JSMedia – PennyMac is a California-based startup that has cracked the top 10 mortgage lenders list. In the fourth quarter of 2012, the company originated $10 billion in residential mortgage loans, accounting for 2% of the market. While it is not the next Countrywide, PennyMac is showing the ability to scale quickly in the mortgage industry. CEO and former COO of Countrywide, Stanford L. Kurland, is credited with the growth of the company.
As of September, PennyMac was the only startup to break into the top 10 mortgage lenders list. The startup from Calabasas managed more than $10 billion in residential mortgage loan volume during the fourth quarter, which is nearly equal to the total market.
It is worth reading a few PennyMac reviews before choosing one to pursue a loan with. Read about the pros and cons of each lender and make an informed decision.
PennyMac Cracks List of Top 10 Mortgage Lenders
In addition to being a major mortgage lenders, PennyMac also provides mortgage services to consumers. The company is part of one of the oldest and largest mortgage lending companies in the country. Although it has only been in business for a decade, PennyMac’s mortgage services are among the best in the industry. The company has several large call centers, which specialize in mortgages. The company also has an online mortgage access center where consumers can apply for a home loan.
Moving into the top 10 list is a big step for PennyMac. The firm has a new executive team, including John Third. He will be the company’s Chief Innovation Officer and Chief Operating Officer. Previously, he held the role of SVP-National Director of Operations. Under his leadership, John Third will lead the company’s pioneering mortgage technology and process initiatives.
PennyMac’s CEO and CFO, Anne D. McCallion, will serve as a Chief Innovation Officer. Previously, she was the Chief Operating Officer and has been in the same position for seven years. She will continue to oversee the company’s mortgage processes and technology initiatives. Ultimately, the company is a great choice for borrowers in the Southern California market. This is the only lender that offers mortgages with the lowest rates in the top ten.