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28 Recently announced as the Five Star Lifetime Achievement Award winner, Steve Bailey is a seasoned mortgage executive with vast experience in loan servicing and administration. As the Chief Mortgage Operations Officer for PennyMac Loan Services, LLC, which is the No.4-ranked mortgage producer in the U.S. and is a top servicer in volume, Bailey is presently responsible for directing Loan Servicing, Application Development and Portfolio Strategies. Before joining PennyMac, Bailey served in a variety of executive and leadership positions at Countrywide Home Loans and Bank of America, as its successor, from May 1985 until February 2010. You were recently recognized as the Five Star Lifetime Achievement Award winner at the 2017 Five Star Conference and Expo. What does it mean to you to join such a distinguished list of recipients? I am not aware of anyone who chose to look for a school that had a specialized mortgage- banking program, or anyone who majored in loan servicing. Ours isn't an industry that we dreamed of as a child. Having said that, being in any job that has a possibility of receiving a lifetime achievement award is a pretty cool thing. Actually receiving one is a little overwhelming. People who've received this award have excelled on two fronts: within their own company's definition of success, and within the eyes of the collective industry. at is no easy feat. In most cases, the latter came during their "down time," usually after 7:00 p.m. and late afternoon weekends when their families pretended not to notice their mental absence at family functions. It is an honor to be in the room with these folks, not to mention to receive such recognition. I am proud of the way our industry has come together on so many occasions to work collectively to attack problems. e individuals who have received this acknowledgement are all some of the brightest lights in this area. Whether in the financial crisis or in disasters like Hurricane Katrina, or working with regulators to promote reasonable rulemaking, people in mortgage lending and servicing have shown an ability to come together quickly to bring about co-operative change. is group of people has always been open and accessible and has formed real, lasting relationships. It is great to be a part of that kind of community. Who have been your influences in the industry? I think learning is a state of mind. It starts with believing that you don't know all you need to know and that you should actively listen to everyone. I have been influenced by leaders, peers, people who reported to me, front line staff, family, people in the financial services industry and anyone else that I have been fortunate to come across in my life and in my business. Even music or movies that gave access to great communicators or characters have influenced the way I process thoughts. I think the lesson for me is that leading is about having a broad perspective and a toolbox full of useful items. Learning when to effectively use them comes from the whole trial and error aspect of experience. You can pick up a tool from anyone or anywhere; you just have to be constantly looking. I have been fortunate enough to work in various roles under the umbrella of a single leader for most of my career across multiple companies. Stan Kurland, our Executive Chairman at PennyMac, has clearly shaped the way I look at process, technology, and the art of measuring performance. e connection with him has left an undeniable and lasting impression on me. What is your opinion on the current state of the mortgage industry? Although our industry is always evolving, we are currently in a profound period of evolution. Many would say that the mortgage industry has lagged other industries in embracing change, and that our lack of speed to market FIVE MINUTES WITH Get to Know Industry Executives Beyond the Boardroom "I find it fascinating to look for the special quality in each person and help him or her to leverage their key skills while trying to build up or remove obstacles. You have to really care about people in order to get through and build their trust." Steve Bailey Senior Managing Director and Chief Mortgage Operations Officer, PennyMac