PennyMac Financial Services, Inc. and PennyMac Mortgage Investment Trust 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, 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. Changâs departure.
âAt Pennymac, we have a deep bench consisting of talented leaders who I believe are among the best in the industry,â said Chairman and CEO David Spector. âTo 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.â
Mr. Spector continued, âWill 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.â
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