William Chang is stepping down as Pennymac’s capital markets leader
William Chang is resigning from his position as Chief Capital Markets Officer at the bank PennyMac financial services and Chief Investment Officer for PennyMac Mortgage Investment Trustthe company announced on Thursday. Industry veteran Mark Elbaum will succeed him.
Chang, who joined the company in 2012, will “pursue other interests in the mortgage banking industry” after his departure on Oct. 11. Before joining Pennymac, Chang worked for 13 years Credit Suissewhere he holds the position of director of mergers and acquisitions.
Hired by Pennymac in April 2023, Elbaum previously held leadership roles at Financial home point, Bank of America And Nationwideincluding capital markets supervision, product pricing and hedging.
“To ensure a smooth transition, I have asked Mark to step into these roles on an interim basis, with full confidence in his ability to lead our capital markets group,” Chairman and CEO David Spector said in a statement.
Pennymac has been a profitable business in an environment of higher mortgage rates, mainly due to its servicing portfolio. The company posted a profit of $98.3 million in the second quarter of 2024, more than double the $39.3 million it earned in the previous quarter.
In May, Pennymac announced a private offering of $650 million of senior notes due November 2030. priced at an annual rate of 7.125%. Proceeds will go towards repaying debt incurred to secure the mortgage servicing rights (MSRs) facilities, other unspecified debt and ‘other general corporate purchases’.
