PennyMac Loan Services Has Fast Become the Largest Employer in Moorpark

/

Headquartered in Moorpark, PennyMac is a family of companies that provides a full range of mortgage services, which include a registered investment advisor that manages a REIT and other private vehicles that invest in troubled mortgages and a best-in-class loan servicing operation that works with borrowers to stay in their homes. PennyMac has designed a new, more comprehensive business model that addresses the problems in the mortgage industry and provides a more sustainable business for the future that aligns the interests of consumers, investors and the public.

The company was established in January 2008 and now services more than $2 billion in residential loans. In addition, during 2009 PennyMac raised over $647 million in private investment funds and $314 million in its public offering and its loan servicing portfolio has grown to over 13,000 loans and $2.6 billion.

PennyMac is a national lender with over 1,000 employees, making it the largest employer in Moorpark! And they continue to hire...check out their jobs listings at www.pennymacusa.com/careers.php.

If you have tried unsuccessfully to refinance in the last year or so, programs and rates have changed enough, along with rising home values for many in the Conejo Valley, that you may be able to reduce your rate or monthly payment this time.

Call PennyMac today at 888-457-0218 or visit them website at THIS LINK to learn more about PennyMac and your options for refinancing and lowering your monthly mortgage payments.

Maybe Now's the Time to Buy Foreclosures?

/

There are over a million homes in foreclosure across the United States today and the number is growing.  This represents a record 2.5% of all loans being serviced.  But hey, let's also consider the good news...that 97.5% of all homes are NOT in foreclosure!

With all these foreclosures and the banks taking a major dive (Indymac Bank is the latest casualty, its stock price diving to 38 cents today, down from $43 two years ago), maybe it's time to start thinking about investing in some of these distressed homes!?

If you are looking for foreclosures or homes that are currently owned by a bank ("REO" or Real Estate Owned), there are many resources on the Web.  Most have a fee of $40 to $50 per month while some are free.  Let's start out with the FREE ones.

Check out www.countrywide-foreclosures.blogspot.com for detailed updates on homes foreclosured by Countrywide Financial (now part of Bank of America).  As of June 29, Countrywide had 13,304 REO homes across the country with an asking price of $2.4 billion.  3,331 of those were in California.  If you want to check these foreclosed homes out, visit this site.

For other banks' REO listings, visit www.biggerpockets.com/bank-reo.html and you'll find links to dozens of other banks.  Not all of the banks have foreclosures in the Ventura County area.  IndyMac Bank currently lists 2 homes in Simi and 1 home in Camarillo.  Also try www.reosource.com, which is also free.

Read More