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.
Source: Mortgage Daily