Private National Mortgage Acceptance Company Announces the Addition of Steve Bailey as Chief Servicing Officer

Private National Mortgage Acceptance Company, LLC (the "Company”) announced today that Steve Bailey will join the company as its Chief Servicing Officer starting Tuesday, April 20^th. In this role, Bailey will oversee all mortgage loan servicing activities at PennyMac Loan Services, LLC ("PLS”), the Company’s servicing subsidiary. He will also serve on the Company’s executive management team, helping to shape the strategic direction of the Company’s businesses.

Bailey joins the Company from Bank of America where he formerly served as the Mortgage Servicing Executive overseeing the world’s largest mortgage portfolio with over $2 trillion in unpaid principal loan balances and over 14 million loans. At Bank of America, Steve managed an operation with more than 15,000 employees across 17 sites.

"Steve brings over 20 years of servicing experience and is a highly seasoned mortgage executive who I have respected for some time,” commented Stan Kurland, Chairman and CEO of Private National Mortgage Acceptance Company. "Steve’s leadership, along with the solid servicing and operational team already in place at PennyMac, will help ensure that we are prepared to address the various opportunities in the market place as we continue to grow.”

"It’s an exciting time to be joining the Company and to continue to build upon the great servicing operations that Stan and the PennyMac executive management team have developed,” said Mr. Bailey. "The Company is in a great position and I’m thrilled to be able to join one of the elite mortgage teams in the industry.”

Bailey has a Bachelor of Arts degree from the University of Southern California.

About Private National Mortgage Acceptance Company, LLC

Private National Mortgage Acceptance Company, LLC is a financial services firm created to address the dislocations in the U.S. mortgage market. Its focus is investing in and servicing residential mortgage assets on behalf of private investors. The company is managed by a team of mortgage industry veterans led by Stanford L. Kurland, and is based in Calabasas, Calif. Private National Mortgage Acceptance Company, LLC manages two subsidiaries, PNMAC Capital Management and PennyMac Loan Services. PNMAC Capital Management manages investments for two private equity funds and a publicly traded REIT, PennyMac Mortgage Investment Trust (PMT). PennyMac Loan Services provides the mortgage loan servicing for these vehicles.

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding management’s beliefs, estimates, projections and assumptions with respect to, among other things, the Company’s financial results, future operations, business plans and investment strategies, as well as industry and market conditions, all of which are subject to change. Words like "believe,” "expect,” "anticipate,” "promise,” "plan,” and other expressions or words of similar meanings, as well as future or conditional verbs such as "will,” "would,” "should,” "could,” or "may” are generally intended to identify forward-looking statements. Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: changes in general business, economic, market and employment conditions from those expected; continued declines in residential real estate and disruption in the U.S. housing market; the availability of, and level of competition for, attractive risk-adjusted investment opportunities in residential mortgage loans and mortgage-related assets that satisfy our investment objective and investment strategies; changes in our investment or operational objectives and strategies, including any new lines of business; the concentration of credit risks to which we are exposed; the availability, terms and deployment of short-term and long-term capital; unanticipated increases in financing and other costs, including a rise in interest rates; the performance, financial condition and liquidity of borrowers; increased rates of delinquency or decreased recovery rates on our investments; increased prepayments of the mortgage and other loans underlying our investments; changes in regulations or the occurrence of other events that impact the business, operation or prospects of government sponsored enterprises; changes in government support of homeownership; changes in governmental regulations, accounting treatment, tax rates and similar matters; and our ability to satisfy complex rules in order to qualify as a REIT for U.S. federal income tax purposes. You should not place undue reliance on any forward-looking statement and should consider all of the uncertainties and risks described above, as well as those more fully discussed in reports and other documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, and the statements made in this press release are current as of the date of this release only.