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. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 01/07/2021 at the average price of $60.12. 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. Some products may not be available in all states. 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. This outstanding income generated excess capital that we redeployed into increased levels of production, share repurchases, reduction of debt, and increased servicing activity. StockNews.com raised PennyMac Financial Services from a sell rating to a hold rating in a report on Saturday, February 11th. Series 2023-GTL1 Loan On February 28, 2023, PennyMac Financial Services, Inc. (the "Company"), through two of its indirect, wholly owned subsidiaries, PNMAC GMSR ISSUER TRUST ("Issuer Trust") and PennyMac Loan Services, LLC ("PLS"), entered into a syndicated series of term notes (the "Series 2023-GTL1 Loan"), as part of the structured . Similar Profiles. 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 has 10 current employee profiles, including President and Chief Executive Officer David Spector. 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. The stock was sold at an average price of $60.64, for a total value of $1,586,888.16. Headquarters. In total, these strong acquisition and origination volumes continue to drive the organic growth of our servicing portfolio despite elevated prepayment activity. Finally, Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 33.5% during the 4th quarter. Margins in our consumer direct channel still remain elevated relative to historical levels. The firm engages in the production and servicing of U.S. residential mortgage loans. 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. 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. As you can see on page 11 of our slide presentation, correspondent acquisition volumes totaled $56.9 billion in UPB in the fourth quarter, up 28% from the prior quarter and 53% from the fourth quarter of 2019. 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. He currently serves as a senior advisor to TPG Capital, a global private investment firm, and . Its Time For A Fresh Look At The Kroger Co. West Frasers Earnings Scream Timber, Outlook Says Buy, MarketBeat.com's FREE daily email newsletter, Tower Research Capital LLC TRC Increases Position in ABB Ltd. Tower Research Capital LLC TRC Has $254,000 Holdings in Daqo New Energy Corp. ABB Ltd Shares Bought by Tower Research Capital LLC TRC. 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. 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. I am pleased to note that PFSIs Board of Directors declared a fourth quarter cash dividend of $0.20 per share, representing a 33% increase from the prior quarter. Meet our Smart Portfolio. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. 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. Ill now turn it over to Dan Perotti, Senior Managing Director and Chief Financial Officer to speak to the financial results for the quarter. 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. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. 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. Actual performance may differ significantly from backtested performance. For any questions, please visit our website at ir.pennymacfinancial.com, or call our Investor Relations department at 8182644907. 18.5 million shares or approximately 24% of PFSI's common shares outstanding. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. How do I contact David A. Spector? 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. They sold a total of 398,609 shares worth more than $22,789,635.48. David Spector is currently Chairman of the Board, President and Chief Executive Officer at PennyMac - View - PennyMac org chart 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. The average return per transaction made by David Spector is 3.50%. Please note all regulatory considerations regarding the presentation of fees must be taken into account. The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. Chart Data in Insider Trading History Table. Additionally, PFSI's Board of Directors approved an increase to its stock repurchase authorization from $1 billion to $2 billion. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. We saw significant market share growth in the conventional correspondent market this quarter and our leadership position in government loans remains as a result of our consistency, low costs and operational excellence we continue to provide to our correspondents. Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. However, margins in this channel remain attractive. Follow them so you never miss a recommendation. Posted by Defense World Staff on Mar 3rd, 2023. Within our consumer direct lending channel, initiatives include enhancing our lead generation capabilities and use of data analytics, in addition to increasing the use of digital marketing to drive non-portfolio originations. Production segment pretax income was $244.4 million, down 33% from the prior quarter and 55% from the second quarter of 2020. 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. View open jobs at this location. 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. What is the average return per transaction made by David Spector? NMLS ID # 35953. Production revenue margins declined from the prior quarter and revenue per fallout-adjusted lock for PFSI's own account was 154 basis points in the second quarter, down from 176 basis points in the first quarter of 2021. 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. 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%. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. While Stan had retired from day-to-day responsibilities at PennyMac, he remained a trusted advisor and dear friend. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . This website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. No P&I advances are outstanding as prepayment activity continued to sufficiently cover remittance obligations. 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. Pretax income, excluding valuation-related items for the servicing segment, was $174.4 million, down 33% from the prior quarter and up 101% from the second quarter of 2020. 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. Interest rate lock volume was $5.7 billion in UPB, up 4% from the third quarter and 234% from the fourth quarter of 2019. 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. Warning! Importantly, and as Doug Jones, Senior Managing Director and Chief Mortgage Banking Officer, will expand on in his section of the presentation, we sold $3.4 billion in UPB of early buyout loans to third-party whole loan investors, thus reducing the risk associated with holding these loans and increasing our capital efficiency. Our correspondent mix percentage was essentially unchanged from the previous quarter, as 35% of the acquisitions were government loans and 65% were conventional loans. 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. The slides that accompany this discussion are available on PennyMac Financials website at ir.pennymacfinancial.com. What is the percentage of profitable transactions made by David Spector? The company's services span its main function of loan production and loan servicing which includes the recovery of loans and other related charges. Thank you, Isaac. 47.206 (3) & (4). Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. 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. Learn More about insider trades at PennyMac Financial Services. 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. GuruFocus has detected 5 severe warning signs with PennyMac Financial Services Inc. . Thank you, David. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.46. David works at Pennymac Loan Services, Llc as Chief Investment Officer. Similarly, lock volume totaled $4.5 billion, down 21%. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. His family and PennyMac, which announced his passing, said he died from complications . Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. Good afternoon, and welcome to the Fourth Quarter and Full-Year 2020 Earnings discussion for PennyMac Financial Services, Inc. We also remain very active repurchasing shares driven by our medium-term expectations for PFSI's return on equity. 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. Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. What was David Spectors latest transaction? 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. 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. Speaker: David Spector - Chairman and Chief Executive Officer Thank you Isaac. 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. 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. Changes in these assumptions may have a material impact on the backtested returns presented. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. "I am delighted to announce Doug Jones' election to our. Servicing advances outstanding were approximately $454 million at December 31, up from $346 million at September 30, primarily associated with seasonal tax payments. How can I follow the stock ratings of top corporate insiders? So, from our home to yours, thank you! Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. You will be contacted by a representative that will help answer any inquiries you have. 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.). No credit card required. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets. Enter your email to receive our newsletter. 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 have also seen a large group of borrowers that reperform and exit forbearance on their own. million verified professionals across 35 million companies. Being one of the Find contact details for 700 million professionals. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. In January, our consumer direct originations totaled $3.1 billion in UPB and locks totaled $4.4 billion. And we believe the role of a well capitalized correspondent aggregator like PennyMac will be increasingly important over time. Find the best performing Analyst in each sector. Licensed by the N.J. Department of Banking and Insurance. The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. Learn More on David A. Spector's contact information. PennyMac Financial reported strong earnings in the fourth quarter driven by core production and servicing results. The percentage of loans in forbearance decreased to 4.9% at June 30 from 6.3% at March 31, as borrowers in forbearance plans at March 31 who have since exited more than offset new forbearance plans. All rights reserved. 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%. 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. The return on the trade was 60.70%. The Servicing segment offers servicing of originated mortgage loans and execution and management of early buyout transactions. Pennymac's servicing portfolio grew to $518 billion in unpaid balance, up 2% from Dec. 31, 2021, and 16% from March 31, 2021, led by production volumes which more than offset prepayment activity,. This hedging strategy is designed to moderate the impact of interest rate changes on the fair value of our MSR asset and also considers productionrelated income. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . PennyMac Mortgage Investment Trust (NYSE:PMT) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ETCompany Participants. 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. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. Get contact details including emails and phone numbers 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. {{ userNotificationState.getAlertCount('bell') }}. Approve of CEO. 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. Please. The direct lending channels continued to have an outsized impact on PFSIs production earnings in the fourth quarter.
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