Pennymac Promotes Senior Executives and Invests in its Servicing and Digital Future

PennyMac Financial Services, Inc. (NYSE: PFSI) (“Pennymac”), today announced the promotions of Jim Follette to Chief Digital Officer and Mike Hogan to Chief Information Officer as they work together to further enhance the customer experience and accelerate growth in Pennymac’s servicing and technology groups.

Mr. Follette’s new role was created to strengthen digital innovations and pursue commercial market opportunities, while empowering the development of solutions that will assist today’s homeowners. Meanwhile, Mr. Hogan will take over for Lior Ofir as Chief Information Officer, who departed from Pennymac to pursue other opportunities.

“Jim’s dynamic leadership, talent and strategic acumen position him to lead Pennymac into a new era of technological advancement and ingenuity,” said David Spector, Chairman and CEO at Pennymac. “Additionally, Mike's deep technological expertise, industry insight and proven ability to manage complex systems makes him the ideal leader for our IT transformation in his new role as CIO. Lior has been with us since the beginning and his strategic leadership has allowed Pennymac to differentiate itself through significant technological innovations. I truly wish him the best in all of his future endeavors. I am confident that Jim and Mike will drive new opportunities to deliver value to our customers, partners and stockholders, while also expanding our digital reach and impact on the market.”

Mr. Hogan will report directly to Mr. Follette and together, they will work closely on Pennymac’s continued technological evolution. Mr. Follette’s vision for Pennymac's future revolves around a frictionless customer experience, while Mr. Hogan will work with his teams to seamlessly bolster emerging technologies that elevate the commitment to Pennymac’s customers. By uniting the servicing and technology divisions, their plans will enhance the customer journey, making it more personalized and efficient, and transforming how homeowners interact with Pennymac. This includes anticipating and preparing for shifts, such as the impact artificial intelligence will have on the mortgage industry. Mr. Follette will also play a key role in implementing solutions within Pennymac’s retail and servicing divisions, while partnering with Mr. Hogan to ensure that Pennymac’s Third Party Origination and Correspondent Group partners have the technological and digital tools they need to succeed across all market cycles.