Pennymac Shakes Up Capital Markets Team

PennyMac Financial Services, Inc. and PennyMac Mortgage Investment Trust announced Thursday that William Chang will step down from his roles as Senior Managing Director and Chief Capital Markets Officer at PFSI, and Senior Managing Director and Chief Investment Officer at PMT.

Chang, who has been with PennyMac for more than 12 years, is leaving to "pursue other interests in the mortgage banking industry." Mark Elbaum, managing director of strategic initiatives, who joined the company in April 2023, will assume Chang’s responsibilities on an interim basis.

Elbaum has held leadership positions at companies such as Home Point Financial, Bank of America, and Countrywide, where he oversaw capital markets, pricing products, and hedging.

“At Pennymac, we have a deep bench consisting of talented leaders who I believe are among the best in the industry,” Pennymac Chairman and CEO David Spector shared in a statement. “To ensure a smooth transition, I have asked Mark to step into the roles on an interim basis, with the utmost confidence in his ability to lead our capital markets group.”

Spector continued, “Will has been at Pennymac for more than a decade, playing a role to help shape the success of our organization in various capacities, including his most recent role in our capital markets group. We are appreciative of his many years of dedication and hard work, and we wish him continued success in future endeavors.”