President & CEO David Spector sold 30,000 shares of PFSI stock on 01/12/2021 at the average price of $57.43. It operates through the following segments: Production, Servicing, and Investment Management. 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 Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. Up to 5 Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. Please disable your ad-blocker and refresh. Equal Housing Opportunity 2023 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. 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. 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. Ultimately, we believe for these reasons, PennyMac will continue its market share growth as a channel leader. 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. Hedge funds and other institutional investors have recently modified their holdings of the stock. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $69.50. Stanford Kurland, who went from being pushed out of the No. The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. 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. View detailed PFSI description & address. And with that, I would like to turn it back to David for some closing remarks. 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%. No P&I advances have been made to date, as prepayment activity continued to sufficiently cover remittance obligations. Recent economic forecasts for 2021 originations range from $3.6 trillion to $4.2 trillion, while average forecast for 2022 originations remained strong at $2.7 trillion. All loan programs subject to borrowers meeting appropriate underwriting conditions. Broker originations in July totaled $1.2 billion and locks totaled $1.7 billion. Sign up for a free account. 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. While margins across channels have come in lower from the third quarter, we saw the shift in Government correspondent margins come in the most towards more normalized levels. (03-2023). Pricing margins in the channel decreased sharply, reflecting intense levels of competition between channel leaders. These technology investments are critical drivers to the growth of our direct lending businesses. This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. Payoff-related expense, which includes interest shortfall and recording and release fees related to prepayments, remains elevated and increased by $8.3 million quarteroverquarter. North Carolina Permit No. 119504607, 119505929, 119506567, 119506570, 119507419. PennyMac is a mortgage lender and servicer headquartered in Westlake Village, California. As we look at 2021 we believe the market environment provides PFSI a good opportunity for continued elevated financial performance. As you will see on slide 10, we provide a breakdown of the revenue contribution from each of PFSI's loan production channels, net of loan origination expenses, including the fulfillment fees received from PMT for conventional correspondent loans. PennyMac Financial Services, Inc. (NYSE: PFSI) announced today that Doug Jones, President and Chief Mortgage Banking Officer, joined its Board of Directors effective March 1, 2023. Our correspondent mix percentage was essentially unchanged from the previous quarter, as 35% of the acquisitions were government loans and 65% were conventional loans. This hedging strategy is designed to moderate the impact of interest rate changes on the fair value of our MSR asset and also considers productionrelated income. 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. 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. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Please disable your ad-blocker and refresh. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. The company reported a net income of $1 billion in 2021, down from a record of $1.6 billion in the previous year. We encourage investors with any questions to reach out to our Investor Relations team by e-mail or phone. Thank you, David. 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. Revenue per fallout-adjusted government lock in the second quarter was 30 basis points, down from 37 basis points in the prior quarter. Learn More on David A. Spector's trading history. Backtested results are adjusted to reflect the reinvestment of dividends and other income and, except where otherwise indicated, are presented gross-of fees and do not include the effect of backtested transaction costs, management fees, performance fees or expenses, if applicable. Please take a moment to watch a special video from our President and CEO, David Spector. Follow them so you never miss a recommendation. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. Operating revenue decreased $2 million from the prior quarter driven by declines in earnings on custodial balances. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. In January, our consumer direct originations totaled $3.1 billion in UPB and locks totaled $4.4 billion. PennyMac Financial Services can also be reached via phone at (818) 224-7442 and via email at pfsi_ir@pnmac.com. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. Government correspondent locks were $15.7 billion, down 8% from the prior quarter and up 21% from the second quarter of 2020. PennyMac Financial Services, Inc. has a 12-month low of $38.53 and a 12-month high of $73.79. 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. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 12/23/2020 at the average price of $67.19. 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 TipRanks Smart Score performance is based on backtested results. 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. This brings the total repurchases year-to-date to approximately $600 million. The business also recently declared a quarterly dividend, which was paid on Friday, February 24th. So, from our home to yours, thank you! In total, loan acquisition and origination volumes were $61 billion in the second quarter. Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. The technology based digital marketing platform, coupled with dedicated loan officers and an efficient operating processes, gives PennyMac a strong foundation for continued growth. The predominant outcome has been through loan modifications to the borrowers to aid in their recovery. PennyMac Financial Services' insider roster includes Anne Mccallion (Director), Farhad Nanji (Director), and David Spector (CEO). A free inside look at company reviews and salaries posted anonymously by employees. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. This is not a commitment to lend. | 3 Mrz 2023. 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. Jeffrey W. Martin Sells 10,413 Shares of Sempra (NYSE:SRE) Stock, Robert Brian Mitchell Sells 38,000 Shares of Globe Life Inc. (NYSE:GL) Stock, Get a free copy of the StockNews.com research report on PennyMac Financial Services (PFSI), Hormel Hits 2-Year Low, And The Dip Gets Bought, Heres Why Ross Could Soon Be Hitting All Time Highs. PennyMac Financial's owned portfolio reported a prepayment speed of 28.3% in the second quarter, down from 32.6% in the prior quarter. 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. 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. Backtested performance is developed with the benefit of hindsight and has inherent limitations. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. Contact our customer service team with any inquiries by sending us a message through the Message Center by simply logging in to your account. This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. We issued $650 million in an inaugural senior unsecured note offering, raised funding capacity with our banking partners, and enhanced our existing Ginnie Mae MSR financing structure to include servicing advances. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. We have also seen a large group of borrowers that reperform and exit forbearance on their own. For servicing on your existing mortgage account with Pennymac. 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. 18.5 million shares or approximately 24% of PFSI's common shares outstanding. 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. JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. The direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. Warning! Thanks, Doug. 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. 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. 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. Copyright 2023 Surperformance. Susquehanna Fundamental Investments LLC raised its position in shares of PennyMac Financial Services by 24.8% during the 4th quarter. 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. Is this happening to you frequently? While such a market would be smaller than 2020, it would represent a large origination market by historical standards. The price of the stock has decreased by 14.5% since. He currently serves as a senior advisor to TPG Capital, a global private investment firm, and . Our goal is to be a trusted financial partner that you can count on as long as you own your home. However, he will become a special advisor to David Spector, chairman and chief . 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 website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. This high level of efficiency was largely due to our cloud-based, proprietary servicing system, otherwise known as SSE. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.46. 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.). Learn More about David A. Spector's net worth. 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. 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. 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. Mr. Spector owns 650,183 shares of PennyMac Financial Services stock worth more than $40,948,525 as of March 4th. For more information, review Pennymac's state licenses and important notices. The committed pipeline at January 31 was $3 billion. The shares were sold at an average price of $60.64, for a transaction totalling $1,586,888.16. These strong production volumes again led to servicing portfolio growth despite continued elevated prepayment activity. Item 1.01 Entry into a Material Definitive Agreement. View David Spector's email address (d*****@pennym***.com) and phone number. 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. Segment revenue was $13.5 million, up 41% from the first quarter and 28% from June 30, 2020. How do I contact David A. Spector? Thanks, Andy. Learn More on PennyMac Financial Services' active insiders. 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 . 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. Insiders at PennyMac Financial Services own 18.0% of the company. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. Net assets under management were down slightly quarter-over-quarter to $2.3 billion. In July, our correspondent acquisitions were $15 billion in UPB and locks were $12.8 billion. See what top analysts say about your stocks. 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. If you need the payment address, click here. 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. Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. Pennymac has 10 current employee profiles, including President and Chief Executive Officer David Spector. The Production segment includes mortgage loan origination, acquisition, and sale activities. Importantly, and as Doug Jones, Senior Managing Director and Chief Mortgage Banking Officer, will expand on in his section of the presentation, we sold $3.4 billion in UPB of early buyout loans to third-party whole loan investors, thus reducing the risk associated with holding these loans and increasing our capital efficiency. As a management team, we are committed to putting the health and safety of our team members at the heart of our decisions. The percentage of profitable transactions made by David Spector is 44%. The slides that accompany this discussion are available on PennyMac Financials website at ir.pennymacfinancial.com. 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. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. 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. BBB File Opened: 2/5/2015. All of these activities allowed us to not only fund record volumes of loans, but also effectively deploy capital into technology and operational projects, as well as repurchase a significant amount of our common stock. If you have an ad-blocker enabled you may be blocked from proceeding. Thanks, Andy. 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. 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. 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. Now I'll turn it over to Doug, who will discuss our mortgage banking businesses. How can I follow the stock ratings of top corporate insiders? 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. For any questions, please visit our website at ir.pennymacfinancial.com or call our Investor Relations department at 818-264-4907. Finally, Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 33.5% during the 4th quarter. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. 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. 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. Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. Enter your email address below to get our daily insider buying and selling report. 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. In the fourth quarter, PennyMac Financial delivered net income of 38 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. 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. million verified professionals across 35 million companies. His family and PennyMac, which announced his passing, said he died from complications . We are also increasing the use of online closings and automation. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. While the Pennymac workforce stays. 10 Ratings. And we believe the role of a well capitalized correspondent aggregator like PennyMac will be increasingly important over time. Margins in our consumer direct channel still remain elevated relative to historical levels. Thank you, Dan. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. PennyMac Financial reported strong earnings in the fourth quarter driven by core production and servicing results. Dan Perotti , PFSIs Senior Managing Director and Chief Financial Officer will discuss the financials in more detail later on in this discussion. What is the average return per transaction made by David Spector? | 3 Mrz 2023. A number of research firms recently issued reports on PFSI. 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. 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. Hedging and other gains of over $943 million largely offset an MSR fair value decrease of over $1.1 billion. Tower Research Capital LLC TRC Increases Stake in Centrus Energy Corp. Tower Research Capital LLC TRC Boosts Stock Position in Centrus Energy Corp. UBS Group AG Increases Position in Northern Oil and Gas, Inc. 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