We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. 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. If you have an ad-blocker enabled you may be blocked from proceeding. David Spector - PennyMac Mortgage Insider Transactions - TipRanks.com 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. 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. The committed pipeline at July 31 was $7.2 billion. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Pennymac Loan Services LLC | Better Business Bureau Profile If you're not automatically redirected, please click here. Government correspondent locks were $15.7 billion, down 8% from the prior quarter and up 21% from the second quarter of 2020. PennyMac Financial Services, Inc. operates as a holding company. 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. What was David Spectors latest transaction? On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. What is the percentage of profitable transactions made by David Spector? To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Servicing advances outstanding were approximately $454 million at December 31, up from $346 million at September 30, primarily associated with seasonal tax payments. 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. 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. 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. 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. Im proud of the actions we have taken and the dedicated management team across the company that has helped put these plans into action. Jones brings more than 25 years of financial services industry experience to PennyMac Financial Services. 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. PennyMac Financial Services, Inc operates as a holding company. Enter your email to receive our newsletter. David is based out of Agoura Hills, California, United States and works in the Financial Services industry. We encourage investors with any questions to reach out to our Investor Relations team by e-mail or phone. Pennymac Financial Services, Inc. annonce que Doug Jones s'est joint Margins in our consumer direct channel still remain elevated relative to historical levels. I am Barclays' consumer finance analyst, Mark DeVries. PennyMac Financial Services, Inc. (PFSI) CEO David Spector on Q4 2020 On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. Major name to depart PennyMac | Mortgage Professional The most recent insider tranaction occured on March, 1st when insider Steven Richard Bailey sold 13,604 shares worth more than $825,762.80. In July, our correspondent acquisitions were $15 billion in UPB and locks were $12.8 billion. The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. Are you interested in helping the next generation of homeowners fulfill their dream of home? The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. The return on the trade was 60.70%. This is not a commitment to lend. PennyMac Financial Services' insider roster includes Anne Mccallion (Director), Farhad Nanji (Director), and David Spector (CEO). Contact our customer service team with any inquiries by sending us a message through the Message Center by simply logging in to your account. Business Incorporated: 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. Thank you for sharing your valuable opinion. If you need the payment address, click here. Pennymac's state licenses and important notices. While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. 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 . David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. This information is provided for illustrative purposes only. PennyMac TPO Contact Information Principal Mr. David Spector, President/CEO Customer Contact Mr. David Spector, President/CEO Additional Contact Information Phone Numbers (702). In January, our consumer direct originations totaled $3.1 billion in UPB and locks totaled $4.4 billion. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. The dividend yield of PennyMac Financial Services Inc stocks is 0.93%. 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. 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. Backtested performance is not an indicator of future actual results. 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. 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. 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. 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. Headquarters. Pennymac Westlake Village, CA office. The ex-dividend date was Monday, February 13th. These returns have led to a 29% compounded annual growth rate in our book value per share since our IPO. Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. What is the average return per transaction made by David Spector? Our large, organically built servicing portfolio provides a counter-balance to our production activity. PennyMac Financial Services, Inc. Announces Doug Jones Joined Its Board PennyMac Financial delivered strong fourth quarter results, marking the end to a record year. Mr. Kurland was 68. What was David Spector's most profitable transaction? GuruFocus has detected 5 severe warning signs with PennyMac Financial Services Inc. . 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. 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. DO NOT SEND PAYMENTS TO THIS ADDRESS. 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. 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. Meet our Smart Portfolio. The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. 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. Mr. Spector owns 650,183 shares of PennyMac Financial Services stock worth more than $40,948,525 as of March 4th. Mr. Spector earned a salary of $1,000,000.00, stock awards of $2,537,435.00, options awards of $1,101,254.00, non-equity compensation of $8,864,938.00, and other compensation of $71,597.00. These valuation declines were primarily driven by significant levels of prepayment activity and early buyouts. #PennymacCaresVisit PENNYMAC.COM for details about how were assisting our family of customers during the COVID-19 crisis. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. Massachusetts Mortgage Lender License # MC35953. January 25, 2021. Enter your email address below to get our daily insider buying and selling report. Revenue per fallout-adjusted lock was 343 basis points in the quarter, a decrease from the first quarter. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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David A. Spector is also on the board of 7 other companies. NMLS ID # 35953. Production revenue margins remain elevated, especially with PFSIs growth in consumer and broker direct volumes. 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. Pennymac's servicing portfolio grew to $518 billion in unpaid balance, up 2% from Dec. 31, 2021, and 16% from March 31, 2021, led by production volumes which more than offset prepayment activity,. Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. Some products may not be available in all states. 47.206 (3) & (4). PennyMac remained the largest correspondent aggregator in the U.S. in the fourth quarter. Please take a moment to watch a special video from our President and CEO, David Spector. 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. 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. free lookups / month. 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. Similarly, lock volume totaled $4.5 billion, down 21%. 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. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. 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. 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. 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. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. The return on the trade was 60.70%. For any questions, please visit our website at ir.pennymacfinancial.com, or call our Investor Relations department at 8182644907. 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 - Chairman and Chief . Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. Isaac Garden - Investor Relations. 2023-03-02 | NYSE:PFSI | Press Release | PennyMac Financial Services Inc. 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. While our employee base grew by 60% during the year, our production volumes grew by 67% and our earnings increased by 328%. The price of the stock has decreased by 8.12% since. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. We achieved record production across all channels, with increased market penetration in our higher margin direct lending channels. David Spector is currently Chairman of the Board, President and Chief Executive Officer at PennyMac - View - PennyMac org chart PennyMac founder Stanford Kurland dies - National Mortgage News Thanks, Doug. Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. Interest rate lock volume was $5.7 billion in UPB, up 4% from the third quarter and 234% from the fourth quarter of 2019. Pennymac notches a profitable Q1 due to servicing segment Actual performance may differ significantly from backtested performance. 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. 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. Chart Data in Insider Trading History Table. David Spector email address & phone number | Penny Mac Chief Investment 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. This net worth estimate does not reflect any other assets that Mr. Spector may own. This was all done while the vast majority of our employees were working from home for most of the year. 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. 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. 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. 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. Broker originations in July totaled $1.2 billion and locks totaled $1.7 billion. PennyMac Financial Services Inc has a market cap of $4.16 billion; its shares were traded at around $57.450000 with a P/E ratio of 3.36 and P/S ratio of 1.35. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.46. This high level of efficiency was largely due to our cloud-based, proprietary servicing system, otherwise known as SSE. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. Main Telephone (818) 224-7442 Primary Address 3043 Townsgate Road Suite 200 Westlake Village, CA 91361 USA Fiscal Close December Founded 2008 David Spector received compensation valued at about $12,375,328 in 2020 after becoming . This outstanding income generated excess capital that we redeployed into increased levels of production, share repurchases, reduction of debt, and increased servicing activity. 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. StockNews.com raised PennyMac Financial Services from a sell rating to a hold rating in a report on Saturday, February 11th. What is David Spector's role in PennyMac Mortgage? Pennymac Westlake Village, CA Office | Glassdoor Net assets under management were down slightly quarter-over-quarter to $2.3 billion. Doug Jones Joins PennyMac Financial Services Board - NMP 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. The opportunity to grow these newer channels is exciting and provides PFSI a multi-channel, diversified and profitable production segment that will further grow the servicing portfolio with high quality assets. Our balanced business model continues to deliver consistent profitability and value creation as it has done over the last seven years as a public company. 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. The direct lending channels continued to have an outsized impact on PFSIs production earnings in the fourth quarter. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. In the fourth quarter, the pretax income was $234.1 million, a 31% decrease from . These strong production volumes again led to servicing portfolio growth despite continued elevated prepayment activity. Contact Us: We Are Here to Help You | Pennymac If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. For more information, review Pennymac's state licenses and important notices. 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. Right now, we realize the importance of home like never before. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. | 3 Mrz 2023. Please. 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. With PFSIs historical focus on purchase market originations combined with our large and growing servicing portfolio, we believe we are well-positioned to successfully grow share in all three of our production channels, driving an increase in our overall market position. As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . PennyMac Financial Services, Inc. Announces Doug Jones Joined Its Board And since the beginning of 2020, we have now repurchased over 18.5 million shares or approximately 24% of PFSI's common shares outstanding. Thank you, Isaac. 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. The direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. 119504607, 119505929, 119506567, 119506570, 119507419. Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. The firm engages in the production and servicing of U.S. residential mortgage loans. Licensed by the N.J. Department of Banking and Insurance. Thank you. David Spector | ZoomInfo If you have additional questions or would like to speak with a Pennymac representative, please call (800) 777-4001. Thank you, David. Get notified the next time David A. Spector buys or sells PennyMac Financial Services stock. Thank you Isaac. 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. Lastly, originations in our broker direct channel totaled $4 billion in UPB, down 22% from the prior quarter. 10 Ratings. 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. 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. 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. We issued $650 million in an inaugural senior unsecured note offering, raised funding capacity with our banking partners, and enhanced our existing Ginnie Mae MSR financing structure to include servicing advances.