View David Spector's email address (d*****@pennym***.com) and phone number. Use our Premium/VIP Service to contact David Spector by email now. Top PennyMac Loan Services, LLC Employees Dan Perotti Chief Financial Officer. Now I'll turn it over to Doug Jones, PennyMac's President and Chief Mortgage Banking Officer, who will review our market share trends and fourth quarter mortgage banking results. In January, we estimate that correspondent acquisitions totaled $6.8 billion and locks totaled $6.1 billion. Production segment pretax income was negative $9 million. Your email address will not be published. The impact of this tax rate change was negative $0.22 in earnings per share. The growth of our servicing portfolio continues to differentiate PFSI from its competition, serving as an increasingly important asset, which I will discuss later on. This led to servicing portfolio growth of 8% for the year to more than $550 billion in UPB with nearly 2.3 million customers. Share Excel . Production revenue margins were lower across all three channels. Total Compensation for Fiscal Year Ending in 2021: $13,575,224. Most recently he sold 45,000 units of PMT stock worth 2,636,100$ on 10 August 2022. David A. Spector (updated October 5, 2014) Page 1 of 15 . His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. These results include a non-recurring tax rate change which negatively impacted earnings per share by $0.22. In fact, for the full year PFSI produced net income of $476 million, which drove book value per share up 16% from year end 2021. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. Now Ill turn it over to Doug Jones, PennyMacs President and Chief Mortgage Banking Officer, who will review our market share trends and fourth quarter mortgage banking results. Sign Up . Message and data rates apply. He launched his hedge fund in 1956 with $105,100 in seed capital. We expect EBO revenues to remain low in the coming quarters as lower overall volumes and redelivery gains are expected to be limited due to the higher interest rate environment. In a free sample issue of our monthly newsletter we analyzed Warren Buffetts stock picks covering the 1999-2017 period and identified the best performing stocks in Warren Buffetts portfolio. Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. Presenter SpeechMark DeVries Hello. "While production activity fell in 2022 our servicing earnings were strong," PennyMac Chairman and Chief Executive David Spector said in a statement. Mr. Spector PMT stock SEC Form 4 insiders trading. The UPB of completed modifications was $2.3 billion, down slightly from the prior quarter while EBO loan volumes remained low. Goldman Sachs Group Inc. grew its holdings in PennyMac Financial Services by 322.3% during the first quarter. Jones brings more than 25 years of financial services industry experience to PennyMac Financial Services. In fact, for the full year PFSI produced net income of $476 million, which drove book value per share up 16% from year end 2021. For any questions, please visit our website at pfsi.pennymac.com, or call our Investor Relations department at 8182644907. Mr. Spector owns 450,604 shares of PennyMac Financial Services stock worth more than $27,676,098 as of March 1st. Purchases 3,191 Shares of Globe Life Inc. (NYSE:GL), 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. Production revenue margins were lower across all three channels. This strategy is designed to moderate the impact of interest rate changes on the fair value of our MSR asset and also considers productionrelated income. This suggests a possible upside of 14.0% from the stock's current price. As David discussed earlier, these acquisition and origination volumes continue to drive the organic growth of our servicing portfolio. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. Loan servicing followed at 4.1% and broker direct channel trailed at 2.2%. Conventional acquisitions for PMTs account totaled $6.8 billion, down from $10.2 billion in the prior quarter, as a result of the previously mentioned sales to PFSI. Chairman & Chief Executive Officer. Search Crunchbase . The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. David Spector Email & Phone Number Chief Investment Officer @ PennyMac Loan Services, LLC. As Chairman and Chief Executive Officer and Trustee at PennyMac Mortgage Investment Trust, David A. Spector made $999,981 in total compensation. David Spector. Pennymac lays off 236 workers after upping tech, marketing investments. Servicing advances outstanding for PFSIs MSR portfolio increased to $520 million at year end from $397 million at September 30th due to seasonal property tax payments. In the same report you can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12-24 months. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. Senvest Management LLC now owns 2,509,575 shares of the real estate investment trusts stock worth $142,193,000 after acquiring an additional 281,289 shares in the last quarter. While 2022 was a challenging year for the mortgage industry due to the rapid and significant increase in interest rates, our operating discipline combined with the meaningful actions we took throughout the year to right-size our business for a smaller origination market, led to strong financial performance. See David A Spector's compensation, career history, education, & memberships. 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. Anne McCallion, Director, Email; Show more sharing options. David served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac. Repurchase levels were down meaningfully from the third quarter as we prefer to maintain flexibility to address potential risks and opportunities in the evolving market environment. 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 efficiently through the volatile market environment, even as other participants have exited or retreated from the channel. Man Who Predicted Lehman Crash Makes New Warning, 12 Top Performing Energy Stocks in January. This strategy is designed to moderate the impact of interest rate changes on the fair value of our MSR asset and also considers productionrelated income. The increase in the effective tax rate was primarily driven by an increase in the provision tax rate, which increased from 26.5% to 26.85% for 2022. David Spector owns about 650,183 units of Pennymac Financial Services, Inc common stock. Production revenue margins were lower across all three channels. PennyMac Financial Services, Inc. (NYSE:PFSI) Q4 2022 Earnings Call Transcript February 2, 2023. In fact, for the full year PFSI produced net income of $476 million, which drove book value per share up 16% from year end 2021. Search Contacts. 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. 51% were conventional loans and 49% were government-insured or guaranteed loans. As we have demonstrated with our 2022 performance, we believe mortgage banking companies with large servicing portfolios and diversified business models like PennyMac Financial are better positioned to offset the decline in origination profitability that has resulted from lower volumes. Acquisitions for PFSI's own account totaled $14 billion, up 15% from the prior quarter due to the acquisition of certain conventional loans from PMT in addition to government loans during the quarter. WESTLAKE VILLAGE, Calif., March 02, 2023--PennyMac Financial Services, Inc. (NYSE: PFSI) announced today that Doug Jones, President and Chief Mortgage Banking Officer, joined its Board of . S&P 500 Index lost 10.8% in 1957, so Buffetts investors actually thrilled to beat the market by 20.1 percentage points in 1957. PennyMac Financial Services Inc., a national mortgage lender and servicer, announced Thursday that Doug Jones has joined its board of directors. And I'm pleased to be joined by PennyMac Financial Services CEO,. The slides that accompany this discussion are available on PennyMac Financials website at pfsi.pennymac.com. The estimated net worth of David A. Spector is at least $27.68 million as of February 27th, 2023. The most active traders at the company are With rates at current levels, we expect a continued meaningful contribution to overall servicing profitability. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . . In order to protect the value of our MSR asset we utilize a comprehensive hedging strategy. I'll now turn it over to Dan who will review PFSI's financial results for the quarter. PFSIs owned servicing portfolio, which consists primarily of Ginnie Mae MSRs, had a 60-day plus delinquency rate of 3.8%, up from 3.5% at the end of the prior quarter, while our subserviced portfolio, consisting primarily of conventional loans, reported a 60-day plus delinquency rate of 0.6%, up from 0.5% at September 30th. Overall production was solid in the fourth quarter with total production volumes down only 12% from the prior quarter, while industry volumes were down 34%, according to Inside Mortgage Finance. More than 15 years ago we founded PennyMac with an unwavering focus on enterprise risk management and doing the right thing for our customers. We estimate originations in our consumer direct channel in January totaled $300 million, and locks totaled $700 million. Last quarter, we completed the roll out of POWER+, our next generation technology platform providing brokers with the tools they need to successfully grow their businesses and convert leads into loans. No principal and interest advances are currently outstanding, as prepayment activity continues to sufficiently cover remittance obligations. David Spector: Thank you, Isaac. Insider trading is most common in March, with the busiest year in 2020. Realization of MSR cash flows increased by $7 million driven by higher average MSR values during the quarter. "Stan leaves an indelible mark not only on PennyMac, but on the mortgage industry he helped to build and shape. PennyMac Financial Services, Inc. (NYSE:PFSI) Q4 2022 Earnings Call Transcript February 2, 2023. David A Spector is Chairman/CEO at Pennymac Mortgage Investment. We estimate that in 2022 we represented approximately 2% of the origination volume in the channel. Originations in our broker direct channel totaled $1.1 billion and locks totaled $2 billion, also down meaningfully from the prior quarter, reflecting a smaller market, seasonal impacts and the continuation of intense competition from channel leaders. Purchase lock volume for the quarter of $681 million was 40% of total locks, compared to $1.37 billion, or 36% in the prior quarter. Prior to joining PennyMac, David served as the Chief Credit Officer at Countrywide Bank from January 1993 to December 2007. For any questions, please visit our website at pfsi.pennymac.com, or call our Investor Relations department at 8182644907. Total production, including acquisitions made by PMT, was $109 billion in UPB. Plano, TX 75075-8413. Chief Credit Officer. The vast majority of their compensation came in the form of *Based on results from Inside Mortgage Finance 12M ended 12/31/22. Boothbay Fund Management LLC Purchases Shares of 4,711 Graco Inc. UBS Group AG Reduces Stock Holdings in Builders FirstSource, Inc. (NYSE:BLDR), Boothbay Fund Management LLC Has $299,000 Stock Holdings in GMS Inc. (NYSE:GMS), Alphabet Inc. (NASDAQ:GOOG) Shares Bought by Capital Square LLC, Jeereddi Investments LP Increases Position in Alphabet Inc. (NASDAQ:GOOG), Boothbay Fund Management LLC Buys Shares of 4,680 Sonoco Products (NYSE:SON), Boothbay Fund Management LLC Purchases Shares of 4,711 Graco Inc. (NYSE:GGG), MML Investors Services LLC Buys 3,360 Shares of Wolfspeed, Inc. (NYSE:WOLF), Boothbay Fund Management LLC Takes Position in Loews Co. (NYSE:L), Boothbay Fund Management LLC Sells 9,611 Shares of Portillos Inc. (NASDAQ:PTLO), MML Investors Services LLC Sells 139 Shares of Extra Space Storage Inc. (NYSE:EXR), Lazard Asset Management LLC Has $308,000 Stake in Marqeta, Inc. (NASDAQ:MQ), Lazard Asset Management LLC Has $329,000 Position in The Williams Companies, Inc. (NYSE:WMB), Boothbay Fund Management LLC Invests $267,000 in Synaptics Incorporated (NASDAQ:SYNA), 7,728 Shares in SEI Investments (NASDAQ:SEIC) Acquired by Ergoteles LLC, Lazard Asset Management LLC Trims Stake in iQIYI, Inc. (NASDAQ:IQ), 2,549 Shares in Hess Co. (NYSE:HES) Acquired by Boothbay Fund Management LLC, The Interpublic Group of Companies, Inc. (NYSE:IPG) Shares Sold by Lazard Asset Management LLC, Boothbay Fund Management LLC Acquires 38,651 Shares of Consolidated Communications Holdings, Inc. (NASDAQ:CNSL), Boothbay Fund Management LLC Takes $260,000 Position in Advanced Drainage Systems, Inc. (NYSE:WMS), Boothbay Fund Management LLC Takes $288,000 Position in ShotSpotter, Inc. (NASDAQ:SSTI). Doug Jones: Thanks, David. Goldman Sachs Group Inc. now owns 706,965 shares of the real estate investment trusts stock worth $37,610,000 after buying an additional 539,539 shares in the last quarter. Linked companies : PennyMac Financial Services, Inc. - PennyMac Mortgage Investment Trust. Mortgage lender Pennymac Financial Services has laid off an additional 32 employees in July. Turning to consumer direct, we estimate we accounted for approximately 1.2% of total originations in the channel over the last 12 months. . Though profitability was down from last year, our strong financial performance enabled us to continue returning capital to shareholders while simultaneously positioning the company for success in the future. In order to protect the value of our MSR asset we utilize a comprehensive hedging strategy. David A. Spector is a businessperson who has been the head of 9 different companies. As I briefly mentioned earlier, our servicing portfolio growth can be attributed to the large volume of loans we produce every quarter, as we retain the MSRs on nearly all of our mortgage loan production. See 5 answers. Though 2023 is expected to be another challenging year for the mortgage industry, I remain confident in PennyMac Financials ability to continue executing given its balanced business model and long history of generating stockholder value through different mortgage market cycles and environments. Servicing and sub-servicing revenues, the majority of which are cash, totaled more than $1.2 billion in 2022. 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 non-GAAP measures that have been reconciled to their GAAP equivalent in our earnings presentation. Get Directions. The increase in tax rate resulted in the repricing of PFSIs net deferred tax liability, which was the primary driver of a non-recurring tax expense of approximately $11.9 million in the quarter. The impact of this tax rate change was negative $0.22 in earnings per share. Hedge Funds Are Piling Into PennyMac Financial Services Inc (PFSI). Originations in our broker direct channel totaled $1.1 billion and locks totaled $2 billion, also down meaningfully from the prior quarter, reflecting a smaller market, seasonal impacts and the continuation of intense competition from channel leaders. Potential PennyMac Mortgage Investment Trust shareholders may wish to note that the Chairman of the Board & CEO, David Spector, recently bought US$274k worth of stock, paying US$13.71 for each share. And it means its going to be harder than ever to hold onto any money you make. The slides that accompany this discussion are available on PennyMac Financial's website at pfsi.pennymac.com. Margins in this channel were down slightly with revenue per fallout adjusted lock of 358 basis points versus 366 basis points in the third quarter. Contacts. . MFN Partners Management LP raised its holdings in shares of PennyMac Financial Services by 14.0% in the 1st quarter. Mr. David Spector, President/CEO; . Despite elevated levels of competition currently, we believe PennyMac is well-positioned for market share growth in the channel over time given our strong capital position, operational excellence and the exit of channel participants. COVID-19 has robbed us of a great leader, mentor and friend," said David Spector, president and CEO of PennyMac Mortgage Investment Trust. Pennymac Financial Services, Inc's most recent insider trade came on March 2, 2023 by The consent submitted will only be used for data processing originating from this website. Potential PennyMac Mortgage Investment Trust shareholders may wish to note that the Chairman of the Board & CEO, David Spector, recently bought US$274k worth of stock, paying US$13.71 for each share. Back then they werent called hedge funds, they were called partnerships.