PennyMac founder dies at 68

Kurland opened Moorpark offices in 2011



‘INDUSTRY LEADER’—Stanford Kurland, founder of PennyMac Financial Services Inc., died Jan. 25 at the age of 68. The Moorpark PennyMac office is one of the largest private employers in the city. Courtesy photo

‘INDUSTRY LEADER’—Stanford Kurland, founder of PennyMac Financial Services Inc., died Jan. 25 at the age of 68. The Moorpark PennyMac office is one of the largest private employers in the city. Courtesy photo

PennyMac Financial Services Inc. employees are mourning the loss of Stanford Kurland, the company’s founder and former CEO.

The 68-year-old “industry leader” died Jan. 25 due to complications from COVID-19, PennyMac announced in a statement. Kurland was also battling brain cancer at the time of his death.

“I am deeply saddened to share the news of Stan’s passing. COVID-19 has robbed us of a great leader, mentor and friend,” said David Spector, PennyMac president and CEO. “Stan leaves an indelible mark not only on PennyMac, but on the mortgage industry he helped to build and shape.”

Kurland began his career in 1975 as a public accountant. He joined Countrywide Financial Corp. four years later and held various executive positions— including chief financial officer and chief operating officer— throughout his 27 years there.

He left the company in 2006, citing concerns about the company’s operations. Countrywide Financial was implicated two years later in the 2008 financial crisis.

In 2008, Kurland founded PennyMac Financial Services Inc.—a mortgage lender and servicer—in partnership with BlackRock Mortgage Ventures LLC and HC Partners. The company then expanded to several subsidiaries, including Penny- Mac Loan Services Inc., which is headquartered in Westlake Village.

Kurland continued to serve as chairman and CEO until 2016 when he was appointed executive chairman. Under his leadership, PennyMac was listed on the New York Stock Exchange and expanded its offices across the United States.

The company opened its first office in Ventura County in Moorpark in June 2011. Today, nearly 1,200 employees work out of the Moorpark location, making it one of the largest private employers in the city.

PennyMac also opened three other offices in the area in 2015 and 2016, including its corporate headquarters in Westlake Village as well as workplaces in Agoura Hills and Thousand Oaks. All totaled, the company employs more than 2,650 people in the area.

Throughout his career, Kurland was considered a genuine and gracious person who cherished his friends and family.

When he retired from dayto day operations at PennyMac last year, Kurland remained a guide and mentor for its more than 6,000 employees across the country.

“He will be deeply missed by many in our industry and our community—including all of us here at PennyMac,” Spector said.