PennyMac Financial Services, Inc. and PennyMac Mortgage Investment Trust have announced organizational changes with the departure of William Chang and the appointment of Mark Elbaum to assume his responsibilities.
For the twelve months ended June 30, 2024, PennyMac Financial's production of newly originated loans totaled $101 billion in unpaid principal balance, solidifying its position as the second-largest mortgage lender in the nation. Additionally, as of the same period, PennyMac Financial serviced loans totaling $633 billion in unpaid principal balance, establishing it as a top ten mortgage servicer in the nation.
Mark Elbaum, the newly appointed Chief Capital Markets Officer for PFSI and Chief Investment Officer for PMT, brings significant mortgage banking experience to the role, having held leadership positions at previous companies, including Homepoint Financial, Bank of America, and Countrywide. His appointment comes as part of the company's efforts to drive additional value through strategic initiatives.
The company's Chairman and CEO, David Spector, expressed confidence in Mark Elbaum's ability to lead the capital markets group through the transition, acknowledging the significant contributions of William Chang, who has been with the organization for more than a decade.
The organizational changes aim to ensure a smooth transition and leverage the company's deep bench of talented leaders to continue shaping the success of the organization in the mortgage industry. The market has reacted to these announcements by moving the company's shares 0.5% to a price of $14.24. For the full picture, make sure to review PennyMac Mortgage Investment Trust's 8-K report.
