PennyMac Financial Services, one of the nation’s largest mortgage lenders and servicers, on Wednesday announced a partnership that will give the company a high level of visibility during the 2028 Olympic Games in Los Angeles.
California-based Pennymac will be the official mortgage supporter of the U.S. Olympic and Paralympic teams at the 2028 Olympics. In a press release, the company said it plans to grow the partnership over the next several years “through a variety of initiatives designed to build its brand while supporting its mission, vision, values, and industry leadership. This includes meaningful engagement with U.S. Olympic and Paralympic athletes to provide education and support for homeownership.”
“This partnership embodies the spirit of hard work, dedication, and the pursuit of excellence — values that resonate deeply with Pennymac and the remarkable athletes who inspire us all,” David Spector, chairman and CEO of Pennymac, said in a statement.
“We are incredibly proud to support the LA28 Games and Team USA and are committed to empowering those who strive for extraordinary achievements, from world-class athletes to those pursuing their aspirations of homeownership. Together, we commit to fostering a culture of excellence to inspire the next generation of achievers.”
Pennymac said it will be partnering with Team USA athletes to “share their personal stories and homeownership histories that reflect the companies’ leading solutions for clients.” The company is unveiling a Team USA-inspired marketing campaign, “Where Greatness Lives,” which is designed to connect the shared values of athletes with aspiring homeowners.
“In sport and in life, we are stronger together. It’s special to welcome Pennymac to the Movement, a locally headquartered partner that understands Los Angeles and shares our belief in the power of sport to inspire and connect communities,” John Slusher, CEO of U.S. Olympic and Paralympic Properties, said in a statement.
“With a commitment to shared values and supporting people’s dreams, Pennymac will play a unique role in helping us build toward a strong and successful LA28 Games.”
Pennymac was the nation’s second-largest lender in 2024, according to Inside Mortgage Finance (IMF) data. The company closed $115.1 billion in volume last year, up 16.5% from 2023 and good for a market share of 6.9%. And it ranked No. 5 among the country’s largest servicers with owned mortgage servicing rights of $665 billion at the end of the year, per IMF.
The company has improved its financial performance in the past year, earning a profit of $104.5 million during the fourth quarter of 2024. It posted a net loss of $36.8 million in Q4 2023. For the full year, its profits jumped 115% to $311.4 million.
Last month, Pennymac launched NonDel+, a full-service, nondelegated mortgage solution. The tool is designed to keep more loans in house by helping mortgage banker partners with disclosures, documentation and other services.
