Theodore W. Tozer, the former president of the Government National Mortgage Association or Ginnie Mae, will join the board of PennyMac Financial Services Inc., the company announced Wednesday.
Tozer served as Ginnie Mae’s president for seven years before leaving earlier this year. Ginnie Mae manages the secondary market for residential mortgages. At Ginnie Mae, Tozer managed $1.8 trillion in guarantees of mortgage-backed securities.
He will begin his board service at PennyMac, a Westlake Village mortgage company, effective Aug. 1.
“Ted is a veteran of the mortgage banking industry who brings a wealth of experience and a deep understanding of all aspects of housing finance in America,” PennyMac Executive Chairman Stanford L. Kurland said in a statement. “On behalf of my fellow directors, I enthusiastically welcome his arrival.”
Shares of PennyMac (PFSI) closed Thursday up 15 cents, or nearly 1 percent, to $17.85 on the New York Stock Exchange.