Thank you. David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. 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. Some products may not be available in all states. 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. This information is provided for illustrative purposes only. And I'm pleased to be joined by PennyMac Financial Services CEO,. Thank you, Isaac. 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. 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. 10 Ratings. The stock was sold at an average price of $60.80, for a total value of $912,000.00. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. Learn More on PennyMac Financial Services' active insiders. Operating revenue decreased $2 million from the prior quarter driven by declines in earnings on custodial balances. 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. What is the average return per transaction made by David Spector? These strong production volumes again led to servicing portfolio growth despite continued elevated prepayment activity. The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. The history of PennyMac Financial was borne out of the Great Financial Crisis, with a desire to help distressed borrowers. Mr. Spector owns 650,183 shares of PennyMac Financial Services stock worth more than $40,948,525 as of March 4th. 33% of correspondent acquisitions were government loans and 67% were conventional loans. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. Actual performance may differ significantly from backtested performance. NMLS ID # 35953. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. This balanced business helps generate strong results across a variety of market and rate environments. Pennymac's servicing portfolio grew to $518 billion in unpaid balance, up 2% from Dec. 31, 2021, and 16% from March 31, 2021, led by production volumes which more than offset prepayment activity,. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . Mr. David Spector, CEO Mr. Andrew Chang, CFO Mr. Derek Stark, Chief Legal Officer Additional Contact Information Phone Numbers (800) 777-4001 Other Phone Email Addresses Email this. Company profile for PennyMac Financial Services Inc. including key executives, insider trading, ownership, revenue and average growth rates. Enter your email address below to get our daily insider buying and selling report. Schonfeld Strategic Advisors LLC now owns 60,866 shares of the real estate investment trusts stock worth $3,449,000 after purchasing an additional 54,266 shares during the last quarter. Presenter SpeechMark DeVries Hello. Advances are expected to continue increasing over the next 6 to 12 months. Years in Business: 14. Business Started: 3/25/2008. As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . For any questions, please visit our website at, or call our Investor Relations department at 8182644907. These valuation declines were primarily driven by significant levels of prepayment activity and early buyouts. For more information, review Pennymac's state licenses and important notices. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. Revenue per fallout-adjusted government lock in the second quarter was 30 basis points, down from 37 basis points in the prior quarter. Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. PennyMac Financial Services' insider roster includes Anne Mccallion (Director), Farhad Nanji (Director), and David Spector (CEO). DO NOT SEND PAYMENTS TO THIS ADDRESS. 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. The estimated net worth of David A. Spector is at least $40.95 million as of March 1st, 2023. The shares were sold at an average price of $60.64, for a transaction totalling $1,586,888.16. With that, I will now turn the call over to Andy Chang, Senior Managing Director and Chief Operating Officer, who will review the mortgage origination landscape and the drivers of profitability for PFSI going forward. 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. You can see the results of our hedging strategy in the full year view on slide 19. Production segment pretax income was $572.6 million, down 7% from the prior quarter and up 182% from the fourth quarter of 2019, driven by continued growth in direct lending and strong performance across all channels. Our large, organically built servicing portfolio provides a counter-balance to our production activity. David Spector's role in PennyMac Mortgage is Chairman & CEO, Director. The average return per transaction made by David Spector is 3.50%. 3043 Townsgate Rd Ste 200, Westlake Village, CA 91361-3027. Get notified the next time David A. Spector buys or sells PennyMac Financial Services stock. 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. The firm engages in the production and servicing of U.S. residential mortgage loans. PennyMac Financial reported strong earnings in the fourth quarter driven by core production and servicing results. Stanford Kurland, who went from being pushed out of the No. In July, our correspondent acquisitions were $15 billion in UPB and locks were $12.8 billion. 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. 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 servicing segment recorded pretax income of $30.9 million, down from pretax income of $141.7 million in the prior quarter and up from a pretax loss of $62.4 million in the second quarter of 2020. 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. Schonfeld Strategic Advisors LLC raised its position in shares of PennyMac Financial Services by 822.2% during the 4th quarter. 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. 130 Westlake Village, CA, 91362 Get Directions. Interest rate lock volume was $5.7 billion in UPB, up 4% from the third quarter and 234% from the fourth quarter of 2019. This is not a commitment to lend. Speaker: David Spector - Chairman and Chief Executive Officer Thank you Isaac. Enter your email to receive our newsletter. Over the years, PennyMac Financial has proven its ability to generate profits and value across various market environments, resulting in attractive returns on equity, with an average ROE of 24% over our last 7 plus years as a public company. Economic forecasts are calling for the mortgage origination market to remain strong in 2021, and while these forecasts vary, they currently average $3.3 trillion. This chart shows David Spector's buying and selling at PennyMac Financial Services by year and by quarter. This hiring mostly occurred in three key areas, servicing, direct lending and fulfillment services. 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). Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. Thank you. David Spector is currently Chairman of the Board, President and Chief Executive Officer at PennyMac - View - PennyMac org chart 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. Massachusetts Mortgage Lender License # MC35953. In the last year, insiders at the real estate investment trust sold shares 23 times. 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. The Production segment includes mortgage loan origination, acquisition, and sale activities. All rights reserved. Right now, we realize the importance of home like never before. Russia's war on Ukraine latest: Putin casts war as battle for nation's survival, India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Elon Musk recruits team to develop OpenAI rival - The Information, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon, French media billionaire Niel fails with bid for TNT television frequence - Arcom, Private National Mortgage Acceptance Co. LLC. 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. PennyMac Financial Services, Inc. has a 12-month low of $38.53 and a 12-month high of $73.79. Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. 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. This quarter, we increased meaningful the number of partnerships we have with these third parties and also expanded the volumes of sales to our existing partners, driving the quarterly increase in the EBO loan volume I mentioned earlier. While Stan had retired from day-to-day responsibilities at PennyMac, he remained a trusted advisor and dear friend. Our balanced business with our large and growing servicing portfolio also becomes an increasingly important component of our earnings as interest rates increase, and we believe this provides a competitive advantage relative to others when the industry's origination volumes return to more normalized levels. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. Thank you, Dan. Warning! 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. View David Spector's email address (d*****@pennym***.com) and phone number. Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, remained elevated but decreased slightly quarter-over-quarter. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. 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. Learn More on PennyMac Financial Services' active insiders. 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 . This financial performance is driven by the balanced business model in mortgage banking that we have built over the last 13 years. David Spector Email Address Found 7 email address listings: +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. 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. David Spector - Chairman and Chief . 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. PFSI's Board of Directors also declared a second quarter cash dividend of $0.20 per share. Margins in our consumer direct channel still remain elevated relative to historical levels. Good morning and thank you for joining us. JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. David A. Spector is also on the board of 7 other companies. No credit card required. Finally, Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 33.5% during the 4th quarter. Based on data from, the company has a consensus rating of Hold and a consensus target price of $69.50. 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 works at Pennymac Loan Services, Llc as Chief Investment Officer. 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. As a management team, we are committed to putting the health and safety of our team members at the heart of our decisions. His family and PennyMac, which announced his passing, said he died from complications . 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. 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. 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. 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. As we outlined in our Investor Day, we see additional opportunities resulting from changes to the GSE's preferred stock purchase agreement. In total, these strong acquisition and origination volumes continue to drive the organic growth of our servicing portfolio despite elevated prepayment activity. David Spector. Thank you. This net worth estimate does not reflect any other assets that Mr. Spector may own. 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. At PennyMac, our commitment to our customers doesnt end at closing. While our employee base grew by 60% during the year, our production volumes grew by 67% and our earnings increased by 328%. Production revenue margins remain elevated, especially with PFSIs growth in consumer and broker direct volumes. The stock was sold at an average price of $58.12, for a total value of $741,030.00. 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%. Additionally, we believe FHFA's elimination of the adverse market refinance fee has resulted in a larger population of loans that would benefit from a refinance at today's lower rates, further supporting the origination market. Licensed by the N.J. Department of Banking and Insurance. The slides that accompany this discussion are available on PennyMac Financial's website at Learn More on David A. Spector's trading history. Business Incorporated: And with that, I would like to turn it back to David for some closing remarks. PennyMac Financial Services Inc has a market cap of $4.16 billion; its shares were traded at around $57.450000 with a P/E ratio of 3.36 and P/S ratio of 1.35. This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. Follow them so you never miss a recommendation. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. We have used our cloud-based technology systems to aid in scaling our businesses to the market and supported that growth with strategic hiring of employees. Thank you for sharing your valuable opinion. We also remain very active repurchasing shares driven by our medium-term expectations for PFSI's return on equity. Having difficulty making payments? Learn More about David A. Spector's net worth. Other restrictions apply. Thank you. David served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac. How can I follow the stock ratings of top corporate insiders? It operates through the following segments: Production, Servicing, and Investment Management. Since trades have not actually been executed, results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity, and may not reflect the impact that certain economic or market factors may have had on the decision-making process. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. These technology investments are critical drivers to the growth of our direct lending businesses. A free inside look at company reviews and salaries posted anonymously by employees. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. Dan Perotti , PFSIs Senior Managing Director and Chief Financial Officer will discuss the financials in more detail later on in this discussion. 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. Posted by Defense World Staff on Mar 3rd, 2023. 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. David is based out of Agoura Hills, California, United States and works in the Financial Services industry. I will review each segments results and then we will touch on our forbearance and servicing advance trends. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. We believe this represents approximately 13% of the total brokers and non-delegated sellers active in the market today, providing continued room for growth and expansion within the channel in the future. Approve of CEO. 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. 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. Before we begin, let me remind you that our discussion contains forwardlooking statements that are subject to risks identified on Slide 2 that could cause our actual results to differ materially, as well as certain non-GAAP measures that have been reconciled to their GAAP equivalent. 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. Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. 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. Thanks, Doug. Dans son rle . Learn More on David A. Spector's contact information. Thank you. David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. We believe we will continue to increase their respective market positions as we execute on our growth initiatives in each channel. 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. The price of the stock has decreased by 4.44% since. #PennymacCaresVisit PENNYMAC.COM for details about how were assisting our family of customers during the COVID-19 crisis. 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 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. 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.
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