New Business Slows at PennyMac
The quarterly volume of correspondent acquisitions at PennyMac Mortgage Investment Trust was lower. But the distressed loan investor projects a significant pickup by the end of 2013.
First-quarter 2013 correspondent acquisitions amounted to $8.5 billion, earnings data released Tuesday from the Moorpark, Calif.-based company indicate.
Mortgage production was lower than during the fourth quarter of last year, when PennyMac generated $10.0 billion in correspondent acquisitions.
Strong Growth Continues at PennyMac
Correspondent lending activity at PennyMac Mortgage Investment Trust continued to surge, and the outlook is for further growth. While retail originations account for just a small fraction of overall activity, annual volume from the channel more than tripled. A new PennyMac holding company has been formed with plans to generate nearly $300 million from a public offering.
Correspondent Channel is Roaring at PennyMac
Through a thriving correspondent channel, PennyMac Mortgage Investment Trust is nearing the quarterly volume of some of the 10 biggest residential lenders.
PennyMac Business Soars
Quarterly mortgage production nearly doubled at PennyMac Mortgage Investment Trust, and new activity is in line to keep business elevated. By October, the pace of new originations is expected to nearly double again.
Correspondent Growth Prompts PennyMac Hirings
Business has been so good in the correspondent lending division of Private National Mortgage Acceptance Company LLC that the company is opening a new Florida facility and recruiting new production personnel.
PennyMac's Correspondent Acquisitions Continue to Accelerate
Correspondent originations at PennyMac Mortgage Investment Trustnearly doubled compared to the prior quarter and are expected to increase even more. The healthy pace of correspondent growth has the company adjusting its outlook for the year.
SEC Sues Former Execs of Failed Jumbo Lender
Former senior executives of Thornburg Mortgage Inc. have been sued by the Securities and Exchange Commission over allegations they covered up pending margin calls and hid losses as the company was on the brink of failure. But the defendants say they did nothing wrong and that the lawsuit twists the chain of events and statements they made.
Jumbo RMBS Issuer Closes on First 2012 Deal
Jumbo issuer Redwood Trust has already closed on its first securitization this year and hopes to complete a half dozen before the year is out.
PennyMac Becomes Billion Dollar Player
Quarterly correspondent fundings and the mortgage investment portfolio at PennyMac Mortgage Investment Trust have each reached nearly a billion dollars.
PennyMac Aiming for $1 Billion in Monthly Correspondent Volume
Monthly production at PennyMac Mortgage Investment Trust's correspondent lending unit, which originated less than $0.1 billion in the second quarter, is expected to soar to $1 billion by the end of next year. Achieving the aggressive goal has been made easier by the planned exit of one of the nation's biggest correspondent lenders.