Annaly has grown into a top 10 servicer of agency mortgage-backed securities since entering the MSR business in 2020. The company’s MSR portfolio is made up of high-quality conventional loans with a weighted average FICO of 757 at origination and an average note rate of 3.24%. “As we continuously look to optimize our capital and maintain prudent leverage, we are very pleased to announce this strategic, long-term partnership with a premier market participant like Annaly,” said David Spector, chairman and CEO of Pennymac. “We’re especially excited to continue subservicing and providing recapture activities for this portfolio, which accelerates the growth of our new subservicing business. A spokesperson at PennyMac told HousingWire that the partnership is “a standalone agreement and doesn’t alter any other agreements.”