PennyMac Financial to Acquire Cenlar's Subservicing Business for $172.5M

PennyMac Financial Services has agreed to acquire Cenlar Capital's subservicing business in an all-cash transaction for $172.5 million. The deal includes subservicing contracts and mortgage servicing operations. The acquisition is expected to enhance PennyMac's mortgage servicing capabilities and expand its customer base. The company may pay an additional $17.5 million based on the performance of the business over a two-year period.