the company. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. View detailed PFSI description & address. The shares were sold at an average price of $60.64, for a transaction totalling $1,586,888.16. David works at Pennymac Loan Services, Llc as Chief Investment Officer. These strong production volumes again led to servicing portfolio growth despite continued elevated prepayment activity. This chart shows David Spector's buying and selling at PennyMac Financial Services by year and by quarter. I am Barclays' consumer finance analyst, Mark DeVries. During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. Get notified the next time David A. Spector buys or sells PennyMac Financial Services stock. Business Incorporated: Stanford Kurland, who went from being pushed out of the No. 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. 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. Mr. Spector owns 650,183 shares of PennyMac Financial Services stock worth more than $40,948,525 as of March 4th. David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. PennyMac Financial reported strong earnings in the fourth quarter driven by core production and servicing results. 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. 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. And, we continue to enhance our MAC portal, thus improving the ability for borrowers to self-service throughout the entire origination process. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. He previously served as Chief Correspondent Lending Officer and has been a member of the company's executive management team since 2011. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $69.50. 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 industry production margins declined in the second quarter, we saw a smaller decrease in overall production margin given the mix shift towards our consumer direct lending channel. Equal Housing Opportunity 2023 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. David Spector - Chairman and Chief . David Spector Email Address Found 7 email address listings: @pennymacfinancial.com @countrywide.com @pennymacusa.com @pnmac.com @yahoo.com +2 more David Spector Phone Number Found 6 phone numbers: 818-292-XXXX 818-324-XXXX 818-224-XXXX 818-332-XXXX 212-761-XXXX +1 more View David's Email & Phone (It's Free) 5 free lookups per month. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. 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. The estimated net worth of David A. Spector is at least $40.95 million as of March 1st, 2023. Payoff-related expense, which includes interest shortfall and recording and release fees related to prepayments, remains elevated and increased by $8.3 million quarteroverquarter. In the last year, insiders at the real estate investment trust sold shares 23 times. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. Posted by Defense World Staff on Mar 3rd, 2023. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. Are you interested in helping the next generation of homeowners fulfill their dream of home? I'll now turn it over to Dan, who will speak to the financial results for the quarter. These returns have led to a 29% compounded annual growth rate in our book value per share since our IPO. 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. 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. (03-2023). What is David Spector's role in PennyMac Mortgage? The company reported a net income of $1 billion in 2021, down from a record of $1.6 billion in the previous year. 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. Massachusetts Mortgage Lender License # MC35953. Net income was $204 million or diluted earnings per share of $2.94, representing an annualized return on equity of 23%. Search over 700 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. This hiring mostly occurred in three key areas, servicing, direct lending and fulfillment services. Sign up for a free account. This outstanding income generated excess capital that we redeployed into increased levels of production, share repurchases, reduction of debt, and increased servicing activity. 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. 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. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, remained elevated but decreased slightly quarter-over-quarter. So, from our home to yours, thank you! Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. In the fourth quarter, the pretax income was $234.1 million, a 31% decrease from . Stanford Kurland. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Thank you for sharing your valuable opinion. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. He currently serves as a senior advisor to TPG Capital, a global private investment firm, and . The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. 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. Licensed Mortgage Banker-NYS Department of Financial Services. The return on the trade was 60.70%. 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. 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 . 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. 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. 112 S. Lakeview Canyon Rd, Ste. While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. All rights reserved. Thank you. In January, our correspondent acquisitions remained strong, with $17.9 billion in UPB of acquisitions and lock volume of $17.8 billion. The most recent insider tranaction occured on March, 1st when insider Steven Richard Bailey sold 13,604 shares worth more than $825,762.80. State of Wyoming raised its position in shares of PennyMac Financial Services by 9.3% during the 4th quarter. 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. The committed pipeline at July 31 was $7.2 billion. PennyMac Financial Services can also be reached via phone at (818) 224-7442 and via email at pfsi_ir@pnmac.com. This is not a commitment to lend. Ill now turn it over to Dan Perotti, Senior Managing Director and Chief Financial Officer to speak to the financial results for the quarter. PFSI's Board of Directors also declared a second quarter cash dividend of $0.20 per share. A free inside look at company reviews and salaries posted anonymously by employees. Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. 33% of correspondent acquisitions were government loans and 67% were conventional loans. Get a breakdown of the different strategies based on detected insider trading activity. 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. 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. Net assets under management were down slightly quarter-over-quarter to $2.3 billion. Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. 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. 10 Ratings. 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. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. As the CEO of PennyMac Financial Services, Inc., Mr. Spector earned a total compensation package of $13,575,224.00 in 2021. In January, our consumer direct originations totaled $3.1 billion in UPB and locks totaled $4.4 billion. (business & personal). 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%. This grew our servicing portfolio to over $426 billion in UPB even with elevated prepayment speeds. 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. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. Advances are expected to continue increasing over the next 6 to 12 months. While many of these employees aided in our record production growth and increased servicing activities due to COVID, these hires were consistent with PFSIs long-term strategy. PennyMac Financial Services, Inc operates as a holding company. The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . 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. 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. PennyMac Financial delivered another outstanding quarter of operational and financial performance, despite the increased volatility in the mortgage market. As our production mix continues to shift towards direct lending, production expenses as a percentage of fallout adjusted locks are expected to trend higher. Our direct lending channels have an outsized impact on production segment earnings, as Dan will discuss later. SSE allowed us to quickly implement changes that enabled us to complete the roll-out of large programs, like the CARES Act forbearance program, in a fast and cost-effective manner. During the last ninety days, David A. Spector has sold $2,498,888.16 in shares of PennyMac Financial Services stock. 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. Thank you, David. Mr. Kurland was 68. PennyMac Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only. The ex-dividend date was Monday, February 13th. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. 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. The price of the stock has increased by 0.03% since. 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. 18.5 million shares or approximately 24% of PFSI's common shares outstanding. Please disable your ad-blocker and refresh. Thanks, Doug. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View David Spector latest transaction was an Uninformative Buy of . Approve of CEO. David Spector joined PennyMac in 2008. Im proud of the actions we have taken and the dedicated management team across the company that has helped put these plans into action. 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. 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. However, he will become a special advisor to David Spector, chairman and chief . Speaker: David Spector - Chairman and Chief Executive Officer Thank you Isaac. Thank you. These technology investments are critical drivers to the growth of our direct lending businesses. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. Having difficulty making payments? Headquarters. 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. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. Russia's war on Ukraine latest: Putin casts war as battle for nation's survival, India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Elon Musk recruits team to develop OpenAI rival - The Information, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon, French media billionaire Niel fails with bid for TNT television frequence - Arcom, Private National Mortgage Acceptance Co. LLC. 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. It operates through the following segments: Production, Servicing, and Investment Management. The firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. This was all done while the vast majority of our employees were working from home for most of the year. Warning! This financial performance is driven by the balanced business model in mortgage banking that we have built over the last 13 years. This net worth estimate does not reflect any other assets that Mr. Spector may own. Lastly, originations in our broker direct channel totaled $4 billion in UPB, down 22% from the prior quarter. Thanks, Andy. David A. Spector is also on the board of 7 other companies. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.46. million verified professionals across 35 million companies. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. Additionally, we believe FHFA's elimination of the adverse market refinance fee has resulted in a larger population of loans that would benefit from a refinance at today's lower rates, further supporting the origination market. Consumer and broker direct represented 20% of fallout adjusted lock volume in the fourth quarter but accounted for over 70% of segment pretax income. 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,. For any questions, please visit our website at ir.pennymacfinancial.com, or call our Investor Relations department at 8182644907. 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. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets. PennyMac Loan Services, LLC PO Box 950002 Fort Worth, TX 76155-9802, PennyMac Loan Services, LLC PO Box 5133 Thousand Oaks, CA 91359-5133, 3043 Townsgate Rd, Suite 200 Westlake Village, CA 91361 818.224.7442. The 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%. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. As you can see on slide 10 of the presentation, consumer and broker direct represented 23% of fallout-adjusted lock volume in the second quarter but accounted for approximately 70% of segment pretax income. 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. Our consumer direct lending division produced record origination and lock volumes again despite a smaller origination market in the second quarter. PennyMac remained the largest correspondent aggregator in the U.S. in the fourth quarter. 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. Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075.
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