PENNY MAC
Private National Mortgage Acceptance Company, LLC (PNMAC or "PennyMac") is a financial services firm created to address the dislocations in the U.S. mortgage market. Our focus is investing and servicing residential mortgage assets on behalf of private investors.
PennyMac is acquiring loans from financial institutions seeking to reduce their mortgage exposures. Our core guiding principles are to create value for investors and consumers while preserving home ownership. We will support an environment of the highest standards, fostering ethical personal and business practices.
Stanford L. Kurland
Founder, Chairman and Chief Executive Officer
Stanford L. Kurland, Founder, Chairman and Chief Executive Officer, is an extremely accomplished executive in financial services with more than 27 years of experience in the mortgage banking arena. He is well recognized for his leadership in developing the strategic direction, risk management activities, financial management, and organizational development of Countrywide Financial Corporation. During his tenure at Countrywide Financial, until his departure in 2006, where he served as Chief Financial Officer and then Chief Operating Officer, the company grew in market capitalization from just over one million dollars to a leading financial services firm with over 25 billion dollars in market value. Under his leadership, Countrywide built a world class organizational and governance structure. Mr. Kurland began his professional career in 1975 in public accounting and practiced as a CPA for the international accounting firm, Grant Thornton. Mr. Kurland believes that the key to resolving the current turmoil in the mortgage market is to create and deliver loan enhancement opportunities that balance consumer and investor value generation through operational excellence and strong analytic capabilities. Mr. Kurland has an unwavering commitment to continual operational excellence, common sense risk management initiatives that are quantitatively sound, and ethical conduct. As Chief Executive Officer, Mr. Kurland brings the skills to organize, oversee, and direct PennyMac's efforts to address the challenges facing the mortgage industry and to raise the industry standard for discipline in the areas of risk management, customer care and value creation.
David Spector
Chief Investment Officer
David Spector, as Chief Investment Officer, is responsible for oversight of all activities pertaining to investments, and directs the activities of Portfolio Management, Capital Markets, and Credit as each relates to mortgage credit and company credit risk. Prior to joining PennyMac, Mr. Spector was Co-Head of Global Residential Mortgages for Morgan Stanley, London, and, previously, Senior Managing Director, Secondary Markets, for Countrywide Financial Corporation where he was responsible for Secondary Marketing, including Interest Rate Risk Management and related functions, directing loan trading, pricing, hedging, and servicing. He was also a member of the Countrywide Asset Liability and Credit Committees, as well as Freddie Mac and Fannie Mae Advisory Committees.
Farzad Abolfathi
Chief Technology Officer
Mr. Abolfathi, as Chief Technology Officer, is responsible for oversight of technology infrastructure, systems development, data transfer and warehousing, and for providing technology solutions and architectural guidelines for all systems. Prior to joining PennyMac, Mr. Abolfathi was Managing Director of Production Technologies for Countrywide Financial Corporation, where he led the development teams for all production organizations, headed the Standards Committee, established Governance Offices, and led the Technology Steering Committee, establishing a permanent center in India.
Adal Bisharat
Director, Strategic Planning
Adal Bisharat, as Director, Strategic Planning, is responsible for facilitating development of strategic business plans, budget forecasts, and other Company projects. Prior to joining PennyMac, Mr. Bisharat was Head of Sales & Production, Home Equity Division for Indymac Bank. He also served as Senior Vice President of National Production Support, Wholesale Lending Division and Senior Vice President of Strategic Planning for Countrywide Financial Corporation, where he was responsible for Corporate Development, Mergers, and Acquisitions, and, was Strategy Consultant for Philips Electronics N.V., Netherlands.
Andrew Chang
Chief Fund Administration Officer
Andrew S. Chang, as Chief Fund Administration Officer, is responsible for overseeing the administration of investment funds and leading strategic initiatives and special projects for the Company. Prior to joining PennyMac, Mr. Chang was a Director at BlackRock and a leader of its Advisory Services practice, specializing in financial strategy and risk management for banks and mortgage companies, and previously, an Engagement Manager in the New York office of a management consulting firm, McKinsey & Company.
James S. Furash
Chief Development Officer
James S. Furash, as Chief Development Officer, is responsible for establishing relationships with sellers, negotiating purchase/sales agreements, and coordinating transaction details. Prior to joining PennyMac, Mr. Furash was Co-Founder, President, and Chief Executive Officer of Countrywide Bank, N.A., a subsidiary of Countrywide Financial Corporation, where he led the growth of Countrywide Bank to become the eleventh largest national bank in the United States. Mr. Furash has been involved in all aspects of the financial services industry including commercial lending, capital markets, consumer lending, and retail banking, having co-founded Monument Financial Group, LLC., and was previously associated with SunTrust Bank, N.A., National Bank of Washington, and Mercer Management Consulting.
Jeffrey P. Grogin
Chief Legal Officer
Jeffrey P. Grogin, as Chief Legal Officer, is responsible for entity formation and ongoing compliance, establishing and protecting intellectual property, assisting with negotiations and approvals of contracts and agreements, implementing procedures and protocols to ensure Company compliance, determining and complying with federal, state, and local regulations and laws, and disseminating legal news and changes as appropriate. Mr. Grogin began his legal career as an associate with Gibson, Dunn & Crutcher where he gained national experience in mergers and acquisitions, securities, and significant mortgage banking issues. He later became Founding and Managing Partner of Samaha Grogin, LLP, a niche law firm representing local, national, and international clients in specialized litigation and complex transactional matters, and more recently, became Chief Executive Officer, General Counsel, and world-class creator, publisher, and distributor of computer games for Snood, LLC.
Aratha M. Johnson
Chief Administrative Officer
Aratha M. Johnson, as Chief Administrative Officer, is responsible for oversight of Human Resource functions and corporate policies and guidelines, coordination of all administrative functions, Board meetings, consumer advocacy groups, and public relations. Prior to joining PennyMac, Ms. Johnson was Managing Director and Chief of Staff for the Executive Office of the President at Countrywide Financial Corporation where she oversaw the president’s professional and administrative team, as well as executive communications. She previously served as Senior Manager of Corporate Strategy and Business Development for Hughes Electronics, and was Senior Associate of the Financial Services/Information Technology Group for Booz Allen & Hamilton.
Michael L. Muir
Chief Capital Markets Officer
Michael L. Muir, as Chief Capital Markets Officer, is responsible for maintaining loan pricing systems, distressed asset pricing models, overseeing trading systems, managing pooling, securitization activities, and market surveillance, as well as executing hedge transactions. Prior to joining PennyMac, Mr. Muir was Chief Financial Officer, Treasurer, and Chief Investment Officer for Countrywide Bank, N.A., a subsidiary of Countrywide Financial Corporation, and Managing Director of Countrywide Financial Corporation where he was responsible for the overall financial strategy, management, and reporting of the bank. Prior to joining Countrywide, Mr. Muir was a principal at Medallion Mortgage Company.
Lior Ofir
Director, Technology
Lior Ofir, as Director, Technology, is responsible for providing technology solutions and architectural guidelines for all systems. Prior to joining PennyMac, Mr. Ofir led the Emerging Technology and Innovation Group for Countrywide Financial Corporation. Previously, he was Co-Founder and Director of Product Development for iWeb Technologies. He has also led advanced technology development for the Intelligence Branch of the Israeli Defense Forces.
Mark P. Suter
Chief Portfolio Strategy Officer
Mark P. Suter, as Chief Portfolio Strategy Officer, is responsible for coordinating the development and implementation of strategies for maximizing return on assets, evaluating various alternatives for asset realization, and directing/approving remedial activities to be implemented within the servicing division. Prior to joining PennyMac, Mr. Suter was Chief Strategy Officer, Chief Governance Officer, Chief Retail Officer, and Head of Diversified Lending for Countrywide Bank, N.A., a subsidiary of Countrywide Financial Corporation where he co-founded the bank and helped to establish it as the fastest organically growing depository in the history of U.S. banking. Prior to joining Countrywide Bank, Mr. Suter founded a merchant banking and consulting organization, served as a Consultant and Managing Associate at the boutique bank consulting firm of Furash & Company, and was on the engagement team that developed modernization strategies for the Federal Home Loan Bank System.
David M. Walker
Chief Credit Officer
David M. Walker, as Chief Credit Officer, is responsible for developing and maintaining the loan grading system, default curves, the loan loss severity matrix, new loan underwriting and modification standards, overseeing representation and warranty claims, evaluating and determining the adequacy of reserves and valuation model loss assumptions, and directing the development of the Mortgage Sponsored Securities Entity. Prior to joining Pennymac, Mr. Walker was Chief Lending Officer for Countrywide Bank, N.A., a subsidiary of Countrywide Financial Corporation, where he was responsible for the Bank’s lending, credit and portfolio management activities. Previously, Mr. Walker spent ten years with Countrywide Financial Corporation in a variety of credit risk management and secondary marketing positions including Chief Credit Officer and Executive Vice President of Secondary Marketing. He was also a Vice President at Citicorp, and a member of McKinsey & Company’s corporate finance practice.
