PennyMac Financial Services, Inc. (NYSE: PFSI) and PennyMac Mortgage Investment Trust (NYSE: PMT) announced that William Chang will step down from his roles as Senior Managing Director and Chief Capital Markets Officer at PFSI, and Senior Managing Director and Chief Investment Officer at PMT, to pursue other opportunities in the mortgage banking sector.
To ensure a smooth transition, Pennymac has appointed Mark Elbaum to assume Mr. Chang’s responsibilities on an interim basis. Elbaum, an industry veteran with experience at Homepoint Financial, Bank of America, and Countrywide, has been collaborating closely with Pennymac’s production, pricing, and capital markets teams since joining the company in April last year. He will step into the roles of Chief Capital Markets Officer for PFSI and Chief Investment Officer for PMT.
David Spector, Chairman and CEO of Pennymac, expressed confidence in Elbaum’s leadership, stating, “At Pennymac, we have a deep bench of talented leaders, and I am confident in Mark’s ability to lead our capital markets group during this transition.” Spector also acknowledged Chang’s decade-long contributions to the company, saying, “Will has been instrumental in shaping Pennymac’s success, and we wish him the best in his future endeavors.”
About PennyMac Financial Services, Inc.
PennyMac Financial Services, Inc. is a leading financial services firm specializing in the production and servicing of U.S. mortgage loans and managing investments related to the mortgage market. Since its founding in 2008, PennyMac has become a key player in the U.S. residential mortgage industry, with approximately 3,900 employees nationwide. As of June 30, 2024, PennyMac originated $101 billion in newly originated loans and serviced $633 billion in unpaid principal balance.
About PennyMac Mortgage Investment Trust
PennyMac Mortgage Investment Trust (PMT) is a mortgage real estate investment trust (REIT) that primarily invests in residential mortgage loans and mortgage-related assets. Managed externally by PNMAC Capital Management, LLC, a subsidiary of PennyMac Financial Services, Inc., PMT is a prominent entity in the mortgage investment sector.
