New York, October 17, 2016 -- Moody's Investors Service, ("Moody's") affirmed Private National Mortgage Acceptance Company, LLC's ("PennyMac") B1 Corporate Family Rating ("CFR") and assigned a B2 long-term issuer rating. In addition, Moody's has withdrawn the B2 unsecured bond rating with the company's postponement of its proposed $300 million unsecured bond offering.
Issuer: Private National Mortgage Acceptance Co, LLC
.... Corporate Family Rating , B1
....US$300M Senior Unsecured Regular Bond/Debenture, previously rated B2
.... Issuer Rating, to B2
The rating outlook remains stable.
PennyMac's ratings reflect the company's strong profitability, solid capital level, and experienced management team. PennyMac's financial metrics compare well to its B-rated residential mortgage finance peers. Pre-tax pre-provision profit as a percentage of managed assets averaged above 5% per annum over the last several years. PennyMac also has strong capital, as demonstrated by the company's tangible common equity to assets ratio of more than 20%.
Does anyone know what the success rate/turnover rate/and conditions of working as a mortgage loan originator for acceptance capital in Washington are?
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