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PennyMac Mortgage Investment Trust Announces Changes to Its Board of Trustees
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
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Rhea-AI Summary
PennyMac Mortgage Investment Trust (NYSE: PMT) announced the appointment of Donna Corley to its Board of Trustees, effective June 1, 2023. Corley, former Executive VP and Head of Single-Family Business at Freddie Mac, brings nearly 30 years of experience in capital markets and mortgage credit management. She oversaw a mortgage assets portfolio of nearly $3 trillion during her tenure. In conjunction, Marianne Sullivan will step down from the Board, concluding her service since 2017. Chairman and CEO David Spector expressed enthusiasm for Corley's insights and gratitude for Sullivan's contributions. PennyMac primarily invests in residential mortgage loans and is externally managed by PNMAC Capital Management, a subsidiary of PennyMac Financial Services (NYSE: PFSI).
Positive
Appointment of experienced board member Donna Corley, enhancing the Board's expertise.
Corley managed a $3 trillion mortgage assets portfolio, which may add significant value.
Corley's background in capital markets and mortgage credit could benefit PMT's strategic direction.
Negative
None.
WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--
PennyMac Mortgage Investment Trust (NYSE: PMT) announced today that Donna Corley, former Executive Vice President and Head of Single-Family Business at Freddie Mac, will join its Board of Trustees and that Marianne Sullivan will step down from its Board of Trustees, both effective June 1, 2023.
“I am excited to announce Donna Corley’s election to our Board of Trustees,” said Chairman and Chief Executive Officer David Spector. “Her expertise in single-family housing, including in capital markets and mortgage credit, combined with her considerable experience working alongside regulators and other industry participants will undoubtedly provide a unique and invaluable perspective. We welcome her arrival with great enthusiasm and look forward to her many future contributions.”
Mr. Spector continued, “I am immensely grateful for Marianne’s faithful service and the numerous contributions she has made since joining PMT’s Board of Trustees back in 2017. Her insight and expertise will be missed, and on behalf of the Board, I wish her nothing but the best in her future endeavors.”
Ms. Corley spent her nearly 30-year career at Freddie Mac. From 2019 to 2022, she served as Executive Vice President and Head of Single-Family Business, responsible for managing a portfolio of mortgage assets totaling nearly $3 trillion. Her responsibilities included managing client relationships, optimizing asset acquisitions and pricing, establishing credit and servicing policies, and ensuring sound practices in managing credit, counterparty, compliance and operational risks. Ms. Corley previously served as Chief Risk Officer for the Single-Family Business from 2014 to 2019, and Senior Vice President of Credit Pricing, Risk Transfer and Securitization from 2011 to 2014, along with other roles. Ms. Corley has served as a board member of Bite Me Cancer since 2018, where she is co-chair of the Operations Committee. Ms. Corley holds a B.S. in business administration from The American University and earned a Chartered Financial Analyst designation.
About PennyMac Mortgage Investment Trust
PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. PMT is externally managed by PNMAC Capital Management, LLC, a wholly-owned subsidiary of PennyMac Financial Services, Inc. (NYSE: PFSI). Additional information about PennyMac Mortgage Investment Trust is available at pmt.pennymac.com.
Who joined the PennyMac Mortgage Investment Trust Board of Trustees?
Donna Corley has joined the PennyMac Mortgage Investment Trust Board of Trustees, effective June 1, 2023.
What was Donna Corley's position before joining PennyMac?
Before joining PennyMac, Donna Corley was the Executive Vice President and Head of Single-Family Business at Freddie Mac.
Why is Marianne Sullivan stepping down from the PennyMac Board?
Marianne Sullivan is stepping down from the PennyMac Board after serving since 2017, but the press release does not specify the reasons.
What experience does Donna Corley bring to the PennyMac Board?
Donna Corley brings nearly 30 years of experience in capital markets, mortgage credit management, and overseeing a $3 trillion mortgage assets portfolio.
Who is the CEO of PennyMac Mortgage Investment Trust?
David Spector is the Chairman and Chief Executive Officer of PennyMac Mortgage Investment Trust.
