PennyMac is a national originator and servicer of mortgage loans. PennyMac offers both traditional and non-traditional loan products to individual homeowners. PennyMac was founded in 2008 by a group of mortgage industry professionals. In addition to originating new mortgage loans, PennyMac purchases loans from banks and lenders. Often these mortgages are in trouble and PennyMac takes steps to assist borrowers in restructuring their loans and keep their homes.
Closely related to PennyMac are the PennyMac Financial Services and PennyMac Real Estate Investment Trust. These organizations are investment vehicles that provide capital and returns for investors. The real estate trust is a public investment vehicle that trades under the stock symbol NYSE: PMT. PennyMac is not a bank.
Although PennyMac works hard to keep homeowners in their homes, they sometimes must foreclose and take ownership of a property when payments are not being made on the property. When PennyMac forecloses, they resell the property on the open real estate market with the assistance of a local real estate agent.
PennyMac maintains a website of their foreclosed properties on the RESNET platform. RESNET is a property management system that banks, real estate agents, appraisers and title companies utilize to manage the process of selling a default property. Generally, there is no charge to a buyer of a foreclosure from RESNET. You can find PennyMac foreclosures online at their website below. The website allows for a user to search based on multiple criteria including price, area, zip code or home details.
Have you purchased a property owned by PennyMac? If so, please provide comments about your experience below.