Private National Mortgage Acceptance Company LLC (PennyMac) has announced that Doug Jones will join the company as its chief correspondent lending officer, effective immediately. In this role, Jones will lead and grow the correspondent lending activities of the company and PennyMac Mortgage Investment Trust (PMT), including production, operations, counterparty management, and development of a warehouse lending business, and will serve on PennyMac’s executive management team.
Jones joins PennyMac from Bank of America where he most recently served as the head of retail sales and institutional mortgage services for Bank of America Home Loans. At Bank of America, Jones led one of the country’s largest correspondent lending businesses with responsibilities for all aspects of operational management and business development.
“Doug is a highly regarded mortgage executive whom I have known and worked with for many years,” said Stan Kurland, chairman and CEO of PennyMac. “Our management is excited to welcome him to PennyMac’s leadership team. Doug will build on the existing foundation we have established in correspondent lending and lead our activities to the next level.”
Jones joined Countrywide Credit Industries, a predecessor to Bank of America Home Loans, in 1997. Prior to Countrywide, Jones was chief executive officer of California United Bank’s Mortgage Division. He holds a BA in Economics from California State University, Sacramento.
“I am excited to be involved with an enterprise that is having a positive influence on the availability of mortgage credit and to join a skilled, tenured management team,” Jones said. “PennyMac is the right place to build a correspondent lending business in this new environment for conventional and government originations as well as the evolving non-agency markets. I strongly believe that the combination of PennyMac’s expertise and structure is a winning model for establishing the preeminent mortgage banking enterprise in the coming years.”