PennyMac acquires Cenlar subservicing for $172.5M upfront; adds $740B UPB

PennyMac Financial Services, Inc.

Upfront purchase price $172.5M cash plus up to $85M contingent consideration over three years.
Adds ~$740B UPB and 2 million loans; total servicing portfolio exceeds $1 trillion UPB.
Expected close in H2 2026, subject to regulatory approvals; Cenlar to surrender bank charter.
Acquisition makes PennyMac second largest U.S. mortgage servicer and top subservicer.
Transaction aligns with strategic goal to expand capital-light, fee-based subservicing revenue.

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