PennyMac Financial Services, Inc. Announces Director Changes
November 02, 2018 at 02:33 am IST
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PennyMac Financial Services, Inc. was renamed PNMAC Holdings, Inc. (company). Pursuant to the Reorganization, the company is now a wholly-owned subsidiary of PennyMac Financial Services, Inc. which was formerly known as New PennyMac Financial Services, Inc. (the “Successor”). The Successor currently has 100% control over the company and now conducts all of the operations that were conducted by the company prior to the Closing of the Reorganization. On November 1, 2018, in connection with the Closing of the Reorganization, all of the members of the company’s board of directors immediately prior to the Closing were removed without cause after the Closing; the size of the company’s board of directors was reduced from eleven to three directors after the Closing; and Anne D. McCallion, David A. Spector, and Stanford L. Kurland were elected and appointed to serve as directors of the company.
PennyMac Financial Services, Inc. is a specialty financial services company, which is focused on the production and servicing of the United States mortgage loans and the management of investments related to the United States mortgage market. The Company operates through three segments: production, servicing (together, production and servicing comprise its mortgage banking activities) and investment management. The production segment performs loan origination, acquisition and sale activities for its account, as well as for PennyMac Mortgage Investment Trust (PMT). The servicing segment performs loan servicing for both newly originated loans it is holding for sale and loans its services for others, including for PMT. The investment management segment performs investment management activities for PMT, which include the activities associated with investment asset acquisitions and dispositions such as sourcing, due diligence, negotiation and settlement.