William Chang steps down as Pennymac’s capital markets leader

William Chang is stepping down from his roles as chief capital markets officer at PennyMac Financial Services and chief investment officer for PennyMac Mortgage Investment Trust, the company announced Thursday. Industry veteran Mark Elbaum will succeed him. 

Chang, who joined the company in 2012, will “pursue other interests in the mortgage banking industry” after leaving on Oct. 11. Before joining Pennymac, Chang spent 13 years at Credit Suisse, holding the position of director for mergers and acquisitions. 

Elbaum, hired by Pennymac in April 2023, previously held leadership roles at Homepoint Financial, Bank of America and Countrywide, including oversight of capital markets, pricing products and hedging.

“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,” chairman and CEO David Spector said in a statement.

Pennymac has been a profitable company amid a higher mortgage rate environment, mainly due to its servicing book. The firm delivered a profit of $98.3 million in the second quarter of 2024, more than double the $39.3 million it earned in the prior quarter.

In May, Pennymac announced a private offering of $650 million in senior notes due in November 2030, priced at an annual rate of 7.125%. The proceeds will go toward repaying debt taken on to secure its mortgage servicing rights (MSRs) facilities, other unspecified debts and “other general corporate purchases.”