PennyMac Announces the Addition of Doug Jones to Grow Correspondent Lending Business

CALABASAS, Calif.--(BUSINESS WIRE)--Private National Mortgage Acceptance Company, LLC (the “Company” or “PennyMac”) announced today that Doug Jones will join the Company as its Chief Correspondent Lending Officer, effective immediately. In this role, Jones will lead and grow the correspondent lending activities of the Company and PennyMac Mortgage Investment Trust (NYSE: PMT), including production, operations, counterparty management, and development of a warehouse lending business, and will serve on PennyMac’s executive management team.

“Doug is a highly regarded mortgage executive whom I have known and worked with for many years”

Jones joins PennyMac from Bank of America where he most recently served as the head of Retail Sales & Institutional Mortgage Services for Bank of America Home Loans. At Bank of America, Jones led the country’s largest correspondent lending business with responsibilities for all aspects of operational management and business development.

“Doug is a highly regarded mortgage executive whom I have known and worked with for many years,” said Stan Kurland, Chairman and CEO of PennyMac. “Our management is excited to welcome him to PennyMac’s leadership team. Doug will build on the existing foundation we have established in correspondent lending and lead our activities to the next level.”

“PennyMac has enormous potential to bridge the significant gaps that exist in the origination market, which will only grow with the expansion of the prime non-agency market as the agencies’ conforming loan limits are reduced,” Kurland added. “With the addition of Doug, PennyMac is continuing to advance its business model as the legacy distressed and new mortgage markets converge.”

“I am excited to be involved with an enterprise that is having a positive influence on the availability of mortgage credit and to join a skilled, tenured management team,” Jones said. “PennyMac is the right place to build a correspondent lending business in this new environment for conventional and government originations as well as the evolving non-agency markets. I strongly believe that the combination of PennyMac’s expertise and structure is a winning model for establishing the preeminent mortgage banking enterprise in the coming years.”

Jones joined Countrywide Credit Industries, a predecessor to Bank of America Home Loans, in 1997. Prior to Countrywide, Jones was CEO of California United Bank’s Mortgage Division. He holds a BA in Economics from California State University, Sacramento.

About Private National Mortgage Acceptance Company, LLC

Private National Mortgage Acceptance Company, LLC is a financial services firm created to address the dislocations in the U.S. mortgage market. Its current focus is investing in and servicing residential mortgage assets on behalf of its investors. The Company is managed by a team of mortgage industry veterans led by Stanford L. Kurland, and is based in Calabasas, California. The Company wholly owns two subsidiaries, PNMAC Capital Management, LLC and PennyMac Loan Services, LLC, that manage investments and provide mortgage loan servicing, respectively, for two private equity funds and a publicly traded REIT, PennyMac Mortgage Investment Trust (PMT).

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding management’s beliefs, estimates, projections and assumptions with respect to, among other things, the Company’s financial results, future operations, business plans and investment strategies, as well as industry and market conditions, all of which are subject to change. Words like “believe,” “expect,” “anticipate,” “promise,” “plan,” and other expressions or words of similar meanings, as well as future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” are generally intended to identify forward-looking statements. Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: changes in general business, economic, market and employment conditions from those expected; continued declines in residential real estate and disruption in the U.S. housing market; the availability of, and level of competition for, attractive risk-adjusted investment opportunities in residential mortgage loans and mortgage-related assets that satisfy our investment objective and investment strategies; changes in our investment or operational objectives and strategies, including any new lines of business; the concentration of credit risks to which we are exposed; the availability, terms and deployment of short-term and long-term capital; unanticipated increases in financing and other costs, including a rise in interest rates; the performance, financial condition and liquidity of borrowers; increased rates of delinquency or decreased recovery rates on our investments; increased prepayments of the mortgage and other loans underlying our investments; changes in regulations or the occurrence of other events that impact the business, operation or prospects of government sponsored enterprises; changes in government support of homeownership; changes in governmental regulations, accounting treatment, tax rates and similar matters; and our ability to satisfy complex rules in order to qualify as a REIT for U.S. federal income tax purposes. You should not place undue reliance on any forward-looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in reports and other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, and the statements made in this press release are current as of the date of this release only.