No credit card required. Consumer and broker direct represented 20% of fallout adjusted lock volume in the fourth quarter but accounted for over 70% of segment pretax income. David A Spector, Pennymac Mortgage Investment: Profile and Biography - Bloomberg Markets Markets Trafigura's Nickel Nemesis Was Already Notorious in Metal Circles The Week Your Saturday UK. If you have an ad-blocker enabled you may be blocked from proceeding. The price of the stock has increased by 0.03% since. Learn More on David A. Spector's salary. This growth in production is not only due to the significant investments we have made in our production technology, which Doug will elaborate on later, but is also due to the considerable investments we have made in people. 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. Actual performance may differ significantly from backtested performance. 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. Susquehanna Fundamental Investments LLC raised its position in shares of PennyMac Financial Services by 24.8% during the 4th quarter. David Spector net worth, bio and Pennymac Financial Services, Inc Stockholders of record on Tuesday, February 14th were given a dividend of $0.20 per share. Finally, Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 33.5% during the 4th quarter. JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. 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. David Spector Sells 15,000 Shares of PennyMac Financial Services, Inc Mr. Kurland was 68. the financials in more detail later on in this discussion. 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. The estimated net worth of David A. Spector is at least $40.95 million as of March 1st, 2023. Hedging and other gains of over $943 million largely offset an MSR fair value decrease of over $1.1 billion. PDF PennyMac Financial Services, Inc. View detailed PFSI description & address. No cash balance or cash flow is included in the calculation. 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. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Similarly, lock volume totaled $4.5 billion, down 21%. Licensed Mortgage Banker-NYS Department of Financial Services. 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. If you have additional questions or would like to speak with a Pennymac representative, please call (800) 777-4001. 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. Good afternoon, and welcome to the Fourth Quarter and Full-Year 2020 Earnings discussion for PennyMac Financial Services, Inc. (03-2023). Certain assumptions have been made for modeling purposes and are unlikely to be realized. 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. 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. David Spector email address & phone number | Penny Mac Chief Investment David Spector latest transaction was an Uninformative Buy of . Pennymac's state licenses and important notices. We also repurchased approximately 1.6 million shares of PFSIs common stock, at an approximate cost of $89.3 million. And for the month of July, we repurchased an additional 2.5 million shares for an approximate cost of $151 million. PennyMac Mortgage Investment Trust (NYSE:PMT) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ETCompany Participants. PennyMac | Better Business Bureau Profile The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets. 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. 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. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. 10 Ratings. During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. These strong production volumes again led to servicing portfolio growth despite continued elevated prepayment activity. This outstanding income generated excess capital that we redeployed into increased levels of production, share repurchases, reduction of debt, and increased servicing activity. Book value per share grew 5% to $54.49 at June 30. Enter your email address below to get our daily insider buying and selling report. The stock was sold at an average price of $58.12, for a total value of $741,030.00. Get contact details including emails and phone numbers #PennymacCaresVisit PENNYMAC.COM for details about how were assisting our family of customers during the COVID-19 crisis. No P&I advances are outstanding as prepayment activity continued to sufficiently cover remittance obligations. The stock was sold at an average price of $60.80, for a total value of $912,000.00. It operates through the following segments: Production, Servicing, and Investment Management. Please. 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. Pennymac Westlake Village, CA office. Thank you, David. 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. 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. PennyMac. Thank you. Contact our customer service team with any inquiries by sending us a message through the Message Center by simply logging in to your account. See what top analysts say about your stocks. David A. Spector is also on the board of 7 other companies. 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. 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. Lastly, originations in our broker direct channel totaled $4 billion in UPB, down 22% from the prior quarter. 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. The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. And we ended the quarter with a servicing portfolio of $473 billion in unpaid principal balance, approximately 4% of all residential mortgage debt in the United States. David Spector - Chief Investment Officer at Pennymac Loan Services, Llc 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. David Spector Net Worth, Biography, and Insider Trading 33% of correspondent acquisitions were government loans and 67% were conventional loans. 47.206 (3) & (4). 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. Jones brings more than 25 years of financial services industry experience to PennyMac Financial Services. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. Thank you. 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. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. PennyMac TPO Contact Information Principal Mr. David Spector, President/CEO Customer Contact Mr. David Spector, President/CEO Additional Contact Information Phone Numbers (702). 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. 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%. T. Rowe Price Investment Management Inc. raised its position in shares of PennyMac Financial Services by 5.4% during the 4th quarter. Ultimately, we believe for these reasons, PennyMac will continue its market share growth as a channel leader. Hedging and related gains totaled $91 million. 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 shares were sold at an average price of $60.64, for a transaction totalling $1,586,888.16. Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. 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. 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. The predominant outcome has been through loan modifications to the borrowers to aid in their recovery. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. And I'm pleased to be joined by PennyMac Financial Services CEO,. 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. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. All of these workflow and technology investments will improve the experience for the consumer and for the broker, improve productivity, specifically in sales and operations, which will enable higher volumes at a reduced cost to originate. Following the transaction, the chief executive officer now directly owns 650,183 shares in the company, valued at approximately $39,427,097.12. 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. | 3 Mrz 2023. What is the average return per transaction made by David Spector? If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. Pennymac notches a profitable Q1 due to servicing segment Pennymac Cares | Thank You from President & CEO, David Spector The Production segment includes mortgage loan origination, acquisition, and sale activities. Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. Pennymac Westlake Village, CA Office | Glassdoor 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. PennyMac Financial reported strong earnings in the fourth quarter driven by core production and servicing results. The direct lending channels continued to have an outsized impact on PFSIs production earnings in the fourth quarter. All rights reserved. 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. The ex-dividend date was Monday, February 13th. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. PennyMac. Thank you, David. As a management team, we are committed to putting the health and safety of our team members at the heart of our decisions. What is David Spector's role in PennyMac Mortgage? View open jobs at this location. 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. 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. 112 S. Lakeview Canyon Rd, Ste. Chart Data in Insider Trading History Table. 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. Despite these currently elevated levels of competition, we continue to see opportunity in the channel over the long term and remain committed to providing our broker partners and the customers they serve a superior mortgage experience. You will be contacted by a representative that will help answer any inquiries you have. PennyMac Financial Services, Inc. (NYSE:PFSI) CEO Sells $912,000.00 in 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. Search over 700 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. The business also recently declared a quarterly dividend, which was paid on Friday, February 24th. And the committed pipeline at July 31 was $1.9 billion. While such a market would be smaller than 2020, it would represent a large origination market by historical standards. So, from our home to yours, thank you! The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. Are you interested in helping the next generation of homeowners fulfill their dream of home? Conventional correspondent acquisitions, for which PFSI earns a fulfillment fee from PMT, totaled $38 billion in UPB, up 39% from the prior quarter and 85% from the fourth quarter of 2019. PennyMac Financial Services Inc provides mortgage loans to customers in the United States. Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. How can I follow the stock ratings of top corporate insiders? 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 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. In January, our correspondent acquisitions remained strong, with $17.9 billion in UPB of acquisitions and lock volume of $17.8 billion. Company profile for PennyMac Financial Services Inc. including key executives, insider trading, ownership, revenue and average growth rates. Thanks, Andy. 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. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. Main Telephone (818) 224-7442 Primary Address 3043 Townsgate Road Suite 200 Westlake Village, CA 91361 USA Fiscal Close December Founded 2008 Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. Dans son rle . Pennymac Loan Services LLC | Better Business Bureau Profile 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. Now I'll turn it over to Doug, who will discuss our mortgage banking businesses. Our large, organically built servicing portfolio provides a counter-balance to our production activity. The company's services span its main function of loan production and loan servicing which includes the recovery of loans and other related charges. 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. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. This high level of efficiency was largely due to our cloud-based, proprietary servicing system, otherwise known as SSE. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. In order to protect the value of our MSR asset we utilize a comprehensive hedging strategy. PennyMac Financial delivered strong fourth quarter results, marking the end to a record year. 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. It is worth noting that purchase originations are expected to grow and are forecasted to be $1.7 trillion and $1.9 trillion in 2021 and 2022, respectively. Licensed by the N.J. Department of Banking and Insurance. I am Barclays' consumer finance analyst, Mark DeVries. However, he will become a special advisor to David Spector, chairman and chief . However, margins in this channel remain attractive. 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.