Hints and tips:
...For example, in the first quarter of this year PennyMac earned $224m in Ginnie servicing revenues, and Freedom Mortgage Corp raked in $234m....
...Publicly traded mortgage lenders PennyMac Financial and Mr Cooper have seen their shares underperform over the past few weeks after a strong summer....
...Even so, MSR intensive Reits such as PennyMac Mortgage Investment Trust and New Residential Investment Corp are still yielding more than 11 per cent....
...PennyMac is one of the non-banks that moved into the US mortgage market after the financial crisis. Back in 2008, the banks owned over $90bn worth of MSRs....
...(The best comparable for a marketplace lender like Lending Club is probably a mortgage banker like PennyMac Financial, which has a forward P/E of around 5.5x.)...
...But PennyMac’s investors risk losses if it is unable to restructure the loans, or to find buyers for them....
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