The Private National Mortgage Acceptance Co. has named former Bank of America executive Steve Bailey as its chief servicing officer, effective immediately. In his new role, Bailey will oversee all mortgage servicing activities at PennyMac Loan Services, the servicing arm of PNMAC and its publicly traded vulture fund parent, Penny Mac Mortgage Investment Trust, Calabasas, Calif. At B of A he oversaw about $2 trillion in receivables. At Penny Mac he will oversee about $2 billion, a figure the company hopes to grow. However, the company hopes to enter the origination market shortly through a new conduit operation. To date, the firm has said little publicly about its conduit plans.
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