387:. 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 now capitalizing on that crisis through PennyMac. Though Kurland acknowledged his role in pushing for high-risk lending practices at Countrywide and regretted the turn of events there and in the overall industry, he argued he did not deserve blame because the riskiest lending took place after he left Countrywide and because he always insisted loans went to those who could afford to repay them.
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417:(accounting for a market share of around 5%), the sixth largest mortgage servicer with a servicing portfolio of $ 369 billion in unpaid principal balance, and the largest aggregator of residential mortgage loans. The company more than doubled its annual revenue in 2020, mainly attributable to favorable business conditions due the low interest rates resulting from the federal government's efforts to fight the economic impact of the
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327:. The company's business focuses on the production and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market. PennyMac operates through two subsidiaries: PennyMac Loan Services, LLC and PNMAC Capital Management, LLC. The latter manages the PennyMac Mortgage Investment Trust (
383:. The company was set up with the aim to help stabilize the housing market and to avoid home foreclosures by buying up distressed mortgages. Though PennyMac's efforts did aid distressed homeowners, the company was also criticized because its founder and many of its executives previously held leadership positions at
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PennyMac was the third largest mortgage lender, the sixth largest mortgage servicer, and largest aggregator of residential mortgage loans in the U.S. in 2019. The company conducts its business through a consumer-direct model, which relies on the
Internet and call center-based staff to acquire and
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managed through its subsidiary PNMAC. The IPO raised $ 335 million, less than half of the $ 750 million the company had expected. On May 14, 2013, PennyMac
Financial Services was listed on the New York Stock Exchange under the ticker PFSI, raising $ 200 million. PennyMac is a member of the
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management activities, and totals to $ 427 billion in unpaid principal balance in 2020. The investment management segment consists of management fees received from the PNMAC subsidiary for its management of the PennyMac
Mortgage Investment Trust.
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The retail lending business originates new prime credit quality, first lien residential conventional and government-insured mortgage loans on a national basis to allow customers to purchase or refinance their
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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.
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In 2019, PennyMac surpassed $ 1 billion in revenue for the first time. That year the company also became the third largest mortgage lender in the U.S. in 2019 with $ 118 billion in
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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.
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headquarters, making it one of the largest private employers and biggest tenants in the city. It moved to its current headquarters in
Westlake Village in 2015.
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On 30 July, 2009, the company publicly listed the PennyMac
Mortgage Investment Trust, a mortgage
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PennyMac acquires newly originated loans from small banks and independent originators.
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579:"PennyMac, headed by former No. 2 at Countrywide, files for IPO – Los Angeles Times"
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In total, almost $ 200 billion in loans are produced through these three methods.
773:"PennyMac jobs top 600 as firm files for IPO | Pacific Coast Business Times"
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726:"PennyMac Financial Raises $ 200 Million in IPO | Los Angeles Business Journal"
440:(together, production and servicing comprise mortgage banking activities), and
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794:"PennyMac Corporate Headquarters to Relocate From Moorpark to Thousand Oaks"
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and government-backed or guaranteed mortgage loans through three methods:
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The loan servicing segment performs loan administration, collection, and
819:"PennyMac Crushes It on Record Mortgage Volume. Can the Party Continue?"
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interact with customers across the country. Although its name resembles
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406:. At the time of its IPO, PennyMac had more than 600 employees at its
332:
637:"Ex-Leaders of Countrywide Profit From Bad Loans (Published 2009)"
526:"Pennymac Financial Services, Inc. 2020 Annual Report (Form 10-K)"
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The company's mortgage production focuses on the origination of
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673:"Borrowers Angry as Former Countrywide Execs Back in Business"
843:"Mortgage Industry Roars to Record Year, Courtesy of the Fed"
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890:"Distressed-Loan Sales About to Soar: PennyMac's Kurland"
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Business data for PennyMac
Financial Services, Inc.:
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PennyMac conducts business in three segments, namely
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953:Financial services companies of the United States
948:Financial services companies established in 2008
963:Companies based in Westlake Village, California
394:online and buying loans from smaller lenders.
355:, it has always been a private-sector entity.
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605:"Countrywide Execs Get New Home At PennyMac"
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798:Conejo Valley Guide | Conejo Valley Events
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363:PennyMac was founded in 2008 (during the
701:"PennyMac's IPO Struggles, Falling 4.5%"
537:U.S. Securities and Exchange Commission
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581:. Articles.latimes.com. 2013-02-08
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31:Pennymac Financial Services, Inc.
345:government-sponsored enterprises
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750:"Russell 2000 membership list"
699:Wei, Lingling (31 July 2009).
375:, with financial support from
300:PNMAC Capital Management, LLC.
81:Mortgage lending and servicing
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817:Nyitray, Brent (2021-02-12).
775:. Pacbiztimes.com. 2014-02-21
381:Highfields Capital Management
325:Westlake Village, California
152:15-year fixed-rate mortgages
148:30-year fixed-rate mortgages
110:Westlake Village, California
635:Lipton, Eric (2009-03-03).
319:is an American residential
298:PennyMac Loan Services, LLC
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888:Berry, Kate (2013-02-14).
371:, the former President of
323:company headquartered in
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462:Consumer Direct Lending.
415:unpaid principal balance
365:subprime mortgage crisis
309:https://www.pennymac.com
469:Broker Direct Lending.
456:Correspondent Lending.
71:Russell 2000 Component
18:PennyMac Loan Services
730:labusinessjournal.com
442:investment management
392:originating mortgages
385:Countrywide Financial
373:Countrywide Financial
868:"Pennymac Mortgages"
559:"Annual Report 2019"
408:Moorpark, California
705:Wall Street Journal
434:mortgage production
284:Number of employees
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671:Goldman, Russell.
641:The New York Times
438:mortgage servicing
428:Business structure
404:Russell 2000 Index
919:Corporate Profile
892:. American Banker
419:COVID-19 pandemic
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252:US$ 31.60 billion
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849:. 2020-12-04
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294:Subsidiaries
288:6,000 (2020)
263:Total equity
241:Total assets
186:3.71 billion
105:Headquarters
45:Company type
930:SEC filings
873:December 2,
349:Freddie Mac
168:jumbo loans
122:Area served
942:Categories
896:2014-02-26
853:2021-03-12
828:2021-03-12
803:2021-03-12
779:2014-02-26
758:2014-02-26
735:2021-03-12
682:2021-03-12
654:2021-03-12
614:2021-03-12
585:2014-02-26
557:PennyMac.
487:References
449:first lien
353:Farmer Mac
219:Net income
132:Key people
649:0362-4331
377:BlackRock
164:ARM loans
156:FHA loans
57:Traded as
710:12 March
677:ABC News
321:mortgage
160:VA loans
144:Products
77:Industry
533:sec.gov
480:default
359:History
331::
305:Website
174:Revenue
95:Founder
87:Founded
65::
647:
609:Forbes
465:homes.
277:(2020)
255:(2020)
233:(2020)
211:(2020)
189:(2020)
753:(PDF)
562:(PDF)
529:(PDF)
367:) by
347:like
875:2021
712:2021
645:ISSN
399:REIT
379:and
351:and
337:REIT
329:NYSE
184:US$
90:2008
67:PFSI
63:NYSE
333:PMT
138:CEO
944::
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Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
