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. His family and PennyMac, which announced his passing, said he died from complications . For any questions, please visit our website at ir.pennymacfinancial.com, or call our Investor Relations department at 8182644907. No cash balance or cash flow is included in the calculation. David Spector President and Chief Executive Officer Lior Ofir Senior Managing Director & Chief Information Officer Stanford L. Kurland Executive Chairman Amir Pirnia SVP Engineering In the fourth quarter, PennyMac Financial delivered net income of 38 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 GuruFocus has detected 8 Warning Signs with PFSI. (business & personal). Mr. Spector owns 650,183 shares of PennyMac Financial Services stock worth more than $40,948,525 as of March 4th. Co-op loans not available. 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 Spectors latest transaction? The Servicing segment offers servicing of originated mortgage loans and execution and management of early buyout transactions. Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. 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. Please disable your ad-blocker and refresh. 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. Our direct lending channels have an outsized impact on production segment earnings, as Dan will discuss later. Our balanced business model continues to deliver consistent profitability and value creation as it has done over the last seven years as a public company. 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. Thanks, Doug. The total sale was $1.7 million. 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. All rights reserved. The price of the stock has decreased by 14.5% since. If so, please call us at 866.545.9070. PennyMac. Our large, organically built servicing portfolio provides a counter-balance to our production activity. 10 Ratings. If you have an ad-blocker enabled you may be blocked from proceeding. 18.5 million shares or approximately 24% of PFSI's common shares outstanding. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. Thank you, David. Posted by Defense World Staff on Mar 3rd, 2023. The average return per transaction made by David Spector is 3.50%. The stock was sold at an average price of $58.12, for a total value of $741,030.00. At PennyMac, our commitment to our customers doesnt end at closing. How can I follow the stock ratings of top corporate insiders? 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. 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. David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. 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. 130 Westlake Village, CA, 91362 Get Directions. Learn More about insider trades at PennyMac Financial Services. 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. 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. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. Following the transaction, the chief executive officer now directly owns 650,183 shares in the company, valued at approximately $39,427,097.12. 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. The origination market continues to be strong on a historical basis as mortgage rates have recently returned to near record lows. Net income in the fourth quarter was the second highest in the history of the company. Good morning and thank you for joining us. Susquehanna Fundamental Investments LLC raised its position in shares of PennyMac Financial Services by 24.8% during the 4th quarter. 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. 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. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. Pricing margins in the channel decreased sharply, reflecting intense levels of competition between channel leaders. For any questions, please visit our website at ir.pennymacfinancial.com or call our Investor Relations department at 818-264-4907. So while refinance origination volumes are expected to decline significantly over the next several years as a result of higher interest rates, we believe the outlook for PennyMac Financial remained strong, given our large profitable and growing servicing business, our position as one of the largest producers of purchase money loans in the U.S. and the continued expansion of our direct lending businesses. 3043 Townsgate Rd Ste 200, Westlake Village, CA 91361-3027. Get contact details including emails and phone numbers 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. The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. 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. 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. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View The TipRanks Smart Score performance is based on backtested results. 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. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. This balanced business helps generate strong results across a variety of market and rate environments. The committed pipeline at January 31 was $3 billion. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. 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 financial performance is driven by the balanced business model in mortgage banking that we have built over the last 13 years. Having difficulty making payments? As David mentioned earlier PFSIs net income was $452.8 million or diluted earnings per share of $5.97. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. David Spector is currently Chairman of the Board, President and Chief Executive Officer at PennyMac - View - PennyMac org chart Our direct lending channels, which include both our consumer direct lending and broker direct lending, have experienced faster growth and are becoming much more significant contributors to PFSIs earnings profile. Segment revenue was $13.5 million, up 41% from the first quarter and 28% from June 30, 2020. 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. 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Actual performance may differ significantly from backtested performance. Thank you. He previously served as Chief Correspondent Lending Officer and has been a member of the company's executive management team since 2011. Thank you for sharing your valuable opinion. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. As we outlined in our Investor Day, we see additional opportunities resulting from changes to the GSE's preferred stock purchase agreement. 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. 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. 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. Please take a moment to watch a special video from our President and CEO, David Spector. I'll now turn it over to Dan, who will speak to the financial results for the quarter. 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. Payoff-related expense, which includes interest shortfall and recording and release fees related to prepayments, remains elevated and increased by $8.3 million quarteroverquarter. 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 quickly developed a plan to deal with the COVID-19 pandemic and the various work from home orders across the nation. 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.). PennyMac Financial Services can also be reached via phone at (818) 224-7442 and via email at pfsi_ir@pnmac.com. 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 price of the stock has increased by 0.03% since. NMLS ID # 35953. 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. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. Licensed Mortgage Banker-NYS Department of Financial Services. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. The slides that accompany this discussion are available on PennyMac Financials website at ir.pennymacfinancial.com. As a management team, we are committed to putting the health and safety of our team members at the heart of our decisions. The direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. 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. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. The return on the trade was 60.70%. 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.
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