Sign in Subscribe
Cybernet Data Systems Inc.

William Chang to Step Down as Senior Managing Director and Chief Investment Officer of Pennymac Mortgage Investment Trust

Strategic Insights

— 2 min read

William Chang, a seasoned veteran in the mortgage banking industry, is set to step down from his role as Senior Managing Director and Chief Investment Officer of Pennymac Mortgage Investment Trust (PMT) effective October 11, 2024. Chang has been at the helm of PMT for over a decade, playing a pivotal role in shaping the company's success in various capacities.

Following Chang's departure, Mark Elbaum, an industry veteran with significant mortgage banking experience, will assume the responsibilities of Chief Investment Officer of PMT on an interim basis. Elbaum has held leadership roles at prominent companies, including Homepoint Financial, Bank of America, and Countrywide, and has been in active collaboration with the production, pricing, and capital markets teams 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." Spector expressed gratitude towards Chang's many years of dedication and hard work, wishing him continued success in future endeavors.

Key Takeaways:

  • William Chang is stepping down as Senior Managing Director and Chief Investment Officer of Pennymac Mortgage Investment Trust (PMT) effective October 11, 2024.
  • Mark Elbaum, an industry veteran, will assume the responsibilities of Chief Investment Officer of PMT on an interim basis.
  • Pennymac Financial Services, Inc. (PFSI) 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.
  • PFSI produced $101 billion in unpaid principal balance in newly originated loans for the twelve months ended June 30, 2024, making it the second-largest mortgage lender in the nation.
  • As of June 30, 2024, PFSI serviced loans totaling $633 billion in unpaid principal balance, making it a top ten mortgage servicer in the nation.
  • PennyMac Mortgage Investment Trust (PMT) 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).

Statistics:

  • $101 billion: newly originated loans produced by Pennymac Financial Services, Inc. in the twelve months ended June 30, 2024.
  • $633 billion: loans serviced by Pennymac Financial Services, Inc. as of June 30, 2024.
  • 3,900: number of employees employed by Pennymac Financial Services, Inc. across the country.
  • 10 years: duration of William Chang's tenure as Senior Managing Director and Chief Investment Officer of Pennymac Mortgage Investment Trust (PMT).

Sources:

  • SEC Filing (Form 8-K) dated September 27, 2024
  • PennyMac Financial Services, Inc. press release dated October 3, 2024 (c) 1995-2024 Cybernet Data Systems, Inc. All Rights Reserved

Read more