We are a specialty financial services firm with a comprehensive mortgage platform
and integrated business primarily focused on the production and servicing of
U.S. residential mortgage loans (activities which we refer to as mortgage banking)
and the management of investments related to the U.S. mortgage market. We believe
that our operating capabilities, specialized expertise, access to long-term
investment capital, and our management’s experience across all aspects
of the mortgage business will allow us to profitably grow these activities and
capitalize on other related opportunities as they arise in the future.
PennyMac was founded in 2008 by members of our executive leadership team and
two strategic partners, BlackRock Mortgage Ventures, LLC (“BlackRock”
or “BlackRock, Inc.”) and HC Partners, LLC, formerly known as Highfields
Capital Investments, LLC, together with its affiliates (“Highfields”).
We conduct our business in three segments: loan production, loan servicing
(together, these two activities comprise mortgage banking activities) and investment
management (refer to footnote 26). Our principal mortgage banking subsidiary,
PennyMac Loan Services, LLC (“PLS”), is a non-bank producer and
servicer of mortgage loans in the United States. PLS is a seller/servicer for
the Federal National Mortgage Association (“Fannie Mae”) and the
Federal Home Loan Mortgage Corporation (“Freddie Mac”), each of
which is a government-sponsored entity (“GSE”). It is also an approved
issuer of securities guaranteed by the Government National Mortgage Association
(“Ginnie Mae”), a lender of the Federal Housing Administration (“FHA”),
a lender/servicer of the Veterans Administration (“VA”) and the
U.S. Department of Agriculture (“USDA”), and a servicer for the
Home Affordable Modification Program (“HAMP”). We refer to each
of Fannie Mae, Freddie Mac, Ginnie Mae, FHA, VA and USDA as an “Agency”
and collectively as the “Agencies.” PLS is able to service loans
in all 50 states, the District of Columbia, Guam and the U.S. Virgin Islands,
and originate loans in 49 states and the District of Columbia, either because
PLS is properly licensed in a particular jurisdiction or exempt or otherwise
not required to be licensed in that jurisdiction.
PNMAC Capital Management, LLC (“PCM”), a Delaware limited liability
company registered with the Securities and Exchange Commission (“SEC”)
as an investment adviser under the Investment Advisers Act of 1940, as amended,
manages PennyMac Mortgage Investment Trust (“PMT”), a mortgage real
estate investment trust, listed on the New York Stock Exchange under the ticker
symbol PMT. PCM also manages PNMAC Mortgage Opportunity Fund, LLC and PNMAC
Mortgage Opportunity Fund, LP, both registered under the Investment Company
Act of 1940 (“Investment Company Act”), as amended, an affiliate
of these Funds and PNMAC Mortgage Opportunity Fund Investors, LLC. We refer
to these funds collectively as our “Investment Funds” and, together
with PMT, as our “Advised Entities.”
We expect to grow our servicing portfolio on an organic basis, as our correspondent
government-insured production and consumer direct lending adds new prime servicing
for owned MSRs, and correspondent conventional lending adds new subservicing.
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