Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. 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. 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. 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. 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. This quarter, we increased meaningful the number of partnerships we have with these third parties and also expanded the volumes of sales to our existing partners, driving the quarterly increase in the EBO loan volume I mentioned earlier. 47.206 (3) & (4). PennyMac Financial Services, Inc operates as a holding company. However, margins in this channel remain attractive. Net income was $204 million or diluted earnings per share of $2.94, representing an annualized return on equity of 23%. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. 119504607, 119505929, 119506567, 119506570, 119507419. This grew our servicing portfolio to over $426 billion in UPB even with elevated prepayment speeds. 33% of correspondent acquisitions were government loans and 67% were conventional loans. 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. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. 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. What was David Spectors latest transaction? The price of the stock has decreased by 8.12% since. PennyMac Financial Services, Inc. (PFSI) CEO David Spector on Q2 2021 During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. 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 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. Are you interested in helping the next generation of homeowners fulfill their dream of home? Similarly, lock volume totaled $4.5 billion, down 21%. 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. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. Pennymac Cares | Thank You from President & CEO, David Spector The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. #PennymacCaresVisit PENNYMAC.COM for details about how were assisting our family of customers during the COVID-19 crisis. As David mentioned earlier PFSIs net income was $452.8 million or diluted earnings per share of $5.97. Thanks, Andy. Our consumer direct lending division produced record origination and lock volumes again despite a smaller origination market in the second quarter. 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. 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. 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. the financials in more detail later on in this discussion. The history of PennyMac Financial was borne out of the Great Financial Crisis, with a desire to help distressed borrowers. In January, our correspondent acquisitions remained strong, with $17.9 billion in UPB of acquisitions and lock volume of $17.8 billion. Segment revenue was $13.5 million, up 41% from the first quarter and 28% from June 30, 2020. Backtested performance is not an indicator of future actual results. 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. 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. President & CEO David Spector sold 30,000 shares of PFSI stock on 01/12/2021 at the average price of $57.43. In order to protect the value of our MSR asset we utilize a comprehensive hedging strategy. PennyMac TPO Contact Information Principal Mr. David Spector, President/CEO Customer Contact Mr. David Spector, President/CEO Additional Contact Information Phone Numbers (702). PennyMac. As our production mix continues to shift towards direct lending, production expenses as a percentage of fallout adjusted locks are expected to trend higher. The stock was sold at an average price of $60.80, for a total value of $912,000.00. 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. His family and PennyMac, which announced his passing, said he died from complications . David Spector | ZoomInfo 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. "I am delighted to announce Doug Jones' election to our. Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. For any questions, please visit our website at ir.pennymacfinancial.com, or call our Investor Relations department at 8182644907. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 12/23/2020 at the average price of $67.19. 10 Ratings. Since trades have not actually been executed, results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity, and may not reflect the impact that certain economic or market factors may have had on the decision-making process. These record volumes resulted in the growth of our servicing portfolio to $427 billion in UPB, despite extraordinary levels of prepayment activity. I'll now turn it over to Dan, who will speak to the financial results for the quarter. Stanford Kurland. Get notified the next time David A. Spector buys or sells PennyMac Financial Services stock. Years in Business: 14. Business Started: 3/25/2008. Book value per share grew 5% to $54.49 at June 30. Revenue per fallout-adjusted lock was 343 basis points in the quarter, a decrease from the first quarter. If so, please call us at 866.545.9070. PennyMac Financial's owned portfolio reported a prepayment speed of 28.3% in the second quarter, down from 32.6% in the prior quarter. 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. 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. And with that, I would like to turn it back to David for some closing remarks. PennyMac Financial Services can also be reached via phone at (818) 224-7442 and via email at pfsi_ir@pnmac.com. Insider Selling: PennyMac Financial Services, Inc. (NYSE:PFSI) CEO Pennymac has 10 current employee profiles, including President and Chief Executive Officer David Spector. 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. 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. We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. 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. Headquarters. Follow them so you never miss a recommendation. 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. Advances are expected to continue increasing over the next 6 to 12 months. Ready to apply or complete your application? You will be contacted by a representative that will help answer any inquiries you have. This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. PennyMac Financial Services Inc., a national mortgage lender and servicer, announced Thursday that Doug Jones has joined its board of directors. While Stan had retired from day-to-day responsibilities at PennyMac, he remained a trusted advisor and dear friend. Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. If you have an ad-blocker enabled you may be blocked from proceeding. Im proud of the actions we have taken and the dedicated management team across the company that has helped put these plans into action. Operating revenue decreased $2 million from the prior quarter driven by declines in earnings on custodial balances. Massachusetts Mortgage Lender License # MC35953. Presenter SpeechMark DeVries Hello. 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. 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. What is the average return per transaction made by David Spector? Consumer and broker direct represented 20% of fallout adjusted lock volume in the fourth quarter but accounted for over 70% of segment pretax income. Search over 700 David Spector Sells 26,169 Shares of PennyMac Financial Services, Inc Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, remained elevated but decreased slightly quarter-over-quarter. Transcript : PennyMac Financial Services, Inc. Presents at Barclays Learn More about David A. Spector's net worth. Hedge funds and other institutional investors have recently modified their holdings of the stock. Since the start of 2020, we have repurchased approximately 13% of the PFSI shares that were outstanding at the beginning of 2020. 292 Pennymac reviews in Los Angeles, CA. Production segment pretax income was $244.4 million, down 33% from the prior quarter and 55% from the second quarter of 2020. Click here to check it out. Main Telephone (818) 224-7442 Primary Address 3043 Townsgate Road Suite 200 Westlake Village, CA 91361 USA Fiscal Close December Founded 2008 David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. What is David Spector's role in PennyMac Mortgage? 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 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. We achieved record production across all channels, with increased market penetration in our higher margin direct lending channels. Licensed by the N.J. Department of Banking and Insurance. 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. 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. The prepayment speeds of PennyMac Financial's sub-service portfolio, which includes mostly Fannie Mae and Freddie Mac mortgage servicing rights owned by PMT, decreased to 24.7% from 35.1%. 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. And with that, I would like to turn it back to David for some closing remarks. David works at Pennymac Loan Services, Llc as Chief Investment Officer. Changes in these assumptions may have a material impact on the backtested returns presented. 67.03% of the stock is currently owned by institutional investors and hedge funds. And, we continue to enhance our MAC portal, thus improving the ability for borrowers to self-service throughout the entire origination process. 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. Is this happening to you frequently? PennyMac Financial Services Inc provides mortgage loans to customers in the United States. 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. Learn More on David A. Spector's contact information. Thank you. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. This website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. No P&I advances are outstanding as prepayment activity continued to sufficiently cover remittance obligations. Thanks, Doug. The direct lending channels continued to have an outsized impact on PFSIs production earnings in the fourth quarter. This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. The return on the trade was 60.70%. (03-2023). David Spector Sells 15,000 Shares of PennyMac Financial Services, Inc The direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. The Production segment includes mortgage loan origination, acquisition, and sale activities. All rights reserved. Being one of the Find contact details for 700 million professionals. It operates through the following segments: Production, Servicing, and Investment Management. The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. 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. As you can see on slide 11, approximately $37 billion of portfolio runoff in the second quarter was more than offset by the addition of $61 billion in total production. 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. Meet our Smart Portfolio. 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. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. PennyMac Financial delivered strong fourth quarter results, marking the end to a record year. 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. PennyMac Financial Services, Inc. (PFSI) CEO David Spector on Q4 2020 PennyMac Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only. View detailed PFSI description & address. 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. These valuation declines were primarily driven by significant levels of prepayment activity and early buyouts. While the Pennymac workforce stays. 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. 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. Servicing advances outstanding were approximately $454 million at December 31, up from $346 million at September 30, primarily associated with seasonal tax payments. PennyMac Financial Services, Inc. (NYSE:PFSI) CEO Sells $912,000.00 in Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. This concludes PennyMac Financial Services, Inc.'s second quarter earnings discussion. 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. DO NOT SEND PAYMENTS TO THIS ADDRESS. Pennymac's state licenses and important notices. Net income in the fourth quarter was the second highest in the history of the company. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. 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. This chart shows David Spector's buying and selling at PennyMac Financial Services by year and by quarter. The committed pipeline at January 31 was $3 billion. 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. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . PFSI's Investment Management segment delivered increased profitability as a result of incentive fees earned based on PMT's profitability over the last 4 quarters. Thank you for sharing your valuable opinion. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 01/07/2021 at the average price of $60.12. 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. StockNews.com raised PennyMac Financial Services from a sell rating to a hold rating in a report on Saturday, February 11th. Enter your email to receive our newsletter. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. No cash balance or cash flow is included in the calculation. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. For more information, review Pennymac's state licenses and important notices. Net income in the fourth quarter was the second highest in the history of. So while refinance origination volumes are expected to decline significantly over the next several years as a result of higher interest rates, we believe the outlook for PennyMac Financial remained strong, given our large profitable and growing servicing business, our position as one of the largest producers of purchase money loans in the U.S. and the continued expansion of our direct lending businesses. Pennymac Westlake Village, CA office. 3043 Townsgate Rd Ste 200, Westlake Village, CA 91361-3027. 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. The Production segment includes mortgage loan origination, acquisition, and sale activities. PennyMac Mortgage Investment Trust (PMT) CEO David Spector on Q1 2021 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.
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