Business

February 13, 2014

PennyMac commits to expand Fort Worth office to 600 jobs

California mortgage company says a $180,000 tax incentive from the Fort Worth City Council played a role in its decision to expand CentrePort office in far east Fort Worth.

PennyMac Financial Services will follow through with an expansion at the CentrePort Business Park in far east Fort Worth that will increase employment there to more than 600 full-time employees by the end of 2015.

A 10-year, $180,000 tax incentive approved by the City Council in November for the mortgage company played a role its decision, said Patrick Benton, a senior vice president with PennyMac. The California company was also looking at sites in Florida and Arizona.

“We were looking at other states and other locations,” Benton said. “It all kind of came together. There were some incentives offered by the city that made it attractive. The location in CentrePort that we ended up with is central to everything we were looking for.”

Mayor Betsy Price announced PennyMac’s decision during her State of the City address to business and civic leaders Thursday at the Fort Worth Convention Center.

Last May, PennyMac opened a 38,000-square-foot office at 14800 Trinity Blvd., which has since expanded to 73,000 square feet and about 140 employees, Benton said. He said he expects to have at least 300 employees at CentrePort by the end of the year.

To receive the full incentive, PennyMac needs to have 600 employees by Dec. 31, 2015. Benton said he anticipates employment to grow more than that. Workers at the facility service and originate loans and make, on average, around $50,000 a year.

“It’s one of the reasons Fort Worth and this area was so promising,” Benton said. “There’s an ample supply of skilled employees in the financial services area. It’s a positive.”

David Berzina, executive vice president of economic development for the Fort Worth Chamber of Commerce, called the PennyMac announcement a “huge win” for the city.

“PennyMac’s expansion into Fort Worth means new, competitive jobs and increased tax revenues for the city, helping further build our city’s economic vitality and enhance the quality of life for residents and businesses,” he said.

PennyMac is headquartered in Moorpark, California, where it employs about 1,300 workers.

Councilwoman Gyna Bivens, whose district includes east Fort Worth, also praised PennyMac’s decision.

“This is major,” Bivens said. “I hope to have a further conversation with the CEO and talk about the opportunities, not only with them relocating here, but buying homes in the district, shopping in the district, because they are going to be in a good location where that can happen.”

Staff writer Caty Hirst contributed to this report

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