Pennymac to acquire subservicing business of Cenlar for $257.5m.

Pennymac, a company that originates and purchases residential mortgage loans, provides mortgage servicing, and manages mortgage-related investment activities, agreed to acquire subservicing business of Cenlar, a provider of mortgage loan subservicing and related servicing functions to banks, credit unions, mortgage companies and other financial institutionsfor, for $257.5m. “Our team at Cenlar has been dedicated to building the nation’s leading subservicing organization, grounded in a deep commitment to our clients. By combining Cenlar’s market-leading expertise with a top lender and servicer like Pennymac, we are forming the strongest subservicing platform in the industry. I am incredibly proud of what the Cenlar team has achieved and look forward to this next chapter as we collectively deliver superior scale, technology and care to the millions of homeowners we serve,” David Schneider, Cenlar President and CEO.