The technology based digital marketing platform, coupled with dedicated loan officers and an efficient operating processes, gives PennyMac a strong foundation for continued growth. PennyMac Financial Services' insider roster includes Anne Mccallion (Director), Farhad Nanji (Director), and David Spector (CEO). PennyMac Financial Services, Inc. operates as a holding company. All rights reserved. David Spector. Following the completion of the sale, the chief executive officer now directly owns 650,183 shares of the company's stock, valued at $39,427,097.12. 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. January 25, 2021, 12:31 p.m. EST 1 Min Read. 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. (03-2023). We have made significant investments to scale our end-to-end mortgage fulfillment process while we expect the substantial investments in technology we have made to continually improve the customer experience over time. In order to protect the value of our MSR asset we utilize a comprehensive hedging strategy. The origination market continues to be strong on a historical basis as mortgage rates have recently returned to near record lows. Our large, organically built servicing portfolio provides a counter-balance to our production activity. As David mentioned earlier PFSIs net income was $452.8 million or diluted earnings per share of $5.97. 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. Co-op loans not available. Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. Click here to check it out. Is this happening to you frequently? 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. January 25, 2021. 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. Schonfeld Strategic Advisors LLC raised its position in shares of PennyMac Financial Services by 822.2% during the 4th quarter. Learn More about insider trades at PennyMac Financial Services. No credit card required. Please. This chart shows David Spector's buying and selling at PennyMac Financial Services by year and by quarter. 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. View David Spector's email address (d*****@pennym***.com) and phone number. 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. Thank you, Dan. Download the Pennymac Mobile app from the App Store. Pennymac's state licenses and important notices. These increases were primarily driven by continued loss mitigation activities related to COVID-19. Insiders at PennyMac Financial Services own 18.0% of the company. Similarly, lock volume totaled $4.5 billion, down 21%. 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. Get a breakdown of the different strategies based on detected insider trading activity. The average return per transaction made by David Spector is 3.50%. 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. 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%. 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. See what top analysts say about your stocks. Thank you. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Jeffrey W. Martin Sells 10,413 Shares of Sempra (NYSE:SRE) Stock, Robert Brian Mitchell Sells 38,000 Shares of Globe Life Inc. (NYSE:GL) Stock, Get a free copy of the StockNews.com research report on PennyMac Financial Services (PFSI), Hormel Hits 2-Year Low, And The Dip Gets Bought, Heres Why Ross Could Soon Be Hitting All Time Highs. Government loan acquisitions in the quarter totaled $16.2 billion, down 7% from the prior quarter and up 47% from the second quarter of 2020. We quickly developed a plan to deal with the COVID-19 pandemic and the various work from home orders across the nation. Thanks, Andy. Changes in these assumptions may have a material impact on the backtested returns presented. He currently serves as a senior advisor to TPG Capital, a global private investment firm, and . Thank you, David. 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 company. These businesses are foundational to PFSI and not easily replicated. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. Stockholders of record on Tuesday, February 14th were given a dividend of $0.20 per share. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. This balanced business helps generate strong results across a variety of market and rate environments. 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 Financial Services can also be reached via phone at (818) 224-7442 and via email at pfsi_ir@pnmac.com. The fair value of our MSR decreased modestly in the fourth quarter, driven by higher-than-expected prepayments, increased projections for short-term prepayments and elevated levels of early buyout activity. 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. 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. Massachusetts Mortgage Lender License # MC35953. Susquehanna Fundamental Investments LLC raised its position in shares of PennyMac Financial Services by 24.8% during the 4th quarter. This brings the total repurchases year-to-date to approximately $600 million. JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. View detailed PFSI description & address. Licensed Mortgage Banker-NYS Department of Financial Services. The estimated net worth of David A. Spector is at least $40.95 million as of March 1st, 2023. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. All loan programs subject to borrowers meeting appropriate underwriting conditions. This is not a commitment to lend. President & CEO of Pennymac Financial Services Inc ( 30-Year Financial, Insider Trades) David Spector ( insider trades) sold 30,000 shares of PFSI on 01/12/2021 at an average price of $57.43. We estimate that our market share in the channel has increased meaningfully since last year, and we now account for approximately 1.3% of total originations in the channel. And for the month of July, we repurchased an additional 2.5 million shares for an approximate cost of $151 million. Please disable your ad-blocker and refresh. Now I'll turn it over to Doug, who will discuss our mortgage banking businesses. GuruFocus has detected 5 severe warning signs with PennyMac Financial Services Inc. . The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. The Production segment includes mortgage loan origination, acquisition, and sale activities. North Carolina Permit No. "I am delighted to announce Doug Jones' election to our. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 01/07/2021 at the average price of $60.12. However, margins in this channel remain attractive. the financials in more detail later on in this discussion. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. Revenue per fallout-adjusted lock was 71 basis points, down from 140 basis points in the prior quarter. 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. Learn More about David A. Spector's net worth. 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. Enter your email address below to get our daily insider buying and selling report. The percentage of loans in forbearance decreased to 7.8% at December 31 from 10.1% at September 30 as new forbearance plans implemented since September 30 were more than offset by borrowers in forbearance plans at September 30 who have since exited. 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. (business & personal). This hiring mostly occurred in three key areas, servicing, direct lending and fulfillment services. Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. Search over 700 PFSI's Board of Directors also declared a second quarter cash dividend of $0.20 per share. Before we begin, let me remind you that our discussion contains forward-looking statements that are subject to risks identified on slide two that could cause our actual results to differ materially as well as non-GAAP measures that have been reconciled to their GAAP equivalent in our earnings presentation. Main Telephone (818) 224-7442 Primary Address 3043 Townsgate Road Suite 200 Westlake Village, CA 91361 USA Fiscal Close December Founded 2008 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. Payoff-related expense, which includes interest shortfall and recording and release fees related to prepayments, remains elevated and increased by $8.3 million quarteroverquarter. 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. 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. And, we continue to enhance our MAC portal, thus improving the ability for borrowers to self-service throughout the entire origination process. This hedging strategy is designed to moderate the impact of interest rate changes on the fair value of our MSR asset and also considers productionrelated income. 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. | 3 Mrz 2023. PennyMac Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. 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. 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. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. 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. Sign up for a free account. Get notified the next time David A. Spector buys or sells PennyMac Financial Services stock. We have long-standing partnerships with several EBO loan investors, with a program in place to buy delinquent Ginnie Mae loans out of securitizations and sell them to these third-party investors. And I'm pleased to be joined by PennyMac Financial Services CEO,. Please note all regulatory considerations regarding the presentation of fees must be taken into account. Mr. Kurland was 68. Our correspondent mix percentage was essentially unchanged from the previous quarter, as 35% of the acquisitions were government loans and 65% were conventional loans. 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. In total, these strong acquisition and origination volumes continue to drive the organic growth of our servicing portfolio despite elevated prepayment activity. This hedging strategy is designed to moderate the impact of interest rate changes on the fair value of our MSR asset and also considers production-related income. Ill now turn it over to Dan Perotti, Senior Managing Director and Chief Financial Officer to speak to the financial results for the quarter. David Spector's role in PennyMac Mortgage is Chairman & CEO, Director. 3043 Townsgate Rd Ste 200, Westlake Village, CA 91361-3027. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. The return on the trade was 60.70%. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. David A. Spector is a businessperson who has been the head of 9 different companies. PennyMac TPO Contact Information Principal Mr. David Spector, President/CEO Customer Contact Mr. David Spector, President/CEO Additional Contact Information Phone Numbers (702). It operates through the following segments: Production, Servicing, and Investment Management. For any questions, please visit our website at ir.pennymacfinancial.com or call our Investor Relations department at 818-264-4907. Production revenue margins remain elevated, especially with PFSIs growth in consumer and broker direct volumes. 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. These technology investments are critical drivers to the growth of our direct lending businesses. Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. Margins in our consumer direct channel still remain elevated relative to historical levels. 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. 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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 . Broker originations in July totaled $1.2 billion and locks totaled $1.7 billion. Learn More on David A. Spector's contact information. What is David Spector's role in PennyMac Mortgage? Copyright 2023 Surperformance. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. 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. Other restrictions apply. Tower Research Capital LLC TRC Increases Stake in Centrus Energy Corp. Tower Research Capital LLC TRC Boosts Stock Position in Centrus Energy Corp. 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This financial performance is driven by the balanced business model in mortgage banking that we have built over the last 13 years. free lookups / month. 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 Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. While margins across channels have come in lower from the third quarter, we saw the shift in Government correspondent margins come in the most towards more normalized levels. PFSI's Investment Management segment delivered increased profitability as a result of incentive fees earned based on PMT's profitability over the last 4 quarters. During the last ninety days, David A. Spector has sold $2,498,888.16 in shares of PennyMac Financial Services stock. The Servicing segment offers servicing of originated mortgage loans and execution and management of early buyout transactions. They sold a total of 398,609 shares worth more than $22,789,635.48. The firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. 33% of correspondent acquisitions were government loans and 67% were conventional loans. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. This concludes PennyMac Financial Services, Inc.'s second quarter earnings discussion. This information is provided for illustrative purposes only. The stock was sold at an average price of $58.12, for a total value of $741,030.00. Following the transaction, the chief executive officer now directly owns 650,183 shares in the company, valued at approximately $39,427,097.12. Segment revenue was $13.5 million, up 41% from the first quarter and 28% from June 30, 2020. Government loan acquisitions in the quarter totaled $18.9 billion in UPB, up 11% from the prior quarter and up 14% from the fourth quarter of 2019. 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. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. What was David Spectors latest transaction? President & CEO David Spector sold 30,000 shares of PFSI stock on 01/12/2021 at the average price of $57.43. If you have an ad-blocker enabled you may be blocked from proceeding. Years in Business: 14. Business Started: 3/25/2008. And the committed pipeline at July 31 was $1.9 billion. Learn More on David A. Spector's trading history. 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. Production segment pretax income was $244.4 million, down 33% from the prior quarter and 55% from the second quarter of 2020. PennyMac Financial Services, Inc operates as a holding company. 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. This website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. 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. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. No representations and warranties are made as to the reasonableness of the assumptions. 67.03% of the stock is currently owned by institutional investors and hedge funds. 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. 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. These valuation declines were primarily driven by significant levels of prepayment activity and early buyouts. 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. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. 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. The ex-dividend date was Monday, February 13th. PFSIs owned servicing portfolio, which consists primarily of Ginnie Mae MSRs, had a 60 day plus delinquency rate of 10.2%, down from 11.4% at the end of the prior quarter, while our subserviced portfolio, primarily consisting of conventional loans, reported a 60 plus day delinquency rate of 2.7%, down from 3.7% at September 30 as borrowers continue to emerge from forbearance plans. 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. 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%. Thank you. 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. The percentage of profitable transactions made by David Spector is 44%. State of Wyoming raised its position in shares of PennyMac Financial Services by 9.3% during the 4th quarter. Enter your email to receive our newsletter. BBB File Opened: 2/5/2015. Production revenue margins declined from the prior quarter and revenue per fallout-adjusted lock for PFSI's own account was 154 basis points in the second quarter, down from 176 basis points in the first quarter of 2021. Interest rate lock volume was $5.7 billion in UPB, up 4% from the third quarter and 234% from the fourth quarter of 2019. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View The barriers to entry for these businesses that require scale for success provide PFSI a strategic advantage over our competitors. So while refinance origination volumes are expected to decline significantly over the next several years as a result of higher interest rates, we believe the outlook for PennyMac Financial remained strong, given our large profitable and growing servicing business, our position as one of the largest producers of purchase money loans in the U.S. and the continued expansion of our direct lending businesses. 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. 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.
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