Stanford Kurland, founder of the PennyMac firms, dies at 68

Stanford Kurland, who went from being pushed out of the No. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68.

While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate press releases from PennyMac Financial Services and PennyMac Mortgage Investment Trust said.

Kurland became the nonexecutive chairman of both companies at the start of 2020, leaving the day-to-day role as executive chairman he had since stepping down as CEO in 2016.

"COVID-19 has robbed us of a great leader, mentor and friend. Stan leaves an indelible mark not only on PennyMac, but on the mortgage industry he helped to build and shape," David Spector, PennyMac's president and CEO, said in the releases. "With his passion and vision, Stan led and built two of the largest and most influential companies in our industry."

Following a four-year career as an accountant, Kurland joined Countrywide in 1979, rising to become its chief financial officer and then president and chief operating officer. He became the heir apparent to Chairman and CEO Angelo Mozilo.

But on Sept. 7, 2006, Kurland abruptly resigned his posts at Countrywide, amid reports that Mozilo was looking to stay on as CEO. Kurland also reportedly had his own concerns about the company's activities. Ironically, the departure, which was rumored to not have been voluntary, kept Kurland out of the line of fire following Countrywide's spectacular collapse.

Instead, in 2008, Kurland founded Private National Mortgage Acceptance Co., with the backing of BlackRock Mortgage Ventures and HC Partners, formerly Highfields Capital Management. Its initial purpose was to purchase distressed mortgage assets.

PennyMac Mortgage Investment Trust filed to go public in 2009; then in 2013, PennyMac Financial Services, which is a third-party mortgage originator, did its own initial public offering.

On Monday morning, colleagues and industry peers offered their condolences and remembrances of Kurland.

"The loss of one of the greats in my career, and someone who became a really welcome friend. He died way too young — he was almost ego-less — humble yet brilliant," former Mortgage Bankers Association CEO Dave Stevens posted on Twitter.