PennyMac Mortgage Investment Trust, a publicly traded vulture fund, is now offering nonperforming notes to investors through its website but is using three outside firms to facilitate sales.
A spokesman for the Calabasas-based company cautioned that the company is only offering hard-to-resolve mortgages to outside parties. "These typically are loans that we tried to resolve but the borrower was unresponsive," he said, noting that the offerings comprise less than 1% of the portfolio.
The company has posted links to three online auction sties to move the notes. The auctioneers include Loanmarket.net, Bigbidder.com, and CarltonGroup.com.
Jeff Freud, a principal in Loanmarket.net, told National Mortgage News that "we're closing [PennyMac] sales in volume" but said he could not be more specific at this time, but noted that any investor in NPLs must be certified through the HAMP program.
