Ginnie Mae Master Agreement Renewal

On April 24, 2020, PennyMac issued Financial Services, Inc. (the “Company”) on their wholly owned subsidiary of PennyMac Loan Services, LLC (“PLS”) and its direct subsidiary, Private National Mortgage Acceptance Company, LLC (“PNMAC”), made changes (the “April Amendments”) to their credit facilities at Credit Suisse First Boston Mortgage Capital LLC (“CSFB”) as an administrative agent for Credit Suisse Cyman Islands Branch (“CSCIB”), and Alpine Verbriefung LTD (“Alpine”), as purchasers. The “CS Credit Facilities” include (i) a master buyout agreement of April 1, 2020 between CSFB, CSCIB and PLS, which uses the PLS to fund Ginnie Mae for the payment of advances (the “GMSR SAR agreement”); (ii) a master buyout agreement signed on December 19, 2016 between CSFB, CSCIB and PLS, the PLS to finance the Ginnie Mae mortgage service rights (“GMSR Servicing Spread Agreement”); (iii) a September 11, 2019 master buyout agreement between CSFB, CSCIB, PLS and PNMAC, the PLS to finance Fannie Mae`s mortgage service rights (the Fannie Mae Servicing Spread Agreement); (iv) a loan and security agreement reached on February 1, 2018 between CSFB, CSCIB, PLS and PNMAC, the Freddie Mac Mortgage Service Rights Financing (Freddie Mac Servicing Spread Agreement) and (v) a third modified and revised third master buyout agreement of February 28, 2018. April 2017 under CSFB, CSCIB, Alpine and PLS, which uses PLS to sell and later buy back some newly created residential mortgages and late loans (over 90 days late) by Ginnie Mae mortgage backed securities pools , also known as Early Buyout Mortgage Loans (“Ginnie Mae EBO Loans”). After the extension, CS Credit Facilities` maturities are April 23, 2021 or later, with the exception of the Freddie Mac Servicing Spread Agreement, which expires on October 21, 2020. PLS bonds under the CS credit facilities are fully guaranteed by PNMAC. . (formerly known as Ne w PennyMac Financial Services, Inc.) Date of report (date of most recent event): April 24, 2020 (previous name or address, amended since the last report) ☐ acquisition of equipment in accordance with Law 14a-12 under the Stock Exchange Act (17 CFR 240.14a-12) Post 2.03 Creating a direct financial commitment or commitment under an off-balance sheet agreement of a registrar. The amendment to the GMSR-SAR agreement also includes an additional margin call provision that requires PLS to maintain a 2.33:1 ratio between its loan contract obligations and its obligations under other CS credit facilities, and it offers CSCIB certain rights if PLS does not maintain this relationship.