Q3 2019 PennyMac Financial Services Inc Earnings Call (Pre-Recorded) Transcript
Good afternoon, and welcome to the Third Quarter 2019 Earnings Discussion for PennyMac Financial Services, Inc. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. Before we begin, please take a few moments to read the disclaimer on Slide 2 of the presentation. Thank you.
Now I'd like to turn the discussion over to Stan Kurland, PennyMac Financial's Executive Chairman.
Thank you, Isaac. PennyMac Financial's third quarter earnings reflected another exceptional quarter of operating performance as we achieved quarterly records for the company's pretax income and operating earnings. Our results were driven by outstanding performance in our production segment and continued discipline in the execution of our interest rate risk, hedging strategy that effectively offset the majority of the fair value losses on our mortgage servicing rights as a result of declining mortgage rates.
PennyMac Financial earned net
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