Pennymac Promotes Senior Executives and Invests in its Servicing and Digital Future
March 05 2024 - 4:30PM
Business Wire
Top Mortgage Lender Promotes Jim Follette
to Chief Digital Officer and Mike Hogan to Chief Information
Officer
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.
“Pennymac is committed to leading the charge of digital
transformation and continuously evolving to meet the ever-changing
needs of our customers and partners,” said Jim Follette, Chief
Digital Officer at Pennymac. “I am honored and excited to serve
Pennymac and our customers in this new role.”
“I look forward to this venture and new role, while we continue
to amplify Pennymac’s technologies and evolve the market’s digital
landscape,” said Mike Hogan, Chief Information Officer at Pennymac.
“Our implementation of cutting-edge technologies will further
modernize Pennymac’s mortgage processes, making them even more
secure and streamlined.”
Mr. Follette will be responsible for developing a roadmap for
the expansion of PFSI’s proprietary servicing platform, Servicing
Systems Environment (SSE), which was built to increase automation
and efficiencies for Pennymac while also delivering a best-in-class
experience. Additionally, Mr. Hogan will support Pennymac’s
commitment towards providing a full suite of mortgage solutions,
while optimizing overall business operations and technologies to
expand benefits for its customers.
With more than 30 years of professional experience, Mr. Follette
has established himself as a seasoned leader, equipped with the
necessary tools to excel as our Chief Digital Officer. With over 20
years of expertise in the mortgage industry, Mr. Follette has
demonstrated a comprehensive skill set encompassing business
operations, technology, accounting and finance. He has consistently
exhibited the ability to drive growth and innovation, while serving
Pennymac over the last 12 years. His success at the organization
stems from his leadership efforts within the mortgage fulfillment,
production business technology and servicing divisions. These
groups have considerable synergies in scope and mission as they
work to fund and service loans for Pennymac's customers. Prior to
his new role, Mr. Follette was named Senior Managing Director and
Chief Mortgage Operations Officer in 2022. Before that time, he was
Pennymac’s Senior Managing Director and Chief Mortgage Fulfillment
Officer.
Mr. Hogan joined Pennymac in 2020, bringing with him more than
three decades of mortgage and technology experience. Prior to his
promotion to Chief Information Officer, he was Pennymac’s Managing
Director of Capital Markets Technology. Mr. Hogan was in charge of
improving the company’s capital markets technology infrastructure
by automating key processes, building and implementing robust data
frameworks and developing innovative tools to increase efficiency
and transparency.
For more information and career opportunities at Pennymac,
please visit www.pennymac.com/careers.
About PennyMac Financial Services, Inc.
PennyMac Financial Services, Inc. is a specialty financial
services firm focused on the production and servicing of U.S.
mortgage loans and the management of investments related to the
U.S. mortgage market. Founded in 2008, the company is recognized as
a leader in the U.S. residential mortgage industry and employs
approximately 3,900 people across the country. In 2023, PennyMac
Financial’s production of newly originated loans totaled $99
billion in unpaid principal balance, making it the second largest
mortgage lender in the nation. As of December 31, 2023, PennyMac
Financial serviced loans totaling $607 billion in unpaid principal
balance, making it a top five mortgage servicer in the nation.
Additional information about PennyMac Financial Services, Inc. is
available at pfsi.pennymac.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240222909640/en/
Media Kristyn Clark kristyn.clark@pennymac.com
805.395.9943
Investors Kevin Chamberlain Isaac Garden
PFSI_IR@pennymac.com 818.224.7028
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