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 has 10 current employee profiles, including President and Chief Executive Officer David Spector. Meet our Smart Portfolio. Revenue per fallout-adjusted lock was 343 basis points in the quarter, a decrease from the first quarter. 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. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . 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. PennyMac Financial's owned portfolio reported a prepayment speed of 28.3% in the second quarter, down from 32.6% in the prior quarter. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. The return on the trade was 60.70%. PennyMac Financial Services, Inc. operates as a holding company. We continue to invest in people, systems and processes across our businesses, laying the groundwork that would allow us to achieve the medium-term goals we outlined in our recent Investor Day. 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. The history of PennyMac Financial was borne out of the Great Financial Crisis, with a desire to help distressed borrowers. 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. At PennyMac, our commitment to our customers doesnt end at closing. No P&I advances have been made to date, as prepayment activity continued to sufficiently cover remittance obligations. It operates through the following segments: Production, Servicing, and Investment Management. 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. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View As you can see on slide seven of our presentation, PennyMac maintained its leadership position in the correspondent channel, and we estimate that we currently represent approximately 18% of the channel overall. 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. Our direct lending channels have an outsized impact on production segment earnings, as Dan will discuss later. 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. Right now, we realize the importance of home like never before. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. Headquarters. 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. Interest rate lock volume was $5.7 billion in UPB, up 4% from the third quarter and 234% from the fourth quarter of 2019. Finally, Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 33.5% during the 4th quarter. Head over to our Expert Center to see a list of the, Invest Like a Pro with Unique Data & Simplifed Tools, See the Hottest Stocks Based on Insider Trading >. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. PennyMac Financial Services Inc provides mortgage loans to customers in the United States. 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. What is the percentage of profitable transactions made by David Spector? Pricing margins in the channel decreased sharply, reflecting intense levels of competition between channel leaders. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. In order to protect the value of our MSR asset we utilize a comprehensive hedging strategy. Information on this page was last updated on 3/1/2023. If you're not automatically redirected, please click here. Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. Thank you, Dan. Net income in the fourth quarter was the second highest in the history of. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. His family and PennyMac, which announced his passing, said he died from complications . Download the Pennymac Mobile app from the App Store. David served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac. The price of the stock has decreased by 14.5% since. Company profile for PennyMac Financial Services Inc. including key executives, insider trading, ownership, revenue and average growth rates. Thank you. Thank you. 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. 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. Being one of the Find contact details for 700 million professionals. 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,. We also repurchased approximately 1.6 million shares of PFSIs common stock, at an approximate cost of $89.3 million. 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. The fair value of our MSR decreased modestly in the fourth quarter, driven by higher-than-expected prepayments, increased projections for short-term prepayments and elevated levels of early buyout activity. 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. 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. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. 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. The Servicing segment offers servicing of originated mortgage loans and execution and management of early buyout transactions. Thank you for sharing your valuable opinion. 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. The company's services span its main function of loan production and loan servicing which includes the recovery of loans and other related charges. No cash balance or cash flow is included in the calculation. Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. David Spector is currently Chairman of the Board, President and Chief Executive Officer at PennyMac - View - PennyMac org chart 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. 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. For any questions, please visit our website at ir.pennymacfinancial.com, or call our Investor Relations department at 8182644907. The price of the stock has decreased by 4.44% since. PennyMac TPO Contact Information Principal Mr. David Spector, President/CEO Customer Contact Mr. David Spector, President/CEO Additional Contact Information Phone Numbers (702). David A. Spector is also on the board of 7 other companies. PennyMac Financial delivered strong fourth quarter results, marking the end to a record year. Our balanced business with our large and growing servicing portfolio also becomes an increasingly important component of our earnings as interest rates increase, and we believe this provides a competitive advantage relative to others when the industry's origination volumes return to more normalized levels. Chart Data in Insider Trading History Table. We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. .This article first appeared on GuruFocus. Backtested performance is not an indicator of future actual results. Thank you, Dan. 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. 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. This concludes PennyMac Financial Services, Inc.'s second quarter earnings discussion. Arizona Mortgage Banker License # 0911088. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. Learn More on PennyMac Financial Services' active insiders. The total sale was $1.7 million. Having difficulty making payments? 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Learn More on David A. Spector's trading history. Thank you, David. And we ended the quarter with a servicing portfolio of $473 billion in unpaid principal balance, approximately 4% of all residential mortgage debt in the United States. 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. 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. In January, our broker direct originations totaled $1.4 billion in UPB, and locks totaled $2.1 billion. Please. In January, our correspondent acquisitions remained strong, with $17.9 billion in UPB of acquisitions and lock volume of $17.8 billion. 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. the company. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. This chart shows David Spector's buying and selling at PennyMac Financial Services by year and by quarter. Now I'll turn it over to Doug, who will discuss our mortgage banking businesses. 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. 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. GuruFocus has detected 8 Warning Signs with PFSI. David Spector's role in PennyMac Mortgage is Chairman & CEO, Director. Stockholders of record on Tuesday, February 14th were given a dividend of $0.20 per share. Dans son rle . PFSI's Board of Directors also declared a second quarter cash dividend of $0.20 per share. As you will see on slide 10, we provide a breakdown of the revenue contribution from each of PFSI's loan production channels, net of loan origination expenses, including the fulfillment fees received from PMT for conventional correspondent loans. View open jobs at this location. And the committed pipeline at July 31 was $1.9 billion. While our employee base grew by 60% during the year, our production volumes grew by 67% and our earnings increased by 328%. {{ userNotificationState.getAlertCount('bell') }}. This website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. Conventional correspondent acquisitions, for which PFSI earns a fulfillment fee from PMT, totaled $38 billion in UPB, up 39% from the prior quarter and 85% from the fourth quarter of 2019. These record volumes resulted in the growth of our servicing portfolio to $427 billion in UPB, despite extraordinary levels of prepayment activity. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. David Spector Work Experience and Education Work Experience Chairman & Chief Executive Officer PennyMac Mortgage Investment Trust 2007-2022 Chief Credit Officer Santander Consumer USA 2013-2016 Co-Head of Global Residential Mortgages Morgan Stanley 2005-2008 Global Managing Director, Banking & Markets Bank of America 2004-2010 Education The committed pipeline at January 31 was $7.9 billion. 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. While the Pennymac workforce stays. Are you interested in helping the next generation of homeowners fulfill their dream of home? 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%. David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. 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. Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 7.36 and a beta of 1.49. In total, loan acquisition and origination volumes were $61 billion in the second quarter. 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. David A. Spector is a businessperson who has been the head of 9 different companies. If you have an ad-blocker enabled you may be blocked from proceeding. As Andy described earlier, all of this record production feeds our servicing portfolio, which at December 31, 2020 totaled $426.8 billion in UPB, up 6% from the end of the third quarter and up 16% over the end of 2019. Presenter SpeechMark DeVries Hello. David Spector President and Chief Executive Officer Lior Ofir Senior Managing Director & Chief Information Officer Stanford L. Kurland Executive Chairman Amir Pirnia SVP Engineering JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. the financials in more detail later on in this discussion. Our large, organically built servicing portfolio provides a counter-balance to our production activity. Similarly, lock volume totaled $4.5 billion, down 21%. If you have additional questions or would like to speak with a Pennymac representative, please call (800) 777-4001. 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. Our balanced business model is a key strategic advantage for PFSI, which has consistently delivered outstanding returns across different environments, producing a 33% return on equity for the first half of 2021. Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. 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. Susquehanna Fundamental Investments LLC raised its position in shares of PennyMac Financial Services by 24.8% during the 4th quarter. What is David Spector's role in PennyMac Mortgage? 67.03% of the stock is currently owned by institutional investors and hedge funds. GuruFocus has detected 5 severe warning signs with PennyMac Financial Services Inc. . Copyright 2023 Surperformance. Speaker: David Spector - Chairman and Chief Executive Officer Thank you Isaac. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. 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. 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 . 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. 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. Licensed Mortgage Banker-NYS Department of Financial Services. Follow them so you never miss a recommendation. Hedging and other gains of over $943 million largely offset an MSR fair value decrease of over $1.1 billion. The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. The stock was sold at an average price of $60.64, for a total value of $1,586,888.16. A free inside look at company reviews and salaries posted anonymously by employees. The origination market continues to be strong on a historical basis as mortgage rates have recently returned to near record lows. PennyMac Financial Services, Inc operates as a holding company. It operates through the following segments: Production, Servicing, and Investment Management. 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. 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. What was David Spector's most profitable transaction? 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. The committed pipeline at July 31 was $7.2 billion. 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. This outstanding income generated excess capital that we redeployed into increased levels of production, share repurchases, reduction of debt, and increased servicing activity. Some products may not be available in all states. Net income was $204 million or diluted earnings per share of $2.94, representing an annualized return on equity of 23%. This expertise and experience has served us well, enhancing our ability to help many borrowers affected by the COVID-19 pandemic. The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. 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. PennyMac Financial Services, Inc. has a 12-month low of $38.53 and a 12-month high of $73.79. Segment revenue was $13.5 million, up 41% from the first quarter and 28% from June 30, 2020. Net assets under management were down slightly quarter-over-quarter to $2.3 billion. You can see the results of our hedging strategy in the full year view on slide 19. 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 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. As a management team, we are committed to putting the health and safety of our team members at the heart of our decisions. And with that, I would like to turn it back to David for some closing remarks. 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. Hedge funds and other institutional investors have recently modified their holdings of the stock. Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. Susquehanna Fundamental Investments LLC now owns 85,385 shares of the real estate investment trusts stock worth $4,838,000 after purchasing an additional 16,980 shares during the last quarter. All loan programs subject to borrowers meeting appropriate underwriting conditions. Click here to check it out. 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. approve of David Spector's performance Founded 2008 Company size 5,001 to 10,000 Revenue $1B to $5B (USD) Industry Banking & Lending Headquarters Westlake Village, CA Link PENNYMAC website Pennymac (NMLS #35953) is a top national mortgage lender with over 4 million lifetime customers. In the fourth quarter, the pretax income was $234.1 million, a 31% decrease from . The direct lending channels continued to have an outsized impact on PFSIs production earnings in the fourth quarter. In our broker direct channel, we are focused on further reducing the length of our loan origination cycle via workflow enhancements and upgrades to our broker portal, POWER. Conventional correspondent acquisitions, for which PFSI earns a fulfillment fee from PMT, totaled $30.5 billion, down 10% from the prior quarter and up 61% from the second quarter of 2020. In the last year, insiders at the real estate investment trust sold shares 23 times. The business also recently declared a quarterly dividend, which was paid on Friday, February 24th. The firm engages in the production and servicing of U.S. residential mortgage loans. 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. "I am delighted to announce Doug Jones' election to our. 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. For more information, review Pennymac's state licenses and important notices. Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. Find the best performing Analyst in each sector. All of these activities allowed us to not only fund record volumes of loans, but also effectively deploy capital into technology and operational projects, as well as repurchase a significant amount of our common stock. The expertise of our deep management team, combined with the technology investments we have made, support PennyMac's growth strategy in a changing mortgage market. Learn More on David A. Spector's contact information. Within our consumer direct lending channel, initiatives include enhancing our lead generation capabilities and use of data analytics, in addition to increasing the use of digital marketing to drive non-portfolio originations.
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