Pennymac will report its fourth quarter earnings Thursday, the first of the large nonbank lenders to do so. "People who think Rocket may be fully priced might look to Pennymac as a cheaper way to play." Pennymac is also well positioned in the market, avoiding the tension between Rocket and UWM, Hurwit said. For the fourth quarter, S&P estimates $0.08 normalized EPS and $2.2 billion in revenue, up from $1.8 billion in the third quarter and the fourth quarter of 2024. DeVries and Harter each expect origination volume to increase from the third quarter to $47.5 billion and $50 billion, respectively.