Management
PennyMac was founded and is managed by senior executives with years of mortgage finance experience and a passion for helping people to pursue the American dream of owning and keeping their own home.
Stanford L. Kurland
Founder, Chairman and Chief Executive Officer
Stanford L. Kurland, Founder, Chairman and Chief Executive Officer, is an extremely accomplished executive in financial services with more than 27 years of experience in the mortgage banking arena. He is well recognized for his leadership in developing the strategic direction, risk management activities, financial management, and organizational development of Countrywide Financial Corporation. During his tenure at Countrywide Financial, until his departure in 2006, where he served as Chief Financial Officer and then Chief Operating Officer, the company grew in market capitalization from just over one million dollars to a leading financial services firm with over 25 billion dollars in market value. Under his leadership, Countrywide built a world class organizational and governance structure. Mr. Kurland began his professional career in 1975 in public accounting and practiced as a CPA for the international accounting firm, Grant Thornton.
Mr. Kurland believes that the key to resolving the current turmoil in the mortgage market is to create and deliver loan enhancement opportunities that balance consumer and investor value generation through operational excellence and strong analytic capabilities. Mr. Kurland has an unwavering commitment to ethical conduct, continual operational excellence, and common sense risk management initiatives that are quantitatively sound. As Chief Executive Officer, Mr. Kurland brings the skills to organize, oversee, and direct the funding initiative.
David Spector
Chief Investment Officer
David Spector, as Chief Investment Officer, is responsible for oversight of all activities pertaining to investments, and directs the activities of Portfolio Management, Capital Markets, and Credit as each relates to mortgage credit and company credit risk.
Prior to joining PennyMac, Mr. Spector was Co-Head of Global Residential Mortgages for Morgan Stanley, London, and, previously, Senior Managing Director, Secondary Markets, for Countrywide Financial Corporation where he was responsible for secondary marketing, including interest rate risk management and related functions, directing loan trading, pricing, hedging, and servicing. He was also a member of the Countrywide Asset Liability and Credit Committees, as well as Freddie Mac and Fannie Mae Advisory Committees.
