Annaly Capital, PennyMac Financial enter into subservicing agreement

Annaly Capital Management (NLY) and PennyMac Financial Services (PFSI) announced the companies have entered into a subservicing agreement and a master purchase agreement. Concurrent with the execution of the agreements, Annaly agreed to purchase a portfolio of mortgage servicing rights from Pennymac. Under the agreements, Pennymac will handle all servicing and recapture activities for the MSR sold to Annaly. “We look forward to collaborating with Pennymac through this strategic partnership, which enhances our best-in-class network of servicing and recapture relationships with a well-respected, industry-leader that has a proven track record of excellence,” remarked CEO David Finkelstein. “Since bringing MSR on balance sheet in 2020, Annaly has become a top 10 servicer of Agency MBS with one of the highest-quality and most differentiated portfolios in the industry. We stand to benefit from Pennymac’s strong recapture capabilities and our borrowers will be well-served by their diligent focus on the customer experience.”