FHFA announces 2016 conforming loan limits

FHFA announces 2016 conforming loan limits

Much of U.S. left unchanged; limits increase in 39 ‘high-cost’ counties

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Launches Rocket Mortgage

Google launches mortgage comparison tool with Zillow

LendingTree will also bring mortgages to Google

PennyMac earns $7.7 million in 3Q as distressed portfolio grows

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PennyMac Mortgage Investment Trust (PMT) earned $7.7 million, or 45 cents per diluted share, in the third quarter of 2010 as the company expanded its portfolio of distressed assets. In the third quarter of 2009, the firm report a net loss of $730,000, or 4 cents a share. PennyMac invested $125 million in distressed mortgage assets in 3Q, including a $73 million investment in nonperfomring residential mortgage whole loans and $52 million investment in mortgage-backed securities. The trust's portfolio now holds $10.1 million in whole loans and $ 1.8 million in securities. Chairman and CEO of PMT, Stanford Kurland, said the company has more investment initiatives coming in the next year. PennyMac plans to procure additional leverage, increase volume in its conduit operation, develop a jumbo loan conduit program and complete securitization of its nonperforming loans. "These initiatives are intended to not only enhance our short-term earnings potential, but to position PMT to capitalize across the mortgage spectrum as the market converges back to a more normalized market," Kurland said. "While we see the current opportunity for distressed whole loans being very attractive in the near term, we recognize the need to prepare for a revitalized market." PennyMac is a real estate investment trust based in California. The trust held its initial public offering in July 2009. As of Sept. 30, the firm held $454 million in assets on its balance sheet. Write to Christine Ricciardi. Disclosure: The author holds no relevant investments.

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