WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--
PennyMac Financial Services, Inc. (NYSE: PFSI) today announced the
launch of a Home Equity Line of Credit (HELOC) product being offered
through its wholly-owned subsidiary, PennyMac Loan Services, LLC. The
HELOC product is designed to support the financing needs of its 1.4
million customers by offering them a flexible way to use their home
equity for home improvements, debt consolidation and other expenses
while allowing them to maintain their current first-mortgage interest
rates.
“We are excited to announce PennyMac’s entry into the HELOC segment of
mortgage finance,” said Doug Jones, Chief Mortgage Banking Officer. “We
believe this is the right time to introduce this product to our
customers who have seen the equity in their homes increase and want to
keep their current first-mortgage interest rates. By taking this step,
PennyMac becomes the only major non-bank lender to directly offer this
opportunity for customers to tap into the equity in their homes with a
simple, flexible line of credit. We expect our leading market position
and operational capabilities to help fuel our HELOC production
activities.”
PennyMac has begun accepting HELOC applications from current customers
in five states – California, Florida, Oregon, Virginia and Washington –
and will roll out the home equity product in additional states
throughout the year. As the HELOC program expands, the company plans to
offer it to prospective customers who do not yet have a lending
relationship with PennyMac.
PennyMac Financial plans for the HELOC program to leverage the strategic
partnership with PennyMac Mortgage Investment Trust (NYSE: PMT), a
leading mortgage real estate investment trust, through PMT’s ability to
securitize and invest in HELOC assets.
For more information about PennyMac Financial’s new HELOC program,
please visit the company’s website at https://quote.pennymacusa.com/heloc/.
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.
Additional information about PennyMac Financial Services, Inc. is
available on its investor relations website at www.ir.pennymacfinancial.com.
Forward Looking Statements
This press release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, regarding management’s beliefs, estimates, projections, the
recently completed corporate reorganization, the expected benefits and
market and financial impact of the reorganization and assumptions with
respect to, among other things, the Company’s financial results, future
operations, business plans and investment strategies, as well as
industry and market conditions, all of which are subject to change.
Words like “believe,” “expect,” “anticipate,” “promise,” “plan,” and
other expressions or words of similar meanings, as well as future or
conditional verbs such as “will,” “would,” “should,” “could,” or “may”
are generally intended to identify forward-looking statements. Actual
results and operations for any future period may vary materially from
those projected herein and from past results discussed herein. Factors
which could cause actual results to differ materially from historical
results or those anticipated include, but are not limited to: the
continually changing federal, state and local laws and regulations
applicable to the highly regulated industry in which we operate;
lawsuits or governmental actions that may result from any noncompliance
with the laws and regulations applicable to our businesses; the mortgage
lending and servicing-related regulations promulgated by the Consumer
Financial Protection Bureau and its enforcement of these regulations;
our dependence on U.S. government-sponsored entities and changes in
their current roles or their guarantees or guidelines; changes to
government mortgage modification programs; the licensing and operational
requirements of states and other jurisdictions applicable to the
Company’s businesses, to which our bank competitors are not subject;
foreclosure delays and changes in foreclosure practices; certain banking
regulations that may limit our business activities; changes in
macroeconomic and U.S. real estate market conditions; difficulties
inherent in growing loan production volume; difficulties inherent in
adjusting the size of our operations to reflect changes in business
levels; purchase opportunities for mortgage servicing rights and our
success in winning bids; changes in prevailing interest rates; increases
in loan delinquencies and defaults; our reliance on PennyMac Mortgage
Investment Trust (NYSE: PMT) as a significant source of financing for,
and revenue related to, our mortgage banking business; any required
additional capital and liquidity to support business growth that may not
be available on acceptable terms, if at all; our obligation to indemnify
third-party purchasers or repurchase loans if loans that we originate,
acquire, service or assist in the fulfillment of, fail to meet certain
criteria or characteristics or under other circumstances; our obligation
to indemnify PMT if its services fail to meet certain criteria or
characteristics or under other circumstances; decreases in the returns
on the assets that we select and manage for our clients, and our
resulting management and incentive fees; the extensive amount of
regulation applicable to our investment management segment; conflicts of
interest in allocating our services and investment opportunities among
us and our advised entities; the effect of public opinion on our
reputation; our recent growth; our ability to effectively identify,
manage, monitor and mitigate financial risks; our initiation of new
business activities or investment strategies or expansion of existing
business activities or investment strategies; our ability to detect
misconduct and fraud; our ability to mitigate cybersecurity risks and
cyber incidents; our exposure to risks of loss with real estate
investments resulting from adverse weather conditions and man-made or
natural disasters; and our organizational structure and certain
requirements in our charter documents. You should not place undue
reliance on any forward- looking statement and should consider all of
the uncertainties and risks described above, as well as those more fully
discussed in reports and other documents filed by the Company with the
Securities and Exchange Commission from time to time. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements or any other information contained herein,
and the statements made in this press release are current as of the date
of this release only.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190118005076/en/
PennyMac Financial Services, Inc.
Media
Stephen Hagey
(805)
530-5817
or
Investors
Christopher Oltmann
(818)
264-4907
Source: PennyMac Financial Services, Inc.