PennyMac Mourns Passing of Stan Kurland, Founder and Chairman

Rhea-AI Summary

PennyMac Financial Services, Inc. (NYSE: PFSI) announced the passing of founder and Non-Executive Chairman Stanford L. Kurland at age 68 due to COVID-19 complications and brain cancer. His loss is deeply felt within the company and the mortgage industry. Kurland, recognized for leadership in mortgage banking, founded PennyMac in 2008, which grew to become a top mortgage lender in the U.S. Under his guidance, the firm originated $170 billion in loans and serviced $402 billion by September 2020. His legacy at PennyMac and the industry is significant.

Positive

• Kurland founded PennyMac in 2008, establishing a significant presence in the U.S. mortgage industry.
• Under Kurland's leadership, PennyMac became the third largest mortgage lender with $170 billion in loans originated by September 2020.
• The company serviced loans totaling $402 billion, ranking as the seventh largest mortgage servicer in the nation.

Negative

• Stanford Kurland's passing may create uncertainty in leadership and future strategic direction for PennyMac.
• The loss of such a key industry figure might impact investor confidence in the short-term.

PennyMac Financial Services, Inc. (NYSE: PFSI) today announced the passing of the company’s founder and Non-Executive Chairman Stanford L. Kurland. Mr. Kurland died from complications related to COVID-19 and had been battling brain cancer. He was 68. The entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend.

“I am deeply saddened to share the news of Stan’s passing. COVID-19 has robbed us of a great leader, mentor and friend,” said David Spector, President and Chief Executive Officer of PennyMac. "Stan leaves an indelible mark not only on PennyMac, but on the mortgage industry he helped to build and shape. His storied career in mortgage banking spanned more than four decades. With his passion and vision, Stan led and built two of the largest and most influential companies in our industry, making home loans to millions of Americans. He will be deeply missed by many in our industry and our community — including all of us here at PennyMac.”

“I am fortunate to have worked alongside Stan for the last 31 years and am honored to call him a dear friend,” Mr. Spector continued. “He was a genuine and gracious person to anyone he crossed paths with and he cherished his family and friends. On behalf of all of us at PennyMac, we send our deepest condolences to Stan’s wife, Sheila, and the entire Kurland family.”

Mr. Kurland began his professional career in 1975 in public accounting, practicing as a CPA for the firm now known as Grant Thornton. He spent 27 years at Countrywide Financial Corporation in various executive positions including Chief Financial Officer, then President and Chief Operating Officer until his departure from Countrywide in 2006. During his tenure at the company, Countrywide grew from just over $1 million dollars in market capitalization to a leading financial services firm with over $25 billion in market value.

In 2008, Mr. Kurland founded PennyMac in partnership with BlackRock Mortgage Ventures, LLC and HC Partners, formerly Highfields Capital Management. Under his leadership, PennyMac became one of the largest residential mortgage lenders and servicers in the U.S. and now employs over 6,000 people across the country. Mr. Kurland served as PennyMac’s Chairman and CEO until 2016 when he was appointed Executive Chairman. He retired from day-to-day responsibilities at the beginning of 2020 but remained a trusted guide for the company.

The Kurland family requests that in lieu of flowers donations be made to the UCLA Brain Tumor Program via the following link: bit.ly/StanfordKurland

About PennyMac Financial Services, Inc.

PennyMac Financial Services, Inc. is a specialty financial services firm with a comprehensive mortgage platform and integrated business focused on the production and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market.

Founded in 2008, the company is recognized as a leader in the U.S. residential mortgage industry and employs over 6,000 people across the country. For the twelve months ended September 30, 2020, PennyMac Financial’s production of newly originated loans totaled $170 billion in unpaid principal balance, making it the third largest mortgage lender in the nation. As of September 30, 2020, PennyMac Financial serviced loans totaling $402 billion in unpaid principal balance, making it the seventh largest mortgage servicer in the nation.

Additional information about PennyMac Financial Services, Inc. is available at ir.pennymacfinancial.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210125005278/en/

FAQ

What caused the death of Stanford L. Kurland of PennyMac (PFSI)?

Stanford L. Kurland passed away from complications related to COVID-19 and had been battling brain cancer.

What was Stanford L. Kurland's role at PennyMac (PFSI)?

He was the founder and Non-Executive Chairman, serving as a key figure in the company's development.

What impact did Kurland have on PennyMac (PFSI)?

Kurland established PennyMac as a major player in the mortgage industry, leading the company to significant loan origination and servicing figures.

How did PennyMac perform under Kurland's leadership?

Under Kurland, PennyMac originated $170 billion in loans and serviced $402 billion by September 2020.

What does PennyMac (PFSI) do?

PennyMac is a specialty financial services firm focused on mortgage loan production and servicing.