PennyMac Mortgage Investment Trust has agreed to buy $452 million of nonperforming whole loans from undisclosed sellers, according to a recent filing with the Securities and Exchange Commission.
In the notice, which encompasses a recent investor presentation the firm made, PennyMac notes that the purchase is subject to “continuing due diligence” and ultimately may not close.
In 2Q12 the publicly traded REIT bought $402 million of ‘reperforming’ mortgages and NPLs. (The NPL portion totaled $224 million.)
The nonbank is also in the market to buy mortgage servicing rights, it said.
The California-based REIT brought $3.4 billion of mortgages from correspondent orignators in 2Q12, an 88% jump from 1Q12.
The firm’s stock continues to trade near its 52-week high of $23.52.
