Citibank NA recently doubled a master repurchase agreement it had with a unit of PennyMac Mortgage Investment Trust, increasing the line to $400 million.
According to a filing with the Securities and Exchange Commission, the original line was inked in May of this year. The agreement is between the bank and Penny Mac Corp., but the obligation is guaranteed by the publicly traded REIT.
Under the facility, PMC can sell, and later repurchase newly originated mortgages.
PennyMac’s shares have been trading near a 52-week high of late. The firm’s origination arm has been on a production tear of late. The nonbank REIT
The lender/servicer/nonperforming loan investor is set to report third quarter earnings on Nov. 8.
In late August,
