PennyMac Announces the Opening of a Retail Lending Office in Pasadena, California

MOORPARK, Calif.--(BUSINESS WIRE)--Private National Mortgage Acceptance Company, LLC (the “Company” or “PennyMac”) announced today that it will be opening a new facility in Pasadena, California to expand the consumer direct mortgage lending operations of its subsidiary, PennyMac Loan Services. The facility encompasses a whole floor of one of the Corporate Center buildings on South Lake Avenue, spanning almost 21,000 square feet and will eventually hold approximately 85 to 100 PennyMac employees.

“With PennyMac’s continued growth in retail lending and the government’s expansion of HARP, a new refinance program allowing underwater homeowners to take advantage of today’s low interest rates, we have a need to grow our personnel in a significant way”

“With PennyMac’s continued growth in retail lending and the government’s expansion of HARP, a new refinance program allowing underwater homeowners to take advantage of today’s low interest rates, we have a need to grow our personnel in a significant way,” commented Scott Bridges, PennyMac’s Chief of Consumer Direct Lending. “This new facility will expand our reach and overall level of support to our customers and allow us to tap into the skilled mortgage workforce in the San Gabriel Valley. We will begin moving some of our retail staff, currently located in Moorpark, as soon as possible. Additionally, we will begin searching for candidates to fill numerous new positions in loan sales and operations to continue our growth and expansion.”

To facilitate PennyMac’s consumer direct growth, the Company will be hosting a job fair on Saturday, September 8 at the new location. The Company will be looking to hire loan officers, loan processors, loan openers and underwriters. For more information on the job fair visit the career section of PennyMac Loan Services website at www.PennyMacUSA.com.

Stephen Brandt, Managing Director of Retail Production, will oversee the operations of the Pasadena facility. Stephen brings over 23 years of mortgage lending experience to PennyMac, primarily in retail originations. Prior to PennyMac, Stephen was Executive Vice President, Consumer Markets Division at Bank of America.

About Private National Mortgage Acceptance Company, LLC

Private National Mortgage Acceptance Company, LLC is a financial services firm created to address the dislocations in the U.S. mortgage market. Its current focus is investing in and servicing residential mortgage assets on behalf of its investors. The Company is managed by a team of mortgage industry veterans led by Stanford L. Kurland, and is based in Moorpark, California. The Company wholly owns two subsidiaries, PNMAC Capital Management, LLC and PennyMac Loan Services, LLC, that manage investments and provide mortgage loan servicing, respectively, for two private equity funds and a publicly traded REIT, PennyMac Mortgage Investment Trust (PMT).