New product launches in five states, with additional states planned throughout the year
Residential mortgage company PennyMac Financial Services announced that that it is entering the home equity line of credit (HELOC) business with the launch of a new product.
PennyMac’s new HELOC product is designed to support the financing needs of its 1.4 million customers by offering them a way to use their home equity for home improvements, debt consolidation, and other expenses while allowing them to maintain their current first-mortgage interest rates.
“We are excited to announce PennyMac’s entry into the HELOC segment of mortgage finance,” said Doug Jones, chief mortgage banking officer at PennyMac. “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.”