Licensed by the N.J. Department of Banking and Insurance. 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%. While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. For servicing on your existing mortgage account with Pennymac. Net assets under management totaled $2.3 billion as of December 31, up 1% from September 30. Learn More on David A. Spector's trading history. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. 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. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. Operating revenue decreased $2 million from the prior quarter driven by declines in earnings on custodial balances. The direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. 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. Now I'd like to begin by introducing David Spector, PennyMac Financial's Chairman and Chief Executive Officer, who will review the company's second quarter 2021 results. The stock was sold at an average price of $58.12, for a total value of $741,030.00. David Spector - Chief Investment Officer at Pennymac Loan Services, Llc The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. View detailed PFSI description & address. Additionally, PFSI's Board of Directors approved an increase to its stock repurchase authorization from $1 billion to $2 billion. The stock was sold at an average price of $60.80, for a total value of $912,000.00. 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. While the Pennymac workforce stays home to help flatten the curve, we know first responders, medical staff, delivery drivers, our essential workers and more, are out there heroically providing for those in need. We believe we will continue to increase their respective market positions as we execute on our growth initiatives in each channel. PennyMac founder Stanford Kurland dies - National Mortgage News Earnings per share grew 328% for the year with net income up 319%. As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, remained elevated but decreased slightly quarter-over-quarter. No cash balance or cash flow is included in the calculation. 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. Learn More on David A. Spector's salary. 112 S. Lakeview Canyon Rd, Ste. The price of the stock has decreased by 8.12% since. David Spector - Chairman & Chief Executive Officer, PennyMac Loan Doug Jones Joins PennyMac Financial Services Board - NMP 119504607, 119505929, 119506567, 119506570, 119507419. The percentage of profitable transactions made by David Spector is 44%. The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. This is not a commitment to lend. Production revenue margins declined from the prior quarter and revenue per fallout-adjusted lock for PFSI's own account was 154 basis points in the second quarter, down from 176 basis points in the first quarter of 2021. the financials in more detail later on in this discussion. Before I turn this over to Andy, I want to take a moment to say all of us at PennyMac are very grateful for the many kind thoughts and tributes we have received since announcing the sad passing of Stan Kurland, our founder and Chairman. January 25, 2021, 12:31 p.m. EST 1 Min Read. This concludes PennyMac Financial Services, Inc.'s second quarter earnings discussion. Hedging and other gains of over $943 million largely offset an MSR fair value decrease of over $1.1 billion. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. As the CEO of PennyMac Financial Services, Inc., Mr. Spector earned a total compensation package of $13,575,224.00 in 2021. If you need the payment address, click here. Good afternoon, and welcome to the Fourth Quarter and Full-Year 2020 Earnings discussion for PennyMac Financial Services, Inc. David A. Spector is a businessperson who has been the head of 9 different companies. We quickly developed a plan to deal with the COVID-19 pandemic and the various work from home orders across the nation. As of the end of the year we have helped, or are in the process of helping, approximately 145,000 borrowers successfully emerge from their forbearance plans. PennyMac Financial Services Inc., a national mortgage lender and servicer, announced Thursday that Doug Jones has joined its board of directors. And for the month of July, we repurchased an additional 2.5 million shares for an approximate cost of $151 million. What was David Spector's most profitable transaction? Learn More on PennyMac Financial Services' active insiders. This grew our servicing portfolio to over $426 billion in UPB even with elevated prepayment speeds. A number of research firms recently issued reports on PFSI. 47.206 (3) & (4). free lookups / month. 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. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . Thanks, Doug. 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. PFSI | PennyMac Financial Services Inc. Company Profile & Executives - WSJ David Spector latest transaction was an Uninformative Buy of . Thank you. Thank you, Dan. Being one of the Find contact details for 700 million professionals. We encourage investors with any questions to reach out to our Investor Relations team by e-mail or phone. PennyMac Financial Services, Inc. (PFSI) CEO David Spector on Q2 2021 These businesses are foundational to PFSI and not easily replicated. Pennymac Financial Services Inc (PFSI) President & CEO David Spector With PFSIs historical focus on purchase market originations combined with our large and growing servicing portfolio, we believe we are well-positioned to successfully grow share in all three of our production channels, driving an increase in our overall market position. Get notified the next time David A. Spector buys or sells PennyMac Financial Services stock. 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. Mr. Spector earned a salary of $1,000,000.00, stock awards of $2,537,435.00, options awards of $1,101,254.00, non-equity compensation of $8,864,938.00, and other compensation of $71,597.00. Net income in the fourth quarter was the second highest in the history of. 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. 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. Thank you Isaac. Search over 700 10 Ratings. The dividend yield of PennyMac Financial Services Inc stocks is 0.93%. 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. PennyMac Financial Services, Inc. Announces Doug Jones Joined Its Board Follow them so you never miss a recommendation. In total, these strong acquisition and origination volumes continue to drive the organic growth of our servicing portfolio despite elevated prepayment activity. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. Enter your email to receive our newsletter. 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. 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. Find the best performing Analyst in each sector. 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. The technology based digital marketing platform, coupled with dedicated loan officers and an efficient operating processes, gives PennyMac a strong foundation for continued growth. 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. 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. Giving consideration to the pretax income from our record production, you can see that our hedging strategies were very successful at mitigating the impact of interest rate changes and MSR fair value losses on our income in 2020. (business & personal). This balanced business helps generate strong results across a variety of market and rate environments. We also remain very active repurchasing shares driven by our medium-term expectations for PFSI's return on equity. 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 While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. 67.03% of the stock is currently owned by institutional investors and hedge funds. And with that, I would like to turn it back to David for some closing remarks. PennyMac Financial delivered another outstanding quarter of operational and financial performance, despite the increased volatility in the mortgage market. Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. Item 1.01 Entry into a Material Definitive Agreement. 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. 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 . This website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. 2023-03-02 | NYSE:PFSI | Press Release | PennyMac Financial Services Inc. They sold a total of 398,609 shares worth more than $22,789,635.48. 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. The return on the trade was 60.70%. David Spector - PennyMac Mortgage Insider Transactions - TipRanks.com Headquarters. During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. The committed pipeline at January 31 was $7.9 billion. Pennymac notches a profitable Q1 due to servicing segment | 3 Mrz 2023. 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. David Spector email address & phone number | Penny Mac Chief Investment And we believe the role of a well capitalized correspondent aggregator like PennyMac will be increasingly important over time. 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. David works at Pennymac Loan Services, Llc as Chief Investment Officer. 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. The price of the stock has increased by 0.03% since. North Carolina Permit No. While the Pennymac workforce stays. PennyMac Mortgage Investment Trust (NYSE:PMT) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ETCompany Participants. 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 continues to deliver consistent profitability and value creation as it has done over the last seven years as a public company. This chart shows David Spector's buying and selling at PennyMac Financial Services by year and by quarter. 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. Biography of David Spector - The Official Board Please. Massachusetts Mortgage Lender License # MC35953. David Spector Net Worth, Biography, and Insider Trading Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. Receive News & Ratings for PennyMac Financial Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PennyMac Financial Services and related companies with MarketBeat.com's FREE daily email newsletter. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. 292 Pennymac reviews in Los Angeles, CA. He currently serves as a senior advisor to TPG Capital, a global private investment firm, and . 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. Good morning and thank you for joining us. As you can see on slide seven of our presentation, PennyMac maintained its leadership position in the correspondent channel, and we estimate that we currently represent approximately 18% of the channel overall. Meet our Smart Portfolio. The slides that accompany this discussion are available on PennyMac Financials website at ir.pennymacfinancial.com. Stanford Kurland, who went from being pushed out of the No. Lastly, originations in our broker direct channel totaled $4 billion in UPB, down 22% from the prior quarter. The firm engages in the production and servicing of U.S. residential mortgage loans. 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. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. The estimated net worth of David A. Spector is at least $40.95 million as of March 1st, 2023. 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. The company reported a net income of $1 billion in 2021, down from a record of $1.6 billion in the previous year. 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. The firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. PennyMac | Better Business Bureau Profile As our production mix continues to shift towards direct lending, production expenses as a percentage of fallout adjusted locks are expected to trend higher. Pennymac Cares | Thank You from President & CEO, David Spector David A. Spector - Biography - MarketScreener.com State of Wyoming raised its position in shares of PennyMac Financial Services by 9.3% during the 4th 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. 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. 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 >. 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.