The Georgia Department of Banking and Finance late this week issued a cease and desist order against PennyMac Loan Services, Calabasas, Calif., the servicing arm of the publicly traded mortgage firm.
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According to a statement released by the DBF, PennyMac Loan Services "engaged in residential mortgage brokering/lending activities without a license or under an applicable exemption."
At press time, a PennyMac spokesman had not returned a telephone call about the matter.
The PennyMac family of companies invests in problem loans, but also functions as a specialty servicer and recently began funding mortgages through select correspondents.
