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PennyMac Mortgage board ups buyback program

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PennyMac Mortgage board ups buyback program

PennyMac Mortgage Investment Trust's board has approved an increase in the share repurchase program to $300 million from $200 million.

Additionally, the company, through wholly owned subsidiary PennyMac Corp., has executed another temporary increase letter related to a master repurchase agreement that the subsidiary entered into with Deutsche Bank AG, Cayman Islands branch.

PennyMac Corp. may sell to Deutsche Bank, and later repurchase, newly originated mortgage loans in an aggregate principal amount of up to $750 million, a temporary increase from $500 million. The amount had recently been temporarily increased to $540 million. The repurchase agreement is set to expire Aug. 18, 2019, unless earlier terminated. The period for the latest temporary increase started Dec. 18 and will expire Jan. 17, 2018. After the temporary increase expires, the amount will revert to $500 million.