General World News

Pennymac looks to capitalize on Wells Fargo’s correspondent exit

Pennymac, the country’s largest correspondent lender with about 14% market share, has its eyes fixed on absorbing origination volume that Wells Fargo is leaving behind in the correspondent channel. 

The California-based lender plans to increase its client base in the bank and credit union segment where Wells Fargo was most active, Abbie Tidmore, senior managing director and chief revenue officer, at Pennymac told HousingWire. At the end of 2022, Pennymac aggregated loans from about 770 lenders across the country, Tidmore said in a previous interview.

“Wells’ exit clearly opens up [an] opportunity to other participants in the correspondent details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com