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We also repurchased approximately 1.6 million shares of PFSIs common stock, at an approximate cost of $89.3 million. 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 stock was sold at an average price of $58.12, for a total value of $741,030.00. Click here to check it out. 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. Ill now turn it over to Dan Perotti, Senior Managing Director and Chief Financial Officer to speak to the financial results for the quarter. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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. 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. 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. 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. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Major name to depart PennyMac | Mortgage Professional PennyMac Financial Services, Inc. (NYSE:PFSI) CEO Sells $912,000.00 in Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. David Spector - PennyMac Mortgage Insider Transactions - TipRanks.com To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. The TipRanks Smart Score performance is based on backtested results. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. 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. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. Find the best performing Analyst in each sector. Information on this page was last updated on 3/1/2023. 47.206 (3) & (4). If you have an ad-blocker enabled you may be blocked from proceeding. PFSI | PennyMac Financial Services Inc. Company Profile & Executives - WSJ A free inside look at company reviews and salaries posted anonymously by employees. Net assets under management totaled $2.3 billion as of June 30, down slightly from March 31 and up 5% from June 30, 2020. 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. 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. The PFSI's owned servicing portfolio, which consists primarily of Ginnie Mae MSRs, had a 60 day delinquency rate of 6.7%, down from 8.6% at the end of the prior quarter. David Spector - Chairman & Chief Executive Officer, PennyMac Loan Thank you. Learn More on David A. Spector's contact information. 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 results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. Learn More on David A. Spector's trading history. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. And I'm pleased to be joined by PennyMac Financial Services CEO,. While many of these employees aided in our record production growth and increased servicing activities due to COVID, these hires were consistent with PFSIs long-term strategy. 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. 10 Ratings. Learn More on David A. Spector's salary. Thank you, David. 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. Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. 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. Government correspondent locks were $15.7 billion, down 8% from the prior quarter and up 21% from the second quarter of 2020. While Stan had retired from day-to-day responsibilities at PennyMac, he remained a trusted advisor and dear friend. 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. JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. How do I contact David A. Spector? Our Investment Management segment delivered pretax income of $2.6 million, down from $3.3 million in the prior quarter and down from $5.2 million in the fourth quarter of 2019. 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. Doug Jones Joins PennyMac Financial Services Board - NMP 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. If you have additional questions or would like to speak with a Pennymac representative, please call (800) 777-4001. 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. 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 stock was sold at an average price of $58.12, for a total value of $741,030.00. Since the start of 2020, we have repurchased approximately 13% of the PFSI shares that were outstanding at the beginning of 2020. 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. Please take a moment to watch a special video from our President and CEO, David Spector. Within our consumer direct lending channel, initiatives include enhancing our lead generation capabilities and use of data analytics, in addition to increasing the use of digital marketing to drive non-portfolio originations. Net assets under management totaled $2.3 billion as of December 31, up 1% from September 30. However, margins in this channel remain attractive. 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. This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. Broker originations in July totaled $1.2 billion and locks totaled $1.7 billion. Company profile for PennyMac Financial Services Inc. including key executives, insider trading, ownership, revenue and average growth rates. President & CEO David Spector sold 30,000 shares of PFSI stock on 01/12/2021 at the average price of $57.43. David Spector Work Experience and Education Work Experience Chairman & Chief Executive Officer PennyMac Mortgage Investment Trust 2007-2022 Chief Credit Officer Santander Consumer USA 2013-2016 Co-Head of Global Residential Mortgages Morgan Stanley 2005-2008 Global Managing Director, Banking & Markets Bank of America 2004-2010 Education We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. Pennymac Reviews in Los Angeles, CA | Glassdoor 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. Stockholders of record on Tuesday, February 14th were given a dividend of $0.20 per share. David works at Pennymac Loan Services, Llc as Chief Investment Officer. His leadership helped lay the foundation for PennyMacs long term success which included building and developing a deep management team that carries on his legacy. The Production segment includes mortgage loan origination, acquisition, and sale activities. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 12/23/2020 at the average price of $67.19. 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. Net income in the fourth quarter was the second highest in the history of. It operates through the following segments: Production, Servicing, and Investment Management. These returns have led to a 29% compounded annual growth rate in our book value per share since our IPO. This chart shows David Spector's buying and selling at PennyMac Financial Services by year and by quarter. All of these activities allowed us to not only fund record volumes of loans, but also effectively deploy capital into technology and operational projects, as well as repurchase a significant amount of our common stock. No P&I advances have been made to date, as prepayment activity continued to sufficiently cover remittance obligations. As David mentioned earlier, we sold $3.4 billion in UPB of EBO loans to third-party whole loan investors, up significantly from last quarter. 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. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. David Spector. Pennymac Financial Services' profit sinks 31% in Q4 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. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. 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. 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. This grew our servicing portfolio to over $426 billion in UPB even with elevated prepayment speeds. PennyMac Financial Services can also be reached via phone at (818) 224-7442 and via email at pfsi_ir@pnmac.com. Thank you, Isaac. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. Net income in the fourth quarter was the second highest in the history of the company. the financials in more detail later on in this discussion. 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. Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. PennyMac Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only. The Production segment includes mortgage loan origination, acquisition, and sale activities. Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. Net income was $204 million or diluted earnings per share of $2.94, representing an annualized return on equity of 23%. While the Pennymac workforce stays. David Spector | ZoomInfo Is this happening to you frequently? Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. This high level of efficiency was largely due to our cloud-based, proprietary servicing system, otherwise known as SSE. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. 18.5 million shares or approximately 24% of PFSI's common shares outstanding. And the committed pipeline at July 31 was $1.9 billion. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. 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. Please disable your ad-blocker and refresh. Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. I will review each segments results and then we will touch on our forbearance and servicing advance trends. While our employee base grew by 60% during the year, our production volumes grew by 67% and our earnings increased by 328%. 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Rowe Price Investment Management Inc. now owns 4,992,531 shares of the real estate investment trusts stock worth $282,877,000 after purchasing an additional 256,717 shares during the last quarter. What is the percentage of profitable transactions made by David Spector? 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. Mr. Spector owns 650,183 shares of PennyMac Financial Services stock worth more than $40,948,525 as of March 4th. Pretax income, excluding valuation-related items for the servicing segment, was $174.4 million, down 33% from the prior quarter and up 101% from the second quarter of 2020. What is David Spector's role in PennyMac Mortgage? Business Incorporated: The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. Additionally, PFSI's Board of Directors approved an increase to its stock repurchase authorization from $1 billion to $2 billion. In January, our correspondent acquisitions remained strong, with $17.9 billion in UPB of acquisitions and lock volume of $17.8 billion. 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. If so, please call us at 866.545.9070. And I'm pleased to be joined by PennyMac Financial Services CEO,. 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. The direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. Hedging and related gains totaled $91 million. This net worth estimate does not reflect any other assets that Mr. Spector may own. Contact Us: We Are Here to Help You | Pennymac Certain assumptions have been made for modeling purposes and are unlikely to be realized. Pennymac Westlake Village, CA Office | Glassdoor We believe we will continue to increase their respective market positions as we execute on our growth initiatives in each channel. 2023-03-02 | NYSE:PFSI | Press Release | PennyMac Financial Services Inc. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. Enter your email to receive our newsletter. 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. Pennymac Financial Services, Inc. annonce que Doug Jones s'est joint .This article first appeared on GuruFocus. 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. 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. David Spector - Chief Investment Officer - Penny Mac | LinkedIn PFSI's Board of Directors also declared a second quarter cash dividend of $0.20 per share. 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. We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. Thank you. And with that, I would like to turn it back to David for some closing remarks. Headquarters. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. 119504607, 119505929, 119506567, 119506570, 119507419. Arizona Mortgage Banker License # 0911088. View detailed PFSI description & address. The firm engages in the production and servicing of U.S. residential mortgage loans. 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. Earnings per share grew 328% for the year with net income up 319%. We achieved record production across all channels, with increased market penetration in our higher margin direct lending channels. Thank you Isaac. The slides that accompany this discussion are available on PennyMac Financials website at ir.pennymacfinancial.com. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. PennyMac Financial Servicess payout ratio is 9.54%. 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. 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 a share. So, from our home to yours, thank you! The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, remained elevated but decreased slightly quarter-over-quarter. 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. Servicing advances outstanding were approximately $454 million at December 31, up from $346 million at September 30, primarily associated with seasonal tax payments. Margins in our consumer direct channel still remain elevated relative to historical levels. While such a market would be smaller than 2020, it would represent a large origination market by historical standards. Main Telephone (818) 224-7442 Primary Address 3043 Townsgate Road Suite 200 Westlake Village, CA 91361 USA Fiscal Close December Founded 2008 This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View The return on the trade was 60.70%.