However, he will become a special advisor to David Spector, chairman and chief . David Spector latest transaction was an Uninformative Buy of . 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. Our goal is to be a trusted financial partner that you can count on as long as you own your home. This financial performance is driven by the balanced business model in mortgage banking that we have built over the last 13 years. Thank you Isaac. If so, please call us at 866.545.9070. While the Pennymac workforce stays. 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. | 3 Mrz 2023. For any questions, please visit our website at ir.pennymacfinancial.com or call our Investor Relations department at 818-264-4907. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 01/07/2021 at the average price of $60.12. The price of the stock has increased by 0.03% since. 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. 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. 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. David Spector - Chairman and Chief . He previously served as Chief Correspondent Lending Officer and has been a member of the company's executive management team since 2011. And with that, I would like to turn it back to David for some closing remarks. Thank you. As we outlined in our Investor Day, we see additional opportunities resulting from changes to the GSE's preferred stock purchase agreement. I am pleased to note that PFSIs Board of Directors declared a fourth quarter cash dividend of $0.20 per share, representing a 33% increase from the prior quarter. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. 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. 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. PennyMac Financial Services, Inc. a annonc que Doug Jones, prsident et directeur des services hypothcaires, a rejoint son conseil d'administration compter du 1er mars 2023. | 3 Mrz 2023. How do I contact David A. 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. 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. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. 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. And since the beginning of 2020, we have now repurchased over 18.5 million shares or approximately 24% of PFSI's common shares outstanding. 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. The predominant outcome has been through loan modifications to the borrowers to aid in their recovery. For more information, review Pennymac's state licenses and important notices. 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. As you can see on slide seven of our presentation, PennyMac maintained its leadership position in the correspondent channel, and we estimate that we currently represent approximately 18% of the channel overall. Some products may not be available in all states. 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. General assumptions include: XYZ firm would have been able to purchase the securities recommended by the model and the markets were sufficiently liquid to permit all trading. These businesses are foundational to PFSI and not easily replicated. 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. Now I'll turn it over to Doug, who will discuss our mortgage banking businesses. 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. Find the best performing Analyst in each sector. 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. 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. Insiders at PennyMac Financial Services own 18.0% of the company. The number of approved brokers totaled 1,574, up 11% over the end of the third 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The return on the trade was 60.70%. Thank you. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 7.36 and a beta of 1.49. 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. 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. Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. January 25, 2021, 12:31 p.m. EST 1 Min Read. PennyMac Financial's owned portfolio reported a prepayment speed of 28.3% in the second quarter, down from 32.6% in the prior quarter. 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. Government correspondent locks were $15.7 billion, down 8% from the prior quarter and up 21% from the second quarter of 2020. 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. Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. Copyright 2023 Surperformance. The company's services span its main function of loan production and loan servicing which includes the recovery of loans and other related charges. 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. Are you interested in helping the next generation of homeowners fulfill their dream of home? 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. Revenue per fallout-adjusted government lock in the second quarter was 30 basis points, down from 37 basis points in the prior quarter. PennyMac Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only. Tower Research Capital LLC TRC Increases Stake in Centrus Energy Corp. Tower Research Capital LLC TRC Boosts Stock Position in Centrus Energy Corp. UBS Group AG Increases Position in Northern Oil and Gas, Inc. Tower Research Capital LLC TRC Increases Position in ABB Ltd (NYSE:ABB), Tower Research Capital LLC TRC Has $254,000 Holdings in Daqo New Energy Corp. (NYSE:DQ), ABB Ltd (NYSE:ABB) Shares Bought by Tower Research Capital LLC TRC, Tower Research Capital LLC TRC Increases Stake in Centrus Energy Corp. (NYSEAMERICAN:LEU), Tower Research Capital LLC TRC Boosts Stock Position in Centrus Energy Corp. (NYSEAMERICAN:LEU), UBS Group AG Increases Position in Northern Oil and Gas, Inc. (NYSE:NOG), Tower Research Capital LLC TRC Sells 3,797 Shares of Daqo New Energy Corp. (NYSE:DQ), Tower Research Capital LLC TRC Lowers Stake in Invesco Defensive Equity ETF (NYSEARCA:DEF), Tower Research Capital LLC TRC Acquires 94,572 Shares of Geron Co. (NASDAQ:GERN), Tower Research Capital LLC TRC Has $255,000 Stake in Geron Co. (NASDAQ:GERN), Gentherm Incorporated (NASDAQ:THRM) Stock Position Increased by Tower Research Capital LLC TRC, Tower Research Capital LLC TRC Sells 1,356 Shares of iShares Dow Jones U.S. ETF (NYSEARCA:IYY), Tower Research Capital LLC TRC Sells 4,212 Shares of Chesapeake Utilities Co. (NYSE:CPK), Tower Research Capital LLC TRC Has $260,000 Stock Position in Veradigm Inc. (NASDAQ:MDRX), Tower Research Capital LLC TRC Sells 2,680 Shares of The Toronto-Dominion Bank (NYSE:TD), Veradigm Inc. (NASDAQ:MDRX) Shares Bought by Tower Research Capital LLC TRC, UBS Group AG Has $3.26 Million Stock Holdings in Delek Logistics Partners, LP (NYSE:DKL), Tower Research Capital LLC TRC Decreases Stake in Westamerica Bancorporation (NASDAQ:WABC), Tower Research Capital LLC TRC Grows Stock Holdings in Barnes Group Inc. (NYSE:B), Woodside Energy Group Ltd (OTCMKTS:WOPEY) Shares Sold by UBS Group AG. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. Dans son rle . The return on the trade was 60.70%. Up to 5 These increases were primarily driven by continued loss mitigation activities related to COVID-19. 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. Our capital markets group achieved significant hedging gains that largely offset $1.1 billion in MSR fair value losses over the year, which were driven by historically low interest rates and fast prepayment speeds. Russia's war on Ukraine latest: Putin casts war as battle for nation's survival, India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Elon Musk recruits team to develop OpenAI rival - The Information, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon, French media billionaire Niel fails with bid for TNT television frequence - Arcom, Private National Mortgage Acceptance Co. LLC. 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%. North Carolina Permit No. 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 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. We also repurchased approximately 1.6 million shares of PFSIs common stock, at an approximate cost of $89.3 million. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. This hiring mostly occurred in three key areas, servicing, direct lending and fulfillment services. David A. Spector is also on the board of 7 other companies. 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. This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. If you need the payment address, click here. David A. Spector is a businessperson who has been the head of 9 different companies. 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. 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 On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. Get a breakdown of the different strategies based on detected insider trading activity. Right now, we realize the importance of home like never before. What is the average return per transaction made by David Spector? #PennymacCaresVisit PENNYMAC.COM for details about how were assisting our family of customers during the COVID-19 crisis. If you're not automatically redirected, please click here. Please. Follow them so you never miss a recommendation. 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 Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . The committed pipeline at July 31 was $7.2 billion. No credit card required. 292 Pennymac reviews in Los Angeles, CA. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. At PennyMac, our commitment to our customers doesnt end at closing. 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. And for the month of July, we repurchased an additional 2.5 million shares for an approximate cost of $151 million. We also remain very active repurchasing shares driven by our medium-term expectations for PFSI's return on equity. .This article first appeared on GuruFocus. Learn More on David A. Spector's trading history. PennyMac Financial Servicess payout ratio is 9.54%. The dividend yield of PennyMac Financial Services Inc stocks is 0.93%. 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. What was David Spectors latest transaction? 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. free lookups / month. 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. Chart Data in Insider Trading History Table. He currently serves as a senior advisor to TPG Capital, a global private investment firm, and . These valuation declines were primarily driven by significant levels of prepayment activity and early buyouts. 112 S. Lakeview Canyon Rd, Ste. 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. The ex-dividend date was Monday, February 13th. Pricing margins in the channel decreased sharply, reflecting intense levels of competition between channel leaders. David Spector is currently Chairman of the Board, President and Chief Executive Officer at PennyMac - View - PennyMac org chart The committed pipeline at January 31 was $7.9 billion. For any questions, please visit our website at ir.pennymacfinancial.com, or call our Investor Relations department at 8182644907. Dan Perotti , PFSIs Senior Managing Director and Chief Financial Officer will discuss the financials in more detail later on in this discussion. Is this happening to you frequently? Operating revenue decreased $2 million from the prior quarter driven by declines in earnings on custodial balances. The direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. 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. 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. We encourage investors with any questions to reach out to our Investor Relations team by e-mail or phone. Net income in the fourth quarter was the second highest in the history of. Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. You will be contacted by a representative that will help answer any inquiries you have. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. 130 Westlake Village, CA, 91362 Get Directions. Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. Lastly, our broker direct channel continued its impressive growth in both locked and funded volumes as we increase the number of approved brokers and our presence in the channel grows. The Servicing segment offers servicing of originated mortgage loans and execution and management of early buyout transactions. PennyMac. JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. Net income in the fourth quarter was the second highest in the history of the company. Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. Changes in these assumptions may have a material impact on the backtested returns presented. Production revenue margins remain elevated, especially with PFSIs growth in consumer and broker direct volumes. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. While Stan had retired from day-to-day responsibilities at PennyMac, he remained a trusted advisor and dear friend. 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%. 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 firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. Earnings per share grew 328% for the year with net income up 319%. Book value per share grew 5% to $54.49 at June 30. Massachusetts Mortgage Lender License # MC35953. 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. PennyMac TPO Contact Information Principal Mr. David Spector, President/CEO Customer Contact Mr. David Spector, President/CEO Additional Contact Information Phone Numbers (702). This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. 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. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View Since the start of 2020, we have repurchased approximately 13% of the PFSI shares that were outstanding at the beginning of 2020. Stanford Kurland, who went from being pushed out of the No. Approve of CEO. 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,. PennyMac Financial delivered strong fourth quarter results, marking the end to a record year. Information on this page was last updated on 3/1/2023. The price of the stock has decreased by 8.12% since. 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. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. For servicing on your existing mortgage account with Pennymac. Licensed Mortgage Banker-NYS Department of Financial Services. This grew our servicing portfolio to over $426 billion in UPB even with elevated prepayment speeds. As the CEO of PennyMac Financial Services, Inc., Mr. Spector earned a total compensation package of $13,575,224.00 in 2021. Isaac Garden - Investor Relations.