As you will see on slide 10, we provide a breakdown of the revenue contribution from each of PFSI's loan production channels, net of loan origination expenses, including the fulfillment fees received from PMT for conventional correspondent loans. The firm engages in the production and servicing of U.S. residential mortgage loans. Thank you. Company profile for PennyMac Financial Services Inc. including key executives, insider trading, ownership, revenue and average growth rates. Information on this page was last updated on 3/1/2023. Insider Selling: PennyMac Financial Services, Inc. (NYSE:PFSI) CEO This was all done while the vast majority of our employees were working from home for most of the year. 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. Is this happening to you frequently? I'll now turn it over to Dan, who will speak to the financial results for the quarter. David Spector is currently Chairman of the Board, President and Chief Executive Officer at PennyMac - View - PennyMac org chart These technology investments are critical drivers to the growth of our direct lending businesses. 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. Schonfeld Strategic Advisors LLC now owns 60,866 shares of the real estate investment trusts stock worth $3,449,000 after purchasing an additional 54,266 shares during the last quarter. PFSIs owned servicing portfolio, which consists primarily of Ginnie Mae MSRs, had a 60 day plus delinquency rate of 10.2%, down from 11.4% at the end of the prior quarter, while our subserviced portfolio, primarily consisting of conventional loans, reported a 60 plus day delinquency rate of 2.7%, down from 3.7% at September 30 as borrowers continue to emerge from forbearance plans. Headquarters. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. What is the average return per transaction made by David Spector? 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. Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. What is David Spector's role in PennyMac Mortgage? TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. 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. How can I follow the stock ratings of top corporate insiders? Jones brings more than 25 years of financial services industry experience to PennyMac Financial Services. The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. Earnings per share grew 328% for the year with net income up 319%. Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. What is the percentage of profitable transactions made by David Spector? 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. The stock was sold at an average price of $60.80, for a total value of $912,000.00. 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. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. And with that, I would like to turn it back to David for some closing remarks. The origination market continues to be strong on a historical basis as mortgage rates have recently returned to near record lows. Pennymac has 10 current employee profiles, including President and Chief Executive Officer David Spector. These businesses are foundational to PFSI and not easily replicated. And finally, PMT, the investment vehicle that PFSI manages was able to largely preserve its book value in 2020 which led to solid results in PFSIs Investment Management segment. In January, our consumer direct originations totaled $3.1 billion in UPB and locks totaled $4.4 billion. The Production segment includes mortgage loan origination, acquisition, and sale activities. 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%. 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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. 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. This hiring mostly occurred in three key areas, servicing, direct lending and fulfillment services. 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. Learn More on PennyMac Financial Services' active insiders. While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. 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. As we look at 2021 we believe the market environment provides PFSI a good opportunity for continued elevated financial performance. 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. Get a breakdown of the different strategies based on detected insider trading activity. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . Please. The company reported a net income of $1 billion in 2021, down from a record of $1.6 billion in the previous year. Broker originations in July totaled $1.2 billion and locks totaled $1.7 billion. On slide 14, you can see the fair value of our MSR decreased by $251 million in the second quarter and included $196 million in fair value losses as a result of higher expectations for prepayment activity in the future driven by lower mortgage rates and a flatter yield curve, as well as an additional $55 million in other valuation declines. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. The committed pipeline at January 31 was $3 billion. Consumer and broker direct represented 20% of fallout adjusted lock volume in the fourth quarter but accounted for over 70% of segment pretax income. 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. Pennymac Westlake Village, CA office. Since the start of 2020, we have repurchased approximately 13% of the PFSI shares that were outstanding at the beginning of 2020. The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. 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. Thanks, Andy. Before we begin, let me remind you that our discussion contains forwardlooking statements that are subject to risks identified on Slide 2 that could cause our actual results to differ materially, as well as certain non-GAAP measures that have been reconciled to their GAAP equivalent. If you need the payment address, click here. January 25, 2021. Thank you. Thank you, Isaac. Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. Thank you. Margins in our consumer direct channel still remain elevated relative to historical levels. Net assets under management totaled $2.3 billion as of June 30, down slightly from March 31 and up 5% from June 30, 2020. Hedging and related gains totaled $91 million. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. Similarly, lock volume totaled $4.5 billion, down 21%. Learn More about David A. Spector's net worth. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 01/07/2021 at the average price of $60.12. Advances are expected to continue increasing over the next 6 to 12 months. These increases were primarily driven by continued loss mitigation activities related to COVID-19. David Spector | ZoomInfo the company. David Spector's role in PennyMac Mortgage is Chairman & CEO, Director. 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. 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. Thank you. Importantly, we continued to repurchase stock, with 2.6 million shares of PFSI's common stock bought back during the quarter for an approximate cost of $155 million. Segment revenue was $13.5 million, up 41% from the first quarter and 28% from June 30, 2020. The business also recently declared a quarterly dividend, which was paid on Friday, February 24th. BBB File Opened: 2/5/2015. So, from our home to yours, thank you! As you can see on slide 11, approximately $37 billion of portfolio runoff in the second quarter was more than offset by the addition of $61 billion in total production. 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. 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 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. 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. The technology based digital marketing platform, coupled with dedicated loan officers and an efficient operating processes, gives PennyMac a strong foundation for continued growth. 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. The stock was sold at an average price of $58.12, for a total value of $741,030.00. David works at Pennymac Loan Services, Llc as Chief Investment Officer. Pennymac Cares | Thank You from President & CEO, David Spector This financial performance is driven by the balanced business model in mortgage banking that we have built over the last 13 years. David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. And we ended the quarter with a servicing portfolio of $473 billion in unpaid principal balance, approximately 4% of all residential mortgage debt in the United States. 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. Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. Presenter SpeechMark DeVries Hello. The TipRanks Smart Score performance is based on backtested results. 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,. NMLS ID # 35953. Thank you Isaac. And I'm pleased to be joined by PennyMac Financial Services CEO,. David Spector - Chairman & Chief Executive Officer, PennyMac Loan To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Pennymac Reviews in Los Angeles, CA | Glassdoor Some products may not be available in all states. Other restrictions apply. State of Wyoming raised its position in shares of PennyMac Financial Services by 9.3% during the 4th quarter. David Spector Sells 15,000 Shares of PennyMac Financial Services, Inc 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. David Spector Chief Investment Officer Agoura Hills, California, United States 1K followers 500+ connections Join to connect Penny Mac University of California, Los Angeles Activity Thank you. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. The slides that accompany this discussion are available on PennyMac Financials website at ir.pennymacfinancial.com. No P&I advances have been made to date, as prepayment activity continued to sufficiently cover remittance obligations. PennyMac Financial Services Inc., a national mortgage lender and servicer, announced Thursday that Doug Jones has joined its board of directors. Im proud of the actions we have taken and the dedicated management team across the company that has helped put these plans into action. Similar Profiles. 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. Search over 700 Dan Perotti , PFSIs Senior Managing Director and Chief Financial Officer will discuss the financials in more detail later on in this discussion. January 25, 2021, 12:31 p.m. EST 1 Min Read. No P&I advances are outstanding as prepayment activity continued to sufficiently cover remittance obligations. This expertise and experience has served us well, enhancing our ability to help many borrowers affected by the COVID-19 pandemic. As a management team, we are committed to putting the health and safety of our team members at the heart of our decisions. At PennyMac, our commitment to our customers doesnt end at closing. 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. 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. The servicing segment recorded pretax income of $30.9 million, down from pretax income of $141.7 million in the prior quarter and up from a pretax loss of $62.4 million in the second quarter of 2020. Ready to apply or complete your application? 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. Thanks, Andy. Stanford Kurland. Thanks, Doug. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. And the committed pipeline at July 31 was $1.9 billion. 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. In the fourth quarter, PennyMac Financial delivered net income of 38 Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. David Spector Sells 26,169 Shares of PennyMac Financial Services, Inc PennyMac Financial delivered another outstanding quarter of operational and financial performance, despite the increased volatility in the mortgage market. In total, loan acquisition and origination volumes were $61 billion in the second quarter. During the last ninety days, David A. Spector has sold $2,498,888.16 in shares of PennyMac Financial Services stock. PennyMac TPO Contact Information Principal Mr. David Spector, President/CEO Customer Contact Mr. David Spector, President/CEO Additional Contact Information Phone Numbers (702). 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. 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 price of the stock has decreased by 14.5% since. 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. Biography of David Spector - The Official Board And I'm pleased to be joined by PennyMac Financial Services CEO,. Also, our investments in technology, such as our cloud-based proprietary servicing system, have helped us to maximize economies of scale and grow efficiently, and help drive strong results for years to come. And with that, I would like to turn it back to David for some closing remarks. The return on the trade was 60.70%. 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.