Business Wire·Feb 11, 2026, 4:15 PM ET

Pennymac Announces Acquisition of Cenlar's Subservicing Business Becoming One of the Largest Mortgage Subservicers

PennyMac Financial Services entered a definitive agreement to acquire Cenlar Capital Corporation's subservicing business in an all-cash transaction.
The deal includes an upfront purchase price of $172.5 million plus up to $85 million in contingent consideration payable over three years.
The acquisition will add approximately $740 billion in unpaid principal balance and 2 million loans to Pennymac's portfolio, bringing its total UPB to over $1 trillion.
Upon closing, Pennymac will become the second-largest mortgage servicer overall and one of the largest subservicers in the U.S.
The transaction is expected to close in the second half of 2026, subject to customary regulatory approvals.
Concurrent with the closing, Cenlar will surrender its bank charter to become a non-bank entity focused exclusively on mortgage subservicing.
Pennymac plans to transition approximately 100 institutional clients from Cenlar while utilizing SSE technology to enhance operational efficiency.
Cenlar's President David Schneider stated the combination creates the strongest subservicing platform in the industry.
Santander US Capital Markets served as exclusive financial advisor to Pennymac, while Houlihan Lokey acted as financial advisor to Cenlar.
Goodwin Procter represented Pennymac legally, while Sullivan & Cromwell represented Cenlar legally.