A subsidiary of PennyMac Financial Services is offering secured term notes that are collateralized by Ginnie Mae mortgage servicing rights.
The notes, which are being offered through private placement to qualified institutional investors, are also backed by excess servicing spread.
The notes are being offered by PNMAC GMSR Issuer Trust, which purchased the servicing rights from another PennyMac subsidiary, PennyMac Loan Services.
Proceeds of the offering will be used for general corporate purposes, the company said Friday.
