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
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