November 28, 2014 2:18 PM ET

Capital Markets

Company Overview of Private National Mortgage Acceptance Company, LLC

Company Overview

Private National Mortgage Acceptance Company, LLC operates as an asset management company that acquires and manages residential mortgage assets on behalf of private investors. Private National Mortgage Acceptance Company, LLC has strategic partnerships with BlackRock and Highfields Capital. The company was founded in 2012 and is based in Moorpark, California. Private National Mortgage Acceptance Company, LLC operates as a subsidiary of PennyMac Financial Services, Inc.

6101 Condor Drive

Moorpark, CA 93021

United States

Founded in 2012

Phone:

818-224-7442

Fax:

818-224-7397

Key Executives for Private National Mortgage Acceptance Company, LLC

Founder
Age: 61
Chief Financial Officer
Age: 59
Chief Mortgage Operations officer
Chief Fund Administration Officer
Age: 37
Chief Capital Markets Officer
Age: 48
Compensation as of Fiscal Year 2014.

Private National Mortgage Acceptance Company, LLC Key Developments

Pennymac Financial Services, Inc. Enters into an Amendment to its Second Amended and Restated Loan and Security Agreement

On August 29, 2014, PennyMac Financial Services, Inc., through its subsidiaries, PennyMac Loan Services, LLC and Private National Mortgage Acceptance Company, LLC entered into an amendment to its Second Amended and Restated Loan and Security Agreement, dated as of March 27, 2012 with Credit Suisse First Boston Mortgage Capital LLC. Pursuant to the terms of the Loan and Security Agreement, CSFB made available to PLS a revolving credit facility in an amount not to exceed $117 million in order to finance certain mortgage servicing rights and receivables owned by PLS. The principal amount of each borrowing under the Loan and Security Agreement is based upon a percentage of the market value of the related mortgage servicing rights or receivable, as applicable, pledged by PLS. Upon PLS's repayment of a borrowing, PLS is required to repay CSFB the principal amount of such borrowing plus accrued interest to the date of such repayment. The obligations of PLS are fully guaranteed by PNMAC. The Company is a holding corporation and its sole asset is an equity interest in PNMAC. Under the terms of the amendment, the maximum loan amount provided for in the Loan and Security Agreement was increased from $117 million to $157 million. All other terms and conditions of the Loan and Security Agreement and the related guaranty remain the same in all material respects.

PennyMac Financial Services, Inc., PennyMac Loan Services, LLC and Private National Mortgage Acceptance Company, LLC Enter into Second Amended and Restated Loan and Security Agreement with CSFB

On December 30, 2013, PennyMac Financial Services, Inc. (the Company), through its subsidiary, PennyMac Loan Services, LLC ('PLS'), and Private National Mortgage Acceptance Company, LLC ('PNMAC'), entered into an amendment to its Second Amended and Restated Loan and Security Agreement with CSFB, dated as of March 27, 2012 (the 'Loan and Security Agreement'). The amendment to the Loan and Security Agreement was approved by a committee of the company’s board of directors comprised solely of independent members thereof. Pursuant to the terms of the Loan and Security Agreement, CSFB made available to PLS a revolving credit facility in an amount not to exceed $117 million (the 'Facility') in order to finance certain mortgage servicing rights and receivables owned by PLS. The principal amount of each borrowing under the Facility is based upon a percentage of the market value of the related mortgage servicing rights or receivable, as applicable, pledged by PLS. Upon PLS’s repayment of a borrowing, PLS is required to repay CSFB the principal amount of such borrowing plus accrued interest (at a rate reflective of the current market) to the date of such repayment. PLS also pays CSFB a fee for the structuring of the Facility, as well as certain other administrative costs and expenses in connection with CSFB’s management and ongoing administration of the Facility. The Facility requires that PLS make certain representations, warranties and covenants customary for this type of transaction, including certain financial covenants consistent with PLS’s other credit facilities. The mortgage servicing rights and receivables pledged under the Facility also serve as cross-collateral for PLS’s obligations under a separate mortgage loan repurchase agreement with CSFB. The Facility also contains events of default (subject to certain materiality thresholds and grace periods), including payment defaults, breaches of covenants and/or certain representations and warranties, cross-defaults, guarantor defaults, bankruptcy or insolvency proceedings and other events of default customary for this type of transaction. The remedies for such events of default include the acceleration of the principal amount outstanding under the Facility and the liquidation by CSFB of the pledged mortgage servicing rights and receivables then securing the borrowings. The obligations of PLS are fully guaranteed by PNMAC. As amended, the Loan and Security Agreement now also provides that, to the extent PMH breaches the terms of its Security and Subordination Agreement, a 'trigger event' may be deemed to exist, whereby PLS would be required to either (i) repay CSFB in full the outstanding borrowings under the Loan and Security Agreement, or (ii) repurchase the excess servicing spread from PMH at fair market value. To the extent PLS is unable to repay the loan under the Loan and Security Agreement or repurchase the excess servicing spread, an event of default would exist under the Loan and Security Agreement.

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