PennyMac Loan Services LLC has received a rating as a better-than-average aggregator of residential jumbo mortgages.
The above-average rating was based on a scale that also includes strong, average, below average and weak.
The Moorpark, Calif.-based company is considered a large non-bank aggregators that continues to expand its jumbo volume.
Moody’s Investors Service, which assigned the rating, said its assessment was based on a review of originator ability, repurchases and 60-day loan delinquency on its originations.
Other factors considered included financial strength and
support functions.
The ratings agency noted that PennyMac originated 733 jumbo
mortgage in the 27 months ended Oct. 31.
“Areas of PennyMac’s strength include its dual independent re-underwriting policies and procedures, technology, clearly written underwriting guidelines, detailed scorecard to monitor sellers, two tier appraisal review process and its experienced and tenured senior management team,” Moody’s stated in the report. “Areas of PennyMac’s weakness include a relatively short track record and that departments such as underwriting policy and property valuation have the same reporting line as quality control and credit risk management.”
