Our direct lending channels have an outsized impact on production segment earnings, as Dan will discuss later. As we outlined in our Investor Day, we see additional opportunities resulting from changes to the GSE's preferred stock purchase agreement. David Spector - Chairman and Chief . The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. 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. 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. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. Jones brings more than 25 years of financial services industry experience to PennyMac Financial Services. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. David Spector joined PennyMac in 2008. 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. 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 Westlake Village, CA office. Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. His family and PennyMac, which announced his passing, said he died from complications . Speaker: David Spector - Chairman and Chief Executive Officer Thank you Isaac. This was all done while the vast majority of our employees were working from home for most of the year. David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. 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. Thanks, Andy. However, he will become a special advisor to David Spector, chairman and chief . The predominant outcome has been through loan modifications to the borrowers to aid in their recovery. The servicing segment recorded pretax income of $30.9 million, down from pretax income of $141.7 million in the prior quarter and up from a pretax loss of $62.4 million in the second quarter of 2020. View open jobs at this location. DO NOT SEND PAYMENTS TO THIS ADDRESS. A number of research firms recently issued reports on PFSI. The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. The price of the stock has decreased by 14.5% since. David A. Spector is also on the board of 7 other companies. 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. David Spectors most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. Servicing advances outstanding were approximately $454 million at December 31, up from $346 million at September 30, primarily associated with seasonal tax payments. 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. 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. What was David Spectors latest transaction? What is the average return per transaction made by David Spector? These strong production volumes again led to servicing portfolio growth despite continued elevated prepayment activity. 18.5 million shares or approximately 24% of PFSI's common shares outstanding. PennyMac Financial Services, Inc. (NYSE:PFSI) Q2 2021 Earnings Conference Call August 5, 2021 5:05 PM ET, Isaac Garden - Vice President, Investor Relations, David Spector - Chairman & Chief Executive Officer, Andy Chang - Senior Managing Director & Chief Operating Officer, Doug Jones - President & Chief Mortgage Banking Officer, Dan Perotti - Senior Managing Director & Chief Financial Officer. What is David Spector's role in PennyMac Mortgage? Production segment pretax income was $244.4 million, down 33% from the prior quarter and 55% from the second quarter of 2020. Thank you. We also repurchased approximately 1.6 million shares of PFSIs common stock, at an approximate cost of $89.3 million. 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. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. PennyMac. 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. The committed pipeline at January 31 was $3 billion. 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. PennyMac Financial Services, Inc. (NYSE:PFSI) CEO Sells $912,000.00 in 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. As we continue to grow our leadership positions in the direct origination channels, this growth will drive the earnings from PennyMac Financial's production segment. 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. 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 stock was sold at an average price of $58.12, for a total value of $741,030.00. January 25, 2021, 12:31 p.m. EST 1 Min Read. These record volumes resulted in the growth of our servicing portfolio to $427 billion in UPB, despite extraordinary levels of prepayment activity. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. At PennyMac, our commitment to our customers doesnt end at closing. David Spector latest transaction was an Uninformative Buy of . Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. 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. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 12/23/2020 at the average price of $67.19. You will be contacted by a representative that will help answer any inquiries you have. 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. 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. January 25, 2021. 67.03% of the stock is currently owned by institutional investors and hedge funds. Thank you. Changes in these assumptions may have a material impact on the backtested returns presented. David served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac. Thank you, Dan. The committed pipeline at July 31 was $7.2 billion. PFSI's Investment Management segment delivered increased profitability as a result of incentive fees earned based on PMT's profitability over the last 4 quarters. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. PennyMac Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only. 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. 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. PFSI | PennyMac Financial Services Inc. Company Profile & Executives - WSJ Pennymac Westlake Village, CA Office | Glassdoor If you have an ad-blocker enabled you may be blocked from proceeding. How do I contact David A. Spector? This financial performance is driven by the balanced business model in mortgage banking that we have built over the last 13 years. 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. This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. 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. Similarly, lock volume totaled $4.5 billion, down 21%. In January, our consumer direct originations totaled $3.1 billion in UPB and locks totaled $4.4 billion. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets. 33% of correspondent acquisitions were government loans and 67% were conventional loans. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. Our correspondent mix percentage was essentially unchanged from the previous quarter, as 35% of the acquisitions were government loans and 65% were conventional loans. StockNews.com raised PennyMac Financial Services from a sell rating to a hold rating in a report on Saturday, February 11th. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, remained elevated but decreased slightly quarter-over-quarter. 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. 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. Pennymac Loan Services LLC | Better Business Bureau Profile Purchase originations in 2021 are forecasted to increase 10% year-over-year while refinance originations are expected to decrease but remain elevated relative to historical norms. And we believe the role of a well capitalized correspondent aggregator like PennyMac will be increasingly important over time. We have used our cloud-based technology systems to aid in scaling our businesses to the market and supported that growth with strategic hiring of employees. Our goal is to be a trusted financial partner that you can count on as long as you own your home. 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. David A. Spector - Biography - MarketScreener.com Pennymac Cares | Thank You from President & CEO, David Spector David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. In the fourth quarter, PennyMac Financial delivered net income of 38 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. The business also recently declared a quarterly dividend, which was paid on Friday, February 24th. Learn More on David A. Spector's contact information. The most recent insider tranaction occured on March, 1st when insider Steven Richard Bailey sold 13,604 shares worth more than $825,762.80. Finally, Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 33.5% during the 4th quarter. We believe we will continue to increase their respective market positions as we execute on our growth initiatives in each channel. 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%. This brings the total repurchases year-to-date to approximately $600 million. David Spector Sells 26,169 Shares of PennyMac Financial Services, Inc For any questions, please visit our website at ir.pennymacfinancial.com, or call our Investor Relations department at 8182644907. Stockholders of record on Tuesday, February 14th were given a dividend of $0.20 per share. The return on the trade was 60.70%. .This article first appeared on GuruFocus. PennyMac Financial Services, Inc operates as a holding company. "I am delighted to announce Doug Jones' election to our. The direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. Thank you. View detailed PFSI description & address. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . 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. 47.206 (3) & (4). Enter your email to receive our newsletter. Economic forecasts are calling for the mortgage origination market to remain strong in 2021, and while these forecasts vary, they currently average $3.3 trillion. Good afternoon, and welcome to the Fourth Quarter and Full-Year 2020 Earnings discussion for PennyMac Financial Services, Inc. Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. 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 Services Inc provides mortgage loans to customers in the United States. 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. If so, please call us at 866.545.9070. 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. Being one of the Find contact details for 700 million professionals. 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. PennyMac remained the largest correspondent aggregator in the U.S. in the fourth quarter. T. Rowe Price Investment Management Inc. raised its position in shares of PennyMac Financial Services by 5.4% during the 4th quarter. PennyMac Founder Stanford Kurland Passes Away - MBA Newslink 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. PennyMac Financial Servicess payout ratio is 9.54%. I will review each segments results and then we will touch on our forbearance and servicing advance trends. 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. While Stan had retired from day-to-day responsibilities at PennyMac, he remained a trusted advisor and dear friend. Pennymac Financial Services Inc (PFSI) President & CEO David Spector Book value per share grew 5% to $54.49 at June 30. The stock was sold at an average price of $60.64, for a total value of $1,586,888.16. Net income in the fourth quarter was the second highest in the history of the company. Thank you, Isaac. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In January, our broker direct originations totaled $1.4 billion in UPB, and locks totaled $2.1 billion. In total, loan acquisition and origination volumes were $61 billion in the second quarter. Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. While such a market would be smaller than 2020, it would represent a large origination market by historical standards. As we look at 2021 we believe the market environment provides PFSI a good opportunity for continued elevated financial performance. Looking at the consumer direct channel in the center column, we originated $8 billion in UPB of loans, up 27% from the prior quarter and 113% from the fourth quarter of 2019. This high level of efficiency was largely due to our cloud-based, proprietary servicing system, otherwise known as SSE. Learn More about David A. Spector's net worth. Licensed Mortgage Banker-NYS Department of Financial Services. 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. We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. David Spector - Chairman & Chief Executive Officer, PennyMac Loan These businesses are foundational to PFSI and not easily replicated. Our consumer direct lending division produced record origination and lock volumes again despite a smaller origination market in the second quarter. The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. Is this happening to you frequently? 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. Backtested performance is developed with the benefit of hindsight and has inherent limitations. 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. This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. 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. The Production segment includes mortgage loan origination, acquisition, and sale activities. GuruFocus has detected 5 severe warning signs with PennyMac Financial Services Inc. . PennyMac Financial Services, Inc. (PFSI) CEO David Spector on Q2 2021 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. 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. Thanks, Andy. 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. The shares were sold at an average price of $60.64, for a transaction totalling $1,586,888.16. 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. 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. Earnings per share grew 328% for the year with net income up 319%.
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