What is David Spector's role in PennyMac Mortgage? The total sale was $1.7 million. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. Fourth quarter performance was very strong across loan production and servicing and we continue to see the strength of our balanced business model in our results. If you need the payment address, click here. Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. GuruFocus has detected 8 Warning Signs with PFSI. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. GuruFocus has detected 5 severe warning signs with PennyMac Financial Services Inc. . Are you interested in helping the next generation of homeowners fulfill their dream of home? Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. 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. We also remain very active repurchasing shares driven by our medium-term expectations for PFSI's return on equity. Having difficulty making payments? No P&I advances have been made to date, as prepayment activity continued to sufficiently cover remittance obligations. Interest rate lock volume was $5.7 billion in UPB, up 4% from the third quarter and 234% from the fourth quarter of 2019. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. 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 stock was sold at an average price of $58.12, for a total value of $741,030.00. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. If you have an ad-blocker enabled you may be blocked from proceeding. Stanford Kurland. 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. 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 >. 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. 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. This chart shows David Spector's buying and selling at PennyMac Financial Services by year and by quarter. Thank you, Dan. PennyMac Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only. Click here to check it out. Thanks, Andy. And since the beginning of 2020, we have now repurchased over 18.5 million shares or approximately 24% of PFSI's common shares outstanding. 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. 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. Thank you. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Headquarters. PennyMac Loan Services, LLC PO Box 950002 Fort Worth, TX 76155-9802, PennyMac Loan Services, LLC PO Box 5133 Thousand Oaks, CA 91359-5133, 3043 Townsgate Rd, Suite 200 Westlake Village, CA 91361 818.224.7442. Sign up for a free account. David Spector latest transaction was an Uninformative Buy of . Our direct lending channels have an outsized impact on production segment earnings, as Dan will discuss later. What was David Spector's most profitable transaction? And, we continue to enhance our MAC portal, thus improving the ability for borrowers to self-service throughout the entire origination process. 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. Learn More on David A. Spector's trading history. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 12/23/2020 at the average price of $67.19. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. 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. Item 1.01 Entry into a Material Definitive Agreement. January 25, 2021. While 2020 was a record, we have a long track record of strong performance. PennyMac Financial Services' insider roster includes Anne Mccallion (Director), Farhad Nanji (Director), and David Spector (CEO). In the last year, insiders at the real estate investment trust sold shares 23 times. PennyMac Financial Services Inc provides mortgage loans to customers in the United States. Thanks, Andy. 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. JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. Thank you Isaac. PennyMac Financial delivered strong fourth quarter results, marking the end to a record year. These increases were primarily driven by continued loss mitigation activities related to COVID-19. 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. 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.). Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. This was all done while the vast majority of our employees were working from home for most of the year. 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. The history of PennyMac Financial was borne out of the Great Financial Crisis, with a desire to help distressed borrowers. This is not a commitment to lend. 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. 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%. If you're not automatically redirected, please click here. Thank you. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. PennyMac Financial Services, Inc. has a 12-month low of $38.53 and a 12-month high of $73.79. And we ended the quarter with a servicing portfolio of $473 billion in unpaid principal balance, approximately 4% of all residential mortgage debt in the United States. 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. Warning! 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. 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. This hiring mostly occurred in three key areas, servicing, direct lending and fulfillment services. BBB File Opened: 2/5/2015. | 3 Mrz 2023. 18.5 million shares or approximately 24% of PFSI's common shares outstanding. Years in Business: 14. Business Started: 3/25/2008. Thank you. As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. Learn More about David A. Spector's net worth. In the fourth quarter, the pretax income was $234.1 million, a 31% decrease from . On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. 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 operates as a holding company. 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. Get a breakdown of the different strategies based on detected insider trading activity. David Spectors most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. 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. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. We are also increasing the use of online closings and automation. 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. Earnings per share grew 328% for the year with net income up 319%. David works at Pennymac Loan Services, Llc as Chief Investment Officer. PennyMac Financial Services Inc., a national mortgage lender and servicer, announced Thursday that Doug Jones has joined its board of directors. David Spector is currently Chairman of the Board, President and Chief Executive Officer at PennyMac - View - PennyMac org chart The return on the trade was 60.70%. For more information, review Pennymac's state licenses and important notices. 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. 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. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. 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 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 dividend yield of PennyMac Financial Services Inc stocks is 0.93%. 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. We encourage investors with any questions to reach out to our Investor Relations team by e-mail or phone. The prepayment speeds of PennyMac Financials subserviced portfolio which includes mostly Fannie Mae and Freddie Mac mortgage servicing rights owned by PMT decreased slightly to 38.9% from 39.2%. PennyMac TPO Contact Information Principal Mr. David Spector, President/CEO Customer Contact Mr. David Spector, President/CEO Additional Contact Information Phone Numbers (702). 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. Before we begin, let me remind you that our discussion contains forward-looking statements that are subject to risks identified on slide two that could cause our actual results to differ materially as well as non-GAAP measures that have been reconciled to their GAAP equivalent in our earnings presentation. 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. Our goal is to be a trusted financial partner that you can count on as long as you own your home. This growth in production is not only due to the significant investments we have made in our production technology, which Doug will elaborate on later, but is also due to the considerable investments we have made in people. Insiders at PennyMac Financial Services own 18.0% of the company. David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. As our production mix continues to shift towards direct lending, production expenses as a percentage of fallout adjusted locks are expected to trend higher. 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. 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. 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. 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. If you have an ad-blocker enabled you may be blocked from proceeding. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. StockNews.com raised PennyMac Financial Services from a sell rating to a hold rating in a report on Saturday, February 11th. Learn More on David A. Spector's contact information. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. And I'm pleased to be joined by PennyMac Financial Services CEO,. If you have additional questions or would like to speak with a Pennymac representative, please call (800) 777-4001. 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. In January, our correspondent acquisitions remained strong, with $17.9 billion in UPB of acquisitions and lock volume of $17.8 billion. Business Incorporated: PennyMac Financial Services, Inc. (NYSE:PFSI Get Rating) CEO David Spector sold 26,169 shares of the firms stock in a transaction dated Wednesday, March 1st. Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. 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. We believe we will continue to increase their respective market positions as we execute on our growth initiatives in each channel. 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. 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. This grew our servicing portfolio to over $426 billion in UPB even with elevated prepayment speeds. Being one of the Find contact details for 700 million professionals. PennyMac Financial Services, Inc. operates as a holding company. 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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. And for the month of July, we repurchased an additional 2.5 million shares for an approximate cost of $151 million. What was David Spectors latest transaction? Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. Right now, we realize the importance of home like never before. Similarly, lock volume totaled $4.5 billion, down 21%. 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. 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%. Company profile for PennyMac Financial Services Inc. including key executives, insider trading, ownership, revenue and average growth rates. Good afternoon, and welcome to the Fourth Quarter and Full-Year 2020 Earnings discussion for PennyMac Financial Services, Inc. State of Wyoming raised its position in shares of PennyMac Financial Services by 9.3% during the 4th quarter. Servicing advances outstanding were approximately $454 million at December 31, up from $346 million at September 30, primarily associated with seasonal tax payments. Pricing margins in the channel decreased sharply, reflecting intense levels of competition between channel leaders. These record volumes resulted in the growth of our servicing portfolio to $427 billion in UPB, despite extraordinary levels of prepayment activity. Dans son rle . 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. Advances are expected to continue increasing over the next 6 to 12 months. 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. In July, our correspondent acquisitions were $15 billion in UPB and locks were $12.8 billion. 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. Margins in our consumer direct channel still remain elevated relative to historical levels. 10 Ratings. The estimated net worth of David A. Spector is at least $40.95 million as of March 1st, 2023. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. 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. 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. 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. 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. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.46. Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. Hedging and other gains of over $943 million largely offset an MSR fair value decrease of over $1.1 billion. The price of the stock has decreased by 4.44% since. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. The committed pipeline at January 31 was $7.9 billion. 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. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. At PennyMac, our commitment to our customers doesnt end at closing. During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. Copyright 2023 Surperformance. The price of the stock has increased by 0.03% since. PennyMac Financial's owned portfolio reported a prepayment speed of 28.3% in the second quarter, down from 32.6% in the prior quarter. If so, please call us at 866.545.9070. The firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. Despite these currently elevated levels of competition, we continue to see opportunity in the channel over the long term and remain committed to providing our broker partners and the customers they serve a superior mortgage experience. Please take a moment to watch a special video from our President and CEO, David Spector. What is David Spector's role in PennyMac Mortgage? 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. Revenue per fallout adjusted lock for PFSIs own account was 217 basis points in the fourth quarter, down slightly from 236 basis points in the third quarter. Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. 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. Please disable your ad-blocker and refresh. Thank you. Please note all regulatory considerations regarding the presentation of fees must be taken into account. 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. Equal Housing Opportunity 2023 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. 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. Arizona Mortgage Banker License # 0911088. Thank you. Presenter SpeechMark DeVries Hello. Our consumer direct lending division produced record origination and lock volumes again despite a smaller origination market in the second quarter. The company reported a net income of $1 billion in 2021, down from a record of $1.6 billion in the previous year. 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. 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. 292 Pennymac reviews in Los Angeles, CA. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. We achieved record production across all channels, with increased market penetration in our higher margin direct lending channels.
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