William Chang is stepping down from his positions as chief capital markets officer at PennyMac Financial Services and chief investment officer for PennyMac Mortgage Investment Trust, according to an announcement by the company on Thursday. Mark Elbaum, an industry veteran, will be taking over his roles.
Chang, who has been with the company since 2012, will be leaving on Oct. 11 to pursue other interests in the mortgage banking industry. Prior to joining PennyMac, Chang spent 13 years at Credit Suisse as the director for mergers and acquisitions.
Elbaum, who joined PennyMac in April 2023, has previously held leadership positions at Homepoint Financial, Bank of America, and Countrywide, where he oversaw capital markets, pricing products, and hedging.
“To ensure a smooth transition, I have asked Mark to step into the roles on an interim basis, with complete confidence in his ability to lead our capital markets group,” stated chairman and CEO David Spector.
PennyMac has remained profitable in a higher mortgage rate environment, largely due to its servicing book. In the second quarter of 2024, the company reported a profit of $98.3 million, more than double the $39.3 million earned in the previous quarter.
In May, PennyMac announced a private offering of $650 million in senior notes due in November 2030, priced at an annual rate of 7.125%. The proceeds from this offering will be used to repay debts related to securing its mortgage servicing rights (MSRs) facilities, other unspecified debts, and for general corporate purposes.
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