On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. While such a market would be smaller than 2020, it would represent a large origination market by historical standards. David Spector is currently Chairman of the Board, President and Chief Executive Officer at PennyMac - View - PennyMac org chart David Spector President and Chief Executive Officer Lior Ofir Senior Managing Director & Chief Information Officer Stanford L. Kurland Executive Chairman Amir Pirnia SVP Engineering Our Investment Management segment delivered pretax income of $2.6 million, down from $3.3 million in the prior quarter and down from $5.2 million in the fourth quarter of 2019. Thank you. 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. Pretax income excluding valuation-related items for the servicing segment was $234.3 million, up 30% from the prior quarter and 499% from the fourth quarter of 2019. This concludes PennyMac Financial Services, Inc.'s second quarter earnings discussion. We have long-standing partnerships with several EBO loan investors, with a program in place to buy delinquent Ginnie Mae loans out of securitizations and sell them to these third-party investors. PennyMac Financial Services Inc provides mortgage loans to customers in the United States. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. Receive News & Ratings for PennyMac Financial Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PennyMac Financial Services and related companies with MarketBeat.com's FREE daily email newsletter. They sold a total of 398,609 shares worth more than $22,789,635.48. As David mentioned earlier PFSIs net income was $452.8 million or diluted earnings per share of $5.97. Follow them so you never miss a recommendation. We built our correspondent business into the largest in the U.S. over the last decade while at the same time growing our servicing portfolio, primarily organically. #PennymacCaresVisit PENNYMAC.COM for details about how were assisting our family of customers during the COVID-19 crisis. Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. Servicing advances outstanding were approximately $454 million at December 31, up from $346 million at September 30, primarily associated with seasonal tax payments. The UPB of completed modifications was $5.5 billion, essentially unchanged from the prior quarter, and the UPB of EBO loan volume totaled $6.8 billion, up from $4.2 billion in the prior quarter. The price of the stock has increased by 0.03% since. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. Find the best performing Analyst in each sector. And I'm pleased to be joined by PennyMac Financial Services CEO,. Book value per share grew 5% to $54.49 at June 30. .This article first appeared on GuruFocus. The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. Production revenue margins declined from the prior quarter and revenue per fallout-adjusted lock for PFSI's own account was 154 basis points in the second quarter, down from 176 basis points in the first quarter of 2021. Thank you, Dan. 130 Westlake Village, CA, 91362 Get Directions. Backtested results are adjusted to reflect the reinvestment of dividends and other income and, except where otherwise indicated, are presented gross-of fees and do not include the effect of backtested transaction costs, management fees, performance fees or expenses, if applicable. Please note all regulatory considerations regarding the presentation of fees must be taken into account. BBB File Opened: 2/5/2015. The price of the stock has decreased by 14.5% since. T. Rowe Price Investment Management Inc. raised its position in shares of PennyMac Financial Services by 5.4% during the 4th quarter. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. This growth in production is not only due to the significant investments we have made in our production technology, which Doug will elaborate on later, but is also due to the considerable investments we have made in people. NMLS ID # 35953. Recent economic forecasts for 2021 originations range from $3.6 trillion to $4.2 trillion, while average forecast for 2022 originations remained strong at $2.7 trillion. 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. This grew our servicing portfolio to over $426 billion in UPB even with elevated prepayment speeds. If you have an ad-blocker enabled you may be blocked from proceeding. These valuation declines were primarily driven by significant levels of prepayment activity and early buyouts. Thank you. Please. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. The committed pipeline at July 31 was $7.2 billion. Hedging and related gains totaled $91 million. Thank you for sharing your valuable opinion. Pretax income, excluding valuation-related items for the servicing segment, was $174.4 million, down 33% from the prior quarter and up 101% from the second quarter of 2020. What is David Spector's role in PennyMac Mortgage? David A. Spector has been President and Chief Executive Officer of PennyMac Financial Services, Inc. (NYSE: PFSI) since January 2017, and he has been a member of PennyMac Financials board of directors since the companys formation in January 2008. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Mr. David Spector, CEO Mr. Andrew Chang, CFO Mr. Derek Stark, Chief Legal Officer Additional Contact Information Phone Numbers (800) 777-4001 Other Phone Email Addresses Email this. The committed pipeline at January 31 was $3 billion. Click here to check it out. PennyMac Financial Services, Inc. has a 12-month low of $38.53 and a 12-month high of $73.79. Sign up for a free account. This hiring mostly occurred in three key areas, servicing, direct lending and fulfillment services. David Spector Chief Investment Officer Agoura Hills, California, United States 1K followers 500+ connections Join to connect Penny Mac University of California, Los Angeles Activity Thank you. As the CEO of PennyMac Financial Services, Inc., Mr. Spector earned a total compensation package of $13,575,224.00 in 2021. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View 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. Each of our business segments performed well during the fourth quarter as the continued low interest rate environment drove record production volumes across all of our channels. Importantly, and as Doug Jones, Senior Managing Director and Chief Mortgage Banking Officer, will expand on in his section of the presentation, we sold $3.4 billion in UPB of early buyout loans to third-party whole loan investors, thus reducing the risk associated with holding these loans and increasing our capital efficiency. Looking at the consumer direct channel in the center column, we originated $8 billion in UPB of loans, up 27% from the prior quarter and 113% from the fourth quarter of 2019. This brings the total repurchases year-to-date to approximately $600 million. Our direct lending channels have an outsized impact on production segment earnings, as Dan will discuss later. The firm engages in the production and servicing of U.S. residential mortgage loans. 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. PennyMac Financial Services can also be reached via phone at (818) 224-7442 and via email at pfsi_ir@pnmac.com. PennyMac Financial Services, Inc. (NYSE: PFSI) announced today that Doug Jones, President and Chief Mortgage Banking Officer, joined its Board of Directors effective March 1, 2023. the company. Similarly, lock volume totaled $4.5 billion, down 21%. No credit card required. This balanced business helps generate strong results across a variety of market and rate environments. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . We also repurchased approximately 1.6 million shares of PFSIs common stock, at an approximate cost of $89.3 million. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $69.50. 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. You can see the results of our hedging strategy in the full year view on slide 19. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. What was David Spector's most profitable transaction? PennyMac. million verified professionals across 35 million companies. Lastly, originations in our broker direct channel totaled $4 billion in UPB, down 22% from the prior quarter. Business Incorporated: Now I'll turn it over to Doug, who will discuss our mortgage banking businesses. 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. Meet our Smart Portfolio. Segment revenue was $9.7 million, down from $9.8 million in the prior quarter which included gains related to PMT shares owned by PFSI. 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. David Spector - Chairman and Chief . Please disable your ad-blocker and refresh. PennyMac Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only. 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%. Despite these currently elevated levels of competition, we continue to see opportunity in the channel over the long term and remain committed to providing our broker partners and the customers they serve a superior mortgage experience. Now Ill turn it over to Doug Jones, PFSIs Senior Managing Director and Chief Mortgage Banking Officer to provide you some more details on our mortgage banking businesses. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Finally, Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 33.5% during the 4th quarter. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Thank you. Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. Up to 5 (business & personal). | 3 Mrz 2023. In his role as President of PennyMac Financial, Mr. Jones is responsible for all business activities relating to the company's loan production and servicing . 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. And with that, I would like to turn it back to David for some closing remarks. Learn More on David A. Spector's trading history. How do I contact David A. Spector? Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. Now Id like to begin by introducing David Spector, PennyMac Financials President and Chief Executive Officer who will review the Companys fourth quarter and full year 2020 results. State of Wyoming raised its position in shares of PennyMac Financial Services by 9.3% during the 4th quarter. Direct lending locks were up 13% from the prior quarter, total correspondent lock volume was up 9% and the servicing portfolio was up 6% from the end of the third quarter. We quickly developed a plan to deal with the COVID-19 pandemic and the various work from home orders across the nation. In the fourth quarter, the pretax income was $234.1 million, a 31% decrease from . The history of PennyMac Financial was borne out of the Great Financial Crisis, with a desire to help distressed borrowers. Lastly, our broker direct channel continued its impressive growth in both locked and funded volumes as we increase the number of approved brokers and our presence in the channel grows. 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%. While our employee base grew by 60% during the year, our production volumes grew by 67% and our earnings increased by 328%. As you can see in greater detail on slide 21, EBO loan-related revenue increased significantly to $233.3 million as a result of continued loss mitigation activity with borrowers emerging from forbearance while related expenses were modest as most of the loans bought out returned to performing status immediately. This performance added to a remarkable year that saw PFSI achieve a return on equity of 62% with almost $200 billion in UPB of loans funded. In the fourth quarter, PennyMac Financial delivered net income of 38 As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . Speaker: David Spector - Chairman and Chief Executive Officer Thank you Isaac. The percentage of loans in forbearance decreased to 7.8% at December 31 from 10.1% at September 30 as new forbearance plans implemented since September 30 were more than offset by borrowers in forbearance plans at September 30 who have since exited. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. And I'm pleased to be joined by PennyMac Financial Services CEO,. Also, our investments in technology, such as our cloud-based proprietary servicing system, have helped us to maximize economies of scale and grow efficiently, and help drive strong results for years to come. 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. Series 2023-GTL1 Loan On February 28, 2023, PennyMac Financial Services, Inc. (the "Company"), through two of its indirect, wholly owned subsidiaries, PNMAC GMSR ISSUER TRUST ("Issuer Trust") and PennyMac Loan Services, LLC ("PLS"), entered into a syndicated series of term notes (the "Series 2023-GTL1 Loan"), as part of the structured . free lookups / month. Copyright 2023 Surperformance. PennyMac Financial Services, Inc. operates as a holding company. On slide 14, you can see the fair value of our MSR decreased by $251 million in the second quarter and included $196 million in fair value losses as a result of higher expectations for prepayment activity in the future driven by lower mortgage rates and a flatter yield curve, as well as an additional $55 million in other valuation declines. | 3 Mrz 2023. Earnings per share grew 328% for the year with net income up 319%. Net assets under management totaled $2.3 billion as of December 31, up 1% from September 30. This high level of efficiency was largely due to our cloud-based, proprietary servicing system, otherwise known as SSE. All loan programs subject to borrowers meeting appropriate underwriting conditions. The origination market continues to be strong on a historical basis as mortgage rates have recently returned to near record lows. 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. Learn More on PennyMac Financial Services' active insiders. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. Mr. Kurland was 68. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. With PFSIs historical focus on purchase market originations combined with our large and growing servicing portfolio, we believe we are well-positioned to successfully grow share in all three of our production channels, driving an increase in our overall market position. 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. However, he will become a special advisor to David Spector, chairman and chief . While industry production margins declined in the second quarter, we saw a smaller decrease in overall production margin given the mix shift towards our consumer direct lending channel. Co-op loans not available. Licensed by the N.J. Department of Banking and Insurance. David works at Pennymac Loan Services, Llc as Chief Investment Officer. Government loan acquisitions in the quarter totaled $16.2 billion, down 7% from the prior quarter and up 47% from the second quarter of 2020. The slides that accompany this discussion are available on PennyMac Financials website at ir.pennymacfinancial.com. 112 S. Lakeview Canyon Rd, Ste. Revenue per fallout-adjusted lock was 71 basis points, down from 140 basis points in the prior quarter. In January, our correspondent acquisitions remained strong, with $17.9 billion in UPB of acquisitions and lock volume of $17.8 billion. In January, our consumer direct originations totaled $3.1 billion in UPB and locks totaled $4.4 billion. Headquarters. See what top analysts say about your stocks. 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. 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. The return on the trade was 60.70%. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, remained elevated but decreased slightly quarter-over-quarter. PennyMac Financial Services, Inc. (NYSE:NYSE:PFSI) Q4 2020 Earnings Conference Call February 4, 2021 4:30 PM ETCompany ParticipantsIsaac Garden - Vice President Investor RelationsDavid. GuruFocus has detected 5 severe warning signs with PennyMac Financial Services Inc. . Dans son rle . These returns have led to a 29% compounded annual growth rate in our book value per share since our IPO. While our sub-service portfolio, consisting primarily of conventional loans, reported a 60-plus delinquency rate of 1.6%, down from 2.1% at March 31 as borrowers continue to emerge from forbearance plans. the financials in more detail later on in this discussion. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. Government correspondent locks were $15.7 billion, down 8% from the prior quarter and up 21% from the second quarter of 2020.
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