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. David Spector. We believe we will continue to increase their respective market positions as we execute on our growth initiatives in each channel. 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. What is David Spector's role in PennyMac Mortgage? 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. 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. 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. Similarly, lock volume totaled $4.5 billion, down 21%. DO NOT SEND PAYMENTS TO THIS ADDRESS. Earnings per share grew 328% for the year with net income up 319%. This information is provided for illustrative purposes only. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. Download the Pennymac Mobile app from the App Store. All of these workflow and technology investments will improve the experience for the consumer and for the broker, improve productivity, specifically in sales and operations, which will enable higher volumes at a reduced cost to originate. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. The firm engages in the production and servicing of U.S. residential mortgage loans. Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. 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. These valuation declines were primarily driven by significant levels of prepayment activity and early buyouts. 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. Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. We believe the growth opportunities in front of us to be substantial and as we continue to grow our direct lending channels, we expect PennyMac Financials exceptional financial performance to persist through 2021. Arizona Mortgage Banker License # 0911088. Stanford Kurland, who went from being pushed out of the No. The price of the stock has increased by 0.03% since. PennyMac Financial Services Inc., a national mortgage lender and servicer, announced Thursday that Doug Jones has joined its board of directors. For more information, review Pennymac's state licenses and important notices. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. free lookups / month. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. Thank you. 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. What is the average return per transaction made by David Spector? 18.5 million shares or approximately 24% of PFSI's common shares outstanding. This was all done while the vast majority of our employees were working from home for most of the year. This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. 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. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. 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. Government loan acquisitions in the quarter totaled $18.9 billion in UPB, up 11% from the prior quarter and up 14% from the fourth quarter of 2019. The committed pipeline at July 31 was $7.2 billion. He previously served as Chief Correspondent Lending Officer and has been a member of the company's executive management team since 2011. 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. PennyMac is a mortgage lender and servicer headquartered in Westlake Village, California. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. I will review each segments results and then we will touch on our forbearance and servicing advance trends. If so, please call us at 866.545.9070. The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. | 3 Mrz 2023. Please. The most recent insider tranaction occured on March, 1st when insider Steven Richard Bailey sold 13,604 shares worth more than $825,762.80. And we believe the role of a well capitalized correspondent aggregator like PennyMac will be increasingly important over time. January 25, 2021, 12:31 p.m. EST 1 Min Read. 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. Other restrictions apply. Operating revenue decreased $2 million from the prior quarter driven by declines in earnings on custodial balances. However, margins in this channel remain attractive. David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. In the fourth quarter, the pretax income was $234.1 million, a 31% decrease from . 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. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. I'll now turn it over to Dan, who will speak to the financial results for the quarter. 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. The committed pipeline at January 31 was $3 billion. 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. It operates through the following segments: Production, Servicing, and Investment Management. David A. Spector is also on the board of 7 other companies. Please. Series 2023-GTL1 Loan On February 28, 2023, PennyMac Financial Services, Inc. (the "Company"), through two of its indirect, wholly owned subsidiaries, PNMAC GMSR ISSUER TRUST ("Issuer Trust") and PennyMac Loan Services, LLC ("PLS"), entered into a syndicated series of term notes (the "Series 2023-GTL1 Loan"), as part of the structured . PennyMac Financial delivered another outstanding quarter of operational and financial performance, despite the increased volatility in the mortgage market. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. 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. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. 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 rights reserved. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. The shares were sold at an average price of $60.64, for a transaction totalling $1,586,888.16. Good afternoon, and welcome to the Fourth Quarter and Full-Year 2020 Earnings discussion for PennyMac Financial Services, Inc. For any questions, please visit our website at ir.pennymacfinancial.com, or call our Investor Relations department at 8182644907. Servicing advances outstanding were approximately $454 million at December 31, up from $346 million at September 30, primarily associated with seasonal tax payments. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets. StockNews.com raised PennyMac Financial Services from a sell rating to a hold rating in a report on Saturday, February 11th. David Spector is currently Chairman of the Board, President and Chief Executive Officer at PennyMac - View - PennyMac org chart Actual performance may differ significantly from backtested performance. View open jobs at this location. Finally, broker direct originations totaled $4.5 billion in UPB in the fourth quarter, up 28% from the prior quarter and 215% percent from the fourth quarter of 2019. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. million verified professionals across 35 million companies. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. 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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. 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. David Spector latest transaction was an Uninformative Buy of . 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. 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). The estimated net worth of David A. Spector is at least $40.95 million as of March 1st, 2023. This brings the total repurchases year-to-date to approximately $600 million. The Production segment includes mortgage loan origination, acquisition, and sale activities. And I'm pleased to be joined by PennyMac Financial Services CEO,. The return on the trade was 60.70%. This hiring mostly occurred in three key areas, servicing, direct lending and fulfillment services. In total, these strong acquisition and origination volumes continue to drive the organic growth of our servicing portfolio despite elevated prepayment activity. Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. 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. This balanced business helps generate strong results across a variety of market and rate environments. 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. The firm engages in the production and servicing of U.S. residential mortgage loans. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. Now I'll turn it over to Doug, who will discuss our mortgage banking businesses. 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. This expertise and experience has served us well, enhancing our ability to help many borrowers affected by the COVID-19 pandemic. Stanford Kurland. What was David Spectors latest transaction? In order to protect the value of our MSR asset we utilize a comprehensive hedging strategy. 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. This website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. During the last ninety days, David A. Spector has sold $2,498,888.16 in shares of PennyMac Financial Services stock. Hedge funds and other institutional investors have recently modified their holdings of the stock. Similar Profiles. 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. 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. If you have an ad-blocker enabled you may be blocked from proceeding. 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. Thank you, David. 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. 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. North Carolina Permit No. 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. All loan programs subject to borrowers meeting appropriate underwriting conditions. These technology investments are critical drivers to the growth of our direct lending businesses. Hedging and other gains of over $943 million largely offset an MSR fair value decrease of over $1.1 billion. Thank you, David. 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. As we outlined in our Investor Day, we see additional opportunities resulting from changes to the GSE's preferred stock purchase agreement. January 25, 2021. The number of approved brokers totaled 1,574, up 11% over the end of the third 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. Thanks, Doug. In the fourth quarter, PennyMac Financial delivered net income of 38 As we look at 2021 we believe the market environment provides PFSI a good opportunity for continued elevated financial performance. 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. While Stan had retired from day-to-day responsibilities at PennyMac, he remained a trusted advisor and dear friend. The dividend yield of PennyMac Financial Services Inc stocks is 0.93%. Insiders at PennyMac Financial Services own 18.0% of the company. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. Learn More about David A. Spector's net worth. These businesses are foundational to PFSI and not easily replicated. On slide 14, you can see the fair value of our MSR decreased by $251 million in the second quarter and included $196 million in fair value losses as a result of higher expectations for prepayment activity in the future driven by lower mortgage rates and a flatter yield curve, as well as an additional $55 million in other valuation declines. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Please disable your ad-blocker and refresh. 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. GuruFocus has detected 5 severe warning signs with PennyMac Financial Services Inc. . 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. 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. Jones brings more than 25 years of financial services industry experience to PennyMac Financial Services. 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. 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. Warning! What was David Spector's most profitable transaction? Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. This chart shows David Spector's buying and selling at PennyMac Financial Services by year and by quarter. The percentage of profitable transactions made by David Spector is 44%. Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. 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,. "I am delighted to announce Doug Jones' election to our. The scale we have achieved in our correspondent business, combined with our low-cost structure and operational excellence in the channel, allow us to operate profitably through volatile market environments. PFSIs owned servicing portfolio, which consists primarily of Ginnie Mae MSRs, had a 60 day plus delinquency rate of 10.2%, down from 11.4% at the end of the prior quarter, while our subserviced portfolio, primarily consisting of conventional loans, reported a 60 plus day delinquency rate of 2.7%, down from 3.7% at September 30 as borrowers continue to emerge from forbearance plans. Our large, organically built servicing portfolio provides a counter-balance to our production activity. Thank you. Stockholders of record on Tuesday, February 14th were given a dividend of $0.20 per share. 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. PennyMac Financial delivered strong fourth quarter results, marking the end to a record year. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. Thanks, Doug. His family and PennyMac, which announced his passing, said he died from complications . A free inside look at company reviews and salaries posted anonymously by employees. 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. .This article first appeared on GuruFocus. 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. PennyMac Financial Services Inc provides mortgage loans to customers in the United States. 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. 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. The committed pipeline at January 31 was $7.9 billion. 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. 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. Pennymac Westlake Village, CA office. These businesses provide PFSI a stable foundation through their low cost structures while our scaled fulfillment operation enables more aggressive growth in our higher margin direct lending channels. 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. No cash balance or cash flow is included in the calculation. 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. 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. Its Time For A Fresh Look At The Kroger Co. 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