PennyMac Creates Non-Delegated Correspondent Program

PennyMac Mortgage Investment Trust is now offering sellers the option to have the company underwrite the whole loans it purchases.

Already one of the largest nonbank correspondent aggregators in the country, PennyMac said Tuesday in a news release that new and existing correspondent sellers can now use the non-delegated program to review loan eligibility for applicable investor guidelines and requirements.

"The non-delegated program expands the services we offer to correspondent sellers by leveraging the capabilities of our proven and established platform," said Doug Jones, PennyMac's chief institutional mortgage banking, in the release.

"We believe non-delegated deliveries will become an attractive option for many of our existing sellers and help drive growth in new client relationships going forward."

PennyMac noted in a flyer advertising the program that sellers who use the program will receive "competitive underwriting and condition clearing turn-times." The Westlake Village, Calif.-based company also said that clients can order appraisals from their AMC.

To receive non-delegated approval from PennyMac, sellers must have at least $250,000 in net worth and two years' experience as a mortgage banker. Additionally, owners have to meet minimum credit standards.