NMLS ID # 35953. And the committed pipeline at July 31 was $1.9 billion. If so, please call us at 866.545.9070. These valuation declines were primarily driven by significant levels of prepayment activity and early buyouts. Information on this page was last updated on 3/1/2023. 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. Lastly, originations in our broker direct channel totaled $4 billion in UPB, down 22% from the prior quarter. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. Thanks, Andy. David Spector latest transaction was an Uninformative Buy of . Is this happening to you frequently? We also remain very active repurchasing shares driven by our medium-term expectations for PFSI's return on equity. Net assets under management were down slightly quarter-over-quarter to $2.3 billion. Similarly, new customer acquisition or non-portfolio interest rate lock commitments were $1.5 billion, essentially unchanged from the prior quarter and up from $274 million in the second quarter of 2020. GuruFocus has detected 5 severe warning signs with PennyMac Financial Services Inc. . You will be contacted by a representative that will help answer any inquiries you have. Production segment pretax income was $572.6 million, down 7% from the prior quarter and up 182% from the fourth quarter of 2019, driven by continued growth in direct lending and strong performance across all channels. Finally, Barclays lifted their price objective on PennyMac Financial Services from $58.00 to $69.00 and gave the company an equal weight rating in a report on Friday, February 3rd. Thank you. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. David Spector - Chairman and Chief . As our production mix continues to shift towards direct lending, production expenses as a percentage of fallout adjusted locks are expected to trend higher. Following the transaction, the chief executive officer now directly owns 650,183 shares in the company, valued at approximately $39,427,097.12. January 25, 2021, 12:31 p.m. EST 1 Min Read. (business & personal). The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets. Isaac Garden - Investor Relations. The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. PennyMac Financial Services Inc., a national mortgage lender and servicer, announced Thursday that Doug Jones has joined its board of directors. 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. This was all done while the vast majority of our employees were working from home for most of the year. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. This is not a commitment to lend. While the Pennymac workforce stays. 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. 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. Enter your email address below to get our daily insider buying and selling report. 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 PFSI's Board of Directors also declared a second quarter cash dividend of $0.20 per share. Please disable your ad-blocker and refresh. Thank you. The committed pipeline at January 31 was $3 billion. David served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac. Mr. Spector owns 650,183 shares of PennyMac Financial Services stock worth more than $40,948,525 as of March 4th. 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. View detailed PFSI description & address. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. Margins in our consumer direct channel still remain elevated relative to historical levels. PennyMac Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only. Additionally, PFSI's Board of Directors approved an increase to its stock repurchase authorization from $1 billion to $2 billion. We are also increasing the use of online closings and automation. Im proud of the actions we have taken and the dedicated management team across the company that has helped put these plans into action. In January, our broker direct originations totaled $1.4 billion in UPB, and locks totaled $2.1 billion. BBB File Opened: 2/5/2015. 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 . 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) 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. T. Rowe Price Investment Management Inc. raised its position in shares of PennyMac Financial Services by 5.4% during the 4th quarter. 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. It operates through the following segments: Production, Servicing, and Investment Management. We built our correspondent business into the largest in the U.S. over the last decade while at the same time growing our servicing portfolio, primarily organically. David Spector Chief Investment Officer Agoura Hills, California, United States 1K followers 500+ connections Join to connect Penny Mac University of California, Los Angeles Activity Thank you. Meet our Smart Portfolio. Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. 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. He previously served as Chief Correspondent Lending Officer and has been a member of the company's executive management team since 2011. As David mentioned earlier, PFSI's net income was $204.2 million or diluted earnings per share of $2.94. 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. 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. Our large, organically built servicing portfolio provides a counter-balance to our production activity. Learn More on PennyMac Financial Services' active insiders. State of Wyoming raised its position in shares of PennyMac Financial Services by 9.3% during the 4th quarter. Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. These businesses are foundational to PFSI and not easily replicated. PennyMac. In January, our consumer direct originations totaled $3.1 billion in UPB and locks totaled $4.4 billion. However, margins in this channel remain attractive. 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. The price of the stock has increased by 0.03% since. While industry production margins declined in the second quarter, we saw a smaller decrease in overall production margin given the mix shift towards our consumer direct lending channel. 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. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. "I am delighted to announce Doug Jones' election to our. 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. The business also recently declared a quarterly dividend, which was paid on Friday, February 24th. Please. 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. million verified professionals across 35 million companies. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Good morning and thank you for joining us. 47.206 (3) & (4). Since trades have not actually been executed, results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity, and may not reflect the impact that certain economic or market factors may have had on the decision-making process. I am Barclays' consumer finance analyst, Mark DeVries. 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. For any questions, please visit our website at ir.pennymacfinancial.com or call our Investor Relations department at 818-264-4907. 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. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. 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. Consumer and broker direct represented 20% of fallout adjusted lock volume in the fourth quarter but accounted for over 70% of segment pretax income. All of these workflow and technology investments will improve the experience for the consumer and for the broker, improve productivity, specifically in sales and operations, which will enable higher volumes at a reduced cost to originate. 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. As the CEO of PennyMac Financial Services, Inc., Mr. Spector earned a total compensation package of $13,575,224.00 in 2021. PennyMac Financial Services Inc provides mortgage loans to customers in the United States. Purchase lock volume for the quarter was also a record $744 million, up from $514 million in the prior quarter and $505 million in the second quarter of 2020. What is the average return per transaction made by David Spector? 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. 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. 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. 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 margins across channels have come in lower from the third quarter, we saw the shift in Government correspondent margins come in the most towards more normalized levels. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. Thanks, Doug. Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. 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. David Spectors most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. 130 Westlake Village, CA, 91362 Get Directions. 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.
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