PennyMac Financial Services, Inc., based in Westlake Village, California, is a residential mortgage company involved in originating, servicing, and managing investments in the U.S. mortgage market. It operates through two main subsidiaries: PennyMac Loan Services, LLC, which handles loan production and servicing, and PNMAC Capital Management, LLC, which manages the PennyMac Mortgage Investment Trust, a mortgage REIT. PennyMac's core business revolves around the U.S. mortgage industry, participating in both the origination and investment aspects of residential mortgages.
In 2008, Pennymac was founded during the subprime mortgage crisis by Stanford Kurland, former President of Countrywide Financial, with financial support from BlackRock and Highfields Capital Management. The company aimed to stabilize the housing market and avoid home foreclosures by buying distressed mortgages.
On July 30, 2009, PennyMac publicly listed the PennyMac Mortgage Investment Trust, a mortgage REIT managed through its subsidiary PNMAC. The IPO raised $335 million.
On May 14, 2013, PennyMac Financial Services was listed on the New York Stock Exchange under the ticker PFSI, raising $200 million.
In 2015, Pennymac moved its headquarters to Westlake Village.
In 2019, Pennymac surpassed $1 billion in revenue for the first time. Also in 2019, the company became the third largest mortgage lender in the U.S.
In 2019, Pennymac was the third largest mortgage lender, the sixth largest mortgage servicer, and largest aggregator of residential mortgage loans in the U.S.
In 2020, Pennymac more than doubled its annual revenue, mainly attributable to favorable business conditions due the low interest rates resulting from the federal government's efforts to fight the economic impact of the COVID-19 pandemic.
In 2020, Pennymac saw loan origination value surpass $36 billion across over 117,000 mortgages, making them the 15th largest mortgage lender by dollar value for this period.
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