Thanks, Andy. (03-2023). Co-op loans not available. We quickly developed a plan to deal with the COVID-19 pandemic and the various work from home orders across the nation. The company's services span its main function of loan production and loan servicing which includes the recovery of loans and other related charges. 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. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. GuruFocus has detected 8 Warning Signs with PFSI. 112 S. Lakeview Canyon Rd, Ste. In the last year, insiders at the real estate investment trust sold shares 23 times. Backtested performance is developed with the benefit of hindsight and has inherent limitations. 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 high level of efficiency was largely due to our cloud-based, proprietary servicing system, otherwise known as SSE. Speaker: David Spector - Chairman and Chief Executive Officer Thank you Isaac. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. Mr. Spector owns 650,183 shares of PennyMac Financial Services stock worth more than $40,948,525 as of March 4th. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. 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. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. Learn More on David A. Spector's trading history. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europes Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX, Chairman/CEO, Pennymac Mortgage Investment. The ex-dividend date was Monday, February 13th. These valuation declines were primarily driven by significant levels of prepayment activity and early buyouts. David works at Pennymac Loan Services, Llc as Chief Investment Officer. 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. While the Pennymac workforce stays. PennyMac Financial's owned portfolio reported a prepayment speed of 28.3% in the second quarter, down from 32.6% in the prior quarter. With PFSIs historical focus on purchase market originations combined with our large and growing servicing portfolio, we believe we are well-positioned to successfully grow share in all three of our production channels, driving an increase in our overall market position. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. Revenue per fallout-adjusted lock was 343 basis points in the quarter, a decrease from the first quarter. 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. Our higher-margin consumer direct lending channel continued to expand, producing record locked and funded volumes during the quarter, which we estimate has resulted in a significant increase in market share. How do I contact David A. Spector? Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. Looking at the consumer direct channel in the center column, we originated $8 billion in UPB of loans, up 27% from the prior quarter and 113% from the fourth quarter of 2019. 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. 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. The firm engages in the production and servicing of U.S. residential mortgage loans. For servicing on your existing mortgage account with Pennymac. These businesses are foundational to PFSI and not easily replicated. No P&I advances have been made to date, as prepayment activity continued to sufficiently cover remittance obligations. Arizona Mortgage Banker License # 0911088. PennyMac Financial Services, Inc operates as a holding company. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 01/07/2021 at the average price of $60.12. Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. Please. 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. (business & personal). Thank you, Dan. David Spector President and Chief Executive Officer Lior Ofir Senior Managing Director & Chief Information Officer Stanford L. Kurland Executive Chairman Amir Pirnia SVP Engineering PennyMac Financial Services, Inc. (NYSE:PFSI Get Rating) CEO David Spector sold 26,169 shares of the firms stock in a transaction dated Wednesday, March 1st. Changes in these assumptions may have a material impact on the backtested returns presented. Revenue per fallout-adjusted government lock in the second quarter was 30 basis points, down from 37 basis points in the prior quarter. 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. Backtested performance is not an indicator of future actual results. Licensed by the N.J. Department of Banking and Insurance. The firm engages in the production and servicing of U.S. residential mortgage loans. At PennyMac, our commitment to our customers doesnt end at closing. If you need the payment address, click here. Contact our customer service team with any inquiries by sending us a message through the Message Center by simply logging in to your account. 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. January 25, 2021, 12:31 p.m. EST 1 Min Read. Posted by Defense World Staff on Mar 3rd, 2023. The percentage of profitable transactions made by David Spector is 44%. 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. Headquarters. 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. The Production segment includes mortgage loan origination, acquisition, and sale activities. 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. State of Wyoming raised its position in shares of PennyMac Financial Services by 9.3% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 60,866 shares of the real estate investment trusts stock worth $3,449,000 after purchasing an additional 54,266 shares during the last quarter. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. The 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. 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. No representations and warranties are made as to the reasonableness of the assumptions. Learn More about insider trades at 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. If you have an ad-blocker enabled you may be blocked from proceeding. 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 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. As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 12/23/2020 at the average price of $67.19. What is the percentage of profitable transactions made by David Spector? Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. Similarly, lock volume totaled $4.5 billion, down 21%. Sign up for a free account. The direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. Segment revenue was $13.5 million, up 41% from the first quarter and 28% from June 30, 2020. We have used our cloud-based technology systems to aid in scaling our businesses to the market and supported that growth with strategic hiring of employees. 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 company. The committed pipeline at July 31 was $7.2 billion. And the committed pipeline at July 31 was $1.9 billion. 33% of correspondent acquisitions were government loans and 67% were conventional loans. 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. David A. Spector is a businessperson who has been the head of 9 different companies. They sold a total of 398,609 shares worth more than $22,789,635.48. For the complete insider trading history of PFSI, click here. 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, Dan. PennyMac Mortgage Investment Trust (NYSE:PMT) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ETCompany Participants. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. PennyMac. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. 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. 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. He previously served as Chief Correspondent Lending Officer and has been a member of the company's executive management team since 2011. The Production segment includes mortgage loan origination, acquisition, and sale activities. Mr. Spector earned a salary of $1,000,000.00, stock awards of $2,537,435.00, options awards of $1,101,254.00, non-equity compensation of $8,864,938.00, and other compensation of $71,597.00. Thank you. Insiders at PennyMac Financial Services own 18.0% of the company. The firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. Revenue per fallout-adjusted lock was 71 basis points, down from 140 basis points in the prior quarter. 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. 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. Each of our business segments performed well during the fourth quarter as the continued low interest rate environment drove record production volumes across all of our channels. Learn More about David A. Spector's net worth. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. Actual performance may differ significantly from backtested performance. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. 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. 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. 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. View David Spector's email address (d*****@pennym***.com) and phone number. 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. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. Pretax income excluding valuation-related items for the servicing segment was $234.3 million, up 30% from the prior quarter and 499% from the fourth quarter of 2019. The opportunity to grow these newer channels is exciting and provides PFSI a multi-channel, diversified and profitable production segment that will further grow the servicing portfolio with high quality assets. This was all done while the vast majority of our employees were working from home for most of the year. Thanks, Doug. Our large, organically built servicing portfolio provides a counter-balance to our production activity. 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. free lookups / month. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. 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 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 David mentioned earlier PFSIs net income was $452.8 million or diluted earnings per share of $5.97. Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. These strong production volumes again led to servicing portfolio growth despite continued elevated prepayment activity. 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. Interest rate lock volume was $5.7 billion in UPB, up 4% from the third quarter and 234% from the fourth quarter of 2019. This hiring mostly occurred in three key areas, servicing, direct lending and fulfillment services. PennyMac Financial Services, Inc. (NYSE:NYSE:PFSI) Q4 2020 Earnings Conference Call February 4, 2021 4:30 PM ETCompany ParticipantsIsaac Garden - Vice President Investor RelationsDavid. I'll now turn it over to Dan, who will speak to the financial results for the quarter. While 2020 was a record, we have a long track record of strong performance. 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. 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. These returns have led to a 29% compounded annual growth rate in our book value per share since our IPO. 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. I will review each segments results and then we will touch on our forbearance and servicing advance trends. Chart Data in Insider Trading History Table. 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. PennyMac Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only. North Carolina Permit No. Please note all regulatory considerations regarding the presentation of fees must be taken into account. The barriers to entry for these businesses that require scale for success provide PFSI a strategic advantage over our competitors. Item 1.01 Entry into a Material Definitive Agreement. What was David Spector's most profitable transaction? As you will see on slide 20, we provide a breakdown of the revenue contribution from each of PFSIs loan production channels, net of loan origination expenses, including the fulfillment fees received from PMT for conventional correspondent loans. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. 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. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . These increases were primarily driven by continued loss mitigation activities related to COVID-19. This financial performance is driven by the balanced business model in mortgage banking that we have built over the last 13 years. Good afternoon, and welcome to the Fourth Quarter and Full-Year 2020 Earnings discussion for PennyMac Financial Services, Inc. And I'm pleased to be joined by PennyMac Financial Services CEO,. David Spector's role in PennyMac Mortgage is Chairman & CEO, Director. This expertise and experience has served us well, enhancing our ability to help many borrowers affected by the COVID-19 pandemic. PennyMac Financial reported strong earnings in the fourth quarter driven by core production and servicing results. This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. Thank you. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. 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. What is the average return per transaction made by David Spector? With that, I will now turn the call over to Andy Chang, Senior Managing Director and Chief Operating Officer, who will review the mortgage origination landscape and the drivers of profitability for PFSI going forward. How can I follow the stock ratings of top corporate insiders? Pennymac has 10 current employee profiles, including President and Chief Executive Officer David Spector. 10 Ratings. 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. 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 . As a management team, we are committed to putting the health and safety of our team members at the heart of our decisions. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View We achieved record production across all channels, with increased market penetration in our higher margin direct lending channels. 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. 119504607, 119505929, 119506567, 119506570, 119507419. The Servicing segment offers servicing of originated mortgage loans and execution and management of early buyout transactions. 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. 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. This website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. Advances are expected to continue increasing over the next 6 to 12 months. Net income in the fourth quarter was the second highest in the history of. Schonfeld Strategic Advisors LLC raised its position in shares of PennyMac Financial Services by 822.2% during the 4th quarter. We are also increasing the use of online closings and automation. Get contact details including emails and phone numbers 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.

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