North Carolina Permit No. This hedging strategy is designed to moderate the impact of interest rate changes on the fair value of our MSR asset and also considers productionrelated income. 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. Pennymac's state licenses and important notices. 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. {{ userNotificationState.getAlertCount('bell') }}. Please take a moment to watch a special video from our President and CEO, David Spector. PennyMac Financial Services, Inc operates as a holding company. PennyMac is a mortgage lender and servicer headquartered in Westlake Village, California. 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. Net income in the fourth quarter was the second highest in the history of. David Spector Work Experience and Education Work Experience Chairman & Chief Executive Officer PennyMac Mortgage Investment Trust 2007-2022 Chief Credit Officer Santander Consumer USA 2013-2016 Co-Head of Global Residential Mortgages Morgan Stanley 2005-2008 Global Managing Director, Banking & Markets Bank of America 2004-2010 Education We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. This hiring mostly occurred in three key areas, servicing, direct lending and fulfillment services. We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. In total, these strong acquisition and origination volumes continue to drive the organic growth of our servicing portfolio despite elevated prepayment activity. Please. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. Thank you for sharing your valuable opinion. Thank you, Dan. 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. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. 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. 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. Dan Perotti , PFSIs Senior Managing Director and Chief Financial Officer will discuss the financials in more detail later on in this discussion. As you will see on slide 20, we provide a breakdown of the revenue contribution from each of PFSIs loan production channels, net of loan origination expenses, including the fulfillment fees received from PMT for conventional correspondent loans. David is based out of Agoura Hills, California, United States and works in the Financial Services industry. Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. Follow them so you never miss a recommendation. David Spector is currently Chairman of the Board, President and Chief Executive Officer at PennyMac - View - PennyMac org chart While such a market would be smaller than 2020, it would represent a large origination market by historical standards. 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. Mr. Kurland was 68. Thanks, Doug. No cash balance or cash flow is included in the calculation. Interest rate lock volume was $5.7 billion in UPB, up 4% from the third quarter and 234% from the fourth quarter of 2019. What is the average return per transaction made by David Spector? As David mentioned earlier, PFSI's net income was $204.2 million or diluted earnings per share of $2.94. 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. 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. All loan programs subject to borrowers meeting appropriate underwriting conditions. If you need the payment address, click here. 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. Earnings per share grew 328% for the year with net income up 319%. Contact our customer service team with any inquiries by sending us a message through the Message Center by simply logging in to your account. These record volumes resulted in the growth of our servicing portfolio to $427 billion in UPB, despite extraordinary levels of prepayment activity. Are you interested in helping the next generation of homeowners fulfill their dream of home? View open jobs at this location. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. Thank you. Stanford Kurland. Meet our Smart Portfolio. 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. What was David Spectors latest transaction? Learn More on PennyMac Financial Services' active insiders. As we outlined in our Investor Day, we see additional opportunities resulting from changes to the GSE's preferred stock purchase agreement. 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. 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. Find the best performing Analyst in each sector. Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. | 3 Mrz 2023. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. Thank you. PennyMac Financial Services Inc provides mortgage loans to customers in the United States. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. PennyMac Mortgage Investment Trust (NYSE:PMT) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ETCompany Participants. What is David Spector's role in PennyMac Mortgage? We have used our cloud-based technology systems to aid in scaling our businesses to the market and supported that growth with strategic hiring of employees. The ex-dividend date was Monday, February 13th. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. The most recent insider tranaction occured on March, 1st when insider Steven Richard Bailey sold 13,604 shares worth more than $825,762.80. Our consumer direct lending division produced record origination and lock volumes again despite a smaller origination market in the second quarter. 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. the financials in more detail later on in this discussion. We are also increasing the use of online closings and automation. The company reported a net income of $1 billion in 2021, down from a record of $1.6 billion in the previous year. Thank you Isaac. And, we continue to enhance our MAC portal, thus improving the ability for borrowers to self-service throughout the entire origination process. During the last ninety days, David A. Spector has sold $2,498,888.16 in shares of PennyMac Financial Services stock. Dans son rle . Thank you, David. 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. Get contact details including emails and phone numbers 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 slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. Now Id like to begin by introducing David Spector, PennyMac Financials President and Chief Executive Officer who will review the Companys fourth quarter and full year 2020 results. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In July, our correspondent acquisitions were $15 billion in UPB and locks were $12.8 billion. 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 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. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $69.50. 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. 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. Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. If so, please call us at 866.545.9070. Production revenue margins remain elevated, especially with PFSIs growth in consumer and broker direct volumes. We estimate that our market share in the channel has increased meaningfully since last year, and we now account for approximately 1.3% of total originations in the channel. Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. What is David Spector's role in PennyMac Mortgage? Tower Research Capital LLC TRC Increases Stake in Centrus Energy Corp. 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If you have additional questions or would like to speak with a Pennymac representative, please call (800) 777-4001. 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. PFSI's Board of Directors also declared a second quarter cash dividend of $0.20 per share. 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. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. We quickly developed a plan to deal with the COVID-19 pandemic and the various work from home orders across the nation. 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. A number of research firms recently issued reports on PFSI. David Spector Chief Investment Officer Agoura Hills, California, United States 1K followers 500+ connections Join to connect Penny Mac University of California, Los Angeles Activity Thank you. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. 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 return on the trade was 60.70%. Massachusetts Mortgage Lender License # MC35953. Finally, transactions like these provide meaningful savings to PennyMac Financial over the life of the loan while providing the opportunity for redelivery in the future. In total, loan acquisition and origination volumes were $61 billion in the second quarter. 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. Susquehanna Fundamental Investments LLC raised its position in shares of PennyMac Financial Services by 24.8% during the 4th quarter. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. 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. The percentage of profitable transactions made by David Spector is 44%. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. free lookups / month. Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. Please note all regulatory considerations regarding the presentation of fees must be taken into account. 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. PennyMac Financial Services, Inc. operates as a holding company. David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. 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. 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. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 7.36 and a beta of 1.49. The return on the trade was 60.70%. Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. PennyMac Financial Services, Inc. a annonc que Doug Jones, prsident et directeur des services hypothcaires, a rejoint son conseil d'administration compter du 1er mars 2023. 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. This is not a commitment to lend. Copyright 2023 Surperformance. The technology based digital marketing platform, coupled with dedicated loan officers and an efficient operating processes, gives PennyMac a strong foundation for continued growth. In January, our consumer direct originations totaled $3.1 billion in UPB and locks totaled $4.4 billion. Approve of CEO. In the fourth quarter, the pretax income was $234.1 million, a 31% decrease from . The committed pipeline at January 31 was $3 billion. PennyMac. While 2020 was a record, we have a long track record of strong performance. 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 . Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, remained elevated but decreased slightly quarter-over-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. 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. 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.