Who Services Foreclosed Properties For Penny Mac Collections
 | |
| Type | Public company |
|---|---|
| Traded as | NYSE: PFSI Russell 2000 Component |
| Industry | Mortgage lending and servicing |
| Founded | 2008 |
| Founder | Stanford Kurland |
| Headquarters | Westlake Village, California United states |
| Area served | United States |
| Key people | David Spector, CEO |
| Products | thirty-year stock-still-rate mortgages, xv-yr stock-still-rate mortgages, FHA loans, VA loans, ARM loans, jumbo loans |
| Acquirement |  Usa$3.71 billion (2020) [1] |
| Operating income | US$ii.24 billion (2020) [one] |
| Net income | U.s.$ane.65 billion (2020) [i] |
| Total assets | US$31.60 billion (2020) [1] |
| Total disinterestedness | U.s.$3.39 billion (2020) [i] |
| Number of employees | six,000 (2020)[i] |
| Subsidiaries | PennyMac Loan Services, LLC PNMAC Capital Management, LLC. |
| Website | https://www.pennymac.com |
PennyMac Financial Services, Inc. is an American residential mortgage company headquartered in Westlake Hamlet, California. The company's business concern focuses on the product and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market. PennyMac operates through ii subsidiaries: PennyMac Loan Services, LLC and PNMAC Upper-case letter Management, LLC.[ii] The latter manages the PennyMac Mortgage Investment Trust (NYSE: PMT), a mortgage REIT.
PennyMac was the third largest mortgage lender, the sixth largest mortgage servicer, and largest aggregator of residential mortgage loans in the U.Southward. in 2019.[2] The company conducts its business through a consumer-straight model, which relies on the Net and call eye-based staff to acquire and interact with customers across the country.
History [edit]
PennyMac was founded in 2008 (during the subprime mortgage crisis) by Stanford Kurland, the onetime President of Countrywide Financial, with financial support from BlackRock and Highfields Capital Management.[iii] The company was ready up with the aim to help stabilize the housing market and to avoid habitation foreclosures by buying up distressed mortgages.[4] [5] Though PennyMac'southward efforts did aid distressed homeowners, the company was also criticized because its founder and many of its executives previously held leadership positions at Countrywide Fiscal.[4] [5] [6] The critics argued this group contributed to questionable lending practices at Countrywide and thus shared blame for the subprime mortgage crisis, and that this group was at present capitalizing on that crisis through PennyMac.[4] [v] [6] Though Kurland acknowledged his part in pushing for loftier-risk lending practices at Countrywide and regretted the plough of events in that location and in the overall industry, he argued he did not deserve blame because the riskiest lending took identify after he left Countrywide and because he e'er insisted loans went to those who could afford to repay them.[5]
PennyMac later began refinancing and originating mortgages online and buying loans from smaller lenders.[3]
On 30 July, 2009, the visitor publicly listed the PennyMac Mortgage Investment Trust, a mortgage REIT managed through its subsidiary PNMAC.[7] The IPO raised $335 million, less than half of the $750 one thousand thousand the company had expected.[7] On May 14, 2013, PennyMac Financial Services was listed on the New York Stock Exchange under the ticker PFSI, raising $200 million.[8] PennyMac is a member of the Russell 2000 Index.[ix] At the time of its IPO, PennyMac had more than 600 employees at its Moorpark, California headquarters, making it i of the largest private employers and biggest tenants in the city.[x] It moved to its current headquarters in Westlake Village in 2015.[11]
In 2019, PennyMac surpassed $1 billion in revenue for the get-go fourth dimension.[2] That yr the company also became the third largest mortgage lender in the U.Due south. in 2019 with $118 billion in unpaid main residue (accounting for a market share of effectually v%), the sixth largest mortgage servicer with a servicing portfolio of $369 billion in unpaid principal balance, and the largest aggregator of residential mortgage loans.[2] The visitor more than doubled its annual revenue in 2020,[1] mainly owing to favorable concern conditions due the depression interest rates resulting from the federal government'southward efforts to fight the economic touch on of the COVID-19 pandemic.[12] [13]
In 2020, PennyMac saw loan origination value surpass $36 billion across over 117,000 mortgages, making them the 15th largest mortgage lender by dollar value for this period. [14]
Business construction [edit]
PennyMac conducts business in three segments, namely mortgage production, mortgage servicing (together, product and servicing incorporate mortgage banking activities), and investment management.
The company'south mortgage production focuses on the origination of first lien and regime-backed or guaranteed mortgage loans through three methods:[1]
- Contributor Lending. PennyMac acquires newly originated loans from small banks and independent originators.[xv]
- Consumer Direct Lending. The retail lending business originates new prime credit quality, first lien residential conventional and government-insured mortgage loans on a national footing to allow customers to purchase or refinance their homes.[1]
- Broker Direct Lending. The company obtains loan application packages from nonaffiliated mortgage loan brokers, then underwrites and funds the resulting loans for sale to PennyMac Mortgage Investment Trust or investors.[1]
In full, almost $200 billion in loans are produced through these three methods.[1]
The loan servicing segment performs loan assistants, collection, and default direction activities, and totals to $427 billion in unpaid chief residual in 2020.[i] The investment management segment consists of management fees received from the PNMAC subsidiary for its management of the PennyMac Mortgage Investment Trust.[1]
References [edit]
- ^ a b c d eastward f g h i j grand l grand "PennyMac Financial Services, Inc. 2020 Almanac Report (Form 10-Chiliad)" (PDF). sec.gov. U.S. Securities and Exchange Commission. 2021-02-25.
- ^ a b c d PennyMac. "Annual Report 2019" (PDF).
{{cite spider web}}: CS1 maint: url-status (link) - ^ a b "PennyMac, headed by former No. 2 at Countrywide, files for IPO – Los Angeles Times". Articles.latimes.com. 2013-02-08. Retrieved 2014-02-26 .
- ^ a b c "Countrywide Execs Get New Home At PennyMac". Forbes . Retrieved 2021-03-12 .
- ^ a b c d Lipton, Eric (2009-03-03). "Ex-Leaders of Countrywide Turn a profit From Bad Loans (Published 2009)". The New York Times. ISSN 0362-4331. Retrieved 2021-03-12 .
- ^ a b Goldman, Russell. "Borrowers Angry every bit Former Countrywide Execs Back in Business". ABC News . Retrieved 2021-03-12 .
{{cite web}}: CS1 maint: url-condition (link) - ^ a b Wei, Lingling (31 July 2009). "PennyMac's IPO Struggles, Falling 4.5%". Wall Street Periodical . Retrieved 12 March 2021.
{{cite web}}: CS1 maint: url-condition (link) - ^ "PennyMac Fiscal Raises $200 Million in IPO | Los Angeles Business Periodical". labusinessjournal.com . Retrieved 2021-03-12 .
- ^ "Russell 2000 membership list" (PDF) . Retrieved 2014-02-26 .
- ^ "PennyMac jobs top 600 as house files for IPO | Pacific Coast Business organization Times". Pacbiztimes.com. 2014-02-21. Retrieved 2014-02-26 .
- ^ "PennyMac Corporate Headquarters to Relocate From Moorpark to K Oaks". Conejo Valley Guide | Conejo Valley Events . Retrieved 2021-03-12 .
- ^ Nyitray, Brent (2021-02-12). "PennyMac Crushes Information technology on Record Mortgage Book. Tin can the Party Continue?". The Motley Fool . Retrieved 2021-03-12 .
{{cite web}}: CS1 maint: url-status (link) - ^ "Mortgage Industry Roars to Tape Twelvemonth, Courtesy of the Fed". Bloomberg.com. 2020-12-04. Retrieved 2021-03-12 .
- ^ "Pennymac Mortgages". Retrieved December two, 2021.
- ^ Berry, Kate (2013-02-xiv). "Distressed-Loan Sales About to Soar: PennyMac's Kurland". American Broker. Retrieved 2014-02-26 .
External links [edit]
- PennyMac Loan Services, LLC web site
- Corporate Profile
- Business data for PennyMac Financial Services, Inc.:
- SEC filings
Who Services Foreclosed Properties For Penny Mac Collections,
Source: https://en.wikipedia.org/wiki/PennyMac_Financial_Services
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