Annaly has formed a new partnership with Pennymac, adding another major publicly-traded nonbank mortgage company as one of its subservicers. The real-estate investment trust, which also has a subservicing partnership with Rocket Cos. , will be tied in with a master purchase agreement in which Annaly will buy certain assets from Pennymac. The sale of MSRs also is in line with plans Pennymac has to reconfigure the composition of its portfolio. Pricing trends nonbank mortgage execs see in subservicingAdvances in automation and industry consolidation have driven competition in subservicing and brought down costs this year, Finkelstein said during his company's second-quarter earnings call. "I think over the next 6 to 12 months, you'll see more servicing moving amongst subservicers.