We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. Some products may not be available in all states. 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. This financial performance is driven by the balanced business model in mortgage banking that we have built over the last 13 years. 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. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . 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. Thank you Isaac. PennyMac Financial Services, Inc. has a 12-month low of $38.53 and a 12-month high of $73.79. In January, our broker direct originations totaled $1.4 billion in UPB, and locks totaled $2.1 billion. David Spector - Chairman & Chief Executive Officer, PennyMac Loan Get contact details including emails and phone numbers 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. In the fourth quarter, the pretax income was $234.1 million, a 31% decrease from . Stanford Kurland. 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. While 2020 was a record, we have a long track record of strong performance. David A. Spector is a businessperson who has been the head of 9 different companies. 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. Now Ill turn it over to Doug Jones, PFSIs Senior Managing Director and Chief Mortgage Banking Officer to provide you some more details on our mortgage banking businesses. approve of David Spector's performance Founded 2008 Company size 5,001 to 10,000 Revenue $1B to $5B (USD) Industry Banking & Lending Headquarters Westlake Village, CA Link PENNYMAC website Pennymac (NMLS #35953) is a top national mortgage lender with over 4 million lifetime customers. Posted by Defense World Staff on Mar 3rd, 2023. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.46. Approve of CEO. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. Revenue per fallout-adjusted lock was 71 basis points, down from 140 basis points in the prior quarter. And I'm pleased to be joined by PennyMac Financial Services CEO,. 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Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. These record volumes resulted in the growth of our servicing portfolio to $427 billion in UPB, despite extraordinary levels of prepayment activity. The committed pipeline at January 31 was $3 billion. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. 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. PennyMac Founder Stanford Kurland Passes Away - MBA Newslink While Stan had retired from day-to-day responsibilities at PennyMac, he remained a trusted advisor and dear friend. This high level of efficiency was largely due to our cloud-based, proprietary servicing system, otherwise known as SSE. 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. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. The return on the trade was 60.70%. Net assets under management totaled $2.3 billion as of December 31, up 1% from September 30. 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. Up to 5 The business also recently declared a quarterly dividend, which was paid on Friday, February 24th. State of Wyoming now owns 5,512 shares of the real estate investment trusts stock worth $312,000 after purchasing an additional 469 shares during the last quarter. 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. 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. 292 Pennymac reviews in Los Angeles, CA. Transcript : PennyMac Financial Services, Inc. Presents at Barclays Dans son rle . Is this happening to you frequently? David Spector | ZoomInfo PennyMac Financial's owned portfolio reported a prepayment speed of 28.3% in the second quarter, down from 32.6% in the prior quarter. PennyMac Mortgage Investment Trust (PMT) CEO David Spector on Q1 2021 On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Thank you. David Spector Sells 15,000 Shares of PennyMac Financial Services, Inc These valuation declines were primarily driven by significant levels of prepayment activity and early buyouts. Good morning and thank you for joining us. Find the best performing Analyst in each sector. David Spector - PennyMac Mortgage Insider Transactions - TipRanks.com The ongoing success can be attributed to the increased application of data analytics, our growing servicing portfolio and the investments we have made in the loan fulfillment and sales process. Interest rate lock volume was $5.7 billion in UPB, up 4% from the third quarter and 234% from the fourth quarter of 2019. Follow them so you never miss a recommendation. 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. David Spector - Chief Investment Officer at Pennymac Loan Services, Llc Interest rate lock commitments in the fourth quarter totaled $12.8 billion in UPB, up 18% from the prior quarter, and 135% from the fourth quarter of 2019. PennyMac Loan Services, LLC | Better Business Bureau Profile This grew our servicing portfolio to over $426 billion in UPB even with elevated prepayment speeds. Learn More about David A. Spector's net worth. 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. PennyMac Financial Services Inc provides mortgage loans to customers in the United States. This website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. 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. The direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. And, we continue to enhance our MAC portal, thus improving the ability for borrowers to self-service throughout the entire origination process. Margins in our consumer direct channel still remain elevated relative to historical levels. Im proud of the actions we have taken and the dedicated management team across the company that has helped put these plans into action. During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. | 3 Mrz 2023. Ready to apply or complete your application? 3043 Townsgate Rd Ste 200, Westlake Village, CA 91361-3027. PennyMac Financial Services can also be reached via phone at (818) 224-7442 and via email at pfsi_ir@pnmac.com. Since the start of 2020, we have repurchased approximately 13% of the PFSI shares that were outstanding at the beginning of 2020. PennyMac, Homepoint and other lenders announce new leaders | National 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. 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. Thanks, Andy. 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. 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,. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. The Production segment includes mortgage loan origination, acquisition, and sale activities. 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 . Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. Thanks, Doug. We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. I'll now turn it over to Dan, who will speak to the financial results for the quarter. 119504607, 119505929, 119506567, 119506570, 119507419. The most recent insider tranaction occured on March, 1st when insider Steven Richard Bailey sold 13,604 shares worth more than $825,762.80. David is based out of Agoura Hills, California, United States and works in the Financial Services industry. Learn More on David A. Spector's salary. 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. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. 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. The firm engages in the production and servicing of U.S. residential mortgage loans. 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. During the last ninety days, David A. Spector has sold $2,498,888.16 in shares of PennyMac Financial Services stock. Pennymac Loan Services LLC | Better Business Bureau Profile free lookups / month. 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. And since the beginning of 2020, we have now repurchased over 18.5 million shares or approximately 24% of PFSI's common shares outstanding. 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. In total, loan acquisition and origination volumes were $61 billion in the second quarter. David Spector President and Chief Executive Officer Lior Ofir Senior Managing Director & Chief Information Officer Stanford L. Kurland Executive Chairman Amir Pirnia SVP Engineering Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 7.36 and a beta of 1.49. PENNYMAC FINANCIAL SERVICES, INC. : Entry into a Material Definitive And we believe the role of a well capitalized correspondent aggregator like PennyMac will be increasingly important over time. While many of these employees aided in our record production growth and increased servicing activities due to COVID, these hires were consistent with PFSIs long-term strategy. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. As David mentioned earlier PFSIs net income was $452.8 million or diluted earnings per share of $5.97. This information is provided for illustrative purposes only. Warning! Government loan acquisitions in the quarter totaled $18.9 billion in UPB, up 11% from the prior quarter and up 14% from the fourth quarter of 2019. Additionally, PFSI's Board of Directors approved an increase to its stock repurchase authorization from $1 billion to $2 billion. Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. PennyMac Financial Servicess payout ratio is 9.54%. His family and PennyMac, which announced his passing, said he died from complications . David served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac. The price of the stock has increased by 0.03% since. David Spector's role in PennyMac Mortgage is Chairman & CEO, Director. Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. PennyMac remained the largest correspondent aggregator in the U.S. in the fourth quarter. Headquarters. 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. 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. If you have an ad-blocker enabled you may be blocked from proceeding. The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. 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. Operating revenue decreased $2 million from the prior quarter driven by declines in earnings on custodial balances. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. 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.
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