Pennymac correspondent division announces new non-QM offerings

Each product is designed to serve self-employed professionals, entrepreneurs, real estate investors and other creditworthy borrowers with nontraditional income profiles.

“Our non-QM offerings are about unlocking opportunities for our Pennymac Correspondent clients and the borrowers they serve,” said Alex Boand, chief correspondent production officer at Pennymac Correspondent Group. “The non-QM space continues to grow, and we’re excited to offer a competitive, high-quality product line to meet demand among our clients.”

The California-headquartered residential mortgage lender and servicer said in a press release that it intends to retain servicing on all non-QM products, which will also be made available through Pennymac’s third-party origination (TPO) channel beginning in the fourth quarter of 2025.

The initial rollout will be for delegated correspondent sellers on a best-effort basis, Pennymac’s release confirmed.

The new products offer lenders flexibility in borrower qualification and loan structure. Income documentation options include full documentation, streamlined (12 months), bank statement, asset depletion, asset qualifier, 1099 and verbal verification of employment.

Eligible borrowers include first-time homebuyers, first-time investors and non-permanent residents, among others.

“These solutions are built to meet the real needs of today’s diverse borrower base,” said Nick Pabarcus, managing director and non-QM sales leader at Pennymac. “Whether someone is a self-employed professional using bank statements or an investor relying on debt service coverage ratio, our non-QM suite provides flexible, well-structured options.”

To provide a deeper dive into the new offerings, Pennymac is hosting a live webinar featuring Boand and Pabarcus on Sept. 10 at 2 p.m. ET.