PennyMac names Doug Jones head of correspondent lending
Asset management firm PennyMac (PMT), said Wednesday it has named Doug Jones chief correspondent lending officer. In his new role, Jones will be leading the firm's correspondent lending activities, working on production operations and the development of the firm's warehouse lending business. Jones also is expected to serve on PennyMac's executive management team. Jones is coming to PennyMac from Bank of America (BAC) where he oversaw retail sales and institutional mortgage services for Bank of America Home Loans. “Doug is a highly regarded mortgage executive whom I have known and worked with for many years,” said Stan Kurland, chairman and CEO of PennyMac. “Our management is excited to welcome him to PennyMac’s leadership team. Doug will build on the existing foundation we have established in correspondent lending and lead our activities to the next level.” PennyMac, through its subsidiaries, buys and manages residential mortgage loans on behalf of private investors. Write to Kerri Panchuk.