PennyMac Financial Services Inc. sees opportunity in its massive mortgage servicing portfolio for marketing second liens and home-equity lines of credit (HELOCs).
As of June 30, the Westlake Village, Calif.-based company serviced 2.2 million residential loans, according to its second-quarter earnings data. The collective unpaid principal balance on the loans was $527 billion.
That gives the lender a massive amount of data to identify excellent prospects for junior lien products, enabling low rate first mortgages to remain intact.
In its investor presentation, PennyMac listed the “Benefits and Potential Value From PennyMac’s Large and Growing Servicing Portfolio.”
Among “New Marketing Opportunities” were new products, including second liens and HELOCs, affirming its interest in entering the home-equity business.
Company-wide second-quarter net income at PennyMac was reported at $129 million.
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