pennymac financial services has made changes to its technology leadership and created a new role focused on digital innovation, the company announced Tuesday.
The change comes after the resolution of a years-long arbitration process. Black Knight Regarding the service platform. It also comes as the mortgage industry continues to deploy artificial intelligence solutions to improve productivity and better support customers.
The California-based lender and debt collector has promoted Jim Follett to chief digital officer. This is a new role to pursue opportunities in digital innovation, commercial markets and homeowner solutions. Meanwhile, Mike Hogan will become PennyMac's new chief information officer, replacing Lior Ofir, who is stepping down to pursue new opportunities.
Mr. Follett, who joined PennyMac 12 years ago, became managing director and chief mortgage officer of the company in 2022. He held key leadership roles in PennyMac's mortgage fulfillment, production business technology, and services divisions.
PennyMac Chairman and CEO David Spector said Follett's “strategic acumen” positioned him to lead the company in “a new era of technological advancement and ingenuity.” said.
Follett's vision for the company revolves around a “frictionless customer experience,” the company said. He will be responsible for developing a roadmap to extend Pennymac's proprietary service platform, his Servicing Systems Environmental (SSE).
housing wire reported in December that an arbitrator awarded Black Knight $155.2 million in damages related to breach of contract claims in a four-year dispute between the two companies. Black Knight accused PennyMac of creating SSE by copying its mortgage repayment platform, MSP. Meanwhile, according to the arbitrator, PennyMac has “free and unrestricted use” of all intellectual property and software, including SSE.
Mr. Hogan joined PennyMac in 2020 and previously served as Managing Director of Capital Markets Technology. In his new role, he will report directly to Follette and will work to power new technologies that enhance Pennymac's commitment to customers.
Mr. Spector highlighted Mr. Hogan's “technical expertise, industry acumen, and proven ability to manage complex systems” as assets to PennyMac's IT transformation.
“Mr. Follett will also work with Mr. Hogan to lead PennyMac's Third Party Origination and Correspondent Group, while playing a key role in implementing solutions within PennyMac's Retail and Services divisions.” “We will ensure our partners have the technical and digital tools they need to succeed in every market cycle.” the company said in a prepared statement.
Founded in 2008, PennyMac has approximately 3,900 employees nationwide. The company generated $99 billion in unpaid principal balances (UPB) in 2023. At the end of last year, the company's services portfolio had a total UPB of $607 billion.
