SEC Comment Letter 0000000000-23-008081 to PennyMac Financial Services, Inc. (PFSI) (CIK 0001745916) (PFSI)
PennyMac Financial Services, Inc. (PFSI) (CIK 0001745916)
Date: July 28, 2023 · CIK: 0001745916 · Accession: 0000000000-23-008081
AI Filing Summary & Sentiment
File numbers found in text: 001-38727
Letter
United States securities and exchange commission logo July 28, 2023 Daniel S. Perotti Chief Financial Officer PennyMac Financial Services, Inc. 3043 Townsgate Road Westlake Village, California 91361 Re:PennyMac Financial Services, Inc. Form 10-K for the fiscal year ended December 31, 2022 Filed February 22, 2023 File No. 001-38727 Dear Daniel S. Perotti: We have limited our review of your filing to the financial statements and related disclosures and have the following comment. In our comment, we may ask you to provide us with information so we may better understand your disclosure. Please respond to this comment within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to this comment, we may have additional comments. Form 10-K for the fiscal year ended December 31, 2022 Consolidated Financial Statements Notes to Consolidated Financial Statements Note 3 - Significant Accounting Policies - Servicing Advances, page F-12 1.Please revise future filings to disclose the material information required by ASC 326-20- 50 related to the valuation allowance for your servicing advances, including a roll-forward of the allowance for credit losses for each period presented. Please provide us your proposed disclosure.
FirstName LastNameDaniel S. Perotti Comapany NamePennyMac Financial Services, Inc. July 28, 2023 Page 2 FirstName LastName Daniel S. Perotti PennyMac Financial Services, Inc. July 28, 2023 Page 2 In closing, we remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. You may contact Katharine Garrett at 202-551-2332 or Michael Volley at 202-551-3437 with any questions. Sincerely, Division of Corporation Finance Office of Finance
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United States securities and exchange commission logo
July 28, 2023
Daniel S. Perotti
Chief Financial Officer
PennyMac Financial Services, Inc.
3043 Townsgate Road
Westlake Village, California 91361
Re:PennyMac Financial Services, Inc.
Form 10-K for the fiscal year ended December 31, 2022
Filed February 22, 2023
File No. 001-38727
Dear Daniel S. Perotti:
We have limited our review of your filing to the financial statements and related
disclosures and have the following comment. In our comment, we may ask you to provide us
with information so we may better understand your disclosure.
Please respond to this comment within ten business days by providing the requested
information or advise us as soon as possible when you will respond. If you do not believe our
comment applies to your facts and circumstances, please tell us why in your response.
After reviewing your response to this comment, we may have additional comments.
Form 10-K for the fiscal year ended December 31, 2022
Consolidated Financial Statements
Notes to Consolidated Financial Statements
Note 3 - Significant Accounting Policies - Servicing Advances, page F-12
1.Please revise future filings to disclose the material information required by ASC 326-20-
50 related to the valuation allowance for your servicing advances, including a roll-forward
of the allowance for credit losses for each period presented. Please provide us your
proposed disclosure.
FirstName LastNameDaniel S. Perotti
Comapany NamePennyMac Financial Services, Inc.
July 28, 2023 Page 2
FirstName LastName
Daniel S. Perotti
PennyMac Financial Services, Inc.
July 28, 2023
Page 2
In closing, we remind you that the company and its management are responsible for the
accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or
absence of action by the staff.
You may contact Katharine Garrett at 202-551-2332 or Michael Volley at 202-551-3437
with any questions.
Sincerely,
Division of Corporation Finance
Office of Finance