MOORPARK, CA—PennyMac Financial Services, Inc. has established a new division, PennyMac Commercial Real Estate Finance (PCREF). The business will focus on loans that finance multifamily and other commercial real estate with a typical value of under $10 million, with the planned acquisition and securitization of such loans by PennyMac Mortgage Investment Trust.

“I am excited about our entry into Commercial Real Estate Finance which complements PennyMac’s existing businesses in residential mortgages and has the potential to deliver attractive returns for PFSI and PMT. The opportunity in this market is particularly attractive and fits well with the operational platform and organizational culture that distinguish PennyMac,” said Stanford Kurland, PennyMac Financial’s chairman and CEO. “We have hired a dynamic team of highly experienced commercial mortgage bankers to lead this new initiative, and I am pleased to announce that Steve Skolnik, Kevin Portnoy and Bob Roades have joined the PennyMac team.”

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