PennyMac Financial Services, Inc. (NYSE:PFSI) Files An 8-K Entry into a Material Definitive Agreement

Item 1.01Entry into a Material Definitive Agreement.

Employment Agreements

On April 5, 2017, PennyMac Financial Services, Inc. and its
direct controlled subsidiary, Private National Mortgage
Acceptance Company, LLC (PNMAC), entered into an amendment (the
Kurland Amendment) to that certain employment agreement, dated as
of December 8, 2015, with Stanford L. Kurland (the Kurland
Employment Agreement), to which he will serve as the Executive
Chairman of the Board of Directors (the Board) of the Company. On
that same date, the Company and PNMAC entered into an amendment
(the Spector Amendment) to that certain employment agreement,
dated as of December 8, 2015, with David A. Spector (the Spector
Employment Agreement), to which he will serve as a member of the
Board, as the President and Chief Executive Officer of the
Company and as President and Chief Executive Officer of PNMAC.
The terms of the Kurland Amendment and the Spector Amendment are
described in Item 5.02 of this report.

Item 5.02Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.

As described in Item 1.01 of this report, the Company and PNMAC
entered into the Kurland Amendment and the Spector Amendment with
Mr. Kurland and Mr. Spector, respectively, on April 5, 2017. The
primary purpose of the Kurland Amendment is to reflect Mr.
Kurlands new title as Executive Chairman of the Board.The primary
purposes of the Spector Amendment are to reflect (i) Mr. Spectors
new title as President and Chief Executive Officer of the Company
and as President and Chief Executive Officer of PNMAC; and (ii)
an increase in Mr. Spectors annual base salary from $550,000 to
$750,000, effective as of January 1, 2017.Each of the Kurland
Employment Agreement and the Spector Employment Agreement is set
to expire on December 31, 2018, unless earlier terminated in
accordance with the provisions set forth in each such
agreement.All other terms and conditions of the Kurland
Employment Agreement and the Spector Employment Agreement remain
the same in all material respects and continue in full force and
effect.

The foregoing descriptions of the Kurland Amendment and the
Kurland Employment Agreement do not purport to be complete and
are qualified in their entirety by reference to (i) the full text
of the First Amendment to Employment Agreement with Mr. Kurland,
which has been filed with this Current Report on Form 8-K as
Exhibit 10.1; and (ii) the full text of the Employment Agreement
with Mr. Kurland, which was filed as Exhibit 10.5 to the Companys
Current Report on Form 8-K filed on December 14, 2015.

The foregoing descriptions of the Spector Amendment and the
Spector Employment Agreement do not purport to be complete and
are qualified in their entirety by reference to (i) the full text
of the First Amendment to Employment Agreement with Mr. Spector,
which has been filed with this Current Report on Form 8-K as
Exhibit 10.2; and (ii) the full text of the Employment Agreement
with Mr. Spector, which was filed as Exhibit 10.6 to the Companys
Current Report on Form 8-K filed on December 14, 2015.

Item 9.01Financial Statements and Exhibits.

(d)Exhibits.

About PennyMac Financial Services, Inc. (NYSE:PFSI)

PennyMac Financial Services, Inc. (PFSI) is a financial services company. The Company is focused on the production and servicing of the United States residential mortgage loans and the management of investments related to the United States mortgage market. It operates through three segments: loan production, loan servicing and investment management. Its loan production segment is sourced through approximately two channels: correspondent production and consumer direct lending. Its loan servicing segment performs loan administration, collection and default management activities, including the collection and remittance of loan payments; response to customer inquiries; accounting for principal and interest; counseling delinquent mortgagors, and supervising foreclosures and property dispositions. Its investment management segment represents the activities of the Company’s investment manager, which include sourcing, performing diligence, bidding and closing investment asset acquisitions.

PennyMac Financial Services, Inc. (NYSE:PFSI) Recent Trading Information

PennyMac Financial Services, Inc. (NYSE:PFSI) closed its last trading session up +0.05 at 16.10 with 167,683 shares trading hands.