PennyMac enters into two $350M VFN repurchase agreements with Mizuho to finance Ginnie Mae MSR assets

PennyMac Financial Services, Inc.

Each agreement has a maximum purchase price of $350M; initial term expires July 25, 2026.
One covers excess servicing spread (Series 2024-MSRVF1); the other covers servicing advance receivables (Series 2020-SPIADVF1).
PLS must maintain at least $50M outstanding with Mizuho under the servicing spread agreement, plus $50M each with ASP, GS, Nomura.
Obligations are guaranteed by PNMAC under a new Mizuho Guaranty dated July 25, 2024.
The facilities are cross-collateralized with other Mizuho financing and include margin call provisions.

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