Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. 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. Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. 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. Since the start of 2020, we have repurchased approximately 13% of the PFSI shares that were outstanding at the beginning of 2020. Learn More about insider trades at PennyMac Financial Services. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. PennyMac Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only. Pennymac Westlake Village, CA office. Backtested performance is developed with the benefit of hindsight and has inherent limitations. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. Interest rate lock volume was $5.7 billion in UPB, up 4% from the third quarter and 234% from the fourth quarter of 2019. (business & personal). Isaac Garden - Investor Relations. What is the percentage of profitable transactions made by David Spector? If you have an ad-blocker enabled you may be blocked from proceeding. 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. Net assets under management totaled $2.3 billion as of June 30, down slightly from March 31 and up 5% from June 30, 2020. Our correspondent mix percentage was essentially unchanged from the previous quarter, as 35% of the acquisitions were government loans and 65% were conventional loans. David served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac. 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 . Good morning and thank you for joining us. We encourage investors with any questions to reach out to our Investor Relations team by e-mail or phone. If you're not automatically redirected, please click here. T. Rowe Price Investment Management Inc. now owns 4,992,531 shares of the real estate investment trusts stock worth $282,877,000 after purchasing an additional 256,717 shares during the last quarter. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. A free inside look at company reviews and salaries posted anonymously by employees. Changes in these assumptions may have a material impact on the backtested returns presented. As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . Learn More on David A. Spector's trading history. While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. 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. 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. 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. PennyMac TPO Contact Information Principal Mr. David Spector, President/CEO Customer Contact Mr. David Spector, President/CEO Additional Contact Information Phone Numbers (702). Enter your email address below to get our daily insider buying and selling report. 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. The price of the stock has decreased by 4.44% since. PFSI's Board of Directors also declared a second quarter cash dividend of $0.20 per share. No P&I advances are outstanding as prepayment activity continued to sufficiently cover remittance obligations. Also, our investments in technology, such as our cloud-based proprietary servicing system, have helped us to maximize economies of scale and grow efficiently, and help drive strong results for years to come. While our employee base grew by 60% during the year, our production volumes grew by 67% and our earnings increased by 328%. Lastly, our broker direct channel continued its impressive growth in both locked and funded volumes as we increase the number of approved brokers and our presence in the channel grows. Jones brings more than 25 years of financial services industry experience to PennyMac Financial Services. Now I'd like to begin by introducing David Spector, PennyMac Financial's Chairman and Chief Executive Officer who will review the Company's fourth quarter and full-year 2022 results. Dans son rle . The slides that accompany this discussion are available on PennyMac Financials website at ir.pennymacfinancial.com. At PennyMac, our commitment to our customers doesnt end at closing. Meet our Smart Portfolio. The firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. Please. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. 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. 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. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. 18.5 million shares or approximately 24% of PFSI's common shares outstanding. Search over 700 January 25, 2021. 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. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. David Spector joined PennyMac in 2008. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. BBB File Opened: 2/5/2015. Presenter SpeechMark DeVries Hello. 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. Interest rate lock commitments in the fourth quarter totaled $12.8 billion in UPB, up 18% from the prior quarter, and 135% from the fourth quarter of 2019. Thank you, Isaac. Net income in the fourth quarter was the second highest in the history of the company. "I am delighted to announce Doug Jones' election to our. Learn More on David A. Spector's salary. The return on the trade was 60.70%. The Servicing segment offers servicing of originated mortgage loans and execution and management of early buyout transactions. No representations and warranties are made as to the reasonableness of the assumptions. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. 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 Fourth Quarter and Full-Year 2020 Earnings discussion for PennyMac Financial Services, Inc. David Spectors most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. 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. These transactions provide PennyMac the additional capacity and liquidity to efficiently execute loss mitigation strategies as sales of these loans to third parties also eliminate the potential for associated margin calls. 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. The total sale was $1.7 million. Government correspondent locks were $15.7 billion, down 8% from the prior quarter and up 21% from the second quarter of 2020. Get a breakdown of the different strategies based on detected insider trading activity. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. PennyMac Financial Services, Inc operates as a holding company. The TipRanks Smart Score performance is based on backtested results. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. 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. Ultimately, we believe for these reasons, PennyMac will continue its market share growth as a channel leader. 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. Thanks, Andy. 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. 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. #PennymacCaresVisit PENNYMAC.COM for details about how were assisting our family of customers during the COVID-19 crisis. 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. While the Pennymac workforce stays. Lastly, originations in our broker direct channel totaled $4 billion in UPB, down 22% from the prior quarter. And, we continue to enhance our MAC portal, thus improving the ability for borrowers to self-service throughout the entire origination process. David Spector - Chairman and Chief . 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. We believe the growth opportunities in front of us to be substantial and as we continue to grow our direct lending channels, we expect PennyMac Financials exceptional financial performance to persist through 2021. The most recent insider tranaction occured on March, 1st when insider Steven Richard Bailey sold 13,604 shares worth more than $825,762.80. Main Telephone (818) 224-7442 Primary Address 3043 Townsgate Road Suite 200 Westlake Village, CA 91361 USA Fiscal Close December Founded 2008 Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. This hiring mostly occurred in three key areas, servicing, direct lending and fulfillment services. For licensing information, go to: www.nmlsconsumeraccess.org. Thanks, Doug. 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. 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. Dan Perotti , PFSIs Senior Managing Director and Chief Financial Officer will discuss the financials in more detail later on in this discussion. 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. PennyMac Financial Services Inc., a national mortgage lender and servicer, announced Thursday that Doug Jones has joined its board of directors. PennyMac remained the largest correspondent aggregator in the U.S. in the fourth quarter. Information on this page was last updated on 3/1/2023. This website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. .This article first appeared on GuruFocus. For servicing on your existing mortgage account with Pennymac. These strong production volumes again led to servicing portfolio growth despite continued elevated prepayment activity. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. 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 >. This chart shows David Spector's buying and selling at PennyMac Financial Services by year and by quarter. Massachusetts Mortgage Lender License # MC35953. Importantly, we continued to repurchase stock, with 2.6 million shares of PFSI's common stock bought back during the quarter for an approximate cost of $155 million. 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. The expertise of our deep management team, combined with the technology investments we have made, support PennyMac's growth strategy in a changing mortgage market. PFSIs owned servicing portfolio, which consists primarily of Ginnie Mae MSRs, had a 60 day plus delinquency rate of 10.2%, down from 11.4% at the end of the prior quarter, while our subserviced portfolio, primarily consisting of conventional loans, reported a 60 plus day delinquency rate of 2.7%, down from 3.7% at September 30 as borrowers continue to emerge from forbearance plans. Our 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. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. 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. Similarly, lock volume totaled $4.5 billion, down 21%. This grew our servicing portfolio to over $426 billion in UPB even with elevated prepayment speeds. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. 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. In January, our broker direct originations totaled $1.4 billion in UPB, and locks totaled $2.1 billion. The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. Susquehanna Fundamental Investments LLC now owns 85,385 shares of the real estate investment trusts stock worth $4,838,000 after purchasing an additional 16,980 shares during the last quarter. With the large and growing servicing portfolio and an industry leading correspondent production group, PFSI is an established leader with a growing presence across all facets of mortgage banking. And with that, I would like to turn it back to David for some closing remarks. 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. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. As you can see in greater detail on slide 21, EBO loan-related revenue increased significantly to $233.3 million as a result of continued loss mitigation activity with borrowers emerging from forbearance while related expenses were modest as most of the loans bought out returned to performing status immediately. And the committed pipeline at July 31 was $1.9 billion. 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. 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. 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. The business also recently declared a quarterly dividend, which was paid on Friday, February 24th. In July, our correspondent acquisitions were $15 billion in UPB and locks were $12.8 billion. And we believe the role of a well capitalized correspondent aggregator like PennyMac will be increasingly important over time. PennyMac. The percentage of profitable transactions made by David Spector is 44%. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. These businesses are foundational to PFSI and not easily replicated. While the Pennymac workforce stays home to help flatten the curve, we know first responders, medical staff, delivery drivers, our essential workers and more, are out there heroically providing for those in need. 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. 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. 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. Backtested results are calculated by the retroactive application of a model constructed on the basis of historical data and based on assumptions integral to the model which may or may not be testable and are subject to losses. David A. Spector is also on the board of 7 other companies. If you have additional questions or would like to speak with a Pennymac representative, please call (800) 777-4001. Is this happening to you frequently? PennyMac Financial Services' insider roster includes Anne Mccallion (Director), Farhad Nanji (Director), and David Spector (CEO). 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 on PennyMac Financial Services' active insiders. As David mentioned earlier, PFSI's net income was $204.2 million or diluted earnings per share of $2.94. Pricing margins in the channel decreased sharply, reflecting intense levels of competition between channel leaders. The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. As a management team, we are committed to putting the health and safety of our team members at the heart of our decisions. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. 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. PennyMac Financial Servicess payout ratio is 9.54%. Pennymac's state licenses and important notices. 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. Being one of the Find contact details for 700 million professionals. 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. The average return per transaction made by David Spector is 3.50%. 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.
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