PennyMac Mortgage Investment Trust (NYSE: PMT) is adding 200 jobs at a new office space it has leased in a business park in Sacramento County, California.
The announcement was made by the Sacramento Area Commerce and Trade Organization (SACTO), which says the company has leased 26,384 square feet at PS Business Park.
The Moorpark, CA-based company has already hired 40 employees and plans to increase the workforce at this facility to 200 jobs.
PennyMac deals mostly with residential mortgage loans and mortgage related assets. They try to raise the value of distressed mortgage loans by acquiring them through loan modification programs. With the value of real estate on its way up, many home owners are now more interested in saving their homes through programs such as the U.S. HUD‚Äôs HAMP and HARP programs.
The PennyMac expansion will add mortgage professionals to help the company originate and process loans from all over the country associated with HARP (Home Affordable Refinance Program), which helps homeowners whose mortgages are underwater.
Sacramento was chosen because it will help the Southern California-based company expand into Northern California, while at the same time being able to tap into the skilled workforce and training resources in the region.
PennyMac Managing Director Patrick Benton said they see tremendous opportunity in the Sacramento market, and added that they were looking forward to a long and successful tenure.
As far as Sacramento is concerned, the regional economic impact of the project is estimated to exceed $133 million. Since the company already has an office in Natomas under an Enterprise Zone, PennyMac is eligible for state income tax credits that are provided for creating new jobs.
SACTO named Sacramento County and the California Governor’s Office of Business and Economic Development (GO-Biz) for their help in securing the project, in addition to the California Employment Training Panel and the Sacramento Employment and Training Agency.
SACTO Board of Directors Chairman David Parkes said they were pleased to welcome PennyMac, and added that the company‚Äôs decision to select Sacramento was another sign of the long-anticipated housing market recovery and the overall economic health of the region.