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PennyMac Companies Support Brokers and Corresponding Partners by Offering High Balance Compliant Loan Amounts of Up to $ 625,000 Nationwide

By on September 30, 2021 0

WESTLAKE VILLAGE, CA – (COMMERCIAL THREAD) – PennyMac Financial Services, Inc. (NYSE: PFSI) and PennyMac Mortgage Investment Trust (NYSE: PMT) (collectively “PennyMac”), leading companies in the residential mortgage industry, have announced that they will now offer loan amounts Expanded Compliant Loan Up To At Least $ 625,000 In All States And Counties1 via their broker and correspondent channels.

“With the recent acceleration in home price appreciation affecting many markets across the country, we wanted to step in and support borrowers,” said Kimberly Nichols, Senior Managing Director of Broker Direct Lending at PennyMac. “This will specifically help those who are trying to buy a home or access equity in their property when rates are relatively low.”

Compliant loan limits are capped at $ 548,250 in most markets. PennyMac has made available at least $ 625,000 in compliant high balance loan programs in counties across the country. In some market sectors, this represents an increase of over $ 75,000 in the maximum loan limit for a compliant loan, an increase of almost 14%. Higher balances are available for properties of two to four units, as shown in the table below:

1 unit

2 units

3 units

4 units

2021 National Compliant Loan Limit

$ 548,250

$ 702,000

$ 848,500

$ 1,054,500

Extended PennyMac Loan limit2

$ 625,000

$ 800,250

$ 967,250

$ 1,202,000

“We are delighted to provide market support by offering these extended limits through our nationwide network of correspondent customers,” said Abbie Tidmore, Senior Managing Director of PennyMac Correspondent Group. “This expansion will provide some borrowers with the ability to access compliant loan programs that would otherwise require Jumbo financing.”

PennyMac Broker Direct Lending is a division of PennyMac Loan Services, LLC, which is a subsidiary of PennyMac Financial Services, Inc. (NYSE: PFSI). PennyMac Correspondent Group operates through PennyMac Corp., a subsidiary of PennyMac Mortgage Investment Trust (NYSE: PMT).

For more information, please visit our Broker Direct Lending at https://www.pennymacbrokerdirect.com/ or our Correspondent Group website at https://www.gopennymac.com/.

About PennyMac Financial Services, Inc.

PennyMac Financial Services, Inc. is a specialty financial services company focused on the production and management of US mortgages and the management of investments related to the US mortgage market.

Founded in 2008, the company is recognized as a leader in the US residential mortgage industry and employs approximately 7,300 people across the country. For the twelve months ended June 30, 2021, the production of newly issued loans by PennyMac Financial totaled $ 252 billion in outstanding principal balance, making it the second largest mortgage lender in the country. As of June 30, 2021, PennyMac Financial was managing loans totaling $ 473 billion in outstanding principal balance, making it one of the top ten mortgage services in the country.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage related assets. PMT is managed externally by PNMAC Capital Management, LLC, a wholly owned subsidiary of PennyMac Financial Services, Inc. (NYSE: PFSI). Additional information on PennyMac Mortgage Investment Trust is available at www.PennyMac-REIT.com.

1 PennyMac’s non-delegated and brokerage channels do not acquire or grant loans in New York State.

2 PennyMac’s newly expanded loan limits are higher in Alaska and Hawaii. Visit here for more details: https://bit.ly/3B2vxHK


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