Stanford Kurland. 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. Get notified the next time David A. Spector buys or sells PennyMac Financial Services stock. 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). As you can see on slide 10 of the presentation, consumer and broker direct represented 23% of fallout-adjusted lock volume in the second quarter but accounted for approximately 70% of segment pretax income. 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. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Changes in these assumptions may have a material impact on the backtested returns presented. 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. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 01/07/2021 at the average price of $60.12. 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. What is David Spector's role in PennyMac Mortgage? You will be contacted by a representative that will help answer any inquiries you have. Up to 5 Sign up for a free account. (03-2023). 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. Our consumer direct lending division produced record origination and lock volumes again despite a smaller origination market in the second quarter. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. David Spector President and Chief Executive Officer Lior Ofir Senior Managing Director & Chief Information Officer Stanford L. Kurland Executive Chairman Amir Pirnia SVP Engineering 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. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. PennyMac Financial Servicess payout ratio is 9.54%. PennyMac Financial delivered another outstanding quarter of operational and financial performance, despite the increased volatility in the mortgage market. Pennymac Westlake Village, CA office. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. Hedging and other gains of over $943 million largely offset an MSR fair value decrease of over $1.1 billion. Payoff-related expense, which includes interest shortfall and recording and release fees related to prepayments, remains elevated and increased by $8.3 million quarteroverquarter. 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. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. PennyMac Financial Services, Inc. (NYSE:PFSI) Q2 2021 Earnings Conference Call August 5, 2021 5:05 PM ET, Isaac Garden - Vice President, Investor Relations, David Spector - Chairman & Chief Executive Officer, Andy Chang - Senior Managing Director & Chief Operating Officer, Doug Jones - President & Chief Mortgage Banking Officer, Dan Perotti - Senior Managing Director & Chief Financial Officer. 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. Please disable your ad-blocker and refresh. All rights reserved. Advances are expected to continue increasing over the next 6 to 12 months. | 3 Mrz 2023. Certain assumptions have been made for modeling purposes and are unlikely to be realized. 33% of correspondent acquisitions were government loans and 67% were conventional loans. Pricing margins in the channel decreased sharply, reflecting intense levels of competition between channel leaders. As our production mix continues to shift towards direct lending, production expenses as a percentage of fallout adjusted locks are expected to trend higher. No P&I advances are outstanding as prepayment activity continued to sufficiently cover remittance obligations. David served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac. The direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. 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. 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. And with that, I would like to turn it back to David for some closing remarks. 112 S. Lakeview Canyon Rd, Ste. While 2020 was a record, we have a long track record of strong performance. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. Net income was $204 million or diluted earnings per share of $2.94, representing an annualized return on equity of 23%. Now I'll turn it over to Doug, who will discuss our mortgage banking businesses. 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. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. Schonfeld Strategic Advisors LLC raised its position in shares of PennyMac Financial Services by 822.2% during the 4th quarter. 292 Pennymac reviews in Los Angeles, CA. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . PennyMac is a mortgage lender and servicer headquartered in Westlake Village, California. 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. 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. View open jobs at this location. 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. For licensing information, go to: www.nmlsconsumeraccess.org. 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. JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. Actual performance may differ significantly from backtested performance. In total, loan acquisition and origination volumes were $61 billion in the second quarter. The firm engages in the production and servicing of U.S. residential mortgage loans. Following the transaction, the chief executive officer now directly owns 650,183 shares in the company, valued at approximately $39,427,097.12. The committed pipeline at January 31 was $7.9 billion. 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. 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. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 12/23/2020 at the average price of $67.19. The expertise of our deep management team, combined with the technology investments we have made, support PennyMac's growth strategy in a changing mortgage market. Thanks, Andy. million verified professionals across 35 million companies. Ultimately, we believe for these reasons, PennyMac will continue its market share growth as a channel leader. 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. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. Thank you for sharing your valuable opinion. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. 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.). Interest rate lock commitments in the fourth quarter totaled $12.8 billion in UPB, up 18% from the prior quarter, and 135% from the fourth quarter of 2019. The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. The stock was sold at an average price of $60.80, for a total value of $912,000.00. For any questions, please visit our website at ir.pennymacfinancial.com, or call our Investor Relations department at 8182644907. As David mentioned earlier PFSIs net income was $452.8 million or diluted earnings per share of $5.97. The total sale was $1.7 million. Declining interest rates generally produce strong earnings in our production segment, while rising rates will generally produce strong earnings in our servicing segment as prepayments decline and the value of the MSR increases. And I'm pleased to be joined by PennyMac Financial Services CEO,. The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. 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. The slides that accompany this discussion are available on PennyMac Financials website at ir.pennymacfinancial.com. As you can see on slide seven of our presentation, PennyMac maintained its leadership position in the correspondent channel, and we estimate that we currently represent approximately 18% of the channel overall. Posted by Defense World Staff on Mar 3rd, 2023. 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. Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. The stock was sold at an average price of $58.12, for a total value of $741,030.00. Revenue per fallout adjusted lock for PFSIs own account was 217 basis points in the fourth quarter, down slightly from 236 basis points in the third quarter. Is this happening to you frequently? What is the average return per transaction made by David Spector? It operates through the following segments: Production, Servicing, and Investment Management. Net assets under management were down slightly quarter-over-quarter to $2.3 billion. This high level of efficiency was largely due to our cloud-based, proprietary servicing system, otherwise known as SSE. David A. Spector is also on the board of 7 other companies. 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. 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. The Production segment includes mortgage loan origination, acquisition, and sale activities. Being one of the Find contact details for 700 million professionals. 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. 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%. If you have an ad-blocker enabled you may be blocked from proceeding. Main Telephone (818) 224-7442 Primary Address 3043 Townsgate Road Suite 200 Westlake Village, CA 91361 USA Fiscal Close December Founded 2008 PennyMac Financial Services, Inc. operates as a holding company. Backtested results are calculated by the retroactive application of a model constructed on the basis of historical data and based on assumptions integral to the model which may or may not be testable and are subject to losses. 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. 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. 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. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.46. 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. Our phased approach to returning to our offices extends beyond simply ensuring that PennyMacers return to a safe working environment, but also takes mindful consideration for the challenges faced by our employees related to issues such as dependent care and schooling. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. The committed pipeline at July 31 was $7.2 billion. They sold a total of 398,609 shares worth more than $22,789,635.48. 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. 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. No credit card required. 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. 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. Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. 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. 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. Equal Housing Opportunity 2023 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. Click here to check it out. 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. 47.206 (3) & (4). Right now, we realize the importance of home like never before. 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. A number of research firms recently issued reports on PFSI. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. 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. Other restrictions apply. All loan programs subject to borrowers meeting appropriate underwriting conditions. And the committed pipeline at July 31 was $1.9 billion. Warning! StockNews.com raised PennyMac Financial Services from a sell rating to a hold rating in a report on Saturday, February 11th. 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. T. Rowe Price Investment Management Inc. raised its position in shares of PennyMac Financial Services by 5.4% during the 4th quarter. 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. Pennymac's state licenses and important notices. These strong production volumes again led to servicing portfolio growth despite continued elevated prepayment activity. 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. How can I follow the stock ratings of top corporate insiders? Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. A free inside look at company reviews and salaries posted anonymously by employees. Licensed by the N.J. Department of Banking and Insurance. Find the best performing Analyst in each sector. 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. 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. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. How do I contact David A. Spector? 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. Im proud of the actions we have taken and the dedicated management team across the company that has helped put these plans into action. 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. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. Thank you. Similar Profiles. While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. In January, our correspondent acquisitions remained strong, with $17.9 billion in UPB of acquisitions and lock volume of $17.8 billion. Learn More about insider trades at PennyMac Financial Services. 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. 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. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. #PennymacCaresVisit PENNYMAC.COM for details about how were assisting our family of customers during the COVID-19 crisis. Headquarters. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. Company profile for PennyMac Financial Services Inc. including key executives, insider trading, ownership, revenue and average growth rates. Finally, Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 33.5% during the 4th quarter. 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. We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. This concludes PennyMac Financial Services, Inc.'s second quarter earnings discussion. Having difficulty making payments? The ex-dividend date was Monday, February 13th. | 3 Mrz 2023. As you will see on slide 10, we provide a breakdown of the revenue contribution from each of PFSI's loan production channels, net of loan origination expenses, including the fulfillment fees received from PMT for conventional correspondent loans. The percentage of profitable transactions made by David Spector is 44%. .This article first appeared on GuruFocus. We are also increasing the use of online closings and automation. Meet our Smart Portfolio. 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. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. David Spector - Chairman and Chief . This grew our servicing portfolio to over $426 billion in UPB even with elevated prepayment speeds. Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. Years in Business: 14. Business Started: 3/25/2008. Backtested performance is not an indicator of future actual results. We have also seen a large group of borrowers that reperform and exit forbearance on their own. No representations and warranties are made as to the reasonableness of the assumptions. 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. David Spector's role in PennyMac Mortgage is Chairman & CEO, Director. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. What is the percentage of profitable transactions made by David Spector? This was all done while the vast majority of our employees were working from home for most of the year. Massachusetts Mortgage Lender License # MC35953. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. If you have an ad-blocker enabled you may be blocked from proceeding. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View Net income in the fourth quarter was the second highest in the history of the company. 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. 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. 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. Are you interested in helping the next generation of homeowners fulfill their dream of home? Information on this page was last updated on 3/1/2023. This financial performance is driven by the balanced business model in mortgage banking that we have built over the last 13 years. These increases were primarily driven by continued loss mitigation activities related to COVID-19. Interest rate lock volume was $5.7 billion in UPB, up 4% from the third quarter and 234% from the fourth quarter of 2019. 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. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. Thank you, Dan. The prepayment speeds of PennyMac Financial's sub-service portfolio, which includes mostly Fannie Mae and Freddie Mac mortgage servicing rights owned by PMT, decreased to 24.7% from 35.1%. The return on the trade was 60.70%. During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. The dividend yield of PennyMac Financial Services Inc stocks is 0.93%. PennyMac Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only. Net assets under management totaled $2.3 billion as of December 31, up 1% from September 30. So, from our home to yours, thank you! 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. As a management team, we are committed to putting the health and safety of our team members at the heart of our decisions. North Carolina Permit No. These transactions provide PennyMac the additional capacity and liquidity to efficiently execute loss mitigation strategies as sales of these loans to third parties also eliminate the potential for associated margin calls.