As of September 30, 2020, PennyMac Financial serviced loans totaling $402 billion in unpaid principal balance, making it the seventh largest mortgage servicer in the nation. Still, that would be a fraction of what Countrywide was, which at its height financed about $500 billion in home loans a year, and regularly ranked as the nations largest mortgage lender. On average, Stanford trades about 28,493 units every 38 days since 2009. Prior to the formation of PNMAC, Mr. Kurland served as a director and, from January 1979 to September 2006, held several executive positions, including president, chief financial officer and chief operating officer, at Countrywide Financial Corporation, or Countrywide, a diversified financial services company. Subscribe to MoneyWeek now and get your first six magazine issues absolutely FREE. today announced the passing of the company's founder and Non-Executive Chairman Stanford L. Kurland. Our Manager, our Servicer, and PNMAC are controlled subsidiaries of PFSI. Mr. Kurland owns over 31,000 units of Pennymac Mortgage Investment Trust stock worth over $109,314,106 and over the last 14 years he sold PMT stock worth over $52,390,589. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. Last updated: 22 January 2021 at 7:06pm EST. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. PennyMac Financial now employs more than 6,000 people and is "one of the largest residential mortgage lenders and servicers" in the nation, according to a company statement. Advertisements. On Brandt, Chamberlain says the executive oversaw 700 to 800 employees at Countrywide, including one to three employees whose partial responsibility was to take loans for the VIP unit.. PennyMac Mortgage Investment Trust announced that company founder and Non-Executive Chairman Stanford Kurland died at age 68 due to complications from COVID-19. Mr. Kurland holds a BS from California State University, Northridge. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. You can see the complete history of Mr. Kurland stock trades at the bottom of the page. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. The Dignity Memorial online obituary search tool gives you access to obituaries from thousands of locations across North America. Prior to the formation of PNMAC, Mr. Kurland served as a director and, from January 1979 to September 2006, held several executive positions, including president, chief financial officer and chief operating officer, at Countrywide Financial Corporation, or Countrywide, a diversified financial services company. Shares of the REIT have risen nearly 50% in the past year. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. "What did Stanford Kurland know?" Our Manager, our Servicer, and PNMAC are controlled subsidiaries of PFSI. No wonder one executive describes business as "off-the-charts good". Card companies keep low rates for themselves, The housing pick up wont produce much economic growth, Young workers earn $10,000 less than in 2005, LinkedIn has officially entered its cringe era, and its working. "It is horrible what transpired in the industry," he sighs. The company is using direct mail to solicit customers. Mr. Kurland also has been the executive chairman of PennyMac Financial Services, Inc., or PFSI, since January 2017 and, prior thereto, had been chairman of the board and chief executive officer from February 2013 through December 2016. . Last updated: 22 January 2021 at 7:06pm EST. Visit the Funeral Home's Website. Executives say they hope to be on pace to finance $30 billion in mortgage loans next year. Most recently he sold 31,000 units of PMT stock worth $1,883,560 on 20 January 2021. A number of analysts who follow the company were unaware of it. Part of HuffPost Business. Prior to the formation of PNMAC, Mr. Kurland served as a director and, from January 1979 to September 2006, held several executive positions, including president, chief financial officer and chief operating officer, at Countrywide Financial Corporation, or Countrywide, a diversified financial services company. It doesnt hurt that PennyMac has a 9.3% dividend yield at a time when investment income is hard to come by. FORTUNE The Federal Reserves recent decision to buy mortgage bonds until the economy recovers has made home lending more attractive than it has been in years. As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. See Stan Kurland's compensation, career history, education, & memberships. Prior thereto, he had been our chairman of the board and chief executive officer from May 2009 through December 2016. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID . But it was under his watch that the predatory practice of peddling 'teasers' (whereby low-income customers were seduced into taking huge mortgages by low 'introductory' interest payments that quickly ballooned) really got going. To meet those aspirations, Kurland has recruited many of the same executives who helped him build Countrywide into a mortgage behemoth. He says mortgage rates have stayed frustratingly high, and that there is a huge number of borrowers who are still having trouble refinancing. As president of Countrywide America's largest mortgage lender until its crash last year Kurland helped devise and mass-market the dodgy mortgages that helped get us into this mess, says The Independent. He will be deeply missed by many in our industry and our community including all of us here at PennyMac., I am fortunate to have worked alongside Stan for the last 31 years and am honored to call him a dear friend, Mr. Spector continued. He spent 27 years at Countrywide Financial Corporation in various executive positions including Chief Financial Officer, then President and Chief Operating Officer until his departure from Countrywide in 2006. PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. Sanford Kurland December 11, 1929 - October 22, 2011 IN THE CARE OF Berkowitz-Kumin-Bookatz Memorial Chapel SANFORD "CORKY" KURLAND beloved husband of Gloria (nee Mednik). Over the last 14 years, insiders at Pennymac Mortgage Investment Trust have traded over $15,722,030 worth of Pennymac Mortgage Investment Trust stock and bought 336,844 units worth $3,890,204 But the cycle of mortgaging is costing taxpayers 62 cents on the dollar. His storied career in mortgage banking spanned more than four decades. Stan Kurland is Deceased at Pennymac Mortgage Investment. There are no executives at Pennymac Mortgage Investment Trust getting paid more. Kevin Chamberlain In recent investor presentations, Kurland and other PennyMac executives have talked up the companys unit that finances new mortgage loans made by outside brokers and small banks. Stanford has made over 52 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. Mr. Kurland died from complications related to COVID-19 and had been battling brain cancer. There are 1 older and 20 younger executives at Pennymac Mortgage Investment Trust. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. Chamberlain says the firm has no plans to make subprime loans. In fact, his "excellent adventure" is going so well that PennyMac, which already holds $800m in home loans, expects the figure to rise to $15bn within 18 months. Amelia was born on September 24, 1946 in Veracruz, Mexico toAngel & Antelma Dominguez Garcia. That wasn't supposed to happen. This is a guy who profited from creation of the sub-prime mortgage crisis as former president of Countrywide Financial and who is now profiting from the wreckage caused by those sub-prime mortgages - both at the expense of taxpayers. Feb 19, 2023. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. As one consumer group told the New York Times, he's "like the arsonist who sets fire to the house and then buys up the charred remains and resells it". As of 20 January 2021 he still owns at least 7,564,990 units of Pennymac Mortgage Investment Trust stock. Mr. Kurland has been a member of our Board since our formation in May 2009 and has been our Executive Chairman since January 2017. He cashed out of Countrywide before its stock tanked, taking $200 million with him. PennyMac spokesman Kevin Chamberlain, and Countrywide alumni, says PennyMacs retail operation is focused on refinancing delinquent borrowers whose mortgages have been acquired by PennyMac into affordable loans. Mr. Kurland owns over 31,000 units of Pennymac Mortgage Investment Trust stock worth over $106,742,009 and over the last 13 years he sold PMT stock worth over $52,390,589. Proud grandfather of Jennifer, and her husband Geoff, Adam and Kyle. There was certainly a huge clue in the fact that, by now, executives had cashed in around $800m in share options. Kurland served as PMT's Chairman and CEO until 2016 when he was appointed Executive Chairman. All rights reserved. Stanford L. Kurland serves as Non-Executive Chairman of the Trustee of the Company. asked a blogger on the Irreverent Stocklist in early 2007. For instance, PennyMacs mortgage REIT is not approved to sell loans to Ginnie Mae, which is the government entity that backs FHA loans. The Westlake Village, California-based company said. It's the bankers - Kurland and company - who urged dreamers to sign the dotted line knowing the loan would never work out, knowing a bank would never grant such a mortgage if it were going to remain on the books of a local institution. The estimated Net Worth of Stanford L Kurland is at least $169 Million dollars as of 20 January 2021. Your email address will not be published. The person who answers says he works for PennyMac. He was duped. He retired from day-to-day management in early 2020. PMT is externally managed by PNMAC Capital Management, LLC, a wholly-owned subsidiary of PennyMac Financial Services, Inc. Pennymac Mortgage Investment Trust executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, insiders at Pennymac Mortgage Investment Trust. Our main chapel seats over 400 and we accommodate both New Jersey, New York cemeteries, and burials in Israel. Suddenly, no one knew the value of the "bundles," because each contained an unknown number of good and bad mortgages. Fine, Kurland's PennyMac gives the guy in the bungalow next door payments low enough to let him stay. All Rights Reserved. The entire PennyMac community mourns the loss of Mr. Kurland, an esteemed industry leader, visionary and friend. In the six years before he abruptly quit in 2006, Countrywide's portfolio mushroomed from $62bn to $463bn. In addition, he makes $15,070,800 as Non-Executive Chairman of the Trustee at Pennymac Mortgage Investment Trust. On average, Pennymac Mortgage Investment Trust executives and independent directors trade stock every 16 days with the average trade being worth of $70,951. As the Non-Executive Chairman of the Trustee of Pennymac Mortgage Investment Trust, the total compensation of Stanford Kurland at Pennymac Mortgage Investment Trust is $15,070,800. PennyMac Financial Services, Inc. is a specialty financial services firm with a comprehensive mortgage platform and integrated business focused on the production and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market. 8 records for Stanford Kurland. Search address history, phone, age and more. This post was published on the now-closed HuffPost Contributor platform. 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