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. Please. 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. Please. Stanford Kurland. This hiring mostly occurred in three key areas, servicing, direct lending and fulfillment services. The estimated net worth of David A. Spector is at least $40.95 million as of March 1st, 2023. Search over 700 If you need the payment address, click here. Isaac Garden - Investor Relations. #PennymacCaresVisit PENNYMAC.COM for details about how were assisting our family of customers during the COVID-19 crisis. 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. In January, our correspondent acquisitions remained strong, with $17.9 billion in UPB of acquisitions and lock volume of $17.8 billion. 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 . Thank you, Isaac. If you're not automatically redirected, please click here. We quickly developed a plan to deal with the COVID-19 pandemic and the various work from home orders across the nation. Our Investment Management segment delivered pretax income of $2.6 million, down from $3.3 million in the prior quarter and down from $5.2 million in the fourth quarter of 2019. I'll now turn it over to Dan, who will speak to the financial results for the quarter. 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. 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. Up to 5 Our direct lending channels have an outsized impact on production segment earnings, as Dan will discuss later. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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. 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. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. As David mentioned earlier, PFSI's net income was $204.2 million or diluted earnings per share of $2.94. The slides that accompany this discussion are available on PennyMac Financials website at ir.pennymacfinancial.com. 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. 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. Earnings per share grew 328% for the year with net income up 319%. I will review each segments results and then we will touch on our forbearance and servicing advance trends. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Mr. Spector owns 650,183 shares of PennyMac Financial Services stock worth more than $40,948,525 as of March 4th. The percentage of loans in forbearance decreased to 4.9% at June 30 from 6.3% at March 31, as borrowers in forbearance plans at March 31 who have since exited more than offset new forbearance plans. Now Ill turn it over to Doug Jones, PFSIs Senior Managing Director and Chief Mortgage Banking Officer to provide you some more details on our mortgage banking businesses. Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. This is not a commitment to lend. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. Interest rate lock volume was $5.7 billion in UPB, up 4% from the third quarter and 234% from the fourth quarter of 2019. 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. The committed pipeline at January 31 was $3 billion. David is based out of Agoura Hills, California, United States and works in the Financial Services industry. 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 transaction of $1,586,888.16. Please disable your ad-blocker and refresh. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, remained elevated but decreased slightly quarter-over-quarter. North Carolina Permit No. PennyMac Financial's owned portfolio reported a prepayment speed of 28.3% in the second quarter, down from 32.6% in the prior quarter. See what top analysts say about your stocks. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. 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. Actual performance may differ significantly from backtested performance. Having difficulty making payments? Ready to apply or complete your application? 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. Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. 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'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. Since the start of 2020, we have repurchased approximately 13% of the PFSI shares that were outstanding at the beginning of 2020. Finally, Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 33.5% during the 4th quarter. The price of the stock has decreased by 14.5% since. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. Learn More about David A. Spector's net worth. For any questions, please visit our website at ir.pennymacfinancial.com or call our Investor Relations department at 818-264-4907. 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. The stock was sold at an average price of $60.64, for a total value of $1,586,888.16. Warning! Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. This balanced business helps generate strong results across a variety of market and rate environments. Net assets under management were down slightly quarter-over-quarter to $2.3 billion. Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. The return on the trade was 60.70%. Revenue per fallout-adjusted government lock in the second quarter was 30 basis points, down from 37 basis points in the prior quarter. 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. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. Get notified the next time David A. Spector buys or sells PennyMac Financial Services stock. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. PennyMac Financial delivered strong fourth quarter results, marking the end to a record year. Contact our customer service team with any inquiries by sending us a message through the Message Center by simply logging in to your account. PennyMac Financial Services Inc provides mortgage loans to customers in the United States. The barriers to entry for these businesses that require scale for success provide PFSI a strategic advantage over our competitors. 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. Learn More on PennyMac Financial Services' active insiders. 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. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. Our correspondent mix percentage was essentially unchanged from the previous quarter, as 35% of the acquisitions were government loans and 65% were conventional loans. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. View open jobs at this location. This concludes PennyMac Financial Services, Inc.'s second quarter earnings discussion. 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.). 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. We encourage investors with any questions to reach out to our Investor Relations team by e-mail or phone. 119504607, 119505929, 119506567, 119506570, 119507419. If you have an ad-blocker enabled you may be blocked from proceeding. His family and PennyMac, which announced his passing, said he died from complications . Some products may not be available in all states. 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. Click here to check it out. Similarly, lock volume totaled $4.5 billion, down 21%. GuruFocus has detected 5 severe warning signs with PennyMac Financial Services Inc. . This high level of efficiency was largely due to our cloud-based, proprietary servicing system, otherwise known as SSE. As we look at 2021 we believe the market environment provides PFSI a good opportunity for continued elevated financial performance. 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. The technology based digital marketing platform, coupled with dedicated loan officers and an efficient operating processes, gives PennyMac a strong foundation for continued growth. Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. What is David Spector's role in PennyMac Mortgage? Are you interested in helping the next generation of homeowners fulfill their dream of home? Co-op loans not available. Similar Profiles. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. If you have additional questions or would like to speak with a Pennymac representative, please call (800) 777-4001. T. Rowe Price Investment Management Inc. raised its position in shares of PennyMac Financial Services by 5.4% during the 4th quarter. As we outlined in our Investor Day, we see additional opportunities resulting from changes to the GSE's preferred stock purchase agreement. Posted by Defense World Staff on Mar 3rd, 2023. Government correspondent locks were $15.7 billion, down 8% from the prior quarter and up 21% from the second quarter of 2020. Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. 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. Thank you Isaac. 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. Pricing margins in the channel decreased sharply, reflecting intense levels of competition between channel leaders. 3043 Townsgate Rd Ste 200, Westlake Village, CA 91361-3027. Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. 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. Thank you, David. 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. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. Enter your email to receive our newsletter. Book value per share grew 5% to $54.49 at June 30. And the committed pipeline at July 31 was $1.9 billion. PennyMac Financial delivered another outstanding quarter of operational and financial performance, despite the increased volatility in the mortgage market. PennyMac Mortgage Investment Trust (NYSE:PMT) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ETCompany Participants. Sign up for a free account. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. Schonfeld Strategic Advisors LLC raised its position in shares of PennyMac Financial Services by 822.2% during the 4th quarter. David Spector, Chairman & CEO, Director at PennyMac Mortgage, holds 259.60K shares in PennyMac Mortgage (Ticker: PMT), holds 1.10M shares in PennyMac Financial (Ticker: PFSI). We have long-standing partnerships with several EBO loan investors, with a program in place to buy delinquent Ginnie Mae loans out of securitizations and sell them to these third-party investors. 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. 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. However, he will become a special advisor to David Spector, chairman and chief . The company reported a net income of $1 billion in 2021, down from a record of $1.6 billion in the previous year. The history of PennyMac Financial was borne out of the Great Financial Crisis, with a desire to help distressed borrowers. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. BBB File Opened: 2/5/2015. 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. 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. What is the average return per transaction made by David Spector? 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 firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. 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. 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. Being one of the Find contact details for 700 million professionals. 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. Business Incorporated: The firm engages in the production and servicing of U.S. residential mortgage loans. 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