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 company has a market cap of $3.09 billion, a price-to-earnings ratio of 7.36 and a beta of 1.49. This brings the total repurchases year-to-date to approximately $600 million. Ill now turn it over to Dan Perotti, Senior Managing Director and Chief Financial Officer to speak to the financial results for the quarter. 130 Westlake Village, CA, 91362 Get Directions. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. Thanks, Doug. 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 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. 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) announced today that Doug Jones, President and Chief Mortgage Banking Officer, joined its Board of Directors effective March 1, 2023. Margins in our consumer direct channel still remain elevated relative to historical levels. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. Similarly, lock volume totaled $4.5 billion, down 21%. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. Insiders at PennyMac Financial Services own 18.0% of the company. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets. 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. The barriers to entry for these businesses that require scale for success provide PFSI a strategic advantage over our competitors. Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. We have made significant investments to scale our end-to-end mortgage fulfillment process while we expect the substantial investments in technology we have made to continually improve the customer experience over time. 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. Interest rate lock volume was $5.7 billion in UPB, up 4% from the third quarter and 234% from the fourth quarter of 2019. The history of PennyMac Financial was borne out of the Great Financial Crisis, with a desire to help distressed borrowers. NMLS ID # 35953. 47.206 (3) & (4). PENNYMAC Careers and Employment | Indeed.com David Spector Sells 26,169 Shares of PennyMac Financial Services, Inc 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. David Spector President and Chief Executive Officer Lior Ofir Senior Managing Director & Chief Information Officer Stanford L. Kurland Executive Chairman Amir Pirnia SVP Engineering Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. David Spector Sells 15,000 Shares of PennyMac Financial Services, Inc 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. 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. Licensed by the N.J. Department of Banking and Insurance. For any questions, please visit our website at ir.pennymacfinancial.com, or call our Investor Relations department at 8182644907. 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. Finally, Barclays lifted their price objective on PennyMac Financial Services from $58.00 to $69.00 and gave the company an equal weight rating in a report on Friday, February 3rd. Thank you, Isaac. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. As of the end of the year we have helped, or are in the process of helping, approximately 145,000 borrowers successfully emerge from their forbearance plans. 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. 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. 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. The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. David served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac. The estimated net worth of David A. Spector is at least $40.95 million as of March 1st, 2023. I am incredibly thankful and proud of the over 6,000 PennyMac employees who managed through the challenges of the pandemic to deliver these extraordinary results. 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. PDF PennyMac Financial Services, Inc. In total, these strong acquisition and origination volumes continue to drive the organic growth of our servicing portfolio despite elevated prepayment activity. Doug Jones Joins PennyMac Financial Services Board - NMP PennyMac Financial Services' insider roster includes Anne Mccallion (Director), Farhad Nanji (Director), and David Spector (CEO). 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. We believe the growth opportunities in front of us to be substantial and as we continue to grow our direct lending channels, we expect PennyMac Financials exceptional financial performance to persist through 2021. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. | 3 Mrz 2023. Dans son rle . And I'm pleased to be joined by PennyMac Financial Services CEO,. Presenter SpeechMark DeVries Hello. 119504607, 119505929, 119506567, 119506570, 119507419. Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. No cash balance or cash flow is included in the calculation. Some products may not be available in all states. 2023-03-02 | NYSE:PFSI | Press Release | PennyMac Financial Services Inc. David works at Pennymac Loan Services, Llc as Chief Investment Officer. Changes in these assumptions may have a material impact on the backtested returns presented. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Stanford Kurland. 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. This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. The most recent insider tranaction occured on March, 1st when insider Steven Richard Bailey sold 13,604 shares worth more than $825,762.80. 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. Thank you. 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The Production segment includes mortgage loan origination, acquisition, and sale activities. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. Enter your email to receive our newsletter. Susquehanna Fundamental Investments LLC now owns 85,385 shares of the real estate investment trusts stock worth $4,838,000 after purchasing an additional 16,980 shares during the last quarter. Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. If you need the payment address, click here. David Spector - Chairman and Chief . Please disable your ad-blocker and refresh. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. These strong production volumes again led to servicing portfolio growth despite continued elevated prepayment activity. 33% of correspondent acquisitions were government loans and 67% were conventional loans. Certain assumptions have been made for modeling purposes and are unlikely to be realized. 292 Pennymac reviews in Los Angeles, CA. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. Learn More about insider trades at PennyMac Financial Services. 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. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. All loan programs subject to borrowers meeting appropriate underwriting conditions. We also remain very active repurchasing shares driven by our medium-term expectations for PFSI's return on equity. 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. Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. 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. David Spector net worth, bio and Pennymac Financial Services, Inc 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 believe we will continue to increase their respective market positions as we execute on our growth initiatives in each channel. Is this happening to you frequently? With that, I will now turn the call over to Andy Chang, Senior Managing Director and Chief Operating Officer, who will review the mortgage origination landscape and the drivers of profitability for PFSI going forward. As our production mix continues to shift towards direct lending, production expenses as a percentage of fallout adjusted locks are expected to trend higher. The direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. 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. David Spector | ZoomInfo 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. 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. PennyMac Founder Stanford Kurland Passes Away - MBA Newslink I'll now turn it over to Dan, who will speak to the financial results for the quarter. We estimate we are now represent approximately 2.5% market share in the channel with over 2,000 brokers approved to offer our products, an increase of 11% from March 31, 2021. 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. As the CEO of PennyMac Financial Services, Inc., Mr. Spector earned a total compensation package of $13,575,224.00 in 2021. Production segment pretax income was $572.6 million, down 7% from the prior quarter and up 182% from the fourth quarter of 2019, driven by continued growth in direct lending and strong performance across all channels. Broker originations in July totaled $1.2 billion and locks totaled $1.7 billion. {{ userNotificationState.getAlertCount('bell') }}. Thanks, Andy. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. Jones brings more than 25 years of financial services industry experience to PennyMac Financial Services. 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. The price of the stock has increased by 0.03% since. David A. Spector is also on the board of 7 other companies. The stock was sold at an average price of $60.80, for a total value of $912,000.00. PennyMac Loan Services, LLC | Better Business Bureau Profile This expertise and experience has served us well, enhancing our ability to help many borrowers affected by the COVID-19 pandemic. Up to 5 Pennymac has 10 current employee profiles, including President and Chief Executive Officer David Spector. 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. Our direct lending channels have an outsized impact on production segment earnings, as Dan will discuss later. The firm engages in the production and servicing of U.S. residential mortgage loans. It operates through the following segments: Production, Servicing, and Investment Management. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. Pennymac notches a profitable Q1 due to servicing segment The origination market continues to be strong on a historical basis as mortgage rates have recently returned to near record lows. 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. Massachusetts Mortgage Lender License # MC35953. PennyMac. Importantly, PennyMac retains the servicing rights and carries an option to repurchase these government-insured loans in the event they become eligible for redelivery into Ginnie Mae securities. 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. Information on this page was last updated on 3/1/2023. Production revenue margins remain elevated, especially with PFSIs growth in consumer and broker direct volumes. In the fourth quarter, the pretax income was $234.1 million, a 31% decrease from . If you have additional questions or would like to speak with a Pennymac representative, please call (800) 777-4001. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. These technology investments are critical drivers to the growth of our direct lending businesses. For licensing information, go to: www.nmlsconsumeraccess.org. 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 net worth estimate does not reflect any other assets that Mr. Spector may own. State of Wyoming raised its position in shares of PennyMac Financial Services by 9.3% during the 4th quarter. The average return per transaction made by David Spector is 3.50%. David A. Spector - Biography - MarketScreener.com David Spector received compensation valued at about $12,375,328 in 2020 after becoming . 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. David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. 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. Pennymac Westlake Village, CA Office | Glassdoor 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. Thank you, Dan. 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. His family and PennyMac, which announced his passing, said he died from complications . 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. Being one of the Find contact details for 700 million professionals. The committed pipeline at January 31 was $3 billion. The return on the trade was 60.70%. David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. PennyMac Financial Services, Inc. Announces Doug Jones Joined Its Board Thank you Isaac. PennyMac is a mortgage lender and servicer headquartered in Westlake Village, California. Pricing margins in the channel decreased sharply, reflecting intense levels of competition between channel leaders. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View David Spector is currently Chairman of the Board, President and Chief Executive Officer at PennyMac - View - PennyMac org chart 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. 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. Get contact details including emails and phone numbers The stock was sold at an average price of $58.12, for a total value of $741,030.00. Click here to check it out. 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. In January, our consumer direct originations totaled $3.1 billion in UPB and locks totaled $4.4 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. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. 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%.
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