PennyMac adds Steve Bailey as chief servicing officer

Private National Mortgage Acceptance Company LLC has announced that Steve Bailey will join the company as its chief servicing officer. In this role, Bailey will oversee all mortgage loan servicing activities at PennyMac Loan Services LLC (PLS), the company’s servicing subsidiary. He will also serve on the company’s executive management team, helping to shape the strategic direction of the company’s businesses. Bailey joins the company from Bank of America where he formerly served as the mortgage servicing executive overseeing the world’s largest mortgage portfolio with more than $2 trillion in unpaid principal loan balances and over 14 million loans. At Bank of America, Steve managed an operation with more than 15,000 employees across 17 sites. “Steve brings over 20 years of servicing experience and is a highly seasoned mortgage executive who I have respected for some time,” commented Stan Kurland, chairman and chief executive officer of Private National Mortgage Acceptance Company. “Steve’s leadership, along with the solid servicing and operational team already in place at PennyMac, will help ensure that we are prepared to address the various opportunities in the market place as we continue to grow.” “It’s an exciting time to be joining the company and to continue to build upon the great servicing operations that Stan and the PennyMac executive management team have developed,” said Bailey. “The company is in a great position and I’m thrilled to be able to join one of the elite mortgage teams in the industry.” For more information, visit www.pnmac.com.