Barclays, a company spokeswoman told National Mortgage News, has been an active buyer of jumbo whole loans through its trading desk.
PennyMac also has repo lines with Citigroup, a company it has bought nonperforming mortgages from.
Of late, the nonbank has been buying jumbos in the secondary market, competitors have reported, but to date has not securitized any of those loans.
In an SEC filing PennyMac says it “may sell, and later repurchase, newly originated mortgage loans in an aggregate principal amount of up to $100 million…The Loan Repo Facility will be used to fund newly originated mortgage loans that are purchased from correspondent lenders by PMC and held for sale and/or securitization.”
The repo line from Barclays is committed for a period of 364 days. Any loans bought will be serviced by PennyMac Loan Services, LLC.
A publicly traded REIT that focuses on correspondent purchases, servicing, and troubled mortgage investments, PennyMac is scheduled to release earnings Aug. 2.