PennyMac Mortgage Investment Trust, a publicly traded vulture fund, is now offering nonperforming notes to investors through its Web site but is using three outside firms to facilitate sales.
A spokesman for the Calabasas-based company cautioned that the company is only offering hard-to-resolve mortgages to outside parties.
“These typically are loans that we tried to resolve but the borrower was unresponsive,” he said, noting that the offerings comprise less than 1% of the portfolio.
The company has posted links to three online auction sites to move the notes. The auctioneers include Loanmarket.net, Bigbidder.com, and CarltonGroup.com.
Jeff Freud, a principal in Loanmarket.net, told National Mortgage News that “we’re closing [PennyMac] sales in volume” but said he could not be more specific at this time, but noted that any investor in NPLs must be certified through the Home Affordable Modification Program or HAMP.
