Former Ginnie Mae President Ted Tozer is joining the board of directors at PennyMac Financial Services Inc. starting Aug. 1.
Tozer resigned as Ginnie Mae president on Jan. 20 after leading the agency for seven years. During the latter part of his term, Tozer expressed some concern on the growing number of nonbank issuers of Ginnie Mae mortgage-backed securities; an affiliate of Westlake Village, Calif-based PennyMac is a Ginnie Mae issuer, according to the agency's website.
Tozer spent more than 30 years in the financial services industry. Prior to becoming Ginnie Mae president, he was the senior vice president of capital markets at National City Mortgage Co., which was headquartered in Miamisburg, Ohio.
"I am thrilled that Ted Tozer has been elected to our board of directors," said PennyMac Executive Chairman Stanford L. Kurland in a press release.
"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. On behalf of my fellow directors, I enthusiastically welcome his arrival."