Steven Richard Bailey — Chief Mortgage Operations Officer & Senior Managing Director at PennyMac Loan Services, LLC

Mr. Steven Richard Bailey, also known as Steve, has been Chief Mortgage Operations Officer of PennyMac Mortgage Investment Trust since February 2016 and has been its Senior Managing Director since February 2016. Mr. Bailey has been Senior Managing Director and Chief Mortgage Operations Officer of PennyMac Financial Services, Inc. since February 2016. Mr. Bailey has been Chief Servicing Officer of Private National Mortgage Acceptance Company, LLC since April 20, 2010. He served Chief Operating Officer of PennyMac Mortgage Investment Trust since March 2015 until February 2016. Mr. Bailey served as Chief Servicing Officer of PennyMac Mortgage Investment Trust since February 2012 until May 2013. He served as Chief Mortgage Operations Officer of PennyMac Financial Services, Inc. since May 2013 until March 2015. He served as Chief Operations Officer of PennyMac Financial Services, Inc. from March 2015 to February 2016. He served as Chief Mortgage Operations Officer at PennyMac Mortgage Investment Trust since May 2013 to February 2015. He oversees all mortgage loan servicing activities at PennyMac Loan Services, LLC. He is responsible for directing PennyMac's loan servicing and origination operation, including implementation of the methods and programs directed at improving the value of acquired loans, as well as setting and managing performance goals for all aspects of the servicing and loan administration functions. He served as the Chief Servicing Officer at PennyMac Financial Services, Inc. from February 2013 to February 2016. Mr. Bailey served as the Mortgage Servicing Executive at Countrywide Financial Corporation (and Bank of America Corporation, as its successor) from November 2004 to February 2010. where he was responsible for overseeing a loan portfolio of over 14 million loans valued at over $2 trillion in outstanding debt, with operations that included more than 15,000 employees in 17 locations across the U.S. Mr. Bailey served as Chief Executive Officer of Loan Administration for Countrywide Home Loans, following a progressive career in a variety of management and leadership positions in Servicing Operations from May 1985 to June 2008. He served as Senior Managing Director of Loan Administration at Countrywide Financial Corp. He served as Senior Managing Director at Countrywide Financial Corp. He served as Chief Executive Officer of Loan Administration at Countrywide Financial Corp. Mr. Bailey held a variety of management and leadership positions, including Senior Vice President of the Customer Contact group, Executive Vice President of Loan Administration and Managing Director, Chief Operating Officer of Loan Administration since joining Countrywide in 1985. He has also led several loan servicing departments, including Collections, Special Loans, Escrow Review and Loan Administration Support. He was instrumental in streamlining call processing, having implemented business solutions such as phone log tracking systems, smart call routing, consolidated call type screen and supervisory certification programs. Mr. Bailey holds a Bachelor of Arts degree from the University of Southern California.