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The price of the stock has decreased by 14.5% since. Revenue per fallout-adjusted lock was 71 basis points, down from 140 basis points in the prior quarter. This quarter, we increased meaningful the number of partnerships we have with these third parties and also expanded the volumes of sales to our existing partners, driving the quarterly increase in the EBO loan volume I mentioned earlier. Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. Net assets under management totaled $2.3 billion as of June 30, down slightly from March 31 and up 5% from June 30, 2020. 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. 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. While such a market would be smaller than 2020, it would represent a large origination market by historical standards. Biography of David Spector - The Official Board The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. Pennymac - Contacts, Employees, Board Members, Advisors & Alumni A free inside look at company reviews and salaries posted anonymously by employees. Our direct lending channels, which include both our consumer direct lending and broker direct lending, have experienced faster growth and are becoming much more significant contributors to PFSIs earnings profile. 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. David Spector Sells 26,169 Shares of PennyMac Financial Services, Inc 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. David Spector Email Address Found 7 email address listings: @pennymacfinancial.com @countrywide.com @pennymacusa.com @pnmac.com @yahoo.com +2 more David Spector Phone Number Found 6 phone numbers: 818-292-XXXX 818-324-XXXX 818-224-XXXX 818-332-XXXX 212-761-XXXX +1 more View David's Email & Phone (It's Free) 5 free lookups per month. And since the beginning of 2020, we have now repurchased over 18.5 million shares or approximately 24% of PFSI's common shares outstanding. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. PennyMac Mortgage Investment Trust (PMT) CEO David Spector on Q1 2021 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 most recent insider tranaction occured on March, 1st when insider Steven Richard Bailey sold 13,604 shares worth more than $825,762.80. 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. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. Up to 5 It operates through the following segments: Production, Servicing, and Investment Management. Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. No P&I advances are outstanding as prepayment activity continued to sufficiently cover remittance obligations. President & CEO David Spector sold 30,000 shares of PFSI stock on 01/12/2021 at the average price of $57.43. Chart Data in Insider Trading History Table. Being one of the Find contact details for 700 million professionals. 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. What is the percentage of profitable transactions made by David Spector? How do I contact David A. Spector? In his role as President of PennyMac Financial, Mr. Jones is responsible for all business activities relating to the company's loan production and servicing operations. 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. 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. The history of PennyMac Financial was borne out of the Great Financial Crisis, with a desire to help distressed borrowers. 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. Please take a moment to watch a special video from our President and CEO, David Spector. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. 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. David Spectors most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. million verified professionals across 35 million companies. While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. PennyMac remained the largest correspondent aggregator in the U.S. in the fourth quarter. PennyMac Financial Services, Inc. has a 12-month low of $38.53 and a 12-month high of $73.79. Pennymac Cares | Thank You from President & CEO, David Spector Mr. Kurland was 68. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. 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. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.46. 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. Hedge funds and other institutional investors have recently modified their holdings of the stock. #PennymacCaresVisit PENNYMAC.COM for details about how were assisting our family of customers during the COVID-19 crisis. GuruFocus has detected 5 severe warning signs with PennyMac Financial Services Inc. . | 3 Mrz 2023. What was David Spector's most profitable transaction? 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. David Spector - Chief Investment Officer at Pennymac Loan Services, Llc While the Pennymac workforce stays home to help flatten the curve, we know first responders, medical staff, delivery drivers, our essential workers and more, are out there heroically providing for those in need. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. What was David Spectors latest transaction? Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. He previously served as Chief Correspondent Lending Officer and has been a member of the company's executive management team since 2011. Recent economic forecasts for 2021 originations range from $3.6 trillion to $4.2 trillion, while average forecast for 2022 originations remained strong at $2.7 trillion. Insiders at PennyMac Financial Services own 18.0% of the company. Susquehanna Fundamental Investments LLC raised its position in shares of PennyMac Financial Services by 24.8% during the 4th quarter. David A Spector, Pennymac Mortgage Investment: Profile and Biography 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. 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. Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. Some products may not be available in all states. Jones brings more than 25 years of financial services industry experience to PennyMac Financial Services. Speaker: David Spector - Chairman and Chief Executive Officer Thank you Isaac. Stockholders of record on Tuesday, February 14th were given a dividend of $0.20 per share. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 12/23/2020 at the average price of $67.19. Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. I am incredibly thankful and proud of the over 6,000 PennyMac employees who managed through the challenges of the pandemic to deliver these extraordinary results. Mr. Spector owns 650,183 shares of PennyMac Financial Services stock worth more than $40,948,525 as of March 4th. Backtested results are adjusted to reflect the reinvestment of dividends and other income and, except where otherwise indicated, are presented gross-of fees and do not include the effect of backtested transaction costs, management fees, performance fees or expenses, if applicable. 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. Thank you. Backtested performance is developed with the benefit of hindsight and has inherent limitations. These businesses are foundational to PFSI and not easily replicated. Now I'd like to begin by introducing David Spector, PennyMac Financial's Chairman and Chief Executive Officer, who will review the company's second quarter 2021 results. Learn More on PennyMac Financial Services' active insiders. These record volumes resulted in the growth of our servicing portfolio to $427 billion in UPB, despite extraordinary levels of prepayment activity. 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. Learn More on David A. Spector's trading history. David Spector joined PennyMac in 2008. 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. Please disable your ad-blocker and refresh. 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. Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. 130 Westlake Village, CA, 91362 Get Directions. David A. Spector is a businessperson who has been the head of 9 different companies. All rights reserved. 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 the fourth quarter, the pretax income was $234.1 million, a 31% decrease from . I'll now turn it over to Dan, who will speak to the financial results for the quarter. PENNYMAC FINANCIAL SERVICES, INC. : Entry into a Material Definitive 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). 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. The Production segment includes mortgage loan origination, acquisition, and sale activities. 112 S. Lakeview Canyon Rd, Ste. Now I'd like to begin by introducing David Spector, PennyMac Financial's Chairman and Chief Executive Officer who will review the Company's fourth quarter and full-year 2022 results. (business & personal). Hedging and other gains of over $943 million largely offset an MSR fair value decrease of over $1.1 billion. As David mentioned earlier PFSIs net income was $452.8 million or diluted earnings per share of $5.97. And with that, I would like to turn it back to David for some closing remarks. 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. PennyMac Founder Stanford Kurland Passes Away - MBA Newslink 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. 10 Ratings. 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. State of Wyoming raised its position in shares of PennyMac Financial Services by 9.3% during the 4th quarter. David Spector - Chairman and Chief . Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $69.50. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. Having difficulty making payments? 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%. 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. 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