With only nine years since its founding, PennyMac is already becoming a substantial player in the mortgage market. The company offers various mortgage and loan opportunities, ranging from mortgage relief programs to refinancing options. It is the second-largest non-bank mortgage originator and the fifth-largest originator over all, having produced $22 billion in mortgage loans in 2012. PennyMac has 15 sales offices and over 900,000 home loan customers.

As a direct mortgage lender and not a bank, PennyMac does not offer traditional banking services; instead, its sole focus is on the mortgage industry. It sometimes purchases loans and restructures mortgages, and was a part of the Home Affordable Refinance Program (HARP) and the Home Affordable Modification Program (HAMP).

PennyMac’s services are broken into three categories: Purchasing, Refinancing, and Relief & Assistance. Under “Purchasing,” customers can find information on Adjustable Rate Mortgages, Fixed Rate Loans, and VA Loans. PennyMac also offers “Multifamily Loans” - loans for multifamily or apartment buildings.

Under “Refinancing,” PennyMac lists a variety of options, including Cash Out Refinancing and Fixed Rate Loans. PennyMac’s third category, Relief & Assistance, has several options for those who may be struggling to meet payments. Some of these options include Loan Modifications, the HARP Program, and Government Funded Assistance. PennyMac also offers some foreclosure alternatives, including Short Sales and HAFA Matrix.

As far as mortgages offered, PennyMac has 30-year, 20-year, and 10-year Fixed Rate Mortgages, as well as 5 and 7 year Adjustable Rate Mortgages.

PennyMac has reached a lot of big milestones recently, having modified its 17,500^th loan in August and reaching almost 3,000 employees. By communicating with customers primarily through telephone and internet, the company has been staying at the forefront of a changing world.

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