PennyMac Financial Services, Inc. announced the promotions of Jim Follette to Chief Digital Officer and Mike Hogan to Chief Information Officer as they work together to further enhance the customer experience and accelerate growth in Pennymac?s servicing and technology groups. Mr. Follette?s new role was created to strengthen digital innovations and pursue commercial market opportunities, while empowering the development of solutions that will assist today?s homeowners. Meanwhile, Mr. Hogan will take over for Lior Ofir as Chief Information Officer, who departed from Pennymac to pursue other opportunities.

Mr. Hogan will report directly to Mr. Follette and together, they will work closely on Pennymac?s continued technological evolution. Mr. Follette?s vision for Pennymac's future revolves around a frictionless customer experience, while Mr. Hogan will work with his teams to seamlessly bolster emerging technologies that elevate the commitment to Pennymac?s customers. By uniting the servicing and technology divisions, their plans will enhance the customer journey, making it more personalized and efficient, and transforming how homeowners interact with Pennymac.

This includes anticipating and preparing for shifts, such as the impact artificial intelligence will have on the mortgage industry. Mr. Follette will also play a key role in implementing solutions within Pennymac?s retail and servicing divisions, while partnering with Mr. Hogan to ensure that Pennymac?s Third Party Origination and Correspondent Group partners have the technological and digital tools they need to succeed across all market cycles. Mr. Follette will be responsible for developing a roadmap for the expansion of PFSI?s proprietary servicing platform, Servicing Systems Environment (SSE), which was built to increase automation and efficiencies for Pennymac while also delivering a best-in-class experience.

Additionally, Mr. Hogan will support Pennymac?s commitment towards providing a full suite of mortgage solutions, while optimizing overall business operations and technologies to expand benefits for its customers. With more than 30 years of professional experience, Mr. Follette has established himself as a seasoned leader, equipped with the necessary tools to excel as Chief Digital Officer. With over 20 years of expertise in the mortgage industry, Mr. Follette has demonstrated a comprehensive skill set encompassing business operations, technology, accounting and finance.

He has consistently exhibited the ability to drive growth and innovation, while serving Pennymac over the last 12 years. His success at the organization stems from his leadership efforts within the mortgage fulfillment, production business technology and servicing divisions. These groups have considerable synergies in scope and mission as they work to fund and service loans for Pennymac's customers.

Prior to his new role, Mr. Follette was named Senior Managing Director and Chief Mortgage Operations Officer in 2022. Before that time, he was Pennymac?s Senior Managing Director and Chief Mortgage Fulfillment Officer. Mr. Hogan joined Pennymac in 2020, bringing with him more than three decades of mortgage and technology experience.

Prior to his promotion to Chief Information Officer, he was Pennymac?s Managing Director of Capital Markets Technology. Mr. Hogan was in charge of improving the company?s capital markets technology infrastructure by automating key processes, building and implementing robust data frameworks and developing innovative tools to increase efficiency and transparency.