We have also seen a large group of borrowers that reperform and exit forbearance on their own. Giving consideration to the pretax income from our record production, you can see that our hedging strategies were very successful at mitigating the impact of interest rate changes and MSR fair value losses on our income in 2020. The firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. 2023-03-02 | NYSE:PFSI | Press Release | PennyMac Financial Services Inc. We also repurchased approximately 1.6 million shares of PFSIs common stock, at an approximate cost of $89.3 million. Jeffrey W. Martin Sells 10,413 Shares of Sempra (NYSE:SRE) Stock, Robert Brian Mitchell Sells 38,000 Shares of Globe Life Inc. (NYSE:GL) Stock, Get a free copy of the StockNews.com research report on PennyMac Financial Services (PFSI), Hormel Hits 2-Year Low, And The Dip Gets Bought, Heres Why Ross Could Soon Be Hitting All Time Highs. A free inside look at company reviews and salaries posted anonymously by employees. This balanced business helps generate strong results across a variety of market and rate environments. State of Wyoming now owns 5,512 shares of the real estate investment trusts stock worth $312,000 after purchasing an additional 469 shares during the last quarter. PFSI's Board of Directors also declared a second quarter cash dividend of $0.20 per share. Pennymac Cares | Thank You from President & CEO, David Spector 108,081 views Apr 21, 2020 Right now, we realize the importance of home like never before. It operates through the following segments: Production, Servicing, and Investment Management. We quickly developed a plan to deal with the COVID-19 pandemic and the various work from home orders across the nation. Our large, organically built servicing portfolio provides a counter-balance to our production activity. Fourth quarter performance was very strong across loan production and servicing and we continue to see the strength of our balanced business model in our results. Arizona Mortgage Banker License # 0911088. The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. PennyMac Financial Services, Inc. (NYSE:PFSI) Q2 2021 Earnings Conference Call August 5, 2021 5:05 PM ET, Isaac Garden - Vice President, Investor Relations, David Spector - Chairman & Chief Executive Officer, Andy Chang - Senior Managing Director & Chief Operating Officer, Doug Jones - President & Chief Mortgage Banking Officer, Dan Perotti - Senior Managing Director & Chief Financial Officer. David is based out of Agoura Hills, California, United States and works in the Financial Services industry. At PennyMac, our commitment to our customers doesnt end at closing. The stock was sold at an average price of $58.12, for a total value of $741,030.00. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, remained elevated but decreased slightly quarter-over-quarter. If you have additional questions or would like to speak with a Pennymac representative, please call (800) 777-4001. PennyMac Financial Services, Inc. (NYSE:PFSI) Q4 2020 Earnings Conference Call February 4, 2021 4:30 PM ET, Isaac Garden - Vice President Investor Relations, David Spector - President and Chief Executive Officer, Doug Jones - Chief Mortgage Banking Officer. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europes Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX, Chairman/CEO, Pennymac Mortgage Investment. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Revenue per fallout-adjusted lock was 343 basis points in the quarter, a decrease from the first quarter. These businesses provide PFSI a stable foundation through their low cost structures while our scaled fulfillment operation enables more aggressive growth in our higher margin direct lending channels. View David Spector's email address (d*****@pennym***.com) and phone number. David Spector Email Address Found 7 email address listings: @pennymacfinancial.com @countrywide.com @pennymacusa.com @pnmac.com @yahoo.com +2 more David Spector Phone Number Found 6 phone numbers: 818-292-XXXX 818-324-XXXX 818-224-XXXX 818-332-XXXX 212-761-XXXX +1 more View David's Email & Phone (It's Free) 5 free lookups per month. Broker originations in July totaled $1.2 billion and locks totaled $1.7 billion. 292 Pennymac reviews in Los Angeles, CA. PennyMac Financial Servicess payout ratio is 9.54%. Purchase lock volume for the quarter was also a record $744 million, up from $514 million in the prior quarter and $505 million in the second quarter of 2020. The price of the stock has decreased by 4.44% since. David Spector - Chairman & Chief Executive Officer, PennyMac Loan Revenue per fallout-adjusted lock was 71 basis points, down from 140 basis points in the prior quarter. Revenue per fallout adjusted lock for PFSIs own account was 217 basis points in the fourth quarter, down slightly from 236 basis points in the third quarter. What is David Spector's role in PennyMac Mortgage? The prepayment speeds of PennyMac Financial's sub-service portfolio, which includes mostly Fannie Mae and Freddie Mac mortgage servicing rights owned by PMT, decreased to 24.7% from 35.1%. PennyMac Loan Services, LLC | Better Business Bureau Profile Thank you, Isaac. Thank you for sharing your valuable opinion. Having difficulty making payments? The dividend yield of PennyMac Financial Services Inc stocks is 0.93%. Co-op loans not available. Roles that David Spector holds in companies, The most profitable trade made by David Spector, List of latest transactions for each holding click on a transaction to see David Spector's performance on stock. These increases were primarily driven by continued loss mitigation activities related to COVID-19. PennyMac Financial Services, Inc. (NYSE:NYSE:PFSI) Q2 2021 Earnings Conference Call August 5, 2021 5:05 PM ETCompany ParticipantsIsaac Garden - Vice President, Investor RelationsDavid. Learn More on David A. Spector's trading history. We believe PennyMac Financial's business model with production from the correspondent, consumer direct and broker direct channels contributes to PennyMac Financial's profitability across different production environments. Our capital markets group achieved significant hedging gains that largely offset $1.1 billion in MSR fair value losses over the year, which were driven by historically low interest rates and fast prepayment speeds. Now I'd like to begin by introducing David Spector, PennyMac Financial's Chairman and Chief Executive Officer, who will review the company's second quarter 2021 results. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 01/07/2021 at the average price of $60.12. Net income in the fourth quarter was the second highest in the history of. David Spector. PennyMac Financial again delivered outstanding financial performance in the second quarter, driven by continued strong production and core servicing results partially offset by net MSR fair value declines. free lookups / month. We issued $650 million in an inaugural senior unsecured note offering, raised funding capacity with our banking partners, and enhanced our existing Ginnie Mae MSR financing structure to include servicing advances. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. the company. Our investment management segment delivered pretax income of $4.1 million, up from $1.4 million in the prior quarter as a result of incentive fees earned and down from $4.7 million in the second quarter of 2020. David Spector Sells 26,169 Shares of PennyMac Financial Services, Inc JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . As you can see on page 11 of our slide presentation, correspondent acquisition volumes totaled $56.9 billion in UPB in the fourth quarter, up 28% from the prior quarter and 53% from the fourth quarter of 2019. Economic forecasts are calling for the mortgage origination market to remain strong in 2021, and while these forecasts vary, they currently average $3.3 trillion. Thank you, Dan. David Spector Work Experience and Education Work Experience Chairman & Chief Executive Officer PennyMac Mortgage Investment Trust 2007-2022 Chief Credit Officer Santander Consumer USA 2013-2016 Co-Head of Global Residential Mortgages Morgan Stanley 2005-2008 Global Managing Director, Banking & Markets Bank of America 2004-2010 Education Presenter SpeechMark DeVries Hello. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $69.50. With the large and growing servicing portfolio and an industry leading correspondent production group, PFSI is an established leader with a growing presence across all facets of mortgage banking. View open jobs at this location. In our broker direct channel, we are focused on further reducing the length of our loan origination cycle via workflow enhancements and upgrades to our broker portal, POWER. Please disable your ad-blocker and refresh. The servicing segment recorded pretax income of $30.9 million, down from pretax income of $141.7 million in the prior quarter and up from a pretax loss of $62.4 million in the second quarter of 2020. A number of research firms recently issued reports on PFSI. What was David Spector's most profitable transaction? Approve of CEO. While margins across channels have come in lower from the third quarter, we saw the shift in Government correspondent margins come in the most towards more normalized levels. No representations and warranties are made as to the reasonableness of the assumptions. And while we believe the mortgage market will continue to change from a competitive and regulatory perspective, the infrastructure and risk management disciplines that distinguish PennyMac from others in the industry position us well. Is this happening to you frequently? As we outlined in our Investor Day, we see additional opportunities resulting from changes to the GSE's preferred stock purchase agreement. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. Pennymac Loan Services LLC | Better Business Bureau Profile Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. And, we continue to enhance our MAC portal, thus improving the ability for borrowers to self-service throughout the entire origination process. PennyMac Financial Services' insider roster includes Anne Mccallion (Director), Farhad Nanji (Director), and David Spector (CEO). The predominant outcome has been through loan modifications to the borrowers to aid in their recovery. Operating revenue decreased $2 million from the prior quarter driven by declines in earnings on custodial balances. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. Similarly, new customer acquisition or non-portfolio interest rate lock commitments were $1.5 billion, essentially unchanged from the prior quarter and up from $274 million in the second quarter of 2020. Transcript : PennyMac Financial Services, Inc. Presents at Barclays While many of these employees aided in our record production growth and increased servicing activities due to COVID, these hires were consistent with PFSIs long-term strategy. Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. 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All of these activities allowed us to not only fund record volumes of loans, but also effectively deploy capital into technology and operational projects, as well as repurchase a significant amount of our common stock. The firm engages in the production and servicing of U.S. residential mortgage loans. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. And we ended the quarter with a servicing portfolio of $473 billion in unpaid principal balance, approximately 4% of all residential mortgage debt in the United States. Years in Business: 14. Business Started: 3/25/2008. Government correspondent locks were $15.7 billion, down 8% from the prior quarter and up 21% from the second quarter of 2020. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. Item 1.01 Entry into a Material Definitive Agreement. Is this happening to you frequently? The fair value of our MSR decreased modestly in the fourth quarter, driven by higher-than-expected prepayments, increased projections for short-term prepayments and elevated levels of early buyout activity. Net income was $204 million or diluted earnings per share of $2.94, representing an annualized return on equity of 23%. And since the beginning of 2020, we have now repurchased over 18.5 million shares or approximately 24% of PFSI's common shares outstanding. So while refinance origination volumes are expected to decline significantly over the next several years as a result of higher interest rates, we believe the outlook for PennyMac Financial remained strong, given our large profitable and growing servicing business, our position as one of the largest producers of purchase money loans in the U.S. and the continued expansion of our direct lending businesses. #PennymacCaresVisit PENNYMAC.COM for details about how were assisting our family of customers during the COVID-19 crisis. In the last year, insiders at the real estate investment trust sold shares 23 times. The estimated net worth of David A. Spector is at least $40.95 million as of March 1st, 2023. The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. NMLS ID # 35953. Advances are expected to continue increasing over the next 6 to 12 months. Company profile for PennyMac Financial Services Inc. including key executives, insider trading, ownership, revenue and average growth rates. Ill now turn it over to Dan Perotti, Senior Managing Director and Chief Financial Officer to speak to the financial results for the quarter. For more information, review Pennymac's state licenses and important notices. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View As the CEO of PennyMac Financial Services, Inc., Mr. Spector earned a total compensation package of $13,575,224.00 in 2021. The company's services span its main function of loan production and loan servicing which includes the recovery of loans and other related charges. With that, I will now turn the call over to Andy Chang, Senior Managing Director and Chief Operating Officer, who will review the mortgage origination landscape and the drivers of profitability for PFSI going forward. Net income was $453 million or diluted earnings per share of $5.97 resulting in book value growth per share of 15% to $47.80, up from $41.67 at the end of the prior quarter. We believe the growth opportunities in front of us to be substantial and as we continue to grow our direct lending channels, we expect PennyMac Financials exceptional financial performance to persist through 2021. | 3 Mrz 2023. However, he will become a special advisor to David Spector, chairman and chief . His family and PennyMac, which announced his passing, said he died from complications . Posted by Defense World Staff on Mar 3rd, 2023. {{ userNotificationState.getAlertCount('bell') }}. The business also recently declared a quarterly dividend, which was paid on Friday, February 24th. Insider Selling: PennyMac Financial Services, Inc. (NYSE:PFSI) CEO Since trades have not actually been executed, results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity, and may not reflect the impact that certain economic or market factors may have had on the decision-making process. For the complete insider trading history of PFSI, click here. Click here to check it out. Our balanced business model continues to deliver consistent profitability and value creation as it has done over the last seven years as a public company. Susquehanna Fundamental Investments LLC now owns 85,385 shares of the real estate investment trusts stock worth $4,838,000 after purchasing an additional 16,980 shares during the last quarter. His leadership helped lay the foundation for PennyMacs long term success which included building and developing a deep management team that carries on his legacy. Declining interest rates generally produce strong earnings in our production segment, while rising rates will generally produce strong earnings in our servicing segment as prepayments decline and the value of the MSR increases. The PFSI's owned servicing portfolio, which consists primarily of Ginnie Mae MSRs, had a 60 day delinquency rate of 6.7%, down from 8.6% at the end of the prior quarter. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. Learn More about David A. Spector's net worth. The opportunity to grow these newer channels is exciting and provides PFSI a multi-channel, diversified and profitable production segment that will further grow the servicing portfolio with high quality assets. We estimate that our market share in the channel has increased meaningfully since last year, and we now account for approximately 1.3% of total originations in the channel. Russia's war on Ukraine latest: Putin casts war as battle for nation's survival, India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Elon Musk recruits team to develop OpenAI rival - The Information, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon, French media billionaire Niel fails with bid for TNT television frequence - Arcom, Private National Mortgage Acceptance Co. LLC. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. The barriers to entry for these businesses that require scale for success provide PFSI a strategic advantage over our competitors. We estimate we are now represent approximately 2.5% market share in the channel with over 2,000 brokers approved to offer our products, an increase of 11% from March 31, 2021. Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. Thank you. Follow them so you never miss a recommendation. 112 S. Lakeview Canyon Rd, Ste. Earnings per share grew 328% for the year with net income up 319%. David Spector Net Worth, Biography, and Insider Trading And we believe the role of a well capitalized correspondent aggregator like PennyMac will be increasingly important over time. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. The stock was sold at an average price of $58.12, for a total value of $741,030.00. The prepayment speeds of PennyMac Financials subserviced portfolio which includes mostly Fannie Mae and Freddie Mac mortgage servicing rights owned by PMT decreased slightly to 38.9% from 39.2%. The Servicing segment offers servicing of originated mortgage loans and execution and management of early buyout transactions. Good morning and thank you for joining us. You will be contacted by a representative that will help answer any inquiries you have. Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. All rights reserved. Conventional correspondent acquisitions, for which PFSI earns a fulfillment fee from PMT, totaled $30.5 billion, down 10% from the prior quarter and up 61% from the second quarter of 2020. Learn More on PennyMac Financial Services' active insiders. As you can see on slide 11, approximately $37 billion of portfolio runoff in the second quarter was more than offset by the addition of $61 billion in total production. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. PennyMac TPO Contact Information Principal Mr. David Spector, President/CEO Customer Contact Mr. David Spector, President/CEO Additional Contact Information Phone Numbers (702). President & CEO of Pennymac Financial Services Inc (30-Year Financial, Insider Trades) David Spector (insider trades) sold 30,000 shares of PFSI on 01/12/2021 at an average price of $57.43 a share. This financial performance is driven by the balanced business model in mortgage banking that we have built over the last 13 years. Schonfeld Strategic Advisors LLC now owns 60,866 shares of the real estate investment trusts stock worth $3,449,000 after purchasing an additional 54,266 shares during the last quarter.
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