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Similar Profiles. Dan Perotti , PFSIs Senior Managing Director and Chief Financial Officer will discuss the financials in more detail later on in this discussion. Search over 700 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. Net income in the fourth quarter was the second highest in the history of. 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. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. The Servicing segment offers servicing of originated mortgage loans and execution and management of early buyout transactions. While our employee base grew by 60% during the year, our production volumes grew by 67% and our earnings increased by 328%. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. Mr. Kurland was 68. Operating revenue decreased $2 million from the prior quarter driven by declines in earnings on custodial balances. 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%. 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. 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 . Co-op loans not available. Servicing advances outstanding were approximately $454 million at December 31, up from $346 million at September 30, primarily associated with seasonal tax payments. Licensed by the N.J. Department of Banking and Insurance. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. Ready to apply or complete your application? 47.206 (3) & (4). Get notified the next time David A. Spector buys or sells PennyMac Financial Services stock. Head over to our Expert Center to see a list of the, Invest Like a Pro with Unique Data & Simplifed Tools, See the Hottest Stocks Based on Insider Trading >. This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. 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. We estimate we are now represent approximately 2.5% market share in the channel with over 2,000 brokers approved to offer our products, an increase of 11% from March 31, 2021. 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. 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. While our sub-service portfolio, consisting primarily of conventional loans, reported a 60-plus delinquency rate of 1.6%, down from 2.1% at March 31 as borrowers continue to emerge from forbearance plans. Net income was $204 million or diluted earnings per share of $2.94, representing an annualized return on equity of 23%. Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. Schonfeld Strategic Advisors LLC raised its position in shares of PennyMac Financial Services by 822.2% during the 4th quarter. We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. David works at Pennymac Loan Services, Llc as Chief Investment Officer. We have also seen a large group of borrowers that reperform and exit forbearance on their own. Chart Data in Insider Trading History Table. Licensed Mortgage Banker-NYS Department of Financial Services. | 3 Mrz 2023. Revenue per fallout-adjusted lock was 343 basis points in the quarter, a decrease from the first quarter. What was David Spectors latest transaction? Up to 5 T. 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. Thank you, David. I will review each segments results and then we will touch on our forbearance and servicing advance trends. These returns have led to a 29% compounded annual growth rate in our book value per share since our IPO. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $69.50. Net assets under management were down slightly quarter-over-quarter to $2.3 billion. No P&I advances have been made to date, as prepayment activity continued to sufficiently cover remittance obligations. 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. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . 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. The Production segment includes mortgage loan origination, acquisition, and sale activities. 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. As our production mix continues to shift towards direct lending, production expenses as a percentage of fallout adjusted locks are expected to trend higher. PennyMac TPO Contact Information Principal Mr. David Spector, President/CEO Customer Contact Mr. David Spector, President/CEO Additional Contact Information Phone Numbers (702). In the fourth quarter, the pretax income was $234.1 million, a 31% decrease from . 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. As you can see on page 11 of our slide presentation, correspondent acquisition volumes totaled $56.9 billion in UPB in the fourth quarter, up 28% from the prior quarter and 53% from the fourth quarter of 2019. Pennymac has 10 current employee profiles, including President and Chief Executive Officer David Spector. Importantly, we continued to repurchase stock, with 2.6 million shares of PFSI's common stock bought back during the quarter for an approximate cost of $155 million. 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. 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. They sold a total of 398,609 shares worth more than $22,789,635.48. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. Thank you Isaac. Despite these currently elevated levels of competition, we continue to see opportunity in the channel over the long term and remain committed to providing our broker partners and the customers they serve a superior mortgage experience. PennyMac Financial Servicess payout ratio is 9.54%. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. In January, our consumer direct originations totaled $3.1 billion in UPB and locks totaled $4.4 billion. Backtested performance is not an indicator of future actual results. Thank you, Dan. David A Spector, Pennymac Mortgage Investment: Profile and Biography - Bloomberg Markets Markets Trafigura's Nickel Nemesis Was Already Notorious in Metal Circles The Week Your Saturday UK. 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. Earnings per share grew 328% for the year with net income up 319%. 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. PennyMac Financial Services, Inc. (NYSE: PFSI) announced today that Doug Jones, President and Chief Mortgage Banking Officer, joined its Board of Directors effective March 1, 2023. All rights reserved. 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 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. Posted by Defense World Staff on Mar 3rd, 2023. This brings the total repurchases year-to-date to approximately $600 million. 18.5 million shares or approximately 24% of PFSI's common shares outstanding. As we outlined in our Investor Day, we see additional opportunities resulting from changes to the GSE's preferred stock purchase agreement. The barriers to entry for these businesses that require scale for success provide PFSI a strategic advantage over our competitors. As we look at 2021 we believe the market environment provides PFSI a good opportunity for continued elevated financial performance. 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. Learn More about insider trades at PennyMac Financial Services. 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 price of the stock has decreased by 4.44% since. And with that, I would like to turn it back to David for some closing remarks. 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. This concludes PennyMac Financial Services, Inc.'s second quarter earnings discussion. 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. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. 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. With that, I will turn the call over to Andy Chang, Senior Managing Director and Chief Operating Officer, who will go through some of the initiatives we are focused on to position us for future success in the years to come. And we believe the role of a well capitalized correspondent aggregator like PennyMac will be increasingly important over time. David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.46. Net assets under management totaled $2.3 billion as of December 31, up 1% from September 30. 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. 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. This is not a commitment to lend. Stockholders of record on Tuesday, February 14th were given a dividend of $0.20 per share. The firm engages in the production and servicing of U.S. residential mortgage loans. The TipRanks Smart Score performance is based on backtested results. The scale we have achieved in our correspondent business, combined with our low-cost structure and operational excellence in the channel, allow us to operate profitably through volatile market environments. The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. Approve of CEO. These increases were primarily driven by continued loss mitigation activities related to COVID-19. Right now, we realize the importance of home like never before. Dans son rle . Thank you. View detailed PFSI description & address. A number of research firms recently issued reports on PFSI. It operates through the following segments: Production, Servicing, and Investment Management. The ex-dividend date was Monday, February 13th. 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. NMLS ID # 35953. The stock was sold at an average price of $58.12, for a total value of $741,030.00. A free inside look at company reviews and salaries posted anonymously by employees. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. PennyMac Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only. These businesses provide PFSI a stable foundation through their low cost structures while our scaled fulfillment operation enables more aggressive growth in our higher margin direct lending channels. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. Now Ill turn it over to Doug Jones, PFSIs Senior Managing Director and Chief Mortgage Banking Officer to provide you some more details on our mortgage banking businesses. This hiring mostly occurred in three key areas, servicing, direct lending and fulfillment services. 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. 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. David is based out of Agoura Hills, California, United States and works in the Financial Services industry. 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 expertise of our deep management team, combined with the technology investments we have made, support PennyMac's growth strategy in a changing mortgage market. Presenter SpeechMark DeVries Hello. Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. Equal Housing Opportunity 2023 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. This chart shows David Spector's buying and selling at PennyMac Financial Services by year and by quarter. 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. Net income in the fourth quarter was the second highest in the history of the company. Insiders at PennyMac Financial Services own 18.0% of the company. For any questions, please visit our website at ir.pennymacfinancial.com or call our Investor Relations department at 818-264-4907. What is the percentage of profitable transactions made by David Spector? We also remain very active repurchasing shares driven by our medium-term expectations for PFSI's return on equity. 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. 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. Net assets under management totaled $2.3 billion as of June 30, down slightly from March 31 and up 5% from June 30, 2020. Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. Following the transaction, the chief executive officer now directly owns 650,183 shares in the company, valued at approximately $39,427,097.12. Consumer and broker direct represented 20% of fallout adjusted lock volume in the fourth quarter but accounted for over 70% of segment pretax income. Meet our Smart Portfolio. And I'm pleased to be joined by PennyMac Financial Services CEO,. These record volumes resulted in the growth of our servicing portfolio to $427 billion in UPB, despite extraordinary levels of prepayment activity. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. 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. 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. The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. Business Incorporated: 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. David Spectors most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. "I am delighted to announce Doug Jones' election to our. 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. 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. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, remained elevated but decreased slightly quarter-over-quarter. 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. David A. Spector is a businessperson who has been the head of 9 different companies. We continue to originate record levels of volumes in this channel as a result of our large and growing servicing portfolio, efficient and low-cost infrastructure, advanced modeling and analytics, and the growth in sales and fulfillment capacity. 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%. For servicing on your existing mortgage account with Pennymac. 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. 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. Learn More on David A. Spector's trading history. 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. 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. David served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac. 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.
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