CALABASAS, Calif.--(BUSINESS WIRE)--Private National Mortgage Acceptance Company, LLC (the “Company” or “PennyMac”) announced today that Jim Follette and Kim Nichols will join the Company in its Correspondent Lending Group.
Jim will become its Managing Director, Correspondent Fulfillment, effective immediately. In this role, Follette will help manage the Company’s correspondent loan acquisition platform for the Company and PennyMac Mortgage Investment Trust (NYSE: PMT). This includes all aspects of acquisition workflow, loan level credit and appraisal. Jim will also be responsible for all customer relationships in the loan acquisition process. Follette joins PennyMac from Bank of America where he most recently served as Senior Vice President for Bank of America Home Loans.
Kim Nichols will become Regional Sales Manager for correspondent lending for the western region, effective immediately. Kim joins PennyMac with over 20 years of experience in the mortgage industry. She joins PennyMac from Bank of America, where she spent the past 4 years as Vice President, Regional Sales Manager, Institutional Mortgage Services.
“We are excited to add Jim and Kim to our correspondent group’s senior management team,” said Doug Jones, Chief Correspondent Lending Officer of PennyMac. “With the addition of both of these outstanding executives, along with the previously announced hiring of Paul Szymanski, we believe we are well positioned to build upon and expand our correspondent lending efforts. Our origination volume has steadily increased since the first quarter and we expect to continue to see increased volume over the second half of the year.”
Follette joined Countrywide Home Loans, a predecessor to Bank of America Home Loans, in 2003. Prior to Countrywide, Follette held leadership positions in operations, audit, corporate accounting and corporate finance outside the mortgage industry. He holds an MBA with concentrations in Finance and Strategic Management from the University of Chicago Graduate School of Business and a BA with a concentration in Accounting from the University of Notre Dame.
Nichols joined Countrywide Home Loans in 2007. Prior to Countrywide she held multiple positions at PMI Mortgage Insurance Company including Director of Product Development and Structure Transactions and National Accounts Director. She has a background in secondary marketing, hedging, pricing, trading and structured finance. Ms. Nichols has held secondary marketing management roles for multiple firms and was previously a Senior Negotiator at Fannie Mae.
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.