The Real Estate and Public M&A teams advised PennyMac Financial Services, Inc. (“Pennymac”) on entering into a definitive agreement to acquire the subservicing business of Cenlar Capital Corporation (“Cenlar”), primarily consisting of subservicing contracts and mortgage servicing operations, in an all-cash transaction for an upfront purchase price of $172.5 million and up to $85 million of contingent consideration payable over three years. Based on Cenlar’s current portfolio, Pennymac is expected to add up to $740 billion in unpaid principal balance (“UPB”) of mortgage loan subservicing and two million loans to its servicing portfolio. The transaction is expected to close in the second half of 2026, subject to the satisfaction of customary closing conditions, including required regulatory approvals. This expansion will bring Pennymac’s total portfolio to over $1 trillion in UPB.
PennyMac is a specialty financial services firm focused on the production and servicing of US mortgage loans and the management of investments related to the US mortgage market. Founded in 2008, the company is recognized as a leader in the US residential mortgage industry and employs approximately 4,900 people across the country. In 2025, PFSI’s production of newly originated loans totaled $145 billion in UPB, making it a top lender in the nation. As of December 31, 2025, PFSI serviced loans totaling $734 billion in UPB, making it a top mortgage servicer in the nation.
The Goodwin team was led by John Haggerty, Jean Lee, Wei Xu, Kelvin Chan, Grace Kim, Dan Karelitz, Nicole Brock, Gregg Coughlin, Kevin Lam, Brittany Fayette, Ashley Shultz, Jacqueline Klosek, Jonathan Ng, Monica Patel, Eric Graffeo, Jacquelyn Watson, Natascha George, Halak Mehta, Ed Holzwanger, Anna Shipley Roy, Andrew Lacy, Brady P. P. Cummins, Kevin Walsh, Ortal Ben Aharon, James Barri, Mike Whalen, Gloria Han, Matt Sheldon, Andrew Hill, Bill Stern, and Ai Tajima with invaluable assistance from Melissa Sandak, Jordan Kijewski, Laura Noedlinger, Joseph James Powers, Virginia Wong, Bryan Snyder, Kerri Finn, Melissa Grasso, and Laura Darkins.
For more information on the deal, please read the press release.