PennyMac is a mortgage lender and servicer headquartered in Westlake Village, California. 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. (business & personal). Some products may not be available in all states. The direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. And the committed pipeline at July 31 was $1.9 billion. The return on the trade was 60.70%. What was David Spectors latest transaction? Now I'd like to begin by introducing David Spector, PennyMac Financial's Chairman and Chief Executive Officer who will review the Company's fourth quarter and full-year 2022 results. Enter your email address below to get our daily insider buying and selling report. Meet our Smart Portfolio. Net income in the fourth quarter was the second highest in the history of the company. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.46. Ultimately, we believe for these reasons, PennyMac will continue its market share growth as a channel leader. Our direct lending channels, which include both our consumer direct lending and broker direct lending, have experienced faster growth and are becoming much more significant contributors to PFSIs earnings profile. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $69.50. David A. Spector is also on the board of 7 other companies. We have made significant investments to scale our end-to-end mortgage fulfillment process while we expect the substantial investments in technology we have made to continually improve the customer experience over time. 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. Sign up for a free account. 67.03% of the stock is currently owned by institutional investors and hedge funds. The most recent insider tranaction occured on March, 1st when insider Steven Richard Bailey sold 13,604 shares worth more than $825,762.80. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. 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. The ex-dividend date was Monday, February 13th. As you can see on page 11 of our slide presentation, correspondent acquisition volumes totaled $56.9 billion in UPB in the fourth quarter, up 28% from the prior quarter and 53% from the fourth quarter of 2019. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. As of the end of the year we have helped, or are in the process of helping, approximately 145,000 borrowers successfully emerge from their forbearance plans. We are also increasing the use of online closings and automation. "I am delighted to announce Doug Jones' election to our. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. 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See what top analysts say about your stocks. Contact our customer service team with any inquiries by sending us a message through the Message Center by simply logging in to your account. 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The price of the stock has decreased by 14.5% since. 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,. Operating revenue decreased $2 million from the prior quarter driven by declines in earnings on custodial balances. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. Please disable your ad-blocker and refresh. Purchase originations in 2021 are forecasted to increase 10% year-over-year while refinance originations are expected to decrease but remain elevated relative to historical norms. Interest rate lock commitments in the fourth quarter totaled $12.8 billion in UPB, up 18% from the prior quarter, and 135% from the fourth quarter of 2019. 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. Warning! Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. Changes in these assumptions may have a material impact on the backtested returns presented. 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. 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. In January, our correspondent acquisitions remained strong, with $17.9 billion in UPB of acquisitions and lock volume of $17.8 billion. These returns have led to a 29% compounded annual growth rate in our book value per share since our IPO. 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. 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. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. These businesses are foundational to PFSI and not easily replicated. Presenter SpeechMark DeVries Hello. Main Telephone (818) 224-7442 Primary Address 3043 Townsgate Road Suite 200 Westlake Village, CA 91361 USA Fiscal Close December Founded 2008 Stanford Kurland. PennyMac Financial Services can also be reached via phone at (818) 224-7442 and via email at pfsi_ir@pnmac.com. Backtested performance is not an indicator of future actual results. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. 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. We estimate we are now represent approximately 2.5% market share in the channel with over 2,000 brokers approved to offer our products, an increase of 11% from March 31, 2021. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. Learn More on David A. Spector's trading history. 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. 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. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . 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. As we outlined in our Investor Day, we see additional opportunities resulting from changes to the GSE's preferred stock purchase agreement. 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. Thank you. David Spectors most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. Payoff-related expense, which includes interest shortfall and recording and release fees related to prepayments, remains elevated and increased by $8.3 million quarteroverquarter. These record volumes resulted in the growth of our servicing portfolio to $427 billion in UPB, despite extraordinary levels of prepayment activity. 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 concludes PennyMac Financial Services, Inc.'s second quarter earnings discussion. the financials in more detail later on in this discussion. JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. 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. Thank you. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. What is the percentage of profitable transactions made by David Spector? Download the Pennymac Mobile app from the App Store. Company profile for PennyMac Financial Services Inc. including key executives, insider trading, ownership, revenue and average growth rates. Good morning and thank you for joining us. The direct lending channels continued to have an outsized impact on PFSIs production earnings in the fourth quarter. Right now, we realize the importance of home like never before. The return on the trade was 60.70%. Thanks, Andy. This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. Years in Business: 14. Business Started: 3/25/2008. David Spector's role in PennyMac Mortgage is Chairman & CEO, Director. President & CEO David Spector sold 30,000 shares of PFSI stock on 01/12/2021 at the average price of $57.43. 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. 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. This high level of efficiency was largely due to our cloud-based, proprietary servicing system, otherwise known as SSE. 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. Information on this page was last updated on 3/1/2023. PennyMac Financial Services, Inc operates as a holding company. 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. StockNews.com raised PennyMac Financial Services from a sell rating to a hold rating in a report on Saturday, February 11th. NMLS ID # 35953. 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. PennyMac Financial's owned portfolio reported a prepayment speed of 28.3% in the second quarter, down from 32.6% in the prior quarter. The Servicing segment offers servicing of originated mortgage loans and execution and management of early buyout transactions. Net assets under management totaled $2.3 billion as of December 31, up 1% from September 30. In the fourth quarter, the pretax income was $234.1 million, a 31% decrease from . Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. 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. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. We also remain very active repurchasing shares driven by our medium-term expectations for PFSI's return on equity. 47.206 (3) & (4). Please. 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. Hedging and related gains totaled $91 million. These technology investments are critical drivers to the growth of our direct lending businesses. We believe this represents approximately 13% of the total brokers and non-delegated sellers active in the market today, providing continued room for growth and expansion within the channel in the future. PennyMac Financial Services Inc provides mortgage loans to customers in the United States. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. 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 company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. These strong production volumes again led to servicing portfolio growth despite continued elevated prepayment activity. Giving consideration to the pretax income from our record production, you can see that our hedging strategies were very successful at mitigating the impact of interest rate changes and MSR fair value losses on our income in 2020. Our phased approach to returning to our offices extends beyond simply ensuring that PennyMacers return to a safe working environment, but also takes mindful consideration for the challenges faced by our employees related to issues such as dependent care and schooling. 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. PennyMac Financial Services, Inc. has a 12-month low of $38.53 and a 12-month high of $73.79. State of Wyoming raised its position in shares of PennyMac Financial Services by 9.3% during the 4th quarter. 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. Please disable your ad-blocker and refresh. Our consumer direct lending division produced record origination and lock volumes again despite a smaller origination market in the second quarter. As our production mix continues to shift towards direct lending, production expenses as a percentage of fallout adjusted locks are expected to trend higher. Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. Pretax income excluding valuation related changes in our servicing segment in 2020 more than doubled from 2019 as we assisted borrowers emerging from forbearance using various loss mitigation strategies. While such a market would be smaller than 2020, it would represent a large origination market by historical standards. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. The barriers to entry for these businesses that require scale for success provide PFSI a strategic advantage over our competitors. 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. Thank you for sharing your valuable opinion. Production segment pretax income was $244.4 million, down 33% from the prior quarter and 55% from the second quarter of 2020. Certain assumptions have been made for modeling purposes and are unlikely to be realized. DO NOT SEND PAYMENTS TO THIS ADDRESS. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. | 3 Mrz 2023. As we look at 2021 we believe the market environment provides PFSI a good opportunity for continued elevated financial performance. 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. Susquehanna Fundamental Investments LLC raised its position in shares of PennyMac Financial Services by 24.8% during the 4th quarter. However, he will become a special advisor to David Spector, chairman and chief . Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. 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 the last year, insiders at the real estate investment trust sold shares 23 times. So, from our home to yours, thank you! 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. 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. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Click here to check it out. David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. 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. This performance added to a remarkable year that saw PFSI achieve a return on equity of 62% with almost $200 billion in UPB of loans funded. 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. Is this happening to you frequently? 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. Please. We have also seen a large group of borrowers that reperform and exit forbearance on their own. 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. Learn More on PennyMac Financial Services' active insiders. million verified professionals across 35 million companies. Up to 5 Learn More about David A. Spector's net worth. If so, please call us at 866.545.9070. 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. 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 >. For servicing on your existing mortgage account with Pennymac. Our correspondent mix percentage was essentially unchanged from the previous quarter, as 35% of the acquisitions were government loans and 65% were conventional loans. 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. 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. It operates through the following segments: Production, Servicing, and Investment Management. 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. Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. The company reported a net income of $1 billion in 2021, down from a record of $1.6 billion in the previous year. Roles that David Spector holds in companies, The most profitable trade made by David Spector, List of latest transactions for each holding click on a transaction to see David Spector's performance on stock. The predominant outcome has been through loan modifications to the borrowers to aid in their recovery. In January, our broker direct originations totaled $1.4 billion in UPB, and locks totaled $2.1 billion. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. Pennymac has 10 current employee profiles, including President and Chief Executive Officer David Spector. free lookups / month. PennyMac Financial delivered another outstanding quarter of operational and financial performance, despite the increased volatility in the mortgage market. The technology based digital marketing platform, coupled with dedicated loan officers and an efficient operating processes, gives PennyMac a strong foundation for continued growth. 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. PennyMac CEO David Spector to serve as chairmen of its mortgage REIT, financial services The CEO of both PennyMac companies, David Spector (pictured), has added the chairman's title, filling the vacancies created by the death of founder Stanford Kurland. Now Ill turn it over to Doug Jones, PFSIs Senior Managing Director and Chief Mortgage Banking Officer to provide you some more details on our mortgage banking businesses. This brings the total repurchases year-to-date to approximately $600 million. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. No representations and warranties are made as to the reasonableness of the assumptions. 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. Actual performance may differ significantly from backtested performance. We also repurchased approximately 1.6 million shares of PFSIs common stock, at an approximate cost of $89.3 million. Advances are expected to continue increasing over the next 6 to 12 months. 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. Net assets under management were down slightly quarter-over-quarter to $2.3 billion. 10 Ratings. Follow them so you never miss a recommendation. The company's services span its main function of loan production and loan servicing which includes the recovery of loans and other related charges. David Spector latest transaction was an Uninformative Buy of . Enter your email to receive our newsletter. Since the start of 2020, we have repurchased approximately 13% of the PFSI shares that were outstanding at the beginning of 2020. Stanford Kurland, who founded and served as Chairman of PennyMac Financial Services Inc., Westlake Village, Calif., following a multi-decade career at Countrywide Financial Corp., passed away on Jan. 25. PennyMac Financial Servicess payout ratio is 9.54%. 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. And I'm pleased to be joined by PennyMac Financial Services CEO,. As a management team, we are committed to putting the health and safety of our team members at the heart of our decisions. I will review each segments results and then we will touch on our forbearance and servicing advance trends. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. Learn More on David A. Spector's salary. David works at Pennymac Loan Services, Llc as Chief Investment Officer. 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. 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. The origination market continues to be strong on a historical basis as mortgage rates have recently returned to near record lows. The average return per transaction made by David Spector is 3.50%. 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. Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. Dans son rle . It operates through the following segments: Production, Servicing, and Investment Management. This was all done while the vast majority of our employees were working from home for most of the year. 112 S. Lakeview Canyon Rd, Ste. Co-op loans not available. His family and PennyMac, which announced his passing, said he died from complications . This growth has focused on new customer acquisition and resulted in our non-portfolio interest rate lock commitments hitting a record in the fourth quarter at 1.3 billion, up from 906 million in the third quarter, an increase of 43%. Net assets under management totaled $2.3 billion as of June 30, down slightly from March 31 and up 5% from June 30, 2020. 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. 3043 Townsgate Rd Ste 200, Westlake Village, CA 91361-3027. And since the beginning of 2020, we have now repurchased over 18.5 million shares or approximately 24% of PFSI's common shares outstanding.