According to the Westlake Village, Calif.-based company, HELOC applications are being accepted from PennyMac’s current customers in California, Florida, Oregon, Virginia and Washington, and the product will be rolled out to more states during the year. The company plans to expand the product to prospective customers who do not yet have a lending relationship with PennyMac.
“We are excited to announce PennyMac’s entry into the HELOC segment of mortgage finance,” said Doug Jones, PennyMac’s Chief Mortgage Banking Officer. “We believe this is the right time to introduce this product to our customers who have seen the equity in their homes increase and want to keep their current first-mortgage interest rates. By taking this step, PennyMac becomes the only major non-bank lender to directly offer this opportunity for customers to tap into the equity in their homes with a simple, flexible line of credit. We expect our leading market position and operational capabilities to help fuel our HELOC production activities.”