PennyMac Financial Services continued to excel in terms of profitability in the third quarter, as officials cited a “distinctive” hedging strategy, among other efforts. PennyMac had $122.3 million in net income in the third quarter of 2016, up 64.6 percent from the previous period and nearly double the net income it reported a year ago. While interest-rate volatility tends to wreak havoc on earnings, Stanford Kurland, PennyMac’s chairman and CEO, said better-than-expected hedging ...