WESTLAKE VILLAGE, Calif. - PennyMac Financial (NYSE:PFSI) Services, Inc. (NYSE: PFSI), a prominent player in the U.S. residential mortgage sector, has announced internal promotions within its executive ranks. Jim Follette has taken on the role of Chief Digital Officer, and Mike Hogan has been elevated to Chief Information Officer.
These appointments are part of the company's strategy to enhance customer experiences and drive technological growth within its servicing and technology divisions.
Follette's promotion to the newly created position of Chief Digital Officer is aimed at bolstering digital innovation and exploring commercial market opportunities, with a focus on developing homeowner-centric solutions.
Hogan, succeeding Lior Ofir, who has left the company, will oversee the IT transformation as the new CIO. Both executives are expected to collaborate closely to advance PennyMac's technological capabilities.
David Spector, Chairman and CEO of PennyMac, praised the leadership qualities and industry expertise of both Follette and Hogan, expressing confidence in their ability to generate new opportunities for customer and shareholder value, as well as expanding PennyMac's digital influence.
Follette will be responsible for a strategic roadmap to expand PennyMac's proprietary servicing platform, with an emphasis on automation and enhancing customer experience. Hogan will support the company's commitment to providing a comprehensive suite of mortgage solutions and optimizing business operations and technologies.
With over 30 years of professional experience, Follette has a broad background in business operations, technology, accounting, and finance, and has been with PennyMac for 12 years. Hogan, who joined PennyMac in 2020, brings more than three decades of mortgage and technology experience to his new role as CIO.
PennyMac, founded in 2008, is recognized as a leading firm in the U.S. mortgage industry, employing approximately 3,900 people nationwide. In 2023, it produced newly originated loans totaling $99 billion in unpaid principal balance, ranking as the nation's second-largest mortgage lender.
As of December 31, 2023, PennyMac serviced loans totaling $607 billion in unpaid principal balance, positioning it among the top five mortgage servicers in the country.
This leadership transition is based on a press release statement and reflects PennyMac's ongoing commitment to digital transformation and market adaptation to meet the evolving needs of its customers.
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