Pennymac Announces Organizational Changes

Rhea-AI Summary

PennyMac Financial Services, Inc. (NYSE: PFSI) and PennyMac Mortgage Investment Trust (NYSE: PMT) announced organizational changes. William Chang is stepping down from his positions as Senior Managing Director and Chief Capital Markets Officer for PFSI and Senior Managing Director and Chief Investment Officer for PMT to pursue other interests in the mortgage banking industry.

Mark Elbaum, hired in April of the previous year, will assume Chang's responsibilities on an interim basis. Elbaum, an industry veteran with significant mortgage banking experience, has held leadership roles at companies including Homepoint Financial, Bank of America, and Countrywide.

Chairman and CEO David Spector expressed confidence in Elbaum's ability to lead the capital markets group and ensure a smooth transition. Spector also acknowledged Chang's decade-long contribution to Pennymac's success in various capacities.

Positive

• Smooth leadership transition with experienced industry veteran Mark Elbaum taking over key roles
• Elbaum brings significant mortgage banking experience from leadership roles at major companies

Negative

• Departure of William Chang from senior leadership positions at both PFSI and PMT

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)-- PennyMac Financial Services, Inc. (NYSE: PFSI) and PennyMac Mortgage Investment Trust (NYSE: PMT) announced today that William Chang is stepping down from his positions as Senior Managing Director and Chief Capital Markets Officer for PFSI and Senior Managing Director and Chief Investment Officer for PMT, in order to pursue other interests in the mortgage banking industry.

In April of last year Pennymac hired industry veteran Mark Elbaum to leverage the platform it built to drive additional value for the company through strategic initiatives. Mr. Elbaum has held leadership roles at previous companies including Homepoint Financial, Bank of America and Countrywide that have included oversight of capital markets, pricing products and hedging. He has significant mortgage banking experience and has been in active collaboration with the production, pricing and capital markets teams in his tenure at Pennymac. Mr. Elbaum will assume the responsibilities of Chief Capital Markets Officer for PFSI and Chief Investment Officer for PMT upon Mr. Chang’s departure.

“At Pennymac, we have a deep bench consisting of talented leaders who I believe are among the best in the industry,” said Chairman and CEO David Spector. “To ensure a smooth transition, I have asked Mark to step into the roles on an interim basis, with the utmost confidence in his ability to lead our capital markets group.”

Mr. Spector continued, “Will has been at Pennymac for more than a decade, playing a role to help shape the success of our organization in various capacities, including his most recent role in our capital markets group. We are appreciative of his many years of dedication and hard work, and we wish him continued success in future endeavors.”

About PennyMac Financial Services, Inc.

PennyMac Financial Services, Inc. is a specialty financial services firm 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 approximately 3,900 people across the country. For the twelve months ended June 30, 2024, PennyMac Financial’s production of newly originated loans totaled $101 billion in unpaid principal balance, making it the second largest mortgage lender in the nation. As of June 30, 2024, PennyMac Financial serviced loans totaling $633 billion in unpaid principal balance, making it a top ten mortgage servicer in the nation. Additional information about PennyMac Financial Services, Inc. is available at pfsi.pennymac.com.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241003575494/en/

Media

Kristyn Clark

mediarelations@pennymac.com

805.225.8224

Investors

Kevin Chamberlain

Isaac Garden

PFSI_IR@pennymac.com

investorrelations@pennymac.com

818.224.7028

Source: PennyMac Financial Services, Inc. and PennyMac Mortgage Investment Trust

FAQ

What organizational changes were announced by PennyMac (PMT)?

PennyMac announced that William Chang is stepping down from his positions as Senior Managing Director and Chief Capital Markets Officer for PFSI and Senior Managing Director and Chief Investment Officer for PMT. Mark Elbaum will assume these responsibilities on an interim basis.

Who is replacing William Chang at PennyMac Mortgage Investment Trust (PMT)?

Mark Elbaum, an industry veteran hired by PennyMac in April of the previous year, will assume William Chang's responsibilities as Chief Investment Officer for PMT on an interim basis.

What is Mark Elbaum's background in the mortgage industry?

Mark Elbaum has significant mortgage banking experience, having held leadership roles at companies including Homepoint Financial, Bank of America, and Countrywide. His roles have included oversight of capital markets, pricing products, and hedging.

How long had William Chang been with PennyMac (PMT) before stepping down?

According to the press release, William Chang had been with PennyMac for more than a decade, playing various roles in the organization's success, including his most recent position in the capital markets group.