Share “PennyMac Financial Services files for IPO”

PennyMac Financial Services files for IPO

Published on NewsOK Modified: February 7, 2013 at 5:53 pm •  Published: February 7, 2013

LOS ANGELES (AP) — PennyMac Financial Services Inc. says it's going public and to hopes to raise $287.5 million in the process.

The company, which operates a mortgage lending, servicing and investment management business, filed preliminary documents for an initial public offering on Thursday with the Securities and Exchange Commission.

It did not specify when it plans to make its market debut, or the price it plans to set for its shares. It also didn't provide the stock ticker symbol it plans to trade under.

PennyMac is based in Moorpark, Calif. The company was founded under the name Private National Mortgage Acceptance Co. LCC in 2008 by members of the company's executive leadership and owners BlackRock Mortgage Ventures LLC and HC Partners LLC.

It consists of two business segments: mortgage banking and investment management.

The company's main mortgage banking subsidiary, PennyMac Loan Services LLC, services home loans for government-controlled mortgage companies such as Freddie Mac and Fannie Mae. It also acquires mortgages and makes loans directly to consumers online.

PennyMac's investment management unit, PNMAC Capital Management LLC, manages a mortgage real estate investment trust and several investment funds. All told, the REIT and the funds had combined assets of roughly $1.8 billion as of Sept. 30.

Continue reading this story on the...