PennyMac Mortgage Investment Trust has entered into a repurchase agreement with Bank of America to finance roughly $550 million in newly originated mortgage loans, though its subsidiary PennyMac Operating Partnership.

Up to $350 million of this amount will be committed to a loan repo facility that will fund loans purchased from various correspondent lenders by the company's other subsidiary, PennyMac Corp., for sale or securitization. The facility is fully guaranteed by PennyMac and committed until Jan. 30 of next year, according to a securities filing. (The other $200 million is uncommitted.)

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