PennyMac Opens Broker Channel; New #1 Wholesaler?

Following months of waiting, mortgage brokers can now add PennyMac Financial Services Inc. to their roster of wholesalers. With its entry, the fast-growing lender is poised to become a big player in the wholesale channel.

Back in August 2017, the Westlake Village, California-based company revealed plans to launch a broker channel in the fourth quarter of last year.

PennyMac explained that broker margins are higher than margins in the correspondent channel — which accounted for 91 percent of its total 2016 mortgage originations.


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From:: Financing