Not only is PennyMac cranking up its correspondent lending platform, but the publicly traded REIT also plans to be an aggressive bottomfisher in the mortgage servicing rights arena.
According to a recent investor presentation filed with the Securities and Exchange Commission, PennyMac said it now has the ability to scale its servicing platform up to $40 billion of “sub-performing” loans within 12 months.
The company, formerly known as PennyMac Mortgage Investment Trust, recently opened a new 142,000 square-foot office/servicing facility in Moorpark, Calif. The site can handle 1,000 employees.
“PMT will continue to pursue distressed whole loan investments, while also seeking new opportunities, such as MSRs,” the company says in the filing.
The company did not disclose its MSR contracts in a recent earnings statement, but it's believed to be less than $4 billion.
It is still an active buyer of nonperforming mortgages. In the fourth quarter it reviewed $4 billion of whole loans.
