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PennyMac seeks city incentives to add hundreds of jobs

PennyMac Financial Services of California is considering an expansion at its new Fort Worth office that would increase employment to 600 full-time employees by the end of 2015.

The Fort Worth City Council heard details about the company’s plans Tuesday when it was asked to consider a 10-year, $180,000 tax incentive for the company, which services and originates home loans. The company opened a 38,000-square-foot office in the CentrePort business park south of Dallas/Fort Worth Airport in May and has about 75 employees there.

The company wants to expand its customer service center beyond its headquarters in Moorpark, Calif. It is also considering expansion sites in Tampa, Fla., and Arizona, said Bryan Hyder, a vice president in the Fort Worth office. The company is expected to decide by year’s end, but if the Fort Worth office is not chosen, the company will retain the smaller office here, he said.

Hyder said he did not know what incentives, if any, had been offered at the other proposed sites.

The City Council is scheduled to vote on the incentive package at its Nov. 19 meeting.

Under terms of the proposed incentive, PennyMac would invest $3 million in real and business personal property at its facility at 14800 Trinity Blvd. by Dec. 31, 2014, at which time it would have 150 full-time employees. That number would grow to 600 full-time employees by Dec. 31, 2015. Average salaries would be $51,000, the council was told.

Robert Sturns, with the city’s Housing and Economic Development office, said the new jobs would have a tremendous impact on the local economy. He said the company has also raised the possibility that it could grow to as many as 3,000 jobs through growth in its retail operations and potential acquisitions over the next five years.

Hyder said only a few employees would be relocated from California, where PennyMac employs 1,300 workers.

Also under the incentive terms, the company would need to spend a certain percentage of the capital improvements with Fort Worth companies, and 20 percent of its workforce must be Fort Worth residents.

PennyMac was founded in 2008 to help modify existing mortgages during the housing crisis. It later began originating its own home loans. It was listed on the New York Stock Exchange in May.