The direct lending channels continued to have an outsized impact on PFSIs production earnings in the fourth quarter. In the last year, insiders at the real estate investment trust sold shares 23 times. 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. Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. The committed pipeline at January 31 was $3 billion. This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. In January, our consumer direct originations totaled $3.1 billion in UPB and locks totaled $4.4 billion. The firm engages in the production and servicing of U.S. residential mortgage loans. This brings the total repurchases year-to-date to approximately $600 million. The predominant outcome has been through loan modifications to the borrowers to aid in their recovery. 3043 Townsgate Rd Ste 200, Westlake Village, CA 91361-3027. Thank you. 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. Thanks, Doug. David A. Spector is also on the board of 7 other companies. 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. And with that, I would like to turn it back to David for some closing remarks. David served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac. 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. In January, our correspondent acquisitions remained strong, with $17.9 billion in UPB of acquisitions and lock volume of $17.8 billion. 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. If you need the payment address, click here. The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. 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. This website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. BBB File Opened: 2/5/2015. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets. "I am delighted to announce Doug Jones' election to our. Book value per share grew 5% to $54.49 at June 30. 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. 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. 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. 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. 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. 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. 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. 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. (03-2023). 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.). The total sale was $1.7 million. Is this happening to you frequently? Broker originations in July totaled $1.2 billion and locks totaled $1.7 billion. The company's services span its main function of loan production and loan servicing which includes the recovery of loans and other related charges. What is the average return per transaction made by David Spector? On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Get a breakdown of the different strategies based on detected insider trading activity. 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 PFSIs net income was $452.8 million or diluted earnings per share of $5.97. While our employee base grew by 60% during the year, our production volumes grew by 67% and our earnings increased by 328%. 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. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $69.50. 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. 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. Thank you. January 25, 2021. Our correspondent mix percentage was essentially unchanged from the previous quarter, as 35% of the acquisitions were government loans and 65% were conventional loans. Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. The origination market continues to be strong on a historical basis as mortgage rates have recently returned to near record lows. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. This balanced business helps generate strong results across a variety of market and rate environments. 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. PennyMac Mortgage Investment Trust (NYSE:PMT) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ETCompany Participants. Certain assumptions have been made for modeling purposes and are unlikely to be realized. PennyMac Financial's owned portfolio reported a prepayment speed of 28.3% in the second quarter, down from 32.6% in the prior quarter. 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. The direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. the company. View detailed PFSI description & address. All loan programs subject to borrowers meeting appropriate underwriting conditions. 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. Learn More about insider trades at PennyMac Financial Services. This high level of efficiency was largely due to our cloud-based, proprietary servicing system, otherwise known as SSE. Learn More on David A. Spector's trading history. If you have an ad-blocker enabled you may be blocked from proceeding. Learn More on David A. Spector's salary. Finally, transactions like these provide meaningful savings to PennyMac Financial over the life of the loan while providing the opportunity for redelivery in the future. The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. We quickly developed a plan to deal with the COVID-19 pandemic and the various work from home orders across the nation. 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. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. With that, I will turn the call over to Andy Chang, Senior Managing Director and Chief Operating Officer, who will go through some of the initiatives we are focused on to position us for future success in the years to come. This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. 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. (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. Production revenue margins remain elevated, especially with PFSIs growth in consumer and broker direct volumes. This hiring mostly occurred in three key areas, servicing, direct lending and fulfillment services. 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. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. 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. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. The price of the stock has decreased by 14.5% since. For the complete insider trading history of PFSI, click here. Revenue per fallout-adjusted lock was 343 basis points in the quarter, a decrease from the first quarter. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. Download the Pennymac Mobile app from the App Store. David Spectors most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. 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. The most recent insider tranaction occured on March, 1st when insider Steven Richard Bailey sold 13,604 shares worth more than $825,762.80. Arizona Mortgage Banker License # 0911088. Pennymac's state licenses and important notices. January 25, 2021, 12:31 p.m. EST 1 Min Read. 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. Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. For licensing information, go to: www.nmlsconsumeraccess.org. This chart shows David Spector's buying and selling at PennyMac Financial Services by year and by quarter. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. 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. And with that, I would like to turn it back to David for some closing remarks. PennyMac Financial Services, Inc. has a 12-month low of $38.53 and a 12-month high of $73.79. 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. 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. Thanks, Andy. State of Wyoming raised its position in shares of PennyMac Financial Services by 9.3% during the 4th quarter. Copyright 2023 Surperformance. 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. The firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. How do I contact David A. Spector? Servicing advances outstanding were approximately $454 million at December 31, up from $346 million at September 30, primarily associated with seasonal tax payments. General assumptions include: XYZ firm would have been able to purchase the securities recommended by the model and the markets were sufficiently liquid to permit all trading. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Enter your email to receive our newsletter. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. Net assets under management totaled $2.3 billion as of June 30, down slightly from March 31 and up 5% from June 30, 2020. 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. 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. Thank you, David. Follow them so you never miss a recommendation. PennyMac Financial Services' insider roster includes Anne Mccallion (Director), Farhad Nanji (Director), and David Spector (CEO). These businesses are foundational to PFSI and not easily replicated. No P&I advances have been made to date, as prepayment activity continued to sufficiently cover remittance obligations. This information is provided for illustrative purposes only. PennyMac. 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. Similar Profiles. David Spector President and Chief Executive Officer Lior Ofir Senior Managing Director & Chief Information Officer Stanford L. Kurland Executive Chairman Amir Pirnia SVP Engineering Learn More on PennyMac Financial Services' active insiders. David Spector joined PennyMac in 2008. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. PennyMac Financial Services, Inc. operates as a holding company. Years in Business: 14. Business Started: 3/25/2008. If so, please call us at 866.545.9070. Our investment management segment delivered pretax income of $4.1 million, up from $1.4 million in the prior quarter as a result of incentive fees earned and down from $4.7 million in the second quarter of 2020. PennyMac Financial Services, Inc. a annonc que Doug Jones, prsident et directeur des services hypothcaires, a rejoint son conseil d'administration compter du 1er mars 2023. The opportunity to grow these newer channels is exciting and provides PFSI a multi-channel, diversified and profitable production segment that will further grow the servicing portfolio with high quality assets. 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. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. Now I'll turn it over to Doug, who will discuss our mortgage banking businesses. 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. Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. Net income in the fourth quarter was the second highest in the history of the company. As David mentioned earlier, PFSI's net income was $204.2 million or diluted earnings per share of $2.94. 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. 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. Please disable your ad-blocker and refresh. Meet our Smart Portfolio. Learn More on PennyMac Financial Services' active insiders. PennyMac Financial Services, Inc operates as a holding company. The technology based digital marketing platform, coupled with dedicated loan officers and an efficient operating processes, gives PennyMac a strong foundation for continued growth. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 01/07/2021 at the average price of $60.12. Main Telephone (818) 224-7442 Primary Address 3043 Townsgate Road Suite 200 Westlake Village, CA 91361 USA Fiscal Close December Founded 2008 As the CEO of PennyMac Financial Services, Inc., Mr. Spector earned a total compensation package of $13,575,224.00 in 2021. 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. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. Some products may not be available in all states. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . Net income was $204 million or diluted earnings per share of $2.94, representing an annualized return on equity of 23%. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. We have long-standing partnerships with several EBO loan investors, with a program in place to buy delinquent Ginnie Mae loans out of securitizations and sell them to these third-party investors. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. What was David Spector's most profitable transaction? Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. The average return per transaction made by David Spector is 3.50%. Susquehanna Fundamental Investments LLC raised its position in shares of PennyMac Financial Services by 24.8% during the 4th quarter. The price of the stock has increased by 0.03% since. Advances are expected to continue increasing over the next 6 to 12 months. PennyMac Financial Services, Inc. (NYSE:NYSE:PFSI) Q4 2020 Earnings Conference Call February 4, 2021 4:30 PM ETCompany ParticipantsIsaac Garden - Vice President Investor RelationsDavid.