PennyMac Mortgage Investment Trust and its servicing division said it disagrees with recent findings from the Georgia Department of Banking and Finance regarding its activities in the state but offered little in the way of details.
In a statement, the publicly traded REIT said while it disagrees with the GDB's "conclusion that they were conducting activity which required a license…the companies are vigilant about compliance and will continue to make every effort to abide with applicable state and federal laws."
As reported on the National Mortgage News website late last week, the GDB issued a cease and desist order against PennyMac Loan Services, Calabasas, Calif., the servicing arm of the publicly traded mortgage firm.
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."
PennyMac would not comment further. The PennyMac family of companies invests in problem loans in Georgia and others states.
