Business has been so good in the correspondent lending division of Private National Mortgage Acceptance Company LLC that the company is opening a new Florida facility and recruiting new production personnel.
PennyMac Chief Executive Officer Sanford L. Kurland publicly disclosed in August 2010 that the company saw “an attractive and growing opportunity” in correspondent originations for PennyMac Mortgage Investment Trust, a real estate investment trust managed by the Moorpark, Calif.-based firm.
In the first-quarter 2011, PennyMac generated around $0.025 billion in correspondent production. At that point, 55 lenders had already signed on as clients.
By the first quarter of this year, correspondent fundings had skyrocketed to $1.792 billion.
PennyMac has already said that it aims to fund $3 billion in quarterly volume from the channel before the year is out.
In an effort to handle the rapid growth, the lender has opened a Tampa fulfillment facility to support correspondent operations, an announcement Thursday said. The unit will handle newly originated conforming, government and jumbo business.
Around a hundred people will employed at the new office.
The new jobs inlcude underwriters, appraisers and auditors.
“This new facility will not only provide PennyMac with a greater level of overall support to our current partners, it also expands our reach and level of support for our east coast and central partners,” PennyMac Chief Correspondent Lending Officer Doug Jones said in the statement. “It also affords us the opportunity to tap into the strong mortgage workforce in, and around, the Tampa area.”
Tim Griffin has recruited as director of correspondent lending fulfillment to oversee the operations of the new facility. He previously served as national underwriting manager at Bank of America.
