PennyMac Mortgage Investment Trust–originally conceived as an investor in delinquent loans–posted record earnings of $40.4 million in the third quarter thanks to a booming business in correspondent mortgage purchases.
The publicly traded REIT bought $6.3 billion of loans from other residential lenders in 3Q, a stunning 87% increase from the prior period.
The nonbank bought $3.7 billion of conventional mortgages, $2.6 billion of FHA products, and just under $1 billion of jumbos.
In the second quarter, the Moor Park, Calif.-based firm earned almost $30 million.
The company is also looking at ways to grow its servicing business, and according to sources,
It is still active in the nonperforming loan market, realizing gains of $26.5 million on that business during the period.
In trading Thursday its stock was up almost 2% to almost $25.
