A Correspondent Rocket Ship Called PennyMac

DEC 10, 2012 12:17pm ET

No wonder why PennyMac doesn’t talk much about its nonperforming loan business anymore. It’s safe to say that the publicly traded REIT is now a gorilla in the correspondent purchase market. How much of a gorilla? The firm was the fastest growing correspondent buyer in the third quarter, according to figures compiled by National Mortgage News and the Quarterly Data Report. How fast? Answer: a growth rate of 3,893%. That’s not a misprint. Nationwide, the firm ranked sixth with quarterly purchases of $6.2 billion. Now, if only we could see some warehouse numbers from them…