"With normalized pretax profitability of 15 bps to 30 bps for PMT's origination business and the relatively sheltered nature of PFSI's origination profitability (given a fee arrangement with PMT), we are optimistic that market share growth will be enough to overcome any potential volume fallout across the industry, as well as compressing margins at both entities," Miller wrote.
-- Written by Philip van Doorn in Jupiter, Fla.
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