PennyMac Acquires Cenlar Subservicing Business for $172.5 Million
PennyMac Financial "announced it has entered into a definitive agreement to acquire the subservicing business of Cenlar Capital Corporation (Cenlar), primarily consisting of subservicing contracts and mortgage servicing operations, in an all-cash transaction for an upfront purchase price of $172.5 million and up to $85 million of contingent consideration payable over three years. Based on Cenlar's current portfolio, Pennymac is expected to add up to $740 billion in unpaid principal balance of mortgage loan subservicing and 2 million loans to its servicing portfolio. This expansion will bring Pennymac's total portfolio to over $1 trillion in UPB."
