Afrigather William Chang is stepping down from his roles as chief capital markets officer at PennyMac Monetary Providers and chief funding officer for PennyMac Mortgage Funding Belief, the corporate introduced Thursday. Trade veteran Mark Elbaum will succeed him.
Chang, who joined the corporate in 2012, will “pursue different pursuits within the mortgage banking trade” after leaving on Oct. 11. Earlier than becoming a member of Pennymac, Chang spent 13 years at Credit score Suisse, holding the place of director for mergers and acquisitions.
Elbaum, employed by Pennymac in April 2023, beforehand held management roles at Homepoint Monetary, Financial institution of America and Countrywide, together with oversight of capital markets, pricing merchandise and hedging.
“To make sure a clean transition, I’ve requested Mark to step into the roles on an interim foundation, with the utmost confidence in his means to guide our capital markets group,” chairman and CEO David Spector mentioned in an announcement.
Pennymac has been a worthwhile firm amid a better mortgage charge atmosphere, primarily resulting from its servicing e book. The agency delivered a revenue of $98.3 million within the second quarter of 2024, greater than double the $39.3 million it earned within the prior quarter.
In Might, Pennymac introduced a personal providing of $650 million in senior notes due in November 2030, priced at an annual charge of seven.125%. The proceeds will go towards repaying debt taken on to safe its mortgage servicing rights (MSRs) amenities, different unspecified money owed and “different basic company purchases.”
