PennyMac Loan Services, LLC, is an American residential mortgage company headquartered in Westlake Village, California and is the principal mortgage banking subsidiary of PennyMac Financial Services, Inc. PennyMac originated $22.0 billion in mortgage loans in 2012. On May 14, 2013, its parent was listed on the New York Stock Exchange under the ticker PFSI with a market capitalization of $346.06 million as of the close of the market on January 10, 2014. At the time of its IPO, PennyMac had more than 600 employees at its Moorpark headquarters, making it one of the largest private employers and biggest tenants in the city. PennyMac does not have a "brick and mortar" branch network. The company conducts its business through a consumer-direct model, which relies on the Internet and call center-based staff to acquire and interact with customers across the country. PennyMac was founded in 2008 and was set up initially to do workouts on distressed loans, then later began refinancing and originating mortgages online and buying loans from smaller lenders. PennyMac is a separate organization from PennyMac Mortgage Investment Trust , a mortgage REIT. PennyMac is a member of the Russell 2000.