The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. Licensed by the N.J. Department of Banking and Insurance. Net income in the fourth quarter was the second highest in the history of. 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. The company reported a net income of $1 billion in 2021, down from a record of $1.6 billion in the previous year. The percentage of profitable transactions made by David Spector is 44%. 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. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 7.36 and a beta of 1.49. T. Rowe Price Investment Management Inc. raised its position in shares of PennyMac Financial Services by 5.4% during the 4th quarter. Years in Business: 14. Business Started: 3/25/2008. Main Telephone (818) 224-7442 Primary Address 3043 Townsgate Road Suite 200 Westlake Village, CA 91361 USA Fiscal Close December Founded 2008 Approve of CEO. Get a breakdown of the different strategies based on detected insider trading activity. 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. Thank you for sharing your valuable opinion. In January, our consumer direct originations totaled $3.1 billion in UPB and locks totaled $4.4 billion. While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. 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 balanced business model is a key strategic advantage for PFSI, which has consistently delivered outstanding returns across different environments, producing a 33% return on equity for the first half of 2021. 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. Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. Get notified the next time David A. Spector buys or sells PennyMac Financial Services stock. 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. A number of research firms recently issued reports on PFSI. David Spector joined PennyMac in 2008. It operates through the following segments: Production, Servicing, and Investment Management. 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. Declining interest rates generally produce strong earnings in our production segment, while rising rates will generally produce strong earnings in our servicing segment as prepayments decline and the value of the MSR increases. Thank you, Dan. 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. David Spector's role in PennyMac Mortgage is Chairman & CEO, Director. 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. 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. PennyMac Financial Services, Inc. (PFSI) CEO David Spector on Q2 2021 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. We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. The history of PennyMac Financial was borne out of the Great Financial Crisis, with a desire to help distressed borrowers. PennyMac Financial Services Inc provides mortgage loans to customers in the United States. 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. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. Business Incorporated: 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. The stock was sold at an average price of $60.64, for a total value of $1,586,888.16. GuruFocus has detected 5 severe warning signs with PennyMac Financial Services Inc. . The total sale was $1.7 million. Segment revenue was $13.5 million, up 41% from the first quarter and 28% from June 30, 2020. 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. These record volumes resulted in the growth of our servicing portfolio to $427 billion in UPB, despite extraordinary levels of prepayment activity. Thank you, Isaac. 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. Broker originations in July totaled $1.2 billion and locks totaled $1.7 billion. The committed pipeline at January 31 was $3 billion. Search over 700 GuruFocus has detected 8 Warning Signs with PFSI. All rights reserved. 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. The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. State of Wyoming raised its position in shares of PennyMac Financial Services by 9.3% during the 4th quarter. 2023-03-02 | NYSE:PFSI | Press Release | PennyMac Financial Services Inc. Finally, Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 33.5% during the 4th quarter. Mr. Kurland was 68. 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. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. 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. .This article first appeared on GuruFocus. 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%. 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. Revenue per fallout-adjusted government lock in the second quarter was 30 basis points, down from 37 basis points in the prior quarter. You will be contacted by a representative that will help answer any inquiries you have. PennyMac Financial Services, Inc. (NYSE:PFSI) Q2 2021 Earnings Conference Call August 5, 2021 5:05 PM ET, Isaac Garden - Vice President, Investor Relations, David Spector - Chairman & Chief Executive Officer, Andy Chang - Senior Managing Director & Chief Operating Officer, Doug Jones - President & Chief Mortgage Banking Officer, Dan Perotti - Senior Managing Director & Chief Financial Officer. 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. Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. 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. PennyMac CEO David Spector to serve as chairmen of its mortgage REIT, financial services The CEO of both PennyMac companies, David Spector (pictured), has added the chairman's title, filling the vacancies created by the death of founder Stanford Kurland. 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. Currently, he occupies the position of Chairman at PNMAC Mortgage Opportunity Fund LLC, Chairman of PNMAC Mortgage Opportunity Fund LP, Chairman-Trustees Board & CEO at PennyMac Mortgage Investment Trust, Chief Executive Officer for PennyMac Corp. (a subsidiary of PennyMac Mortgage Investment Trust) and Chairman & Chief Executive Officer for PennyMac Financial Services, Inc., Chairman & Chief Executive Officer for PNMAC Holdings, Inc., Chief Executive Officer of PNMAC Capital Management LLC, President & Chief Executive Officer for Private National Mortgage Acceptance Co. LLC and Chief Executive Officer for PennyMac Loan Services LLC (which are all subsidiaries of PennyMac Financial Services, Inc.). Wells Fargo & Company raised PennyMac Financial Services from an equal weight rating to an overweight rating and lifted their price objective for the company from $54.00 to $75.00 in a report on Tuesday, December 6th. Pennymac Financial Services' profit sinks 31% in Q4 DO NOT SEND PAYMENTS TO THIS ADDRESS. Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. This performance added to a remarkable year that saw PFSI achieve a return on equity of 62% with almost $200 billion in UPB of loans funded. Net assets under management were down slightly quarter-over-quarter to $2.3 billion. And we believe the role of a well capitalized correspondent aggregator like PennyMac will be increasingly important over time. PennyMac Financial Services, Inc. (PFSI) CEO David Spector on Q4 2020 This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. David Spector Work Experience and Education Work Experience Chairman & Chief Executive Officer PennyMac Mortgage Investment Trust 2007-2022 Chief Credit Officer Santander Consumer USA 2013-2016 Co-Head of Global Residential Mortgages Morgan Stanley 2005-2008 Global Managing Director, Banking & Markets Bank of America 2004-2010 Education The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. PennyMac remained the largest correspondent aggregator in the U.S. in the fourth quarter. Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. This growth has focused on new customer acquisition and resulted in our non-portfolio interest rate lock commitments hitting a record in the fourth quarter at 1.3 billion, up from 906 million in the third quarter, an increase of 43%. David Spector email address & phone number | Penny Mac Chief Investment 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. Is this happening to you frequently? 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. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . Now I'd like to begin by introducing David Spector, PennyMac Financial's Chairman and Chief Executive Officer, who will review the company's second quarter 2021 results. 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. 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. It operates through the following segments: Production, Servicing, and Investment Management. Pennymac Financial Services Inc (PFSI) President & CEO David Spector Conventional correspondent acquisitions, for which PFSI earns a fulfillment fee from PMT, totaled $38 billion in UPB, up 39% from the prior quarter and 85% from the fourth quarter of 2019. This expertise and experience has served us well, enhancing our ability to help many borrowers affected by the COVID-19 pandemic. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. Pennymac Cares | Thank You from President & CEO, David Spector SSE allowed us to quickly implement changes that enabled us to complete the roll-out of large programs, like the CARES Act forbearance program, in a fast and cost-effective manner. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. Susquehanna Fundamental Investments LLC raised its position in shares of PennyMac Financial Services by 24.8% during the 4th quarter. Head over to our Expert Center to see a list of the, Invest Like a Pro with Unique Data & Simplifed Tools, See the Hottest Stocks Based on Insider Trading >. We are also increasing the use of online closings and automation. (03-2023). PennyMac Financial Servicess payout ratio is 9.54%. 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. Stockholders of record on Tuesday, February 14th were given a dividend of $0.20 per share. This grew our servicing portfolio to over $426 billion in UPB even with elevated prepayment speeds. Production revenue margins declined from the prior quarter and revenue per fallout-adjusted lock for PFSI's own account was 154 basis points in the second quarter, down from 176 basis points in the first quarter of 2021. Please note all regulatory considerations regarding the presentation of fees must be taken into account. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. If you need the payment address, click here. Learn More on PennyMac Financial Services' active insiders. 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. As David mentioned earlier PFSIs net income was $452.8 million or diluted earnings per share of $5.97. The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. However, he will become a special advisor to David Spector, chairman and chief . 119504607, 119505929, 119506567, 119506570, 119507419. Hedge funds and other institutional investors have recently modified their holdings of the stock. Pennymac Reviews in Los Angeles, CA | Glassdoor PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. PFSI's Board of Directors also declared a second quarter cash dividend of $0.20 per share. 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. 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. Up to 5 The slides that accompany this discussion are available on PennyMac Financials website at ir.pennymacfinancial.com. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. Download the Pennymac Mobile app from the App Store. Net assets under management totaled $2.3 billion as of December 31, up 1% from September 30. The UPB of completed modifications was $6.3 billion, up significantly from $4 billion last quarter and the UPB of EBO loan volume totaled $5 billion, also up significantly from last quarter as a result of the continued focus on loss mitigation activities. 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. And I'm pleased to be joined by PennyMac Financial Services CEO,. 18.5 million shares or approximately 24% of PFSI's common shares outstanding. PennyMac Financial Services, Inc. (NYSE:PFSI) CEO Sells $912,000.00 in 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. Enter your email to receive our newsletter. Production revenue margins remain elevated, especially with PFSIs growth in consumer and broker direct volumes. This net worth estimate does not reflect any other assets that Mr. Spector may own. JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. These returns have led to a 29% compounded annual growth rate in our book value per share since our IPO. 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. While such a market would be smaller than 2020, it would represent a large origination market by historical standards. While the Pennymac workforce stays home to help flatten the curve, we know first responders, medical staff, delivery drivers, our essential workers and more, are out there heroically providing for those in need. PennyMac Financial's servicing portfolio totaled $473 billion in unpaid principal balance at June 30, up 5% from the end of the prior quarter and 22% from June 30, 2020. Pennymac - Contacts, Employees, Board Members, Advisors & Alumni I will review each segments results and then we will touch on our forbearance and servicing advance trends. The price of the stock has decreased by 14.5% since. He previously served as Chief Correspondent Lending Officer and has been a member of the company's executive management team since 2011. Pennymac Westlake Village, CA Office | Glassdoor 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. This information is provided for illustrative purposes only. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. We believe we will continue to increase their respective market positions as we execute on our growth initiatives in each channel. This concludes PennyMac Financial Services, Inc.'s second quarter earnings discussion. David Spector - Chief Investment Officer at Pennymac Loan Services, Llc PennyMac Financial Services Inc., a national mortgage lender and servicer, announced Thursday that Doug Jones has joined its board of directors. 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. Good morning and thank you for joining us. The committed pipeline at January 31 was $7.9 billion. View detailed PFSI description & address. Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. This brings the total repurchases year-to-date to approximately $600 million. 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. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. Meet our Smart Portfolio. Pennymac's state licenses and important notices. The direct lending channels continued to have an outsized impact on PFSIs production earnings in the fourth quarter. Im proud of the actions we have taken and the dedicated management team across the company that has helped put these plans into action. David Spector - Chairman & Chief Executive Officer, PennyMac Loan For the complete insider trading history of PFSI, click here. 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,. Backtested performance is not an indicator of future actual results. Thank you. Stanford Kurland, who founded and served as Chairman of PennyMac Financial Services Inc., Westlake Village, Calif., following a multi-decade career at Countrywide Financial Corp., passed away on Jan. 25. In total, these strong acquisition and origination volumes continue to drive the organic growth of our servicing portfolio despite elevated prepayment activity.