PennyMac Mortgage Investment Trust appears to be laying the ground work for the launch of its warehouse lending program, according to a recent filing with the Securities and Exchange Commission.
The company notes that it entered into a master repurchase agreement with Credit Suisse First Boston that funds a warehouse program of which PennyMac is a partner.
“The re-warehouse facility provides for repurchases in an aggregate principal amount of up to $50 million,” the publicly traded REIT says.
One warehouse consultant who looked at the filing notes that the agreement indicates the company is “definitely supporting a warehouse lending program…They are funding a portion of the program through this re-warehousing facility of $50 million with CSFB.”
A spokesman for PennyMac did not return a telephone call about the matter.
Very few nonbanks operate in the warehouse space. PennyMac is now purchasing billions of dollars a year on a correspondent basis from other lenders. To date, it does not appear that it has actually made any warehouse lines.
It’s anticipated that the company will cross market its warehouse program with the correspondent channel.
About 15 months ago PennyMac made headlines when it was revealed that
