Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. The Production segment includes mortgage loan origination, acquisition, and sale activities. We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. David Spector. David A. Spector is a businessperson who has been the head of 9 different companies. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. 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. 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. 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. Additionally, PFSI's Board of Directors approved an increase to its stock repurchase authorization from $1 billion to $2 billion. Contact our customer service team with any inquiries by sending us a message through the Message Center by simply logging in to your account. 119504607, 119505929, 119506567, 119506570, 119507419. As David mentioned earlier PFSIs net income was $452.8 million or diluted earnings per share of $5.97. The price of the stock has decreased by 8.12% since. As David mentioned earlier, PFSI's net income was $204.2 million or diluted earnings per share of $2.94. 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. What is David Spector's role in PennyMac Mortgage? Please. 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. 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. North Carolina Permit No. "I am delighted to announce Doug Jones' election to our. Our balanced business model continues to deliver consistent profitability and value creation as it has done over the last seven years as a public company. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. 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. The return on the trade was 60.70%. The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. 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. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. In January, our consumer direct originations totaled $3.1 billion in UPB and locks totaled $4.4 billion. PennyMac Financial Services, Inc. has a 12-month low of $38.53 and a 12-month high of $73.79. 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. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. 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. Good morning and thank you for joining us. Following the transaction, the chief executive officer now directly owns 650,183 shares in the company, valued at approximately $39,427,097.12. Learn More about David A. Spector's net worth. David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. 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 company reported a net income of $1 billion in 2021, down from a record of $1.6 billion in the previous year. 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. 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. Now I'll turn it over to Doug, who will discuss our mortgage banking businesses. 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. 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 TipRanks Smart Score performance is based on backtested results. The stock was sold at an average price of $60.64, for a total value of $1,586,888.16. While Stan had retired from day-to-day responsibilities at PennyMac, he remained a trusted advisor and dear friend. Thank you Isaac. Net income in the fourth quarter was the second highest in the history of. The UPB of completed modifications was $6.3 billion, up significantly from $4 billion last quarter and the UPB of EBO loan volume totaled $5 billion, also up significantly from last quarter as a result of the continued focus on loss mitigation activities. No P&I advances have been made to date, as prepayment activity continued to sufficiently cover remittance obligations. 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. And, we continue to enhance our MAC portal, thus improving the ability for borrowers to self-service throughout the entire origination process. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. No P&I advances are outstanding as prepayment activity continued to sufficiently cover remittance obligations. For licensing information, go to: www.nmlsconsumeraccess.org. In total, these strong acquisition and origination volumes continue to drive the organic growth of our servicing portfolio despite elevated prepayment activity. Revenue per fallout-adjusted lock was 71 basis points, down from 140 basis points in the prior quarter. 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. Stockholders of record on Tuesday, February 14th were given a 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. David served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac. 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. 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. Please note all regulatory considerations regarding the presentation of fees must be taken into account. .This article first appeared on GuruFocus. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. This hiring mostly occurred in three key areas, servicing, direct lending and fulfillment services. 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%. 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. PennyMac. During the last ninety days, David A. Spector has sold $2,498,888.16 in shares of PennyMac Financial Services stock. Production segment pretax income was $244.4 million, down 33% from the prior quarter and 55% from the second quarter of 2020. Download the Pennymac Mobile app from the App Store. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. | 3 Mrz 2023. The percentage of profitable transactions made by David Spector is 44%. During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. Item 1.01 Entry into a Material Definitive Agreement. 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 has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. PennyMac Financial again delivered outstanding financial performance in the second quarter, driven by continued strong production and core servicing results partially offset by net MSR fair value declines. These returns have led to a 29% compounded annual growth rate in our book value per share since our IPO. PennyMac Financial Services can also be reached via phone at (818) 224-7442 and via email at pfsi_ir@pnmac.com. The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. PennyMac Mortgage Investment Trust (NYSE:PMT) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ETCompany Participants. For the total servicing portfolio, we facilitated approximately 291,000 forbearance plans for our customers, with over 90% of those enrolled through our automated channels. Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. Certain assumptions have been made for modeling purposes and are unlikely to be realized. Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. Get notified the next time David A. Spector buys or sells PennyMac Financial Services stock. Our higher-margin consumer direct lending channel continued to expand, producing record locked and funded volumes during the quarter, which we estimate has resulted in a significant increase in market share. T. Rowe Price Investment Management Inc. raised its position in shares of PennyMac Financial Services by 5.4% during the 4th quarter. 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. 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. Ultimately, we believe for these reasons, PennyMac will continue its market share growth as a channel leader. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. 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. No cash balance or cash flow is included in the calculation. PennyMac Financial Services Inc provides mortgage loans to customers in the United States. Posted by Defense World Staff on Mar 3rd, 2023. Net income was $204 million or diluted earnings per share of $2.94, representing an annualized return on equity of 23%. Jones brings more than 25 years of financial services industry experience to PennyMac Financial Services. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. NMLS ID # 35953. 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. The ex-dividend date was Monday, February 13th. If you need the payment address, click here. Mr. Kurland was 68. Please disable your ad-blocker and refresh. 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. You can see the results of our hedging strategy in the full year view on slide 19. And since the beginning of 2020, we have now repurchased over 18.5 million shares or approximately 24% of PFSI's common shares outstanding. While 2020 was a record, we have a long track record of strong performance. 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. Is this happening to you frequently? Thank you for sharing your valuable opinion. Finally, Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 33.5% during the 4th quarter. And with that, I would like to turn it back to David for some closing remarks. PennyMac Financial Services, Inc. operates as a holding company. Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. Dans son rle . Finally, broker direct originations totaled $4.5 billion in UPB in the fourth quarter, up 28% from the prior quarter and 215% percent from the fourth quarter of 2019. The business also recently declared a quarterly dividend, which was paid on Friday, February 24th. 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. Thanks, Doug. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. This chart shows David Spector's buying and selling at PennyMac Financial Services by year and by quarter. The firm engages in the production and servicing of U.S. residential mortgage loans. The origination market continues to be strong on a historical basis as mortgage rates have recently returned to near record lows. No credit card required. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets. As David mentioned earlier, we sold $3.4 billion in UPB of EBO loans to third-party whole loan investors, up significantly from last quarter. Please disable your ad-blocker and refresh. The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. The direct lending channels continued to have an outsized impact on PFSIs production earnings in the fourth quarter. Thank you, David. And for the month of July, we repurchased an additional 2.5 million shares for an approximate cost of $151 million. PennyMac Financial Services, Inc. (NYSE:PFSI) Q2 2021 Earnings Conference Call August 5, 2021 5:05 PM ET, Isaac Garden - Vice President, Investor Relations, David Spector - Chairman & Chief Executive Officer, Andy Chang - Senior Managing Director & Chief Operating Officer, Doug Jones - President & Chief Mortgage Banking Officer, Dan Perotti - Senior Managing Director & Chief Financial Officer. Production revenue margins remain elevated, especially with PFSIs growth in consumer and broker direct volumes. While our employee base grew by 60% during the year, our production volumes grew by 67% and our earnings increased by 328%. A number of research firms recently issued reports on PFSI. 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%. View open jobs at this location. 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. While such a market would be smaller than 2020, it would represent a large origination market by historical standards. The committed pipeline at January 31 was $7.9 billion. Maverick Capital Ltd. now owns 7,468 shares of the real estate investment trusts stock worth $423,000 after purchasing an additional 1,873 shares during the last quarter. 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. Thank you. 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. Pennymac has 10 current employee profiles, including President and Chief Executive Officer David Spector. Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. PennyMac CEO David Spector to serve as chairmen of its mortgage REIT, financial services The CEO of both PennyMac companies, David Spector (pictured), has added the chairman's title, filling the vacancies created by the death of founder Stanford Kurland. Looking at the consumer direct channel in the center column, we originated $8 billion in UPB of loans, up 27% from the prior quarter and 113% from the fourth quarter of 2019. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. He previously served as Chief Correspondent Lending Officer and has been a member of the company's executive management team since 2011. These record volumes resulted in the growth of our servicing portfolio to $427 billion in UPB, despite extraordinary levels of prepayment activity. In January, our correspondent acquisitions remained strong, with $17.9 billion in UPB of acquisitions and lock volume of $17.8 billion. 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. Equal Housing Opportunity 2023 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. They sold a total of 398,609 shares worth more than $22,789,635.48. The price of the stock has decreased by 4.44% since. 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. 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. 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. 130 Westlake Village, CA, 91362 Get Directions. Government correspondent locks were $15.7 billion, down 8% from the prior quarter and up 21% from the second quarter of 2020. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. In January, our broker direct originations totaled $1.4 billion in UPB, and locks totaled $2.1 billion. This brings the total repurchases year-to-date to approximately $600 million. As we look at 2021 we believe the market environment provides PFSI a good opportunity for continued elevated financial performance. the company. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . It operates through the following segments: Production, Servicing, and Investment Management. Pricing margins in the channel decreased sharply, reflecting intense levels of competition between channel leaders. Wells Fargo & Company raised PennyMac Financial Services from an equal weight rating to an overweight rating and lifted their price objective for the company from $54.00 to $75.00 in a report on Tuesday, December 6th. Enter your email to receive our newsletter. In the last year, insiders at the real estate investment trust sold shares 23 times. The price of the stock has decreased by 14.5% since. Some products may not be available in all states. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. This high level of efficiency was largely due to our cloud-based, proprietary servicing system, otherwise known as SSE. 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. Our large, organically built servicing portfolio provides a counter-balance to our production activity. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 12/23/2020 at the average price of $67.19. (business & personal). As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . This is not a commitment to lend. If you're not automatically redirected, please click here. Ill now turn it over to Dan Perotti, Senior Managing Director and Chief Financial Officer to speak to the financial results for the quarter. 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. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. Our investment management segment delivered pretax income of $4.1 million, up from $1.4 million in the prior quarter as a result of incentive fees earned and down from $4.7 million in the second quarter of 2020. 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. 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. 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 >. 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. How can I follow the stock ratings of top corporate insiders? His family and PennyMac, which announced his passing, said he died from complications . {{ userNotificationState.getAlertCount('bell') }}. We issued $650 million in an inaugural senior unsecured note offering, raised funding capacity with our banking partners, and enhanced our existing Ginnie Mae MSR financing structure to include servicing advances. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. 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. 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 Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. And with that, I would like to turn it back to David for some closing remarks. 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. View David Spector's email address (d*****@pennym***.com) and phone number. 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. Prognosis explores health, wellness, and the ways in which modern science is allowing us to live better - in both the long term, and day-to-day, Londons Investment Appeal Is Unraveling as Arm Heads to the US, Climate Change Is Launching a MutantSeed Space Race, British Parents Turn to Home Equity to Help Young Buy Property, Sorry, Fed, Most US Mortgage Rates Were Locked in During Pandemic Lows, Fed Says MoreRate Hikes Are Needed to Curb Inflation, Italys CDP Is Nearing Offer for Telecom Italia Network, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, US-Sanctioned Huawei Makes a Show of Force at Mobile Conference, In Blacklisting Inspur, US Targets Partner Used by Intel and IBM, The UK Is Using Drones to Prosecute Small-Boat Migrant Smugglers, Philippine governor, 5 others killed in brazen attack, An Emboldened Rishi Sunak Gets Ready to Fight His Own Party Over Taxes, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61, The Exhibit Reality TV Show PittingArtist Against ArtistIs No Masterpiece, Matt HancockWhatsApp LeakExposes theNeed for Covid Justice, Brexit Might Have Been Prevented With Deals Like This, Video Roundup: Opinions Must-See Footage of the Week, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, No Major Offer Expected on Childcare in UK Budget, Biden Gives Medal of Honor to Trailblazing Special Forces Member, UK Braces for Rare Weather Event That Risks Late-Winter Freeze, Panic Over Metals for EVs Goes All the Way to Automakers C-Suites, What Do You Want to See in a Covid Memorial? Please. Backtested performance is developed with the benefit of hindsight and has inherent limitations. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. It operates through the following segments: Production, Servicing, and Investment Management. 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. 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.