other material
confidence high
sentiment neutral
materiality 0.55
PennyMac Financial extends management and servicing pacts with PMT through 2029; fee tiers modified
PennyMac Financial Services, Inc.
- Base mgmt fee under 4th A&R: 1.5% of PMT equity up to $2B, 1.375% on $2-5B, 1.25% over $5B.
- Performance incentive fee payable annually; tiers: 10% on 8-12% ROE, 15% on 12-16%, 20% over 16%, with high-water mark.
- Servicing fees: $7.50/month per fixed-rate loan, $8.50 for adjustable; delinquency fees $18-$80/month.
- All agreements effective Jan 1, 2025, expire Dec 31, 2029, with auto-renewal for 18-month periods.