Thank you. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. 10 Ratings. His family and PennyMac, which announced his passing, said he died from complications . On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. Advances are expected to continue increasing over the next 6 to 12 months. It operates through the following segments: Production, Servicing, and Investment Management. Click here to check it out. Pennymac has 10 current employee profiles, including President and Chief Executive Officer David Spector. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. the company. Thanks, Doug. Roles that David Spector holds in companies, The most profitable trade made by David Spector, List of latest transactions for each holding click on a transaction to see David Spector's performance on stock. 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. 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He currently serves as a senior advisor to TPG Capital, a global private investment firm, and . While the Pennymac workforce stays. Our large, organically built servicing portfolio provides a counter-balance to our production activity. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. Company profile for PennyMac Financial Services Inc. including key executives, insider trading, ownership, revenue and average growth rates. View open jobs at this location. Our consumer direct lending division produced record origination and lock volumes again despite a smaller origination market in the second quarter. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. Being one of the Find contact details for 700 million professionals. Backtested performance is not an indicator of future actual results. Pennymac Cares | Thank You from President & CEO, David Spector 108,081 views Apr 21, 2020 Right now, we realize the importance of home like never before. PennyMac TPO Contact Information Principal Mr. David Spector, President/CEO Customer Contact Mr. David Spector, President/CEO Additional Contact Information Phone Numbers (702). 3043 Townsgate Rd Ste 200, Westlake Village, CA 91361-3027. PennyMac remained the largest correspondent aggregator in the U.S. in the fourth quarter. Dan Perotti , PFSIs Senior Managing Director and Chief Financial Officer will discuss the financials in more detail later on in this discussion. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. Pennymac Westlake Village, CA office. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. If so, please call us at 866.545.9070. 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. (03-2023). Licensed by the N.J. Department of Banking and Insurance. David Spector is currently Chairman of the Board, President and Chief Executive Officer at PennyMac - View - PennyMac org chart 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. 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.). "I am delighted to announce Doug Jones' election to our. This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. 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. In the last year, insiders at the real estate investment trust sold shares 23 times. 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. BBB File Opened: 2/5/2015. 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%. The Servicing segment offers servicing of originated mortgage loans and execution and management of early buyout transactions. Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. 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. 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. January 25, 2021, 12:31 p.m. EST 1 Min Read. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. The percentage of profitable transactions made by David Spector is 44%. 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. Get contact details including emails and phone numbers Additionally, PFSI's Board of Directors approved an increase to its stock repurchase authorization from $1 billion to $2 billion. Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. Net assets under management totaled $2.3 billion as of June 30, down slightly from March 31 and up 5% from June 30, 2020. They sold a total of 398,609 shares worth more than $22,789,635.48. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. 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. David is based out of Agoura Hills, California, United States and works in the Financial Services industry. Dans son rle . 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. As a management team, we are committed to putting the health and safety of our team members at the heart of our decisions. 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. During the last ninety days, David A. Spector has sold $2,498,888.16 in shares of PennyMac Financial Services stock. Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. No cash balance or cash flow is included in the calculation. PennyMac Mortgage Investment Trust (NYSE:PMT) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ETCompany Participants. Presenter SpeechMark DeVries Hello. 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. The technology based digital marketing platform, coupled with dedicated loan officers and an efficient operating processes, gives PennyMac a strong foundation for continued growth. Susquehanna Fundamental Investments LLC raised its position in shares of PennyMac Financial Services by 24.8% during the 4th quarter. PennyMac Financial Services, Inc. (NYSE:NYSE:PFSI) Q4 2020 Earnings Conference Call February 4, 2021 4:30 PM ETCompany ParticipantsIsaac Garden - Vice President Investor RelationsDavid. David Spector latest transaction was an Uninformative Buy of . As David mentioned earlier PFSIs net income was $452.8 million or diluted earnings per share of $5.97. PennyMac Financial delivered another outstanding quarter of operational and financial performance, despite the increased volatility in the mortgage market. Net assets under management were down slightly quarter-over-quarter to $2.3 billion. This is not a commitment to lend. This grew our servicing portfolio to over $426 billion in UPB even with elevated prepayment speeds. Main Telephone (818) 224-7442 Primary Address 3043 Townsgate Road Suite 200 Westlake Village, CA 91361 USA Fiscal Close December Founded 2008 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 . 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 shares were sold at an average price of $60.64, for a total value of $1,586,888.16. What is David Spector's role in PennyMac Mortgage? GuruFocus has detected 8 Warning Signs with PFSI. 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. Our correspondent mix percentage was essentially unchanged from the previous quarter, as 35% of the acquisitions were government loans and 65% were conventional loans. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. Thank you, Isaac. As we outlined in our Investor Day, we see additional opportunities resulting from changes to the GSE's preferred stock purchase agreement. 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%. The stock was sold at an average price of $58.12, for a total value of $741,030.00. | 3 Mrz 2023. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. 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. Co-op loans not available. The Production segment includes mortgage loan origination, acquisition, and sale activities. Segment revenue was $9.7 million, down from $9.8 million in the prior quarter which included gains related to PMT shares owned by PFSI. We are also increasing the use of online closings and automation. As we look at 2021 we believe the market environment provides PFSI a good opportunity for continued elevated financial performance. 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. Our balanced business model is a key strategic advantage for PFSI, which has consistently delivered outstanding returns across different environments, producing a 33% return on equity for the first half of 2021. Thank you for sharing your valuable opinion. 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. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View Similarly, lock volume totaled $4.5 billion, down 21%. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. The committed pipeline at January 31 was $7.9 billion. No P&I advances have been made to date, as prepayment activity continued to sufficiently cover remittance obligations. Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. PennyMac. This net worth estimate does not reflect any other assets that Mr. Spector may own. Contact our customer service team with any inquiries by sending us a message through the Message Center by simply logging in to your account. The dividend yield of PennyMac Financial Services Inc stocks is 0.93%. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. Please disable your ad-blocker and refresh. The scale we have achieved in our correspondent business, combined with our low-cost structure and operational excellence in the channel, allow us to operate profitably through volatile market environments. 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. The company's services span its main function of loan production and loan servicing which includes the recovery of loans and other related charges. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. 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. 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. Also, our investments in technology, such as our cloud-based proprietary servicing system, have helped us to maximize economies of scale and grow efficiently, and help drive strong results for years to come. Pennymac's state licenses and important notices. The opportunity to grow these newer channels is exciting and provides PFSI a multi-channel, diversified and profitable production segment that will further grow the servicing portfolio with high quality assets. The most recent insider tranaction occured on March, 1st when insider Steven Richard Bailey sold 13,604 shares worth more than $825,762.80. PennyMac Financial Services, Inc. operates as a holding company. 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. David Spector. Meet our Smart Portfolio. The stock was sold at an average price of $60.64, for a total value of $1,586,888.16. The UPB of completed modifications was $5.5 billion, essentially unchanged from the prior quarter, and the UPB of EBO loan volume totaled $6.8 billion, up from $4.2 billion in the prior quarter. Our goal is to be a trusted financial partner that you can count on as long as you own your home. 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. Stanford Kurland. Some products may not be available in all states. PennyMac Financial Services Inc provides mortgage loans to customers in the United States. Thank you, David. David Spector's role in PennyMac Mortgage is Chairman & CEO, Director. We also remain very active repurchasing shares driven by our medium-term expectations for PFSI's return on equity. David A. Spector is also on the board of 7 other companies. 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. Years in Business: 14. Business Started: 3/25/2008. PennyMac Financial Services, Inc. has a 12-month low of $38.53 and a 12-month high of $73.79. For licensing information, go to: www.nmlsconsumeraccess.org. Good afternoon, and welcome to the Fourth Quarter and Full-Year 2020 Earnings discussion for PennyMac Financial Services, Inc. NMLS ID # 35953. 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 used our cloud-based technology systems to aid in scaling our businesses to the market and supported that growth with strategic hiring of employees. Since the start of 2020, we have repurchased approximately 13% of the PFSI shares that were outstanding at the beginning of 2020. Warning! Right now, we realize the importance of home like never before. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. State of Wyoming raised its position in shares of PennyMac Financial Services by 9.3% during the 4th quarter. PennyMac. While our sub-service portfolio, consisting primarily of conventional loans, reported a 60-plus delinquency rate of 1.6%, down from 2.1% at March 31 as borrowers continue to emerge from forbearance plans. PennyMac Financial Servicess payout ratio is 9.54%. PFSI's Board of Directors also declared a second quarter cash dividend of $0.20 per share. A free inside look at company reviews and salaries posted anonymously by employees. Information on this page was last updated on 3/1/2023. 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.

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