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. North Carolina Permit No. PennyMac. Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. Dans son rle . The TipRanks Smart Score performance is based on backtested results. PennyMac. Revenue per fallout-adjusted lock was 343 basis points in the quarter, a decrease from the first quarter. 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. In the fourth quarter, PennyMac Financial delivered net income of 38 The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. This expertise and experience has served us well, enhancing our ability to help many borrowers affected by the COVID-19 pandemic. 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 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. Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. As you can see in greater detail on slide 21, EBO loan-related revenue increased significantly to $233.3 million as a result of continued loss mitigation activity with borrowers emerging from forbearance while related expenses were modest as most of the loans bought out returned to performing status immediately. Revenue per fallout-adjusted government lock in the second quarter was 30 basis points, down from 37 basis points in the prior quarter. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. David Spector's role in PennyMac Mortgage is Chairman & CEO, Director. We believe PennyMac Financial's business model with production from the correspondent, consumer direct and broker direct channels contributes to PennyMac Financial's profitability across different production environments. For the complete insider trading history of PFSI, click here. Susquehanna Fundamental Investments LLC now owns 85,385 shares of the real estate investment trusts stock worth $4,838,000 after purchasing an additional 16,980 shares during the last quarter. Chart Data in Insider Trading History Table. 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. These valuation declines were primarily driven by significant levels of prepayment activity and early buyouts. While Stan had retired from day-to-day responsibilities at PennyMac, he remained a trusted advisor and dear friend. 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. Jones brings more than 25 years of financial services industry experience to PennyMac Financial Services. 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%. As David mentioned earlier, PFSI's net income was $204.2 million or diluted earnings per share of $2.94. The direct lending channels continued to have an outsized impact on PFSIs production earnings in the fourth quarter. No representations and warranties are made as to the reasonableness of the assumptions. Interest rate lock commitments in the fourth quarter totaled $12.8 billion in UPB, up 18% from the prior quarter, and 135% from the fourth quarter of 2019. If you have an ad-blocker enabled you may be blocked from proceeding. 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. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. Declining interest rates generally produce strong earnings in our production segment, while rising rates will generally produce strong earnings in our servicing segment as prepayments decline and the value of the MSR increases. In January, our correspondent acquisitions remained strong, with $17.9 billion in UPB of acquisitions and lock volume of $17.8 billion. The firm engages in the production and servicing of U.S. residential mortgage loans. The price of the stock has decreased by 14.5% since. No credit card required. Im proud of the actions we have taken and the dedicated management team across the company that has helped put these plans into action. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View PennyMac Financial delivered another outstanding quarter of operational and financial performance, despite the increased volatility in the mortgage market. What is the percentage of profitable transactions made by David Spector? 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. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. Please take a moment to watch a special video from our President and CEO, David Spector. PennyMac Financial reported strong earnings in the fourth quarter driven by core production and servicing results. 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. 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. 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. 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. In the last year, insiders at the real estate investment trust sold shares 23 times. Book value per share grew 5% to $54.49 at June 30. 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 Stockholders of record on Tuesday, February 14th were given a dividend of $0.20 per share. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . 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. President & CEO David Spector sold 30,000 shares of PFSI stock on 01/12/2021 at the average price of $57.43. For servicing on your existing mortgage account with Pennymac. 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. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, remained elevated but decreased slightly quarter-over-quarter. This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. The ex-dividend date was Monday, February 13th. We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. free lookups / month. The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. Enter your email to receive our newsletter. Net assets under management totaled $2.3 billion as of December 31, up 1% from September 30. 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. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.46. At PennyMac, our commitment to our customers doesnt end at closing. View David Spector's email address (d*****@pennym***.com) and phone number. In July, our correspondent acquisitions were $15 billion in UPB and locks were $12.8 billion. These returns have led to a 29% compounded annual growth rate in our book value per share since our IPO. A number of research firms recently issued reports on PFSI. Warning! While such a market would be smaller than 2020, it would represent a large origination market by historical standards. 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. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. While the Pennymac workforce stays. David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. NMLS ID # 35953. We are also increasing the use of online closings and automation. However, margins in this channel remain attractive. Net income was $453 million or diluted earnings per share of $5.97 resulting in book value growth per share of 15% to $47.80, up from $41.67 at the end of the prior quarter. During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. The price of the stock has increased by 0.03% since. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. 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. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $69.50. 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. The stock was sold at an average price of $58.12, for a total value of $741,030.00. 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. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. David A. Spector is a businessperson who has been the head of 9 different companies. The committed pipeline at January 31 was $3 billion. David works at Pennymac Loan Services, Llc as Chief Investment Officer. Thanks, Andy. View detailed PFSI description & address. Up to 5 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. "I am delighted to announce Doug Jones' election to our. I will review each segments results and then we will touch on our forbearance and servicing advance trends. 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. Thanks, Doug. 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. 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. The return on the trade was 60.70%. This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. The Production segment includes mortgage loan origination, acquisition, and sale activities. Ultimately, we believe for these reasons, PennyMac will continue its market share growth as a channel leader. Changes in these assumptions may have a material impact on the backtested returns presented. Segment revenue was $9.7 million, down from $9.8 million in the prior quarter which included gains related to PMT shares owned by PFSI. 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. Please disable your ad-blocker and refresh. 47.206 (3) & (4). Currently, he occupies the position of Chairman at PNMAC Mortgage Opportunity Fund LLC, Chairman of PNMAC Mortgage Opportunity Fund LP, Chairman-Trustees Board & CEO at PennyMac Mortgage Investment Trust, Chief Executive Officer for PennyMac Corp. (a subsidiary of PennyMac Mortgage Investment Trust) and Chairman & Chief Executive Officer for PennyMac Financial Services, Inc., Chairman & Chief Executive Officer for PNMAC Holdings, Inc., Chief Executive Officer of PNMAC Capital Management LLC, President & Chief Executive Officer for Private National Mortgage Acceptance Co. LLC and Chief Executive Officer for PennyMac Loan Services LLC (which are all subsidiaries of PennyMac Financial Services, Inc.). Thanks, Andy. The price of the stock has decreased by 8.12% since. Item 1.01 Entry into a Material Definitive Agreement. This was all done while the vast majority of our employees were working from home for most of the year. Search over 700 This is not a commitment to lend. We have also seen a large group of borrowers that reperform and exit forbearance on their own. Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. Thank you Isaac. 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. Learn More on David A. Spector's salary. Learn More on PennyMac Financial Services' active insiders. Years in Business: 14. Business Started: 3/25/2008. Broker originations in July totaled $1.2 billion and locks totaled $1.7 billion. His family and PennyMac, which announced his passing, said he died from complications . January 25, 2021, 12:31 p.m. EST 1 Min Read. And with that, I would like to turn it back to David for some closing remarks. If so, please call us at 866.545.9070. This net worth estimate does not reflect any other assets that Mr. Spector may own. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. 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. Thank you, David. The committed pipeline at January 31 was $7.9 billion. Licensed by the N.J. Department of Banking and Insurance. This information is provided for illustrative purposes only. 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. Are you interested in helping the next generation of homeowners fulfill their dream of home? The PFSI's owned servicing portfolio, which consists primarily of Ginnie Mae MSRs, had a 60 day delinquency rate of 6.7%, down from 8.6% at the end of the prior quarter. In total, loan acquisition and origination volumes were $61 billion in the second quarter. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. PennyMac Financial Services can also be reached via phone at (818) 224-7442 and via email at firstname.lastname@example.org. No P&I advances are outstanding as prepayment activity continued to sufficiently cover remittance obligations. 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. Our correspondent mix percentage was essentially unchanged from the previous quarter, as 35% of the acquisitions were government loans and 65% were conventional loans. 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. 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. Servicing advances outstanding were approximately $454 million at December 31, up from $346 million at September 30, primarily associated with seasonal tax payments. Net income was $204 million or diluted earnings per share of $2.94, representing an annualized return on equity of 23%. 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. 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. The dividend yield of PennyMac Financial Services Inc stocks is 0.93%. 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. What is David Spector's role in PennyMac Mortgage? 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. The history of PennyMac Financial was borne out of the Great Financial Crisis, with a desire to help distressed borrowers. Some products may not be available in all states. 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. David Spector. Learn More about David A. Spector's net worth. The average return per transaction made by David Spector is 3.50%. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. 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. Wells Fargo & Company raised PennyMac Financial Services from an equal weight rating to an overweight rating and lifted their price objective for the company from $54.00 to $75.00 in a report on Tuesday, December 6th. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Our large, organically built servicing portfolio provides a counter-balance to our production activity. The technology based digital marketing platform, coupled with dedicated loan officers and an efficient operating processes, gives PennyMac a strong foundation for continued growth. 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. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. With the large and growing servicing portfolio and an industry leading correspondent production group, PFSI is an established leader with a growing presence across all facets of mortgage banking. 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. How do I contact David A. Spector? The most recent insider tranaction occured on March, 1st when insider Steven Richard Bailey sold 13,604 shares worth more than $825,762.80. The return on the trade was 60.70%. The stock was sold at an average price of $60.80, for a total value of $912,000.00. David Spectors most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. Good morning and thank you for joining us. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. 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. 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. He currently serves as a senior advisor to TPG Capital, a global private investment firm, and . Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. 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. What was David Spector's most profitable transaction? Payoff-related expense, which includes interest shortfall and recording and release fees related to prepayments, remains elevated and increased by $8.3 million quarteroverquarter. 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. We achieved record production across all channels, with increased market penetration in our higher margin direct lending channels. 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. 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. Thank you, David. David A. Spector is also on the board of 7 other companies. PennyMac Financial Servicess payout ratio is 9.54%. Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. Please. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets. Arizona Mortgage Banker License # 0911088. Advances are expected to continue increasing over the next 6 to 12 months. For more information, review Pennymac's state licenses and important notices. Each of our business segments performed well during the fourth quarter as the continued low interest rate environment drove record production volumes across all of our channels. Production segment pretax income was $244.4 million, down 33% from the prior quarter and 55% from the second quarter of 2020. Additionally, PFSI's Board of Directors approved an increase to its stock repurchase authorization from $1 billion to $2 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. And I'm pleased to be joined by PennyMac Financial Services CEO,. With that, I will now turn the call over to Andy Chang, Senior Managing Director and Chief Operating Officer, who will review the mortgage origination landscape and the drivers of profitability for PFSI going forward. Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. Finally, broker direct originations totaled $4.5 billion in UPB in the fourth quarter, up 28% from the prior quarter and 215% percent from the fourth quarter of 2019. This website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. Schonfeld Strategic Advisors LLC raised its position in shares of PennyMac Financial Services by 822.2% during the 4th quarter. The Production segment includes mortgage loan origination, acquisition, and sale activities. State of Wyoming now owns 5,512 shares of the real estate investment trusts stock worth $312,000 after purchasing an additional 469 shares during the last quarter. Learn More about David A. Spector's net worth. Good afternoon, and welcome to the Fourth Quarter and Full-Year 2020 Earnings discussion for PennyMac Financial Services, Inc. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. StockNews.com raised PennyMac Financial Services from a sell rating to a hold rating in a report on Saturday, February 11th. 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. As you can see on slide 11, approximately $37 billion of portfolio runoff in the second quarter was more than offset by the addition of $61 billion in total production. 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. And with that, I would like to turn it back to David for some closing remarks. Ill now turn it over to Dan Perotti, Senior Managing Director and Chief Financial Officer to speak to the financial results for the quarter. 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). 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. 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. rheem classic 90 plus two green lights,
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