Founded in 2008, PennyMac is 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 a Top Three Lender according to Insider Mortgage Finance and was voted a Top Mortgage Lender by Bankrate in 2020. PennyMac has served more than 1.8 million homeowners.
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 two categories: Purchasing & Refinancing. 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. 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.
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