The company's services span its main function of loan production and loan servicing which includes the recovery of loans and other related charges. You can see the results of our hedging strategy in the full year view on slide 19. This hedging strategy is designed to moderate the impact of interest rate changes on the fair value of our MSR asset and also considers production-related income. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. During the last ninety days, David A. Spector has sold $2,498,888.16 in shares of PennyMac Financial Services stock. 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. 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. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, remained elevated but decreased slightly quarter-over-quarter. The estimated net worth of David A. Spector is at least $40.95 million as of March 1st, 2023. Lastly, originations in our broker direct channel totaled $4 billion in UPB, down 22% from the prior quarter. 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. Our goal is to be a trusted financial partner that you can count on as long as you own your home. Government loan acquisitions in the quarter totaled $16.2 billion, down 7% from the prior quarter and up 47% from the second quarter of 2020. Learn More on David A. Spector's salary. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . 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. If you have an ad-blocker enabled you may be blocked from proceeding. Hedging and other gains of over $943 million largely offset an MSR fair value decrease of over $1.1 billion. This information is provided for illustrative purposes only. Pennymac's state licenses and important notices. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. And I'm pleased to be joined by PennyMac Financial Services CEO,. Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. approve of David Spector's performance Founded 2008 Company size 5,001 to 10,000 Revenue $1B to $5B (USD) Industry Banking & Lending Headquarters Westlake Village, CA Link PENNYMAC website Pennymac (NMLS #35953) is a top national mortgage lender with over 4 million lifetime customers. David A. Spector is a businessperson who has been the head of 9 different companies. Learn More about insider trades at PennyMac Financial Services. 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. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. Our consumer direct lending division produced record origination and lock volumes again despite a smaller origination market in the second quarter. 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. PennyMac Financial Services' insider roster includes Anne Mccallion (Director), Farhad Nanji (Director), and David Spector (CEO). TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. Thank you for sharing your valuable opinion. Learn More about David A. Spector's net worth. State of Wyoming raised its position in shares of PennyMac Financial Services by 9.3% during the 4th quarter. The firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. We also remain very active repurchasing shares driven by our medium-term expectations for PFSI's return on equity. I will review each segments results and then we will touch on our forbearance and servicing advance trends. During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. We also repurchased approximately 1.6 million shares of PFSIs common stock, at an approximate cost of $89.3 million. 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. He previously served as Chief Correspondent Lending Officer and has been a member of the company's executive management team since 2011. And the committed pipeline at July 31 was $1.9 billion. It operates through the following segments: Production, Servicing, and Investment Management. 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%. These businesses provide PFSI a stable foundation through their low cost structures while our scaled fulfillment operation enables more aggressive growth in our higher margin direct lending channels. Margins in our consumer direct channel still remain elevated relative to historical levels. NMLS ID # 35953. GuruFocus has detected 5 severe warning signs with PennyMac Financial Services Inc. . The Production segment includes mortgage loan origination, acquisition, and sale activities. 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. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. Learn More on David A. Spector's trading history. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. 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. They sold a total of 398,609 shares worth more than $22,789,635.48. Massachusetts Mortgage Lender License # MC35953. Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. 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. Is this happening to you frequently? No cash balance or cash flow is included in the calculation. 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. #PennymacCaresVisit PENNYMAC.COM for details about how were assisting our family of customers during the COVID-19 crisis. 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 . As we outlined in our Investor Day, we see additional opportunities resulting from changes to the GSE's preferred stock purchase agreement. No representations and warranties are made as to the reasonableness of the assumptions. Interest rate lock volume was $5.7 billion in UPB, up 4% from the third quarter and 234% from the fourth quarter of 2019. 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. 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. In July, our correspondent acquisitions were $15 billion in UPB and locks were $12.8 billion. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. 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. Following the transaction, the chief executive officer now directly owns 650,183 shares in the company, valued at approximately $39,427,097.12. David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. The committed pipeline at January 31 was $7.9 billion. 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. The dividend yield of PennyMac Financial Services Inc stocks is 0.93%. No P&I advances are outstanding as prepayment activity continued to sufficiently cover remittance obligations. 112 S. Lakeview Canyon Rd, Ste. 18.5 million shares or approximately 24% of PFSI's common shares outstanding. Changes in these assumptions may have a material impact on the backtested returns presented. Copyright 2023 Surperformance. This high level of efficiency was largely due to our cloud-based, proprietary servicing system, otherwise known as SSE. 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 >. 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. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. The Production segment includes mortgage loan origination, acquisition, and sale activities. Thank you, David. 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 a share. Thank you. Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. 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. And we believe the role of a well capitalized correspondent aggregator like PennyMac will be increasingly important over time. 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. We encourage investors with any questions to reach out to our Investor Relations team by e-mail or phone. I am incredibly thankful and proud of the over 6,000 PennyMac employees who managed through the challenges of the pandemic to deliver these extraordinary results. Earnings per share grew 328% for the year with net income up 319%. The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. While 2020 was a record, we have a long track record of strong performance. Speaker: David Spector - Chairman and Chief Executive Officer Thank you Isaac. 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. And, we continue to enhance our MAC portal, thus improving the ability for borrowers to self-service throughout the entire origination process. We achieved record production across all channels, with increased market penetration in our higher margin direct lending channels. The average return per transaction made by David Spector is 3.50%. 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. 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. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . Enter your email to receive our newsletter. Thank you. Enter your email address below to get our daily insider buying and selling report. Get a breakdown of the different strategies based on detected insider trading activity. PennyMac Financial Servicess payout ratio is 9.54%. As David mentioned earlier PFSIs net income was $452.8 million or diluted earnings per share of $5.97. 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. Pricing margins in the channel decreased sharply, reflecting intense levels of competition between channel leaders. The stock was sold at an average price of $58.12, for a total value of $741,030.00. Up to 5 As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. What is the percentage of profitable transactions made by David Spector? Licensed by the N.J. Department of Banking and Insurance. Main Telephone (818) 224-7442 Primary Address 3043 Townsgate Road Suite 200 Westlake Village, CA 91361 USA Fiscal Close December Founded 2008 The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.46. 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. 130 Westlake Village, CA, 91362 Get Directions. Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. Dans son rle . The company reported a net income of $1 billion in 2021, down from a record of $1.6 billion in the previous year. While Stan had retired from day-to-day responsibilities at PennyMac, he remained a trusted advisor and dear friend. The Servicing segment offers servicing of originated mortgage loans and execution and management of early buyout transactions. While many of these employees aided in our record production growth and increased servicing activities due to COVID, these hires were consistent with PFSIs long-term strategy. Thanks, Doug. PennyMac Financial Services, Inc operates as a holding company. 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. While such a market would be smaller than 2020, it would represent a large origination market by historical standards. This net worth estimate does not reflect any other assets that Mr. Spector may own. We believe PennyMac Financial's business model with production from the correspondent, consumer direct and broker direct channels contributes to PennyMac Financial's profitability across different production environments. In total, loan acquisition and origination volumes were $61 billion 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 second quarter 2021 results. Information on this page was last updated on 3/1/2023. Backtested performance is not an indicator of future actual results. 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. And for the month of July, we repurchased an additional 2.5 million shares for an approximate cost of $151 million. Hedging and related gains totaled $91 million. 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. 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. David Spector - Chairman and Chief . 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. How do I contact David A. Spector? Isaac Garden - Investor Relations. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. Conventional correspondent acquisitions, for which PFSI earns a fulfillment fee from PMT, totaled $30.5 billion, down 10% from the prior quarter and up 61% from the second quarter of 2020. 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. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. PennyMac Financial Services Inc provides mortgage loans to customers in the United States. 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. 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. 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. 33% of correspondent acquisitions were government loans and 67% were conventional loans. 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. David Spector President and Chief Executive Officer Lior Ofir Senior Managing Director & Chief Information Officer Stanford L. Kurland Executive Chairman Amir Pirnia SVP Engineering Co-op loans not available. David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. Right now, we realize the importance of home like never before. David Spector is currently Chairman of the Board, President and Chief Executive Officer at PennyMac - View - PennyMac org chart On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. 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. PennyMac remained the largest correspondent aggregator in the U.S. in the fourth quarter. Net income in the fourth quarter was the second highest in the history of the company. All loan programs subject to borrowers meeting appropriate underwriting conditions. Other restrictions apply. Certain assumptions have been made for modeling purposes and are unlikely to be realized. 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While the Pennymac workforce stays. Thank you. This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. This concludes PennyMac Financial Services, Inc.'s second quarter earnings discussion. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. Search over 700 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. This grew our servicing portfolio to over $426 billion in UPB even with elevated prepayment speeds. Equal Housing Opportunity 2023 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. While our employee base grew by 60% during the year, our production volumes grew by 67% and our earnings increased by 328%. 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. I am Barclays' consumer finance analyst, Mark DeVries. 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. 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. The direct lending channels continued to have an outsized impact on PFSIs production earnings in the fourth quarter. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. PennyMac Financial Services, Inc. operates as a holding company. Warning! We believe we will continue to increase their respective market positions as we execute on our growth initiatives in each channel. Segment revenue was $13.5 million, up 41% from the first quarter and 28% from June 30, 2020. Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. Revenue per fallout-adjusted government lock in the second quarter was 30 basis points, down from 37 basis points in the prior quarter. 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.
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