Despite a modest gain in production volume, income from originations and secondary market fell from the third to the fourth quarter. But higher interest rates stabilized performance on the servicing side of the business. (Includes data chart.)
BlackRock transferred $589 million of stock in PennyMac Financial Services, accounting for a 20% stake in the lender, to two of its affiliated charitable entities. BlackRock initially invested $34 million in PennyMac in 2008.