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%. Learn More on PennyMac Financial Services' active insiders. Production segment pretax income was $572.6 million, down 7% from the prior quarter and up 182% from the fourth quarter of 2019, driven by continued growth in direct lending and strong performance across all channels. Up to 5 Our direct lending channels have an outsized impact on production segment earnings, as Dan will discuss later. The slides that accompany this discussion are available on PennyMac Financials website at ir.pennymacfinancial.com. North Carolina Permit No. 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 David A. Spector's contact information. Revenue per fallout-adjusted government lock in the second quarter was 30 basis points, down from 37 basis points in the prior quarter. PennyMac Financial's owned portfolio reported a prepayment speed of 28.3% in the second quarter, down from 32.6% in the prior quarter. Meet our Smart Portfolio. What was David Spector's most profitable transaction? David served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac. Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. (business & personal). 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. The origination market continues to be strong on a historical basis as mortgage rates have recently returned to near record lows. The stock was sold at an average price of $60.64, for a total value of $1,586,888.16. Earnings per share grew 328% for the year with net income up 319%. Chart Data in Insider Trading History Table. 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 Inc provides mortgage loans to customers in the United States. The history of PennyMac Financial was borne out of the Great Financial Crisis, with a desire to help distressed borrowers. Massachusetts Mortgage Lender License # MC35953. 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. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. 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. Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. The percentage of loans in forbearance decreased to 4.9% at June 30 from 6.3% at March 31, as borrowers in forbearance plans at March 31 who have since exited more than offset new forbearance plans. Pennymac Westlake Village, CA office. 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. 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. And the committed pipeline at July 31 was $1.9 billion. The firm engages in the production and servicing of U.S. residential mortgage loans. 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. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. Is this happening to you frequently? 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. This outstanding income generated excess capital that we redeployed into increased levels of production, share repurchases, reduction of debt, and increased servicing activity. 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. 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. 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,. Thank you, Dan. 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. 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. 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. 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. 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. Net income in the fourth quarter was the second highest in the history of. All loan programs subject to borrowers meeting appropriate underwriting conditions. For any questions, please visit our website at ir.pennymacfinancial.com, or call our Investor Relations department at 8182644907. 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. 47.206 (3) & (4). At PennyMac, our commitment to our customers doesnt end at closing. The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. 67.03% of the stock is currently owned by institutional investors and hedge funds. Our large, organically built servicing portfolio provides a counter-balance to our production activity. 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. 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. If so, please call us at 866.545.9070. These technology investments are critical drivers to the growth of our direct lending businesses. The firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. Changes in these assumptions may have a material impact on the backtested returns presented. Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. Production segment pretax income was $244.4 million, down 33% from the prior quarter and 55% from the second quarter of 2020. DO NOT SEND PAYMENTS TO THIS ADDRESS. Good afternoon, and welcome to the Fourth Quarter and Full-Year 2020 Earnings discussion for PennyMac Financial Services, Inc. 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 Financial Services, Inc operates as a holding company. Ultimately, we believe for these reasons, PennyMac will continue its market share growth as a channel leader. The barriers to entry for these businesses that require scale for success provide PFSI a strategic advantage over our competitors. This brings the total repurchases year-to-date to approximately $600 million. 130 Westlake Village, CA, 91362 Get Directions. 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.). Before I turn this over to Andy, I want to take a moment to say all of us at PennyMac are very grateful for the many kind thoughts and tributes we have received since announcing the sad passing of Stan Kurland, our founder and Chairman. 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 shares were sold at an average price of $60.80, for a total transaction of $912,000.00. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. David Spector is currently Chairman of the Board, President and Chief Executive Officer at PennyMac - View - PennyMac org chart Following the completion of the sale, the chief executive officer now directly owns 650,183 shares of the company's stock, valued at $39,427,097.12. Following the transaction, the chief executive officer now directly owns 650,183 shares in the company, valued at approximately $39,427,097.12. David Spector. Being one of the Find contact details for 700 million professionals. The stock was sold at an average price of $58.12, for a total value of $741,030.00. 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. Learn More on David A. Spector's trading history. Similar Profiles. 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. Pricing margins in the channel decreased sharply, reflecting intense levels of competition between channel leaders. 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. 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. Enter your email to receive our newsletter. David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. 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. If you have additional questions or would like to speak with a Pennymac representative, please call (800) 777-4001. 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. PennyMac Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only. 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. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. This information is provided for illustrative purposes only. David Spector joined PennyMac in 2008. Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. I am Barclays' consumer finance analyst, Mark DeVries. 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. PennyMac Financial Services, Inc. operates as a holding company. Backtested performance is developed with the benefit of hindsight and has inherent limitations. David is based out of Agoura Hills, California, United States and works in the Financial Services industry. In January, our consumer direct originations totaled $3.1 billion in UPB and locks totaled $4.4 billion. David Spectors most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. 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. Speaker: David Spector - Chairman and Chief Executive Officer Thank you Isaac. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. Licensed by the N.J. Department of Banking and Insurance. PennyMac remained the largest correspondent aggregator in the U.S. in the fourth 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. 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. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 01/07/2021 at the average price of $60.12. David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. 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. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. 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. Contact our customer service team with any inquiries by sending us a message through the Message Center by simply logging in to your account. T. Rowe Price Investment Management Inc. raised its position in shares of PennyMac Financial Services by 5.4% during the 4th quarter. 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. No credit card required. Thank you Isaac. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, remained elevated but decreased slightly quarter-over-quarter. January 25, 2021, 12:31 p.m. EST 1 Min Read. 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. 33% of correspondent acquisitions were government loans and 67% were conventional loans. Mr. Spector owns 650,183 shares of PennyMac Financial Services stock worth more than $40,948,525 as of March 4th. As we continue to grow our leadership positions in the direct origination channels, this growth will drive the earnings from PennyMac Financial's production segment. 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. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. 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. As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . And with that, I would like to turn it back to David for some closing remarks. 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. Find the best performing Analyst in each sector. The committed pipeline at July 31 was $7.2 billion. And for the month of July, we repurchased an additional 2.5 million shares for an approximate cost of $151 million. 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 . This net worth estimate does not reflect any other assets that Mr. Spector may own. 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. 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. Thanks, Andy. Hedging and related gains totaled $91 million. 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. This chart shows David Spector's buying and selling at PennyMac Financial Services by year and by quarter. He currently serves as a senior advisor to TPG Capital, a global private investment firm, and . The dividend yield of PennyMac Financial Services Inc stocks is 0.93%. Stanford Kurland, who went from being pushed out of the No. And since the beginning of 2020, we have now repurchased over 18.5 million shares or approximately 24% of PFSI's common shares outstanding. For the complete insider trading history of PFSI, click here. Segment revenue was $13.5 million, up 41% from the first quarter and 28% from June 30, 2020. The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. 119504607, 119505929, 119506567, 119506570, 119507419. These strong production volumes again led to servicing portfolio growth despite continued elevated prepayment activity. 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. We achieved record production across all channels, with increased market penetration in our higher margin direct lending channels. JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. 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Ill now turn it over to Dan Perotti, Senior Managing Director and Chief Financial Officer to speak to the financial results for the quarter. The business also recently declared a quarterly dividend, which was paid on Friday, February 24th. The price of the stock has decreased by 14.5% since. Information on this page was last updated on 3/1/2023. the financials in more detail later on in this discussion. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. In the last year, insiders at the real estate investment trust sold shares 23 times. The return on the trade was 60.70%. Net assets under management totaled $2.3 billion as of June 30, down slightly from March 31 and up 5% from June 30, 2020. | 3 Mrz 2023. Learn More about insider trades at PennyMac Financial Services. 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. PennyMac Mortgage Investment Trust (NYSE:PMT) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ETCompany Participants. View detailed PFSI description & address. Certain assumptions have been made for modeling purposes and are unlikely to be realized. Ready to apply or complete your application? Revenue per fallout-adjusted lock was 71 basis points, down from 140 basis points in the prior quarter. It operates through the following segments: Production, Servicing, and Investment Management. 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. 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. As our production mix continues to shift towards direct lending, production expenses as a percentage of fallout adjusted locks are expected to trend higher. Search over 700 The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. The TipRanks Smart Score performance is based on backtested results. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. .This article first appeared on GuruFocus. 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. While our employee base grew by 60% during the year, our production volumes grew by 67% and our earnings increased by 328%. This financial performance is driven by the balanced business model in mortgage banking that we have built over the last 13 years. Additionally, PFSI's Board of Directors approved an increase to its stock repurchase authorization from $1 billion to $2 billion.
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