PennyMac Mortgage Investment Trust, through units PennyMac Corp. and PennyMac Operating Partnership LP, entered into a master repurchase agreement with BNP Paribas on Aug. 3, under which PennyMac Corp. and PennyMac Operating Partnership may sell newly originated mortgages to BNP Paribas and later repurchase them.

Up to $200 million in aggregate principal amount of loans may be sold under the agreement, of which $100 million is committed. The mortgages are serviced by PennyMac Loan Services LLC.

The agreement will be used to fund newly originated mortgages bought from correspondent lenders pending sale or securitization.

The agreement is set to expire Aug. 2, 2019.