"I am delighted to announce Doug Jones' election to our. Information on this page was last updated on 3/1/2023. In the fourth quarter, PennyMac Financial delivered net income of 38 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. As David mentioned earlier, we sold $3.4 billion in UPB of EBO loans to third-party whole loan investors, up significantly from last quarter. Pennymac's state licenses and important notices. PennyMac Financial Services can also be reached via phone at (818) 224-7442 and via email at pfsi_ir@pnmac.com. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets. For any questions, please visit our website at ir.pennymacfinancial.com or call our Investor Relations department at 818-264-4907. Dan Perotti , PFSIs Senior Managing Director and Chief Financial Officer will discuss the financials in more detail later on in this discussion. the financials in more detail later on in this discussion. With that, I will turn the call over to Andy Chang, Senior Managing Director and Chief Operating Officer, who will go through some of the initiatives we are focused on to position us for future success in the years to come. The TipRanks Smart Score performance is based on backtested results. Presenter SpeechMark DeVries Hello. Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. The percentage of profitable transactions made by David Spector is 44%. 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%. GuruFocus has detected 5 severe warning signs with PennyMac Financial Services Inc. . PennyMac. Thank you. 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. The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. David A Spector, Pennymac Mortgage Investment: Profile and Biography - Bloomberg Markets Markets Trafigura's Nickel Nemesis Was Already Notorious in Metal Circles The Week Your Saturday UK. If you need the payment address, click here. David Spector's role in PennyMac Mortgage is Chairman & CEO, Director. If you have an ad-blocker enabled you may be blocked from proceeding. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. 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. 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. Learn More on PennyMac Financial Services' active insiders. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. Follow them so you never miss a recommendation. Finally, Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 33.5% during the 4th quarter. No P&I advances are outstanding as prepayment activity continued to sufficiently cover remittance obligations. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. Before we begin, let me remind you that our discussion contains forwardlooking statements that are subject to risks identified on Slide 2 that could cause our actual results to differ materially, as well as certain non-GAAP measures that have been reconciled to their GAAP equivalent. And since the beginning of 2020, we have now repurchased over 18.5 million shares or approximately 24% of PFSI's common shares outstanding. PennyMac Financial delivered another outstanding quarter of operational and financial performance, despite the increased volatility in the mortgage market. Production revenue margins remain elevated, especially with PFSIs growth in consumer and broker direct volumes. See what top analysts say about your stocks. Enter your email address below to get our daily insider buying and selling report. 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. 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. 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. 18.5 million shares or approximately 24% of PFSI's common shares outstanding. These technology investments are critical drivers to the growth of our direct lending businesses. free lookups / month. This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. North Carolina Permit No. Approve of CEO. During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. As a management team, we are committed to putting the health and safety of our team members at the heart of our decisions. Im proud of the actions we have taken and the dedicated management team across the company that has helped put these plans into action. All loan programs subject to borrowers meeting appropriate underwriting conditions. million verified professionals across 35 million companies. 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. Certain assumptions have been made for modeling purposes and are unlikely to be realized. PennyMac Financial's owned portfolio reported a prepayment speed of 28.3% in the second quarter, down from 32.6% in the prior quarter. 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. Copyright 2023 Surperformance. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . the company. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. 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. Being one of the Find contact details for 700 million professionals. Thank you, Dan. PennyMac Financial delivered strong fourth quarter results, marking the end to a record year. The UPB of completed modifications was $6.3 billion, up significantly from $4 billion last quarter and the UPB of EBO loan volume totaled $5 billion, also up significantly from last quarter as a result of the continued focus on loss mitigation activities. Revenue per fallout-adjusted lock was 71 basis points, down from 140 basis points in the prior quarter. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. 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. While the Pennymac workforce stays home to help flatten the curve, we know first responders, medical staff, delivery drivers, our essential workers and more, are out there heroically providing for those in need. David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. 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. JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.46. 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,. David A. Spector Age : 59 Public asset : 66,368,555 USD Linked companies : PennyMac Financial Services, Inc. - PennyMac Mortgage Investment Trust Summary David A. Spector is a businessperson who has been the head of 9 different companies. David Spector is currently Chairman of the Board, President and Chief Executive Officer at PennyMac - View - PennyMac org chart Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. You will be contacted by a representative that will help answer any inquiries you have. The price of the stock has decreased by 14.5% since. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. Please. How do I contact David A. Spector? 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. So, from our home to yours, thank you! Consumer and broker direct represented 20% of fallout adjusted lock volume in the fourth quarter but accounted for over 70% of segment pretax income. Importantly, PennyMac retains the servicing rights and carries an option to repurchase these government-insured loans in the event they become eligible for redelivery into Ginnie Mae securities. 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. Meet our Smart Portfolio. 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. Thank you. PennyMac Financial Services Inc., a national mortgage lender and servicer, announced Thursday that Doug Jones has joined its board of directors. Lastly, originations in our broker direct channel totaled $4 billion in UPB, down 22% from the prior quarter. T. Rowe Price Investment Management Inc. raised its position in shares of PennyMac Financial Services by 5.4% during the 4th quarter. David Spector, Chairman & CEO, Director at PennyMac Mortgage, holds 259.60K shares in PennyMac Mortgage (Ticker: PMT), holds 1.10M shares in PennyMac Financial (Ticker: PFSI). Learn More about David A. Spector's net worth. PennyMac Financial Services, Inc. operates as a holding company. As David mentioned earlier PFSIs net income was $452.8 million or diluted earnings per share of $5.97. For more information, review Pennymac's state licenses and important notices. 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. 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 . Learn More on PennyMac Financial Services' active insiders. PennyMac remained the largest correspondent aggregator in the U.S. in the fourth quarter. 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. How can I follow the stock ratings of top corporate insiders? 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. 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. If you're not automatically redirected, please click here. 67.03% of the stock is currently owned by institutional investors and hedge funds. All rights reserved. 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. 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. If you have an ad-blocker enabled you may be blocked from proceeding. GuruFocus has detected 8 Warning Signs with PFSI. Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. The Production segment includes mortgage loan origination, acquisition, and sale activities. Net income in the fourth quarter was the second highest in the history of. 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. PennyMac Financial Services Inc has a market cap of $4.16 billion; its shares were traded at around $57.450000 with a P/E ratio of 3.36 and P/S ratio of 1.35. This expertise and experience has served us well, enhancing our ability to help many borrowers affected by the COVID-19 pandemic. 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. Actual performance may differ significantly from backtested performance. 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. His family and PennyMac, which announced his passing, said he died from complications . Thank you, David. What is David Spector's role in PennyMac Mortgage? Thank you. Net assets under management totaled $2.3 billion as of June 30, down slightly from March 31 and up 5% from June 30, 2020. A number of research firms recently issued reports on PFSI. The dividend yield of PennyMac Financial Services Inc stocks is 0.93%. We achieved record production across all channels, with increased market penetration in our higher margin direct lending channels. 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. In the last year, insiders at the real estate investment trust sold shares 23 times. 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. I am pleased to note that PFSIs Board of Directors declared a fourth quarter cash dividend of $0.20 per share, representing a 33% increase from the prior quarter. We have used our cloud-based technology systems to aid in scaling our businesses to the market and supported that growth with strategic hiring of employees. Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. 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. No credit card required. 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. The return on the trade was 60.70%. This hedging strategy is designed to moderate the impact of interest rate changes on the fair value of our MSR asset and also considers productionrelated income. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. As David mentioned earlier, PFSI's net income was $204.2 million or diluted earnings per share of $2.94. Some products may not be available in all states. 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%. Our goal is to be a trusted financial partner that you can count on as long as you own your home. Jones brings more than 25 years of financial services industry experience to PennyMac Financial Services. 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. Thank you for sharing your valuable opinion. The shares were sold at an average price of $60.64, for a transaction totalling $1,586,888.16. We continue to originate record levels of volumes in this channel as a result of our large and growing servicing portfolio, efficient and low-cost infrastructure, advanced modeling and analytics, and the growth in sales and fulfillment capacity. This grew our servicing portfolio to over $426 billion in UPB even with elevated prepayment speeds. And I'm pleased to be joined by PennyMac Financial Services CEO,. As you can see on the selected operational metrics on slide 13, PennyMac Financials owned portfolio reported a prepayment speed of 32.5% in the fourth quarter, up from 29.7% in the prior quarter. January 25, 2021. Mr. Spector earned a salary of $1,000,000.00, stock awards of $2,537,435.00, options awards of $1,101,254.00, non-equity compensation of $8,864,938.00, and other compensation of $71,597.00. For the total servicing portfolio, we facilitated approximately 291,000 forbearance plans for our customers, with over 90% of those enrolled through our automated channels. Importantly, we continued to repurchase stock, with 2.6 million shares of PFSI's common stock bought back during the quarter for an approximate cost of $155 million. 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. Download the Pennymac Mobile app from the App Store. Please. Learn More about David A. Spector's net worth. 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.). PennyMac. 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. The committed pipeline at January 31 was $7.9 billion. The predominant outcome has been through loan modifications to the borrowers to aid in their recovery. Earnings per share grew 328% for the year with net income up 319%. Is this happening to you frequently? Ill now turn it over to Dan Perotti, Senior Managing Director and Chief Financial Officer to speak to the financial results for the quarter. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. Warning! The stock was sold at an average price of $60.64, for a total value of $1,586,888.16. 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. 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. 10 Ratings. Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. The average return per transaction made by David Spector is 3.50%. SSE allowed us to quickly implement changes that enabled us to complete the roll-out of large programs, like the CARES Act forbearance program, in a fast and cost-effective manner. 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. Backtested results are calculated by the retroactive application of a model constructed on the basis of historical data and based on assumptions integral to the model which may or may not be testable and are subject to losses. General assumptions include: XYZ firm would have been able to purchase the securities recommended by the model and the markets were sufficiently liquid to permit all trading. This hedging strategy is designed to moderate the impact of interest rate changes on the fair value of our MSR asset and also considers production-related income. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Is this happening to you frequently? Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. PennyMac Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only. 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. 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. Business Incorporated: The Servicing segment recorded pretax income of $42 million, down from pretax income of $111.7 million in the prior quarter and up from a pretax loss of $5.1 million in the fourth quarter of 2019.
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