This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. Certain assumptions have been made for modeling purposes and are unlikely to be realized. In order to protect the value of our MSR asset we utilize a comprehensive hedging strategy. Thank you. (business & personal). Pennymac Westlake Village, CA office. Before we begin, let me remind you that our discussion contains forward-looking statements that are subject to risks identified on slide two that could cause our actual results to differ materially as well as non-GAAP measures that have been reconciled to their GAAP equivalent in our earnings presentation. If you have an ad-blocker enabled you may be blocked from proceeding. 130 Westlake Village, CA, 91362 Get Directions. These returns have led to a 29% compounded annual growth rate in our book value per share since our IPO. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Additionally, PFSI's Board of Directors approved an increase to its stock repurchase authorization from $1 billion to $2 billion. 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. Mr. David Spector, CEO Mr. Andrew Chang, CFO Mr. Derek Stark, Chief Legal Officer Additional Contact Information Phone Numbers (800) 777-4001 Other Phone Email Addresses Email this. Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. The history of PennyMac Financial was borne out of the Great Financial Crisis, with a desire to help distressed borrowers. The return on the trade was 60.70%. Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% 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. 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. What was David Spectors latest transaction? This brings the total repurchases year-to-date to approximately $600 million. Please disable your ad-blocker and refresh. And I'm pleased to be joined by PennyMac Financial Services CEO,. 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. Learn More on PennyMac Financial Services' active insiders. No P&I advances are outstanding as prepayment activity continued to sufficiently cover remittance obligations. Chart Data in Insider Trading History Table. Now I'd like to begin by introducing David Spector, PennyMac Financial's Chairman and Chief Executive Officer who will review the Company's fourth quarter and full-year 2022 results. Lastly, originations in our broker direct channel totaled $4 billion in UPB, down 22% from the prior quarter. If you need the payment address, click here. | 3 Mrz 2023. 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. As a management team, we are committed to putting the health and safety of our team members at the heart of our decisions. This balanced business helps generate strong results across a variety of market and rate environments. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europes Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX, Chairman/CEO, Pennymac Mortgage Investment. The price of the stock has decreased by 8.12% since. million verified professionals across 35 million companies. 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. 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. 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. 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. While industry production margins declined in the second quarter, we saw a smaller decrease in overall production margin given the mix shift towards our consumer direct lending channel. This website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. While margins across channels have come in lower from the third quarter, we saw the shift in Government correspondent margins come in the most towards more normalized levels. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. Our consumer direct lending division produced record origination and lock volumes again despite a smaller origination market in the second quarter. As our production mix continues to shift towards direct lending, production expenses as a percentage of fallout adjusted locks are expected to trend higher. What is David Spector's role in PennyMac Mortgage? He currently serves as a senior advisor to TPG Capital, a global private investment firm, and . And since the beginning of 2020, we have now repurchased over 18.5 million shares or approximately 24% of PFSI's common shares outstanding. 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. We estimate that our market share in the channel has increased meaningfully since last year, and we now account for approximately 1.3% of total originations in the channel. 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. Thank you for sharing your valuable opinion. I will review each segments results and then we will touch on our forbearance and servicing advance trends. 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. Follow them so you never miss a recommendation. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. PFSI's Board of Directors also declared a second quarter cash dividend of $0.20 per share. 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. Licensed by the N.J. Department of Banking and Insurance. 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. Insiders at PennyMac Financial Services own 18.0% of the company. However, margins in this channel remain attractive. 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. 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. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. Our phased approach to returning to our offices extends beyond simply ensuring that PennyMacers return to a safe working environment, but also takes mindful consideration for the challenges faced by our employees related to issues such as dependent care and schooling. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $69.50. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. | 3 Mrz 2023. Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. PennyMac TPO Contact Information Principal Mr. David Spector, President/CEO Customer Contact Mr. David Spector, President/CEO Additional Contact Information Phone Numbers (702). Our direct lending channels have an outsized impact on production segment earnings, as Dan will discuss later. (03-2023). 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. Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. David Spector joined PennyMac in 2008. 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. The company reported a net income of $1 billion in 2021, down from a record of $1.6 billion in the previous year. 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. PennyMac Financial Services' insider roster includes Anne Mccallion (Director), Farhad Nanji (Director), and David Spector (CEO). 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. 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. In July, our correspondent acquisitions were $15 billion in UPB and locks were $12.8 billion. The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. 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. 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. If so, please call us at 866.545.9070. Im proud of the actions we have taken and the dedicated management team across the company that has helped put these plans into action. 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. 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. The committed pipeline at July 31 was $7.2 billion. It is worth noting that purchase originations are expected to grow and are forecasted to be $1.7 trillion and $1.9 trillion in 2021 and 2022, respectively. JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. All of these activities allowed us to not only fund record volumes of loans, but also effectively deploy capital into technology and operational projects, as well as repurchase a significant amount of our common stock. January 25, 2021, 12:31 p.m. EST 1 Min Read. 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. 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