Items Tagged with 'PennyMac'


  • HomeStreet selling off majority of mortgage business to Homebridge, New Residential, PennyMac

    Origination business going to Homebridge; MSRs to New Res, PennyMac
    HomeStreet Bank's move away from mortgages is nearly complete. Earlier this year, HomeStreet announced that it was planning to shift its business away from mortgages by selling off its retail mortgage origination business and a big chunk of its mortgage servicing rights. Now, the bank has found buyers for its mortgage business: Homebridge Financial Services, New Residential Mortgage, and PennyMac.
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  • PennyMac jumps into home equity business

    Rolls out HELOC product for existing customers
    PennyMac is betting on opportunity in home equity lending, announcing Friday that its Loan Services subsidiary will now offer HELOCs. The nonbank's foray into home equity lending comes at an interesting time, as some experts say certain market dynamics signal the likelihood of an impending home equity boom, while others are saying quite the opposite.
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  • PennyMac launches broker direct channel

    Broker Direct gives brokers access to company's POWER platform
    Friday, PennyMac announced the launch of its new broker channel, Broker Direct, which will enable brokers to access the company’s POWER platform, in addition to its centralized sales, client engagement services and fulfillment capabilities.
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  • Former Ginnie Mae president Ted Tozer joining PennyMac Financial Services board

    Tozer stepped down from Ginnie Mae earlier this year
    Ted Tozer stepped down as president of Ginnie Mae in January after serving seven years, and while the agency has still not found a permanent replacement, Tozer has found a new position. PennyMac Financial Services, a mortgage lender and servicer, announced Wednesday that Tozer is joining the company’s board of directors.
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  • PennyMac pretax income drops 61%

    CEO: Mortgage banking sensitive to interest rate changes
    PennyMac’s pretax income dropped significantly. However, the company CEO explains the reasons and says the company continues to see solid growth trends. Originations and unpaid principal balance both saw significant increases from last quarter.
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  • PennyMac revenue jumped 34% in 2014

    Boosted by 41% increase in mortgage banking revenue
    According to PennyMac, the company’s total net revenue in the fourth quarter was $141.7 million, up ever so slightly from $140.6 million in the third quarter. But the company’s net revenue for the year was $518.3 million, which was up 34% from 2013’s total.
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  • How far can lenders push the credit box?

    Watt announcement helps, but risk keeps standards tight
    During one of the last panels at the MBA Annual Convention, a group of lenders was cautiously optimistic about the future, noting that while progress has been made, more clarifications are needed for a significant increase in non-QM lending.
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