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8-K - 8-K - PennyMac Mortgage Investment Trust | d29538d8k.htm |
Exhibit 99.1
Media | Investors | |||
Janis Allen | Isaac Garden | |||
(805) 330-4899 | (818) 224-7028 |
PennyMac Mortgage Investment Trust Announces
Promotions of Executive Officers
Westlake Village, CA, December 16, 2020 PennyMac Mortgage Investment Trust (NYSE: PMT) today announced changes in the roles of certain of its executive officers in conjunction with organizational changes announced today by PennyMac Financial Services, Inc. (NYSE: PFSI), PMTs manager and service provider.
| Andrew S. Chang, currently Senior Managing Director and Chief Financial Officer, will assume the new role of Senior Managing Director and Chief Operating Officer. |
| Daniel S. Perotti, currently Senior Managing Director and Deputy Chief Financial Officer, will become Senior Managing Director and Chief Financial Officer. |
In conjunction with the same organizational changes taking place at PFSI, I am pleased to announce these promotions for Andy and Dan which reflect the continued evolution of our organizational structure to ensure PMTs long-term success, said David A. Spector, President and Chief Executive Officer. I look forward to continue leading PMT, with a deep senior management team that includes Doug Jones, Andy Chang and Vandy Fartaj, as we remain focused on pursuing attractive investments that leverage PFSIs unique capabilities and delivering strong risk-adjusted returns to shareholders.
The foregoing changes are effective January 1, 2021.
About PennyMac Mortgage Investment Trust
PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. PMT is externally managed by PNMAC Capital Management, LLC, a wholly-owned subsidiary of PennyMac Financial Services, Inc. (NYSE: PFSI). Additional information about PennyMac Mortgage Investment Trust is available at www.PennyMac-REIT.com.
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding managements beliefs, estimates, projections and assumptions with respect to, among other things, the Companys future operations, business plans and strategies, as well as industry and market conditions, all of which are subject to change. Words like believe, expect, anticipate, promise, plan, and other expressions or words of similar meanings, as well as future or conditional verbs such as will, would, should, could, or may are generally intended to identify forward-looking statements. Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: our exposure to risks of loss and disruptions in operations resulting from adverse weather conditions, man-made or natural disasters, climate change and pandemics such as COVID-19; the impact to our CRT agreements of increased borrower requests for forbearance under the CARES Act; changes in the Companys investment objectives or investment or operational strategies, including any new lines of business or new products and services that may subject it to additional risks; volatility in the Companys industry, the debt or equity markets, the general economy or the real estate finance and real estate markets specifically, whether the result of market events or otherwise; events or circumstances which undermine confidence in the financial and housing markets or otherwise have a broad impact on financial and housing markets, such as the sudden instability or collapse of large depository institutions or other significant corporations, terrorist attacks, natural or manmade disasters, or threatened or actual armed conflicts; changes in general business, economic, market, employment and domestic and international political conditions, or in consumer confidence and spending habits from those expected; declines in real estate or significant changes in U.S. housing prices or activity in the U.S. housing market; the availability of, and level of competition for, attractive risk-adjusted investment opportunities in mortgage loans and mortgage-related assets that satisfy the Companys investment objectives; the inherent difficulty in winning bids to acquire mortgage loans, and the Companys success in doing so; the concentration of credit risks to which the Company is exposed; the degree and nature of the Companys competition; the Companys dependence on its manager and servicer, potential conflicts of interest with such entities and their affiliates, and the performance of such entities; changes in personnel and lack of availability of qualified personnel at its manager, servicer or their affiliates; the availability, terms and deployment of short-term and long-term capital; the adequacy of the Companys cash reserves and working capital; the Companys ability to maintain the desired relationship between its financing and the interest rates and maturities of its assets; the timing and amount of cash flows, if any, from the Companys investments; unanticipated increases or volatility in financing and other costs, including a rise in interest rates; the performance, financial condition and liquidity of borrowers; the ability of the Companys servicer, which also provides the Company with fulfillment services, to approve and monitor correspondent sellers and underwrite loans to investor standards; incomplete or inaccurate information or documentation provided by customers or counterparties, or adverse changes in the financial condition of the Companys customers and counterparties; the Companys indemnification and repurchase obligations in connection with mortgage loans it purchases and later sells or securitizes; the quality and enforceability of the collateral documentation evidencing the Companys ownership and rights in the assets in which it invests; increased rates of delinquency, default and/or decreased recovery rates on the Companys investments; the performance of mortgage loans underlying mortgage-backed securities in which the Company retains credit risk; the Companys ability to foreclose on its investments in a timely manner or at all; increased prepayments of the mortgages and other loans underlying the Companys mortgage-backed securities or relating to the Companys mortgage servicing rights, excess servicing spread and other investments; the degree to which the Companys hedging strategies may or may not protect it from interest rate volatility; the effect of the accuracy of or changes in the estimates the Company makes about uncertainties, contingencies and asset and liability valuations when measuring and reporting upon the Companys financial condition and results of operations; the Companys ability to maintain appropriate internal control over financial reporting; technologies for loans and the Companys ability to mitigate security risks and cyber intrusions; the Companys ability to obtain and/or maintain licenses and other approvals in those jurisdictions where required to conduct its business; the Companys ability to detect misconduct and fraud; the Companys ability to comply with various federal, state and local laws and regulations that govern its business; developments in the secondary markets for the Companys mortgage loan products; legislative and regulatory changes that impact the mortgage loan industry or housing market; changes in regulations or the occurrence of other events that impact the business, operations or prospects of government agencies such as the Government National Mortgage Association, the Federal Housing Administration or the Veterans Administration, the U.S. Department of Agriculture, or government-sponsored entities such as the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, or such changes that increase the cost of doing business with such entities; the Dodd-Frank Wall Street Reform and Consumer Protection Act and its implementing regulations and regulatory agencies, and any other legislative and regulatory changes that impact the business, operations or governance of mortgage lenders and/or publicly-traded companies; the Consumer Financial Protection Bureau and its issued and future rules and the enforcement thereof; changes in government support of homeownership; changes in government or government-sponsored home affordability programs; limitations imposed on the Companys business and its ability to satisfy complex rules for it to qualify as a REIT for U.S. federal income tax purposes and qualify for an exclusion from the Investment Company Act of 1940 and the ability of certain of the Companys subsidiaries to qualify as REITs or as taxable REIT subsidiaries for U.S. federal income tax purposes, as applicable, and the Companys ability and the ability of its subsidiaries to operate effectively within the limitations imposed by these rules; changes in governmental regulations, accounting treatment, tax rates and similar matters (including changes to laws governing the taxation of REITs, or the exclusions from registration as an investment company); the Companys ability to make distributions to its shareholders in the future; the Companys failure to deal appropriately with issues that may give rise to reputational risk; and the Companys organizational structure and certain requirements in its charter documents. You should not place undue reliance on any forward-looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in reports and other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, and the statements made in this press release are current as of the date of this release only.
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