font style="display:inline;font-weight:bold;color:#000000;font-size:10pt;">Washington, D.C. 20549</font>
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			<font style="display:inline;font-weight:bold;color:#000000;font-size:16pt;">FORM 8-K</font>
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			<font style="display:inline;font-weight:bold;color:#000000;font-size:16pt;">CURRENT REPORT</font>
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			<font style="display:inline;font-weight:bold;color:#000000;">Pursuant to Section 13 or 15(d) of</font><font style="display:inline;color:#000000;">&nbsp;</font><font style="display:inline;font-weight:bold;color:#000000;">the Securities Exchange Act of 1934</font>
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			<font style="display:inline;font-weight:bold;color:#000000;font-size:10pt;">Date of Report (Date of earliest event reported): March 17, 2020</font>
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			<font style="display:inline;font-size:6pt;">&nbsp;</font>
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		<p style="margin:0pt;text-align:center;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 18pt;">
			<font style="display:inline;font-weight:bold;font-size:18pt;">PennyMac Financial Services, Inc.</font>
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			<font style="display:inline;font-weight:bold;color:#000000;font-size:10pt;">(formerly known as New PennyMac Financial Services, Inc.)</font>
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			<font style="text-indent:0pt;margin-left:0pt; padding-right:29pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:center"><font style="display:inline;color:#000000;font-size:10pt;"> (Exact name of registrant as specified in its charter)</font></font>
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						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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					<p style="margin:0pt 22.5pt 0pt 0pt;line-height:normal;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;">Delaware</font></p>
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						<font style="display:inline;font-weight:bold;">001-38727</font></p>
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					<p style="margin:0pt;line-height:normal;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;">83-1098934</font></p>
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						<font style="display:inline;font-size:10pt;">(State or other jurisdiction</font></p>
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						<font style="display:inline;font-size:10pt;">(Commission </font></p>
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						<font style="display:inline;font-size:10pt;">(IRS Employer</font></p>
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					<p style="margin:0pt 22.5pt 0pt 0pt;line-height:normal;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">of incorporation)</font></p>
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						<font style="display:inline;font-size:10pt;">File Number)</font></p>
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						<font style="display:inline;font-size:10pt;">Identification No.)</font></p>
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			<font style="display:inline;">&nbsp;</font>
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						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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					<p style="margin:0pt;line-height:normal;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;">3043 Townsgate Road, Westlake Village, California</font></p>
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					<p style="margin:0pt;line-height:normal;text-align:center;font-family:Times New Roman,Times,serif;font-size: 12pt;">
						<font style="display:inline;font-weight:bold;">91361</font></p>
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					<p style="margin:0pt;line-height:normal;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">(Address of principal executive offices)</font></p>
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					<p style="margin:0pt;line-height:normal;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">(Zip Code)</font></p>
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		<p style="margin:0pt;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
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		<p style="margin:0pt;text-align:center;color:#000000;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;font-size:10pt;">(818) 224&#8209;7442</font>
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			<font style="display:inline;color:#000000;font-size:10pt;">(Registrant&#x2019;s telephone number, including area code)</font>
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		<p style="margin:0pt;text-align:center;color:#000000;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
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		<p style="margin:0pt;line-height:normal;text-align:center;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;color:#000000;font-size:10pt;">Not Applicable</font>
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		<p style="margin:0pt;line-height:normal;text-align:center;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;color:#000000;font-size:10pt;">(Former name or former address, if changed since last report)</font>
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		<p style="margin:0pt;text-align:center;color:#000000;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
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		<p style="margin:0pt;color:#000000;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;color:#000000;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font>
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			<font style="display:inline;font-size:6pt;">&nbsp;</font>
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		<p style="margin:0pt 0pt 0pt 36pt;line-height:normal;text-indent: -36pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;color:#000000;font-size:10pt;">&#x2610; &nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font>
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		<p style="margin:9.75pt 0pt 0pt 36pt;line-height:normal;text-indent: -36pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;color:#000000;font-size:10pt;">&#x2610; &nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font>
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		<p style="margin:9.75pt 0pt 0pt 36pt;line-height:normal;text-indent: -36pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;color:#000000;font-size:10pt;">&#x2610; &nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font>
		</p>
		<p style="margin:9.75pt 0pt 0pt 36pt;line-height:normal;text-indent: -36pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;color:#000000;font-size:10pt;">&#x2610; &nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font>
		</p>
		<p style="margin:0pt;color:#000000;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 8pt;">
			<font style="display:inline;font-size:8pt;">&nbsp;</font>
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		<p style="margin:0pt 0pt 6pt;color:#000000;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;color:#000000;font-size:10pt;">Securities registered pursuant to Section 12(b) of the Act:</font>
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		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width:472.25pt;line-height:100%;margin-bottom:0pt;">
			<tr>
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					<p style="margin:0pt 0pt 2.2pt;text-align:center;color:#000000;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:9pt;">Title of each class</font></p>
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					<p style="margin:0pt 0pt 2.2pt;text-align:center;color:#000000;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:9pt;">Trading Symbol(s)</font></p>
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					<p style="margin:0pt 0pt 2.2pt;text-align:center;color:#000000;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;font-weight:bold;color:#000000;font-size:9pt;">Name of each exchange on which registered</font></p>
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					<p style="margin:0pt 0pt 2.2pt;text-align:center;color:#000000;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;color:#000000;font-size:9pt;">Common Stock, $0.0001 par value</font></p>
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					<p style="margin:0pt 0pt 2.2pt;text-align:center;color:#000000;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;color:#000000;font-size:9pt;">PFSI</font></p>
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					<p style="margin:0pt 0pt 2.2pt;text-align:center;color:#000000;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 9pt;">
						<font style="display:inline;color:#000000;font-size:9pt;">New York Stock Exchange</font></p>
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		<p style="margin:0pt;color:#000000;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&nbsp;</font>
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		<p style="margin:0pt;color:#000000;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;color:#000000;font-size:10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#xA7;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#xA7;240.12b-2 of this chapter).</font>
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		<p style="margin:6pt 0pt 0pt 36pt;line-height:normal;text-indent: -36pt;text-align:right;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;color:#000000;font-size:10pt;">Emerging growth company &#x2610;</font>
		</p>
		<p style="margin:6pt 0pt 0pt;color:#000000;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;color:#000000;font-size:10pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#x2610;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;border-bottom:3pt double #000000 ;color:#000000;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 6pt;">
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		<p style="margin:0pt;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;font-size:10pt;">Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.</font>
		</p>
		<p style="margin:0pt;line-height:normal;color:#000000;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">On March 17, 2020, PennyMac Financial Services, Inc. (the &#x201C;Company&#x201D;) provided an update on its expected financial performance for the quarter ending March 31, 2020.&nbsp;&nbsp;The Company expects to report earnings per share in the range of $3.50 to $4.50 for the quarter ending March 31, 2020, compared with $4.89 for the year ended December 31, 2019.&nbsp;&nbsp;The Company expects record quarterly&nbsp;results from its Production segment, driven by significantly elevated production volumes and margins across all three of its production channels, and from its Servicing segment, driven by hedging gains that are expected to exceed the fair value loss on its mortgage servicing rights.&nbsp;&nbsp;The Company also reiterates the strength of its liquidity and capital position as more fully described in the slide presentation posted on the &#x201C;Presentations&#x201D; section of the Company&#x2019;s Investor Relations website at http://www.ir.pennymacfinancial.com and furnished on Form 8-K on March 16, 2020.</font>
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		<p style="margin:0pt;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&nbsp;</font>
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		<p style="margin:0pt;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:256.7pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:16.4pt;text-align:left"><font style="display:inline;font-size:10pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"></font></font>
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		<p style="margin:0pt;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">The information in Item 7.01 of this Current Report on Form 8-K shall not be deemed &#x201C;filed&#x201D; for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of Section 18, nor shall it be deemed incorporated by reference into any disclosure document relating to the Company, except to the extent, if any, expressly set forth by specific reference in such filing.&nbsp;</font>
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			<font style="display:inline;font-size:10pt;">&nbsp;</font>
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		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;color:#000000;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;color:#000000;font-size:10pt;">Cautionary Statement Regarding Forward-Looking Statements</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;color:#000000;font-size:10pt;">The estimates set forth above are based solely on currently available information, which is subject to change.&nbsp;&nbsp;The discussion above constitutes forward-looking statements regarding the Company&#x2019;s future business expectations, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are predictions&nbsp;based on certain assumptions, discuss future expectations, describe future plans and strategies, contain financial and operating projections or state other forward</font><font style="display:inline;font-family:MS Mincho;color:#000000;font-size:10pt;">&#x2011;</font><font style="display:inline;color:#000000;font-size:10pt;">looking information, and our actual results and performance could differ materially from those set forth in the forward</font><font style="display:inline;font-family:MS Mincho;color:#000000;font-size:10pt;">&#x2011;</font><font style="display:inline;color:#000000;font-size:10pt;">looking statements&nbsp;due to a variety of factors including:&nbsp;changes in macroeconomic and U.S. real estate market conditions;&nbsp;our ability to manage third-party service providers and vendors and their compliance with laws, regulations and investor requirements;&nbsp;difficulties inherent in growing loan production volume;&nbsp;difficulties inherent in adjusting the size of our operations to reflect changes in business levels;&nbsp;any required additional capital and liquidity to support business growth that may not be available on acceptable terms, if at all;&nbsp;changes in prevailing interest rates;&nbsp;increases in loan delinquencies and defaults;&nbsp;our reliance on PennyMac Mortgage Investment Trust (&#x201C;PMT&#x201D;) as a significant source of financing for, and revenue related to, our mortgage banking business;&nbsp;our obligation to indemnify third</font><font style="display:inline;font-family:MS Mincho;color:#000000;font-size:10pt;">&#x2011;</font><font style="display:inline;color:#000000;font-size:10pt;">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;&nbsp;our exposure to counterparties that are unwilling or unable to honor contractual obligations, including their obligation to indemnify us or repurchase defective mortgage loans;&nbsp;our ability to realize the anticipated benefit of potential future acquisitions of mortgage servicing rights (&#x201C;MSRs&#x201D;);&nbsp;our obligation to indemnify PMT if our services fail to meet certain criteria or characteristics or under other circumstances;&nbsp;decreases in the returns on the assets that we select and manage for our clients, and our resulting management and incentive fees;&nbsp;the extensive amount of regulation applicable to our investment management segment;&nbsp;conflicts of interest in allocating our services and investment opportunities among ourselves and PMT;&nbsp;our ability to effectively identify, manage, monitor and mitigate financial risks;&nbsp;our initiation of new business activities or expansion of existing business activities;&nbsp;our ability to detect misconduct and fraud;&nbsp;our ability to effectively deploy new information technology applications and infrastructure;&nbsp;our ability to mitigate cybersecurity risks and cyber incidents;&nbsp;our exposure to risks of loss resulting from adverse weather conditions, man-made or natural disasters, the effects of climate change, or other events; and&nbsp;our organizational structure and certain requirements in our charter documents. These and other potential factors and uncertainties that could cause actual results to differ from the results predicted are described in more detail in the Company&#x2019;s public reports filed with the Securities and Exchange Commission (the &#x201C;SEC&#x201D;), including the risks discussed in the &#x201C;Risk Factors&#x201D; section in the Company&#x2019;s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and in the Company&#x2019;s prior press releases, which are available on the Company&#x2019;s Investor Relations website. In addition, any forward-looking statements contained herein are based on assumptions that the Company believes to be reasonable as of the date hereof. The Company undertakes no obligation to update these statements as a result of new information or future events.</font>
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			<font style="display:inline;font-size:10pt;">&nbsp;</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;color:#000000;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
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		<p style="margin:0pt;text-align:center;border-top:1pt none #D9D9D9 ;color:#000000;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-weight:bold;color:#000000;font-size:10pt;">SIGNATURE</font>
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		<p style="margin:0pt;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&nbsp;</font>
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			<font style="display:inline;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font>
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					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">PENNYMAC FINANCIAL SERVICES, INC.</font></p>
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						<font style="display:inline;font-size:10pt;">Dated:&nbsp; March 17, 2020&nbsp;</font></p>
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						<font style="display:inline;font-size:10pt;">/s/ Andrew S. Chang</font></p>
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						<font style="display:inline;font-size:10pt;">Andrew S. Chang</font></p>
					<p style="margin:0pt;line-height:100%;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">Senior Managing Director and Chief Financial Officer</font></p>
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{"company-data": {"conformed-name": "PennyMac Financial Services, Inc.", "cik": "0001745916", "assigned-sic": "6162", "irs-number": "831098934", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-38727", "film-number": "20719213"}, "business-address": {"street1": "3043 TOWNSGATE ROAD", "city": "WESTLAKE VILLAGE", "state": "CA", "zip": "91361", "phone": "(818) 224-7442"}, "mail-address": {"street1": "3043 TOWNSGATE ROAD", "city": "WESTLAKE VILLAGE", "state": "CA", "zip": "91361"}, "former-company": {"former-conformed-name": "New PennyMac Financial Services, Inc.", "date-changed": "20180709"}}
PFSI Form 8-K (03-17-20)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 17, 2020
PennyMac Financial Services, Inc.
(formerly known as New PennyMac Financial Services, Inc.)
(Exact name of registrant as specified in its charter)
Delaware
001-38727
83-1098934
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
3043 Townsgate Road, Westlake Village, California
91361
(Address of principal executive offices)
(Zip Code)
(818) 224‑7442
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.0001 par value
PFSI
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01    Regulation FD Disclosure.
On March 17, 2020, PennyMac Financial Services, Inc. (the "Company") provided an update on its expected financial performance for the quarter ending March 31, 2020.  The Company expects to report earnings per share in the range of $3.50 to $4.50 for the quarter ending March 31, 2020, compared with $4.89 for the year ended December 31, 2019.  The Company expects record quarterly results from its Production segment, driven by significantly elevated production volumes and margins across all three of its production channels, and from its Servicing segment, driven by hedging gains that are expected to exceed the fair value loss on its mortgage servicing rights.  The Company also reiterates the strength of its liquidity and capital position as more fully described in the slide presentation posted on the "Presentations" section of the Company's Investor Relations website at http://www.ir.pennymacfinancial.com and furnished on Form 8-K on March 16, 2020.
The information in Item 7.01 of this Current Report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of Section 18, nor shall it be deemed incorporated by reference into any disclosure document relating to the Company, except to the extent, if any, expressly set forth by specific reference in such filing.
Cautionary Statement Regarding Forward-Looking Statements
The estimates set forth above are based solely on currently available information, which is subject to change.  The discussion above constitutes forward-looking statements regarding the Company's future business expectations, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are predictions based on certain assumptions, discuss future expectations, describe future plans and strategies, contain financial and operating projections or state other forward
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looking information, and our actual results and performance could differ materially from those set forth in the forward
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looking statements due to a variety of factors including: changes in macroeconomic and U.S. real estate market conditions; our ability to manage third-party service providers and vendors and their compliance with laws, regulations and investor requirements; difficulties inherent in growing loan production volume; difficulties inherent in adjusting the size of our operations to reflect changes in business levels; any required additional capital and liquidity to support business growth that may not be available on acceptable terms, if at all; changes in prevailing interest rates; increases in loan delinquencies and defaults; our reliance on PennyMac Mortgage Investment Trust ("PMT") as a significant source of financing for, and revenue related to, our mortgage banking business; our obligation to indemnify third
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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 exposure to counterparties that are unwilling or unable to honor contractual obligations, including their obligation to indemnify us or repurchase defective mortgage loans; our ability to realize the anticipated benefit of potential future acquisitions of mortgage servicing rights ("MSRs"); our obligation to indemnify PMT if our services fail to meet certain criteria or characteristics or under other circumstances; decreases in the returns on the assets that we select and manage for our clients, and our resulting management and incentive fees; the extensive amount of regulation applicable to our investment management segment; conflicts of interest in allocating our services and investment opportunities among ourselves and PMT; our ability to effectively identify, manage, monitor and mitigate financial risks; our initiation of new business activities or expansion of existing business activities; our ability to detect misconduct and fraud; our ability to effectively deploy new information technology applications and infrastructure; our ability to mitigate cybersecurity risks and cyber incidents; our exposure to risks of loss resulting from adverse weather conditions, man-made or natural disasters, the effects of climate change, or other events; and our organizational structure and certain requirements in our charter documents. These and other potential factors and uncertainties that could cause actual results to differ from the results predicted are described in more detail in the Company's public reports filed with the Securities and Exchange Commission (the "SEC"), including the risks discussed in the "Risk Factors" section in the Company's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and in the Company's prior press releases, which are available on the Company's Investor Relations website. In addition, any forward-looking statements contained herein are based on assumptions that the Company believes to be reasonable as of the date hereof. The Company undertakes no obligation to update these statements as a result of new information or future events.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PENNYMAC FINANCIAL SERVICES, INC.
Dated:  March 17, 2020
/s/ Andrew S. Chang
Andrew S. Chang
Senior Managing Director and Chief Financial Officer