The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. Jones brings more than 25 years of financial services industry experience to PennyMac Financial Services. the financials in more detail later on in this discussion. 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. You can see the results of our hedging strategy in the full year view on slide 19. 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. 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. Information on this page was last updated on 3/1/2023. We have used our cloud-based technology systems to aid in scaling our businesses to the market and supported that growth with strategic hiring of employees. His family and PennyMac, which announced his passing, said he died from complications . 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. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, remained elevated but decreased slightly quarter-over-quarter. We quickly developed a plan to deal with the COVID-19 pandemic and the various work from home orders across the nation. Since the start of 2020, we have repurchased approximately 13% of the PFSI shares that were outstanding at the beginning of 2020. Thanks, Andy. Thank you, David. 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. PennyMac Financial Services Inc provides mortgage loans to customers in the United States. Finally, Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 33.5% during the 4th quarter. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. Net assets under management were down slightly quarter-over-quarter to $2.3 billion. The total sale was $1.7 million. Net income in the fourth quarter was the second highest in the history of the company. Thanks, Doug. And, we continue to enhance our MAC portal, thus improving the ability for borrowers to self-service throughout the entire origination process. The most recent insider tranaction occured on March, 1st when insider Steven Richard Bailey sold 13,604 shares worth more than $825,762.80. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. Learn More on David A. Spector's trading history. This grew our servicing portfolio to over $426 billion in UPB even with elevated prepayment speeds. Click here to check it out. 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. Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. Backtested results are adjusted to reflect the reinvestment of dividends and other income and, except where otherwise indicated, are presented gross-of fees and do not include the effect of backtested transaction costs, management fees, performance fees or expenses, if applicable. Actual performance may differ significantly from backtested performance. 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. Item 1.01 Entry into a Material Definitive Agreement. This expertise and experience has served us well, enhancing our ability to help many borrowers affected by the COVID-19 pandemic. 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. 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. Stanford Kurland. 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). Revenue per fallout-adjusted government lock in the second quarter was 30 basis points, down from 37 basis points in the prior quarter. 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. 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. Please take a moment to watch a special video from our President and CEO, David Spector. 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. 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. Production revenue margins remain elevated, especially with PFSIs growth in consumer and broker direct volumes. Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. 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. The slides that accompany this discussion are available on PennyMac Financials website at ir.pennymacfinancial.com. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 7.36 and a beta of 1.49. These increases were primarily driven by continued loss mitigation activities related to COVID-19. 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. The committed pipeline at January 31 was $7.9 billion. Learn More on David A. Spector's contact information. 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. I will review each segments results and then we will touch on our forbearance and servicing advance trends. 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. The technology based digital marketing platform, coupled with dedicated loan officers and an efficient operating processes, gives PennyMac a strong foundation for continued growth. 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 website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. 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. It operates through the following segments: Production, Servicing, and Investment Management. Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. The Production segment includes mortgage loan origination, acquisition, and sale activities. Pennymac Westlake Village, CA office. Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. Net income in the fourth quarter was the second highest in the history of. In January, our correspondent acquisitions remained strong, with $17.9 billion in UPB of acquisitions and lock volume of $17.8 billion. 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. Thank you. 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. No P&I advances are outstanding as prepayment activity continued to sufficiently cover remittance obligations. Learn More on PennyMac Financial Services' active insiders. What is the average return per transaction made by David Spector? Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. 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,. The origination market continues to be strong on a historical basis as mortgage rates have recently returned to near record lows. PennyMac. David is based out of Agoura Hills, California, United States and works in the Financial Services industry. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.46. Licensed by the N.J. Department of Banking and Insurance. Learn More about insider trades at PennyMac Financial Services. This information is provided for illustrative purposes only. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets. With PFSIs historical focus on purchase market originations combined with our large and growing servicing portfolio, we believe we are well-positioned to successfully grow share in all three of our production channels, driving an increase in our overall market position. David Spector - Chairman and Chief . If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. This concludes PennyMac Financial Services, Inc.'s second quarter earnings discussion. Get a breakdown of the different strategies based on detected insider trading activity. Main Telephone (818) 224-7442 Primary Address 3043 Townsgate Road Suite 200 Westlake Village, CA 91361 USA Fiscal Close December Founded 2008 The predominant outcome has been through loan modifications to the borrowers to aid in their recovery. With the large and growing servicing portfolio and an industry leading correspondent production group, PFSI is an established leader with a growing presence across all facets of mortgage banking. David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. Is this happening to you frequently? PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. Now Id like to begin by introducing David Spector, PennyMac Financials President and Chief Executive Officer who will review the Companys fourth quarter and full year 2020 results. What is David Spector's role in PennyMac Mortgage? This net worth estimate does not reflect any other assets that Mr. Spector may own. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. Servicing advances outstanding were approximately $454 million at December 31, up from $346 million at September 30, primarily associated with seasonal tax payments. PennyMac Financial Services, Inc. (NYSE:NYSE:PFSI) Q2 2021 Earnings Conference Call August 5, 2021 5:05 PM ETCompany ParticipantsIsaac Garden - Vice President, Investor RelationsDavid. Business Incorporated: 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. Presenter SpeechMark DeVries Hello. 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. Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. Learn More about David A. Spector's net worth. While our sub-service portfolio, consisting primarily of conventional loans, reported a 60-plus delinquency rate of 1.6%, down from 2.1% at March 31 as borrowers continue to emerge from forbearance plans. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. We are also increasing the use of online closings and automation. In January, our consumer direct originations totaled $3.1 billion in UPB and locks totaled $4.4 billion. Net assets under management totaled $2.3 billion as of June 30, down slightly from March 31 and up 5% from June 30, 2020. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. PennyMac Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only. Ultimately, we believe for these reasons, PennyMac will continue its market share growth as a channel leader. In the last year, insiders at the real estate investment trust sold shares 23 times. Jeffrey W. Martin Sells 10,413 Shares of Sempra (NYSE:SRE) Stock, Robert Brian Mitchell Sells 38,000 Shares of Globe Life Inc. (NYSE:GL) Stock, Get a free copy of the StockNews.com research report on PennyMac Financial Services (PFSI), Hormel Hits 2-Year Low, And The Dip Gets Bought, Heres Why Ross Could Soon Be Hitting All Time Highs. Net assets under management totaled $2.3 billion as of December 31, up 1% from September 30. 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. If you have an ad-blocker enabled you may be blocked from proceeding. The business also recently declared a quarterly dividend, which was paid on Friday, February 24th. Hedging and other gains of over $943 million largely offset an MSR fair value decrease of over $1.1 billion. Thank you Isaac. Thank you. For the total servicing portfolio, we facilitated approximately 291,000 forbearance plans for our customers, with over 90% of those enrolled through our automated channels. The committed pipeline at July 31 was $7.2 billion. The shares were sold at an average price of $60.64, for a transaction totalling $1,586,888.16. President & CEO David Spector sold 30,000 shares of PFSI stock on 01/12/2021 at the average price of $57.43. Search over 700 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. 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. Contact our customer service team with any inquiries by sending us a message through the Message Center by simply logging in to your account. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. The stock was sold at an average price of $58.12, for a total value of $741,030.00. 33% of correspondent acquisitions were government loans and 67% were conventional loans. We also repurchased approximately 1.6 million shares of PFSIs common stock, at an approximate cost of $89.3 million. Please note all regulatory considerations regarding the presentation of fees must be taken into account. Conventional correspondent acquisitions, for which PFSI earns a fulfillment fee from PMT, totaled $30.5 billion, down 10% from the prior quarter and up 61% from the second quarter of 2020. David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. The firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. What was David Spector's most profitable transaction? Pennymac's state licenses and important notices. 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. PennyMac Financial Services, Inc. (NYSE:PFSI Get Rating) CEO David Spector sold 26,169 shares of the firms stock in a transaction dated Wednesday, March 1st. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. The return on the trade was 60.70%. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. 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. He previously served as Chief Correspondent Lending Officer and has been a member of the company's executive management team since 2011. For more information, review Pennymac's state licenses and important notices. Margins in our consumer direct channel still remain elevated relative to historical levels. Interest rate lock volume was $5.7 billion in UPB, up 4% from the third quarter and 234% from the fourth quarter of 2019. Finally, broker direct originations totaled $4.5 billion in UPB in the fourth quarter, up 28% from the prior quarter and 215% percent from the fourth quarter of 2019. While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. Stanford Kurland, who went from being pushed out of the No. 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. As the CEO of PennyMac Financial Services, Inc., Mr. Spector earned a total compensation package of $13,575,224.00 in 2021. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. Net income was $204 million or diluted earnings per share of $2.94, representing an annualized return on equity of 23%. PennyMac TPO Contact Information Principal Mr. David Spector, President/CEO Customer Contact Mr. David Spector, President/CEO Additional Contact Information Phone Numbers (702). 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 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%. We believe we will continue to increase their respective market positions as we execute on our growth initiatives in each channel. 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. In our broker direct channel, we are focused on further reducing the length of our loan origination cycle via workflow enhancements and upgrades to our broker portal, POWER. 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. Meet our Smart Portfolio. 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. 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. Pennymac has 10 current employee profiles, including President and Chief Executive Officer David Spector. 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. The Servicing segment offers servicing of originated mortgage loans and execution and management of early buyout transactions. While 2020 was a record, we have a long track record of strong performance. We believe this represents approximately 13% of the total brokers and non-delegated sellers active in the market today, providing continued room for growth and expansion within the channel in the future. 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. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. Are you interested in helping the next generation of homeowners fulfill their dream of home? Dans son rle . 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. If you have an ad-blocker enabled you may be blocked from proceeding. Government correspondent locks were $15.7 billion, down 8% from the prior quarter and up 21% from the second quarter of 2020. 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. 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. No P&I advances have been made to date, as prepayment activity continued to sufficiently cover remittance obligations. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . During the last ninety days, David A. Spector has sold $2,498,888.16 in shares of PennyMac Financial Services stock. In July, our correspondent acquisitions were $15 billion in UPB and locks were $12.8 billion. If you have additional questions or would like to speak with a Pennymac representative, please call (800) 777-4001. Licensed Mortgage Banker-NYS Department of Financial Services. million verified professionals across 35 million companies. free lookups / month. 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. How can I follow the stock ratings of top corporate insiders? And since the beginning of 2020, we have now repurchased over 18.5 million shares or approximately 24% of PFSI's common shares outstanding. Changes in these assumptions may have a material impact on the backtested returns presented. And I'm pleased to be joined by PennyMac Financial Services CEO,. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. PennyMac Mortgage Investment Trust (NYSE:PMT) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ETCompany Participants. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. All loan programs subject to borrowers meeting appropriate underwriting conditions. 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. The company reported a net income of $1 billion in 2021, down from a record of $1.6 billion in the previous year. NMLS ID # 35953. The fair value of our MSR decreased modestly in the fourth quarter, driven by higher-than-expected prepayments, increased projections for short-term prepayments and elevated levels of early buyout activity. 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 . 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. 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. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View Advances are expected to continue increasing over the next 6 to 12 months. Production segment pretax income was $244.4 million, down 33% from the prior quarter and 55% from the second quarter of 2020. Find the best performing Analyst in each sector. You will be contacted by a representative that will help answer any inquiries you have. They sold a total of 398,609 shares worth more than $22,789,635.48. 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. This chart shows David Spector's buying and selling at PennyMac Financial Services by year and by quarter. 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. Learn More on David A. Spector's trading history. | 3 Mrz 2023. Isaac Garden - Investor Relations.