WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--
PennyMac Financial Services, Inc. (NYSE: PFSI) announced today it has
been selected as a secondary market investor by ABA Community Bank
Mortgage LLC, a subsidiary of the American Bankers Association.
This selection means that ABA Community Bank Mortgage LLC owner banks
can sell agency-eligible loans on a servicing-released basis to PennyMac
Financial and can access PennyMac’s full line of lending products.
"PennyMac has become the largest non-bank correspondent investor by
being a great and consistent business partner. Coupled with our
tremendous respect for the community banks and their customers, this
makes our collaboration with the ABA a win-win," said Doug Jones,
President of PennyMac Loan Services (PLS), PennyMac Financial’s
principal mortgage banking subsidiary.
In addition to its ranking as the largest non-bank correspondent
production aggregator, PennyMac Financial is the 4th largest
participant in the U.S. mortgage origination market overall.
ABA Community Bank Mortgage LLC offers community bankers various options
for managing and building their mortgage business. Co-owned by ABA’s
Corporation for American Banking subsidiary and community banks, this
enterprise leverages the power of joint ownership for better execution
on loans sold into the secondary market.
“The alliance with PennyMac provides additional product and pricing
power for our owner banks to better serve their customers and
communities,” said John Schoemer, chairman of ABA Community Bank
Mortgage LLC. “PennyMac, through a demonstrated competitive pricing and
fulfillment platform, will help our owner banks compete effectively in
their markets.”
Schoemer also is executive vice president of Presidential Bank,
Bethesda, Md.
ABA Community Bank Mortgage LLC offers community bankers an innovative
option for managing and building their mortgage business. Co-owned by
ABA’s Corporation
for American Banking subsidiary and community banks, this
cooperative-style enterprise leverages the power of joint ownership for
better execution on loans sold into the secondary market. By aggregating
volume, the ABA Community Bank Mortgage LLC is able to leverage the
quality and total volume of the owner banks' loan production.
“Our new partnership with PennyMac will provide participating banks with
competitively priced conforming and jumbo products – enhanced by the
power of ownership,” said Deborah Whiteside, president and COO of ABA
Community Bank Mortgage LLC.
About PennyMac Financial Services, Inc.
PennyMac Financial Services, Inc. is a specialty financial services firm
with a comprehensive mortgage platform and integrated business focused
on the production and servicing of U.S. mortgage loans and the
management of investments related to the U.S. mortgage market. PennyMac
Financial Services, Inc. trades on the New York Stock Exchange under the
symbol “PFSI” and is headquartered in Westlake Village, CA. Additional
information about PennyMac Financial Services, Inc. is available at www.ir.pennymacfinancial.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20170327005988/en/
PennyMac Financial Services, Inc.
Investors contact:
Christopher
Oltmann, (818) 264-4907
or
Media contact:
Stephen
Hagey, (805) 530-5817
Source: PennyMac Financial Services, Inc.