David works at Pennymac Loan Services, Llc as Chief Investment Officer. For the complete insider trading history of PFSI, click here. And, we continue to enhance our MAC portal, thus improving the ability for borrowers to self-service throughout the entire origination process. While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. A number of research firms recently issued reports on PFSI. 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. 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. 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. Our direct lending channels have an outsized impact on production segment earnings, as Dan will discuss later. 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. 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. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $69.50. In January, our broker direct originations totaled $1.4 billion in UPB, and locks totaled $2.1 billion. Before we begin, let me remind you that our discussion contains forward-looking statements that are subject to risks identified on slide two that could cause our actual results to differ materially as well as non-GAAP measures that have been reconciled to their GAAP equivalent in our earnings presentation. David A. Spector is also on the board of 7 other companies. David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. Finally, Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 33.5% during the 4th quarter. For any questions, please visit our website at ir.pennymacfinancial.com or call our Investor Relations department at 818-264-4907. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. The stock was sold at an average price of $58.12, for a total value of $741,030.00. Stockholders of record on Tuesday, February 14th were given a dividend of $0.20 per share. Warning! The total sale was $1.7 million. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. As a management team, we are committed to putting the health and safety of our team members at the heart of our decisions. Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . What is the percentage of profitable transactions made by David Spector? It is worth noting that purchase originations are expected to grow and are forecasted to be $1.7 trillion and $1.9 trillion in 2021 and 2022, respectively. BBB File Opened: 2/5/2015. Information on this page was last updated on 3/1/2023. 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 Servicing segment recorded pretax income of $42 million, down from pretax income of $111.7 million in the prior quarter and up from a pretax loss of $5.1 million in the fourth quarter of 2019. 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. 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. 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. 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 financials in more detail later on in this discussion. Enter your email address below to get our daily insider buying and selling report. Thank you, Isaac. Learn More on PennyMac Financial Services' active insiders. 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. Pennymac Westlake Village, CA office. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. 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%. And while we believe the mortgage market will continue to change from a competitive and regulatory perspective, the infrastructure and risk management disciplines that distinguish PennyMac from others in the industry position us well. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. Our phased approach to returning to our offices extends beyond simply ensuring that PennyMacers return to a safe working environment, but also takes mindful consideration for the challenges faced by our employees related to issues such as dependent care and schooling. As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . 47.206 (3) & (4). And the committed pipeline at July 31 was $1.9 billion. 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. The Production segment includes mortgage loan origination, acquisition, and sale activities. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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. For licensing information, go to: www.nmlsconsumeraccess.org. Thank you. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. Thank you. 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. GuruFocus has detected 8 Warning Signs with PFSI. This was all done while the vast majority of our employees were working from home for most of the year. And I'm pleased to be joined by PennyMac Financial Services CEO,. 119504607, 119505929, 119506567, 119506570, 119507419. Right now, we realize the importance of home like never before. 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. We continue to originate record levels of volumes in this channel as a result of our large and growing servicing portfolio, efficient and low-cost infrastructure, advanced modeling and analytics, and the growth in sales and fulfillment capacity. The origination market continues to be strong on a historical basis as mortgage rates have recently returned to near record lows. View David Spector's email address (d*****@pennym***.com) and phone number. Copyright 2023 Surperformance. Our higher-margin consumer direct lending channel continued to expand, producing record locked and funded volumes during the quarter, which we estimate has resulted in a significant increase in market share. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. PennyMac CEO David Spector to serve as chairmen of its mortgage REIT, financial services The CEO of both PennyMac companies, David Spector (pictured), has added the chairman's title, filling the vacancies created by the death of founder Stanford Kurland. PennyMac Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. Thank you. 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. Learn More about insider trades at PennyMac Financial Services. The firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. The dividend yield of PennyMac Financial Services Inc stocks is 0.93%. 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. Since the start of 2020, we have repurchased approximately 13% of the PFSI shares that were outstanding at the beginning of 2020. This financial performance is driven by the balanced business model in mortgage banking that we have built over the last 13 years. Sign up for a free account. {{ userNotificationState.getAlertCount('bell') }}. 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 firm engages in the production and servicing of U.S. residential mortgage loans. 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. Additionally, PFSI's Board of Directors approved an increase to its stock repurchase authorization from $1 billion to $2 billion. 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. Our goal is to be a trusted financial partner that you can count on as long as you own your home. Up to 5 No P&I advances have been made to date, as prepayment activity continued to sufficiently cover remittance obligations. 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. Net assets under management totaled $2.3 billion as of June 30, down slightly from March 31 and up 5% from June 30, 2020. PennyMac Financial Services can also be reached via phone at (818) 224-7442 and via email at pfsi_ir@pnmac.com. David served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac. What was David Spectors latest transaction? The stock was sold at an average price of $60.80, for a total value of $912,000.00. 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 ex-dividend date was Monday, February 13th. As our production mix continues to shift towards direct lending, production expenses as a percentage of fallout adjusted locks are expected to trend higher. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. The price of the stock has decreased by 8.12% since. 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. No P&I advances are outstanding as prepayment activity continued to sufficiently cover remittance obligations. 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. At PennyMac, our commitment to our customers doesnt end at closing. This outstanding income generated excess capital that we redeployed into increased levels of production, share repurchases, reduction of debt, and increased servicing activity. Learn More on PennyMac Financial Services' active insiders. In January, our consumer direct originations totaled $3.1 billion in UPB and locks totaled $4.4 billion. A free inside look at company reviews and salaries posted anonymously by employees. Equal Housing Opportunity 2023 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. Having difficulty making payments? David is based out of Agoura Hills, California, United States and works in the Financial Services industry. Is this happening to you frequently? 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. North Carolina Permit No. The fair value of our MSR decreased modestly in the fourth quarter, driven by higher-than-expected prepayments, increased projections for short-term prepayments and elevated levels of early buyout activity. 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. Chart Data in Insider Trading History Table. Being one of the Find contact details for 700 million professionals. Isaac Garden - Investor Relations. So, from our home to yours, thank you! Now Id like to begin by introducing David Spector, PennyMac Financials President and Chief Executive Officer who will review the Companys fourth quarter and full year 2020 results. What was David Spector's most profitable transaction? The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. Thanks, Andy. Im proud of the actions we have taken and the dedicated management team across the company that has helped put these plans into action. Hedge funds and other institutional investors have recently modified their holdings of the stock. 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. 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. 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. .This article first appeared on GuruFocus. Business Incorporated: Thank you, Dan. 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. Company profile for PennyMac Financial Services Inc. including key executives, insider trading, ownership, revenue and average growth rates. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. | 3 Mrz 2023. They sold a total of 398,609 shares worth more than $22,789,635.48. 67.03% of the stock is currently owned by institutional investors and hedge funds. While 2020 was a record, we have a long track record of strong performance. This high level of efficiency was largely due to our cloud-based, proprietary servicing system, otherwise known as SSE. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets. 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. 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. This grew our servicing portfolio to over $426 billion in UPB even with elevated prepayment speeds. Dans son rle . January 25, 2021. David Spector is currently Chairman of the Board, President and Chief Executive Officer at PennyMac - View - PennyMac org chart On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. 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. Licensed Mortgage Banker-NYS Department of Financial Services. Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. Contact our customer service team with any inquiries by sending us a message through the Message Center by simply logging in to your account. 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. The technology based digital marketing platform, coupled with dedicated loan officers and an efficient operating processes, gives PennyMac a strong foundation for continued growth. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. Search over 700 DO NOT SEND PAYMENTS TO THIS ADDRESS. 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. 3043 Townsgate Rd Ste 200, Westlake Village, CA 91361-3027. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. For more information, review Pennymac's state licenses and important notices. 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 returns have led to a 29% compounded annual growth rate in our book value per share since our IPO. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. Hedging and related gains totaled $91 million. 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. Net assets under management totaled $2.3 billion as of December 31, up 1% from September 30. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. The business also recently declared a quarterly dividend, which was paid on Friday, February 24th. 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. PennyMac Financial Services, Inc. operates as a holding company. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. As David mentioned earlier, we sold $3.4 billion in UPB of EBO loans to third-party whole loan investors, up significantly from last quarter. You can see the results of our hedging strategy in the full year view on slide 19. Insiders at PennyMac Financial Services own 18.0% of the company. 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. 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 Services, Inc operates as a holding company. Backtested performance is developed with the benefit of hindsight and has inherent limitations. 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. Jeffrey W. Martin Sells 10,413 Shares of Sempra (NYSE:SRE) Stock, Robert Brian Mitchell Sells 38,000 Shares of Globe Life Inc. (NYSE:GL) Stock, Get a free copy of the StockNews.com research report on PennyMac Financial Services (PFSI), Hormel Hits 2-Year Low, And The Dip Gets Bought, Heres Why Ross Could Soon Be Hitting All Time Highs. JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. 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 committed pipeline at January 31 was $3 billion. Headquarters.
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