History of PennyMac Financial Services in Timeline

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.

2008: Company Founding

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.

2009: Public listing of PennyMac Mortgage Investment Trust

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.

May 14, 2013: Listed on the New York Stock Exchange

On May 14, 2013, PennyMac Financial Services was listed on the New York Stock Exchange under the ticker PFSI, raising $200 million.

2015: Headquarters Relocation

In 2015, Pennymac moved its headquarters to Westlake Village.

2019: Surpassed $1 billion in revenue

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.

2019: Mortgage Lender Ranking

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.

2020: Revenue Doubled

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.

2020: Loan Origination Value

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.