PennyMac, one of the largest buyers of nonperforming loans in the nation, revealed in a new SEC filing that a “significant portion” of the distressed assets it buys come from just one “major financial” institution.
As for who that seller is, the publicly traded REIT isn’t saying. In the filing the company does not disclose which companies it buys product from and a spokesman declined to provide that information.
“These are private transactions involving confidentiality agreements,” said the spokesman.
That said, the company continues to review many NPL packages for potential acquisition. (It also has a repo/borrowing arrangement with Citigroup.)
During the first quarter the company said it “reviewed 19 mortgage loan pools with unpaid principal balances totaling approximately $2.5 billion. These mortgage loan pools were offered by 15 prospective sellers.”
The company wound up buying distressed mortgages totaling $243 million, of which $227 million came from one seller, it revealed.
