8-K
filed August 10, 2023, 7:59 PM ET
ticker PFSI
CIK 0001745916
debt
confidence high
sentiment neutral
materiality 0.55
PennyMac enters into $350M repurchase agreements with Nomura for Ginnie Mae MSR financing
PennyMac Financial Services, Inc.
- Two new variable funding note repurchase agreements with Nomura, each with $350M max purchase price.
- Agreements finance Ginnie Mae mortgage servicing rights and related excess servicing spread and servicing advance receivables.
- Initial term expires August 5, 2024; PLS must maintain minimum $50M outstanding with Nomura under each agreement.
- Obligations guaranteed by PNMAC; cross-collateralized with other Nomura facilities.
- Draws on servicing advance agreements must be pro rata across Nomura and existing syndicated facilities.
Key facts
Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
PennyMac Financial Services, Inc. entered into Series 2023-MSRVF2 Master Repurchase Agreement with Nomura Corporate Funding Americas, LLC valued at $350,000,000 (effective 2023-08-04).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Nomura Corporate Funding Americas, LLC
- Value
- $350,000,000
- Effective
- 2023-08-04
Exact text from the filing
On August 4, 2023, PennyMac Financial Services, Inc. (the “Company”), through two of its indirect, wholly owned subsidiaries, PNMAC GMSR ISSUER TRUST (“Issuer Trust”) and PennyMac Loan Services, LLC (“PLS”), entered into two new variable funding note (“VFN”) repurchase agreements, as part of the structured finance transaction that PLS uses to finance Ginnie Mae mortgage servicing rights and related excess servicing spread and servicing advance receivables.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
PennyMac Financial Services, Inc. entered into Series 2020-SPIADVF1 Master Repurchase Agreement with Nomura Corporate Funding Americas, LLC valued at $350,000,000 (effective 2023-08-04).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Nomura Corporate Funding Americas, LLC
- Value
- $350,000,000
- Effective
- 2023-08-04
Exact text from the filing
The Company entered into (i) a Series 2023-MSRVF2 Master Repurchase Agreement by and among PLS, as seller, Nomura Corporate Funding Americas, LLC, as administrative agent and as a buyer (“Nomura”) (the “Nomura Servicing Spread Agreement”), related to the servicing spread, and (ii) a Series 2020-SPIADVF1 Master Repurchase Agreement by and among PLS, as seller, and Nomura, as administrative agent and buyer (the “Nomura SAR Agreement”), related to the servicing advance receivables.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
PennyMac Financial Services, Inc. entered into Guaranty by Private National Mortgage Acceptance Company, LLC with Nomura Corporate Funding Americas, LLC valued at See agreement (effective 2023-08-04).
- Action
- entry
- Counterparty
- Nomura Corporate Funding Americas, LLC
- Value
- See agreement
- Effective
- 2023-08-04
Exact text from the filing
The obligations of PLS under the Nomura Servicing Spread Agreement and the Nomura SAR Agreement are guaranteed in full by PNMAC under the Guaranty by Private National Mortgage Acceptance Company, LLC, as guarantor, dated as of August 4, 2023 (“Nomura Guaranty”).
View on SEC.gov
This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice.
See methodology for how this pipeline works.