Business Incorporated: Hedge funds and other institutional investors have recently modified their holdings of the stock. 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. As David mentioned earlier PFSIs net income was $452.8 million or diluted earnings per share of $5.97. If you need the payment address, click here. free lookups / month. This concludes PennyMac Financial Services, Inc.'s second quarter earnings discussion. We are also increasing the use of online closings and automation. PennyMac Financial Services, Inc. (PFSI) CEO David Spector on Q4 2020 David Spector - Chief Investment Officer at Pennymac Loan Services, Llc Maverick Capital Ltd. now owns 7,468 shares of the real estate investment trusts stock worth $423,000 after purchasing an additional 1,873 shares during the last quarter. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. State of Wyoming raised its position in shares of PennyMac Financial Services by 9.3% during the 4th quarter. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. David works at Pennymac Loan Services, Llc as Chief Investment Officer. GuruFocus has detected 8 Warning Signs with PFSI. As you will see on slide 20, we provide a breakdown of the revenue contribution from each of PFSIs loan production channels, net of loan origination expenses, including the fulfillment fees received from PMT for conventional correspondent loans. Before we begin, let me remind you that our discussion contains forward-looking statements that are subject to risks identified on slide two that could cause our actual results to differ materially as well as non-GAAP measures that have been reconciled to their GAAP equivalent in our earnings presentation. Good afternoon, and welcome to the Fourth Quarter and Full-Year 2020 Earnings discussion for PennyMac Financial Services, Inc. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. And since the beginning of 2020, we have now repurchased over 18.5 million shares or approximately 24% of PFSI's common shares outstanding. Currently, he occupies the position of Chairman at PNMAC Mortgage Opportunity Fund LLC, Chairman of PNMAC Mortgage Opportunity Fund LP, Chairman-Trustees Board & CEO at PennyMac Mortgage Investment Trust, Chief Executive Officer for PennyMac Corp. (a subsidiary of PennyMac Mortgage Investment Trust) and Chairman & Chief Executive Officer for PennyMac Financial Services, Inc., Chairman & Chief Executive Officer for PNMAC Holdings, Inc., Chief Executive Officer of PNMAC Capital Management LLC, President & Chief Executive Officer for Private National Mortgage Acceptance Co. LLC and Chief Executive Officer for PennyMac Loan Services LLC (which are all subsidiaries of PennyMac Financial Services, Inc.). It is worth noting that purchase originations are expected to grow and are forecasted to be $1.7 trillion and $1.9 trillion in 2021 and 2022, respectively. 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. The direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. PennyMac is a mortgage lender and servicer headquartered in Westlake Village, California. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets. {{ userNotificationState.getAlertCount('bell') }}. 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. David Spector Net Worth, Biography, and Insider Trading PennyMac Loan Services, LLC PO Box 950002 Fort Worth, TX 76155-9802, PennyMac Loan Services, LLC PO Box 5133 Thousand Oaks, CA 91359-5133, 3043 Townsgate Rd, Suite 200 Westlake Village, CA 91361 818.224.7442. 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. Wells Fargo & Company raised PennyMac Financial Services from an equal weight rating to an overweight rating and lifted their price objective for the company from $54.00 to $75.00 in a report on Tuesday, December 6th. What is David Spector's role in PennyMac Mortgage? Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. PennyMac Financial Services, Inc. a annonc que Doug Jones, prsident et directeur des services hypothcaires, a rejoint son conseil d'administration compter du 1er mars 2023. 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. You can see the results of our hedging strategy in the full year view on slide 19. Pennymac notches a profitable Q1 due to servicing segment Additionally, we believe FHFA's elimination of the adverse market refinance fee has resulted in a larger population of loans that would benefit from a refinance at today's lower rates, further supporting the origination market. David Spector. In the fourth quarter, PennyMac Financial delivered net income of 38 What was David Spector's most profitable transaction? While the Pennymac workforce stays. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. 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 shares were sold at an average price of $60.80, for a total transaction of $912,000.00. View detailed PFSI description & address. PennyMac Financial Services can also be reached via phone at (818) 224-7442 and via email at [emailprotected] Learn More on David A. Spector's contact information. PennyMac Loan Services, LLC | Better Business Bureau Profile 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. The price of the stock has decreased by 4.44% since. 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. PennyMac Financial Services, Inc. (NYSE:PFSI Get Rating) CEO David Spector sold 26,169 shares of the firms stock in a transaction dated Wednesday, March 1st. 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. I am incredibly thankful and proud of the over 6,000 PennyMac employees who managed through the challenges of the pandemic to deliver these extraordinary results. This quarter, we increased meaningful the number of partnerships we have with these third parties and also expanded the volumes of sales to our existing partners, driving the quarterly increase in the EBO loan volume I mentioned earlier. Thank you. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. 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. While such a market would be smaller than 2020, it would represent a large origination market by historical standards. PennyMac Financial reported strong earnings in the fourth quarter driven by core production and servicing results. As our production mix continues to shift towards direct lending, production expenses as a percentage of fallout adjusted locks are expected to trend higher. We saw significant market share growth in the conventional correspondent market this quarter and our leadership position in government loans remains as a result of our consistency, low costs and operational excellence we continue to provide to our correspondents. PennyMac Financial Services, Inc. Announces Doug Jones Joined Its Board We have also seen a large group of borrowers that reperform and exit forbearance on their own. This was all done while the vast majority of our employees were working from home for most of the year. Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. Stanford Kurland, who went from being pushed out of the No. Finally, Barclays lifted their price objective on PennyMac Financial Services from $58.00 to $69.00 and gave the company an equal weight rating in a report on Friday, February 3rd. PennyMac Financial's servicing portfolio totaled $473 billion in unpaid principal balance at June 30, up 5% from the end of the prior quarter and 22% from June 30, 2020. David Spector latest transaction was an Uninformative Buy of . PENNYMAC FINANCIAL SERVICES, INC. : Entry into a Material Definitive This grew our servicing portfolio to over $426 billion in UPB even with elevated prepayment speeds. 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. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . For servicing on your existing mortgage account with Pennymac. While Stan had retired from day-to-day responsibilities at PennyMac, he remained a trusted advisor and dear friend. 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. Our direct lending channels have an outsized impact on production segment earnings, as Dan will discuss later. David Spector email address & phone number | Penny Mac Chief Investment Being one of the Find contact details for 700 million professionals. 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. The direct lending channels continued to have an outsized impact on PFSIs production earnings in the fourth quarter. Chart Data in Insider Trading History Table. Our higher-margin consumer direct lending channel continued to expand, producing record locked and funded volumes during the quarter, which we estimate has resulted in a significant increase in market share. Segment revenue was $13.5 million, up 41% from the first quarter and 28% from June 30, 2020. Additionally, PFSI's Board of Directors approved an increase to its stock repurchase authorization from $1 billion to $2 billion. These businesses are foundational to PFSI and not easily replicated. Pennymac Financial Services, Inc. annonce que Doug Jones s'est joint Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. Thanks, Doug. 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. How can I follow the stock ratings of top corporate insiders? The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.46. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. 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. PDF PennyMac Financial Services, Inc. The expertise of our deep management team, combined with the technology investments we have made, support PennyMac's growth strategy in a changing mortgage market. All rights reserved. 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 encourage investors with any questions to reach out to our Investor Relations team by e-mail or phone. 47.206 (3) & (4). Thank you, Dan. And finally, PMT, the investment vehicle that PFSI manages was able to largely preserve its book value in 2020 which led to solid results in PFSIs Investment Management segment. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. Up to 5 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. As we look at 2021 we believe the market environment provides PFSI a good opportunity for continued elevated financial performance. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 01/07/2021 at the average price of $60.12. Information on this page was last updated on 3/1/2023. 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. Finally, broker direct originations totaled $4.5 billion in UPB in the fourth quarter, up 28% from the prior quarter and 215% percent from the fourth quarter of 2019. 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. Please disable your ad-blocker and refresh. 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. And as our production mix continues to shift toward direct lending, production expenses as a percentage of fallout-adjusted locks are expected to trend higher. During the last ninety days, David A. Spector has sold $2,498,888.16 in shares of PennyMac Financial Services stock. 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. The percentage of profitable transactions made by David Spector is 44%. Please. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. Search over 700 Operating revenue decreased $2 million from the prior quarter driven by declines in earnings on custodial balances. PennyMac. Over the years, PennyMac Financial has proven its ability to generate profits and value across various market environments, resulting in attractive returns on equity, with an average ROE of 24% over our last 7 plus years as a public company. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. David Spector joined PennyMac in 2008. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. For licensing information, go to: www.nmlsconsumeraccess.org. So, from our home to yours, thank you! Pennymac's servicing portfolio grew to $518 billion in unpaid balance, up 2% from Dec. 31, 2021, and 16% from March 31, 2021, led by production volumes which more than offset prepayment activity,. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. 3043 Townsgate Rd Ste 200, Westlake Village, CA 91361-3027. This expertise and experience has served us well, enhancing our ability to help many borrowers affected by the COVID-19 pandemic. All of these workflow and technology investments will improve the experience for the consumer and for the broker, improve productivity, specifically in sales and operations, which will enable higher volumes at a reduced cost to originate. David Spector Sells 15,000 Shares of PennyMac Financial Services, Inc | 3 Mrz 2023. 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. Ready to apply or complete your application? Finally, transactions like these provide meaningful savings to PennyMac Financial over the life of the loan while providing the opportunity for redelivery in the future. Thank you for sharing your valuable opinion. 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. If you have an ad-blocker enabled you may be blocked from proceeding. The predominant outcome has been through loan modifications to the borrowers to aid in their recovery. Following the transaction, the chief executive officer now directly owns 650,183 shares in the company, valued at approximately $39,427,097.12. No representations and warranties are made as to the reasonableness of the assumptions. The average return per transaction made by David Spector is 3.50%. In the last year, insiders at the real estate investment trust sold shares 23 times. David Spector - Chief Investment Officer - Penny Mac | LinkedIn 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. View David Spector's email address (d*****@pennym***.com) and phone number. 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. PennyMac Financial Services, Inc. (NYSE:PFSI) CEO Sells $912,000.00 in 292 Pennymac reviews in Los Angeles, CA. This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. The scale we have achieved in our correspondent business, combined with our low-cost structure and operational excellence in the channel, allow us to operate profitably through volatile market environments. 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 operations. The stock was sold at an average price of $60.64, for a total value of $1,586,888.16. 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. The firm engages in the production and servicing of U.S. residential mortgage loans. In January, our correspondent acquisitions remained strong, with $17.9 billion in UPB of acquisitions and lock volume of $17.8 billion. Its Time For A Fresh Look At The Kroger Co. West Frasers Earnings Scream Timber, Outlook Says Buy, MarketBeat.com's FREE daily email newsletter, Tower Research Capital LLC TRC Increases Position in ABB Ltd. Tower Research Capital LLC TRC Has $254,000 Holdings in Daqo New Energy Corp. ABB Ltd Shares Bought by Tower Research Capital LLC TRC. Pennymac Financial Services Inc (PFSI) President & CEO David Spector PennyMac TPO Contact Information Principal Mr. David Spector, President/CEO Customer Contact Mr. David Spector, President/CEO Additional Contact Information Phone Numbers (702). David Spector net worth, bio and Pennymac Financial Services, Inc Book value per share grew 5% to $54.49 at June 30. Get contact details including emails and phone numbers What is the percentage of profitable transactions made by David Spector? These strong production volumes again led to servicing portfolio growth despite continued elevated prepayment activity. Dans son rle . 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. PFSI's Investment Management segment delivered increased profitability as a result of incentive fees earned based on PMT's profitability over the last 4 quarters. Since the start of 2020, we have repurchased approximately 13% of the PFSI shares that were outstanding at the beginning of 2020. T. Rowe Price Investment Management Inc. now owns 4,992,531 shares of the real estate investment trusts stock worth $282,877,000 after purchasing an additional 256,717 shares during the last quarter. The ongoing success can be attributed to the increased application of data analytics, our growing servicing portfolio and the investments we have made in the loan fulfillment and sales process. David A. Spector - Biography - MarketScreener.com
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