PennyMac founder and chairman dies from COVID-19

by Candyd Mendoza26 Jan 2021

Stanford Kurland, the founder and non-executive chairman of PennyMac has died from complications related to coronavirus at the age of 68.

PennyMac Mortgage Investment Trust (PMT) and its manager and service provider PennyMac Financial Services announced in a Press release that Kurland died on Monday after battling brain cancer and showing symptoms of COVID-19. Kurland served as chairman and CEO of PMT until 2016 when he was named executive chairman. He retired from his role last year but remained a trusted guide for the firm.

“I am deeply saddened to share the news of Stan’s passing. COVID-19 has robbed us of a great leader, mentor and friend,” said David Spector, president and CEO of PennyMac Mortgage Investment Trust. “He was a genuine and gracious person to anyone he crossed paths with and he cherished his family and friends. On behalf of all of us at PennyMac, we send our deepest condolences to Stan’s wife, Sheila, and the entire Kurland family.”

Kurland had been at the helm of seven different companies and served on the board of nine others. He spent 27 years at Countrywide Financial Corporation, holding various executive positions including chief financial officer, then president and chief operating officer, until his departure from the firm in 2006.

Two years later, Kurland founded PennyMac in partnership with BlackRock Mortgage Ventures and HC Partners (formerly Highfields Capital Management). Kurland and Spector worked together for the past 31 years to shape the firm into home mortgage leader it has become. PennyMac Financial Services now employs over 6,000 people across the country.

“Stan leaves an indelible mark not only on PennyMac but on the mortgage industry he helped to build and shape. His storied career in mortgage banking spanned more than four decades. With his passion and vision, Stan led and built two of the largest and most influential companies in our industry, making home loans to millions of Americans,” Spector said. “He will be deeply missed by many in our industry and our community — including all of us here at PennyMac.”

In lieu of flowers, the Kurland family requests for any donations to go to the UCLA Brain Tumor Program via the following link: bit.ly/StanfordKurland