If you need the payment address, click here. Pennymac - Contacts, Employees, Board Members, Advisors & Alumni As our production mix continues to shift towards direct lending, production expenses as a percentage of fallout adjusted locks are expected to trend higher. 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. Headquarters. General assumptions include: XYZ firm would have been able to purchase the securities recommended by the model and the markets were sufficiently liquid to permit all trading. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.46. 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 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. The stock was sold at an average price of $58.12, for a total value of $741,030.00. Net income in the fourth quarter was the second highest in the history of. We encourage investors with any questions to reach out to our Investor Relations team by e-mail or phone. If you have an ad-blocker enabled you may be blocked from proceeding. This information is provided for illustrative purposes only. PennyMac is a mortgage lender and servicer headquartered in Westlake Village, California. Isaac Garden - Investor Relations. Now I'll turn it over to Doug, who will discuss our mortgage banking businesses. Licensed by the N.J. Department of Banking and Insurance. Similar Profiles. All rights reserved. As David mentioned earlier, PFSI's net income was $204.2 million or diluted earnings per share of $2.94. PennyMac Mortgage Investment Trust (NYSE:PMT) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ETCompany Participants. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View What is the average return per transaction made by David Spector? During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. David Spector joined PennyMac in 2008. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Thank you, David. Mr. Kurland was 68. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. 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. The most recent insider tranaction occured on March, 1st when insider Steven Richard Bailey sold 13,604 shares worth more than $825,762.80. David Spector is currently Chairman of the Board, President and Chief Executive Officer at PennyMac - View - PennyMac org chart A free inside look at company reviews and salaries posted anonymously by employees. 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. 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. Business Incorporated: While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . View open jobs at this location. Major name to depart PennyMac | Mortgage Professional Stanford Kurland. The direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. This expertise and experience has served us well, enhancing our ability to help many borrowers affected by the COVID-19 pandemic. Stockholders of record on Tuesday, February 14th were given a dividend of $0.20 per share. The UPB of completed modifications was $5.5 billion, essentially unchanged from the prior quarter, and the UPB of EBO loan volume totaled $6.8 billion, up from $4.2 billion in the prior quarter. Hedging and other gains of over $943 million largely offset an MSR fair value decrease of over $1.1 billion. 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%. 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. 18.5 million shares or approximately 24% of PFSI's common shares outstanding. Schonfeld Strategic Advisors LLC raised its position in shares of PennyMac Financial Services by 822.2% during the 4th quarter. 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. Thank you. (03-2023). This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. 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. The history of PennyMac Financial was borne out of the Great Financial Crisis, with a desire to help distressed borrowers. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. As we look at 2021 we believe the market environment provides PFSI a good opportunity for continued elevated financial performance. Pennymac Westlake Village, CA office. Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. If you're not automatically redirected, please click here. David Spector net worth, bio and Pennymac Financial Services, Inc Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. Following the completion of the sale, the chief executive officer now directly owns 650,183 shares of the company's stock, valued at $39,427,097.12. The stock was sold at an average price of $60.64, for a total value of $1,586,888.16. We believe we will continue to increase their respective market positions as we execute on our growth initiatives in each channel. What is the percentage of profitable transactions made by David Spector? 10 Ratings. In the fourth quarter, the pretax income was $234.1 million, a 31% decrease from . Company profile for PennyMac Financial Services Inc. including key executives, insider trading, ownership, revenue and average growth rates. What was David Spectors latest transaction? 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. David A Spector, Pennymac Mortgage Investment: Profile and Biography Finally, Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 33.5% during the 4th quarter. Mr. David Spector, CEO Mr. Andrew Chang, CFO Mr. Derek Stark, Chief Legal Officer Additional Contact Information Phone Numbers (800) 777-4001 Other Phone Email Addresses Email this. Pennymac Cares | Thank You from President & CEO, David Spector PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. Im proud of the actions we have taken and the dedicated management team across the company that has helped put these plans into action. The direct lending channels continued to have an outsized impact on PFSIs production earnings in the fourth quarter. Broker originations in July totaled $1.2 billion and locks totaled $1.7 billion. 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. 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. PennyMac Financial Servicess payout ratio is 9.54%. Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. 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. Click here to check it out. 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. 47.206 (3) & (4). Thank you. While our sub-service portfolio, consisting primarily of conventional loans, reported a 60-plus delinquency rate of 1.6%, down from 2.1% at March 31 as borrowers continue to emerge from forbearance plans. Net income was $204 million or diluted earnings per share of $2.94, representing an annualized return on equity of 23%. PennyMac. Actual performance may differ significantly from backtested performance. David is based out of Agoura Hills, California, United States and works in the Financial Services industry. David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. A number of research firms recently issued reports on PFSI. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. 67.03% of the stock is currently owned by institutional investors and hedge funds. PennyMac | Better Business Bureau Profile Backtested performance is developed with the benefit of hindsight and has inherent limitations. Thank you for sharing your valuable opinion. 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. North Carolina Permit No. Importantly, PennyMac retains the servicing rights and carries an option to repurchase these government-insured loans in the event they become eligible for redelivery into Ginnie Mae securities. Please disable your ad-blocker and refresh. Thank you Isaac. Pennymac notches a profitable Q1 due to servicing segment Speaker: David Spector - Chairman and Chief Executive Officer Thank you Isaac. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. We believe this represents approximately 13% of the total brokers and non-delegated sellers active in the market today, providing continued room for growth and expansion within the channel in the future. As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . 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. Stanford Kurland, who went from being pushed out of the No. (business & personal). Pennymac Cares | Thank You from President & CEO, David Spector 108,081 views Apr 21, 2020 Right now, we realize the importance of home like never before. The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. 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. 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. David Spector. And since the beginning of 2020, we have now repurchased over 18.5 million shares or approximately 24% of PFSI's common shares outstanding. 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. Segment revenue was $9.7 million, down from $9.8 million in the prior quarter which included gains related to PMT shares owned by PFSI. PennyMac Financial Services can also be reached via phone at (818) 224-7442 and via email at [emailprotected] Learn More on David A. Spector's contact information. PDF PennyMac Financial Services, Inc. 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. And with that, I would like to turn it back to David for some closing remarks. Learn More on David A. Spector's contact information. Thank you, Isaac. David Spector - Chairman and Chief . Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. This performance added to a remarkable year that saw PFSI achieve a return on equity of 62% with almost $200 billion in UPB of loans funded. We achieved record production across all channels, with increased market penetration in our higher margin direct lending channels. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Jones brings more than 25 years of financial services industry experience to PennyMac Financial Services. The return on the trade was 60.70%. 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. Right now, we realize the importance of home like never before. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. You can see the results of our hedging strategy in the full year view on slide 19. The Servicing segment offers servicing of originated mortgage loans and execution and management of early buyout transactions. 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. Follow them so you never miss a recommendation. Net assets under management totaled $2.3 billion as of December 31, up 1% from September 30. Now Ill turn it over to Doug Jones, PFSIs Senior Managing Director and Chief Mortgage Banking Officer to provide you some more details on our mortgage banking businesses. The origination market continues to be strong on a historical basis as mortgage rates have recently returned to near record lows. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. Currently, he occupies the position of Chairman at PNMAC Mortgage Opportunity Fund LLC, Chairman of PNMAC Mortgage Opportunity Fund LP, Chairman-Trustees Board & CEO at PennyMac Mortgage Investment Trust, Chief Executive Officer for PennyMac Corp. (a subsidiary of PennyMac Mortgage Investment Trust) and Chairman & Chief Executive Officer for PennyMac Financial Services, Inc., Chairman & Chief Executive Officer for PNMAC Holdings, Inc., Chief Executive Officer of PNMAC Capital Management LLC, President & Chief Executive Officer for Private National Mortgage Acceptance Co. LLC and Chief Executive Officer for PennyMac Loan Services LLC (which are all subsidiaries of PennyMac Financial Services, Inc.). PennyMac. Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. PennyMac remained the largest correspondent aggregator in the U.S. in the fourth quarter. Additionally, PFSI's Board of Directors approved an increase to its stock repurchase authorization from $1 billion to $2 billion. Changes in these assumptions may have a material impact on the backtested returns presented. Warning! On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. 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. #PennymacCaresVisit PENNYMAC.COM for details about how were assisting our family of customers during the COVID-19 crisis. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. This concludes PennyMac Financial Services, Inc.'s second quarter earnings discussion. 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. The firm engages in the production and servicing of U.S. residential mortgage loans. 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. Main Telephone (818) 224-7442 Primary Address 3043 Townsgate Road Suite 200 Westlake Village, CA 91361 USA Fiscal Close December Founded 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. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 12/23/2020 at the average price of $67.19. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. The percentage of profitable transactions made by David Spector is 44%. Approve of CEO. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. 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. Equal Housing Opportunity 2023 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. 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. Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. I will review each segments results and then we will touch on our forbearance and servicing advance trends. And with that, I would like to turn it back to David for some closing remarks. Dans son rle . In July, our correspondent acquisitions were $15 billion in UPB and locks were $12.8 billion. 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. 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. Years in Business: 14. Business Started: 3/25/2008. Licensed Mortgage Banker-NYS Department of Financial Services. Thanks, Andy. 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. Please take a moment to watch a special video from our President and CEO, David Spector. Please. The total sale was $1.7 million. 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. The PFSI's owned servicing portfolio, which consists primarily of Ginnie Mae MSRs, had a 60 day delinquency rate of 6.7%, down from 8.6% at the end of the prior quarter. Production segment pretax income was $244.4 million, down 33% from the prior quarter and 55% from the second quarter of 2020. Our direct lending channels, which include both our consumer direct lending and broker direct lending, have experienced faster growth and are becoming much more significant contributors to PFSIs earnings profile. Finally, Barclays lifted their price objective on PennyMac Financial Services from $58.00 to $69.00 and gave the company an equal weight rating in a report on Friday, February 3rd. 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. 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. "I am delighted to announce Doug Jones' election to our. View David Spector's email address (d*****@pennym***.com) and phone number. Pennymac Loan Services LLC | Better Business Bureau Profile The firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. Presenter SpeechMark DeVries Hello. The Production segment includes mortgage loan origination, acquisition, and sale activities. Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. 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. Head over to our Expert Center to see a list of the, Invest Like a Pro with Unique Data & Simplifed Tools, See the Hottest Stocks Based on Insider Trading >. Pennymac Financial Services' profit sinks 31% in Q4 PennyMac Financial Services, Inc. (NYSE:PFSI) CEO Sells $912,000.00 in Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 01/07/2021 at the average price of $60.12. At PennyMac, our commitment to our customers doesnt end at closing. David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. David Spector latest transaction was an Uninformative Buy of . 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. This financial performance is driven by the balanced business model in mortgage banking that we have built over the last 13 years. Co-op loans not available. Good afternoon, and welcome to the Fourth Quarter and Full-Year 2020 Earnings discussion for PennyMac Financial Services, Inc. President & CEO David Spector sold 30,000 shares of PFSI stock on 01/12/2021 at the average price of $57.43. Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. 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. Thank you, Dan. PennyMac Financial Services, Inc. has a 12-month low of $38.53 and a 12-month high of $73.79. PennyMac Financial Services, Inc operates as a holding company. PFSI's Board of Directors also declared a second quarter cash dividend of $0.20 per share. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. The price of the stock has decreased by 4.44% since. Interest rate lock volume was $5.7 billion in UPB, up 4% from the third quarter and 234% from the fourth quarter of 2019. 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.

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