PennyMac Financial Services Forms New Division - Quick Facts

(RTTNews) - PennyMac Financial Services, Inc. (PFSI) announced the formation of a new division, PennyMac Commercial Real Estate Finance. The business will focus on loans that finance multifamily and other commercial real estate with a typical value of under $10 million, with the planned acquisition and securitization of such loans by PennyMac Mortgage Investment Trust (PMT).

Steve Skolnik joins as Chief Commercial Lending Officer, and was most recently the Chief Executive Officer and Co-Founder of ReadyCap Commercial, LLC. Kevin Portnoy is joining as Executive Vice President, Commercial Lending, from Capital Crossing, LLC where he was Director of Capital Markets.