Two years after founding the company known as PennyMac to scoop up distressed mortgages, Stanford Kurland has rejoined a business he knows well from his years at Countrywide Financial Corp.: buying and securitizing newly originated prime loans.

PennyMac Mortgage Investment Trust said in its first-quarter earnings release Tuesday that it had purchased its first handful of such loans in April from community banks and nonbank lenders.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.