While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . Learn More about insider trades at PennyMac Financial Services. While 2020 was a record, we have a long track record of strong performance. 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. 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%. Our direct lending channels have an outsized impact on production segment earnings, as Dan will discuss later. So, from our home to yours, thank you! Find the best performing Analyst in each sector. Consumer and broker direct represented 20% of fallout adjusted lock volume in the fourth quarter but accounted for over 70% of segment pretax income. Years in Business: 14. Business Started: 3/25/2008. North Carolina Permit No. 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. Please note all regulatory considerations regarding the presentation of fees must be taken into account. Headquarters. Please take a moment to watch a special video from our President and CEO, David Spector. This quarter, we increased meaningful the number of partnerships we have with these third parties and also expanded the volumes of sales to our existing partners, driving the quarterly increase in the EBO loan volume I mentioned earlier. Maverick Capital Ltd. now owns 7,468 shares of the real estate investment trusts stock worth $423,000 after purchasing an additional 1,873 shares during the last quarter. Ready to apply or complete your application? The company reported a net income of $1 billion in 2021, down from a record of $1.6 billion in the previous year. This high level of efficiency was largely due to our cloud-based, proprietary servicing system, otherwise known as SSE. While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. Its Time For A Fresh Look At The Kroger Co. West Frasers Earnings Scream Timber, Outlook Says Buy, MarketBeat.com's FREE daily email newsletter, Tower Research Capital LLC TRC Increases Position in ABB Ltd. Tower Research Capital LLC TRC Has $254,000 Holdings in Daqo New Energy Corp. ABB Ltd Shares Bought by Tower Research Capital LLC TRC. Lastly, originations in our broker direct channel totaled $4 billion in UPB, down 22% from the prior quarter. The ongoing success can be attributed to the increased application of data analytics, our growing servicing portfolio and the investments we have made in the loan fulfillment and sales process. Enter your email address below to get our daily insider buying and selling report. Im proud of the actions we have taken and the dedicated management team across the company that has helped put these plans into action. In July, our correspondent acquisitions were $15 billion in UPB and locks were $12.8 billion. 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. Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. Ill now turn it over to Dan Perotti, Senior Managing Director and Chief Financial Officer to speak to the financial results for the quarter. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 7.36 and a beta of 1.49. Roles that David Spector holds in companies, The most profitable trade made by David Spector, List of latest transactions for each holding click on a transaction to see David Spector's performance on stock. 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. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. Licensed Mortgage Banker-NYS Department of Financial Services. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. 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. 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. Revenue per fallout-adjusted lock was 343 basis points in the quarter, a decrease from the first quarter. With that, I will turn the call over to Andy Chang, Senior Managing Director and Chief Operating Officer, who will go through some of the initiatives we are focused on to position us for future success in the years to come. Our goal is to be a trusted financial partner that you can count on as long as you own your home. Hedging and related gains totaled $91 million. 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. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. You can see the results of our hedging strategy in the full year view on slide 19. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. No cash balance or cash flow is included in the calculation. Learn More on PennyMac Financial Services' active insiders. Our large, organically built servicing portfolio provides a counter-balance to our production activity. Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. PennyMac Financial Services Inc., a national mortgage lender and servicer, announced Thursday that Doug Jones has joined its board of directors. | 3 Mrz 2023. 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. We believe we will continue to increase their respective market positions as we execute on our growth initiatives in each channel. 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. 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. Equal Housing Opportunity 2023 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. He currently serves as a senior advisor to TPG Capital, a global private investment firm, and . As you can see on slide 10 of the presentation, consumer and broker direct represented 23% of fallout-adjusted lock volume in the second quarter but accounted for approximately 70% of segment pretax income. 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These technology investments are critical drivers to the growth of our direct lending businesses. 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. David Spector's role in PennyMac Mortgage is Chairman & CEO, Director. 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. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. the financials in more detail later on in this discussion. PennyMac Financial Services can also be reached via phone at (818) 224-7442 and via email at [emailprotected] Learn More on David A. Spector's contact information. 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. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . As we outlined in our Investor Day, we see additional opportunities resulting from changes to the GSE's preferred stock purchase agreement. Please. 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. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. 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. The Servicing segment offers servicing of originated mortgage loans and execution and management of early buyout transactions. (03-2023). Thanks, Doug. We also repurchased approximately 1.6 million shares of PFSIs common stock, at an approximate cost of $89.3 million. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. 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. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. Get notified the next time David A. Spector buys or sells PennyMac Financial Services stock. Certain assumptions have been made for modeling purposes and are unlikely to be realized. 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. Presenter SpeechMark DeVries Hello. (business & personal). 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. BBB File Opened: 2/5/2015. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. 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. Some products may not be available in all states. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View 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. 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. 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 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. During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. T. Rowe Price Investment Management Inc. raised its position in shares of PennyMac Financial Services by 5.4% during the 4th quarter. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. PennyMac remained the largest correspondent aggregator in the U.S. in the fourth quarter. This financial performance is driven by the balanced business model in mortgage banking that we have built over the last 13 years. Similarly, lock volume totaled $4.5 billion, down 21%. Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. Learn More on PennyMac Financial Services' active insiders. The stock was sold at an average price of $58.12, for a total value of $741,030.00. The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. Mr. Kurland was 68. Thank you, Isaac. 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. A free inside look at company reviews and salaries posted anonymously by employees. In January, our consumer direct originations totaled $3.1 billion in UPB and locks totaled $4.4 billion. As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . Insiders at PennyMac Financial Services own 18.0% of the company. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. The shares were sold at an average price of $60.64, for a transaction totalling $1,586,888.16. The price of the stock has decreased by 8.12% since. free lookups / month. 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. The committed pipeline at January 31 was $3 billion. David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. PennyMac Financial Services, Inc. operates as a holding company. Production revenue margins remain elevated, especially with PFSIs growth in consumer and broker direct volumes. 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. Good afternoon, and welcome to the Fourth Quarter and Full-Year 2020 Earnings discussion for PennyMac Financial Services, Inc. Get contact details including emails and phone numbers 47.206 (3) & (4). 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%. Interest rate lock commitments in the fourth quarter totaled $12.8 billion in UPB, up 18% from the prior quarter, and 135% from the fourth quarter of 2019. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. 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. 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. Item 1.01 Entry into a Material Definitive Agreement. The stock was sold at an average price of $58.12, for a total value of $741,030.00. Thank you. Hedge funds and other institutional investors have recently modified their holdings of the stock. David is based out of Agoura Hills, California, United States and works in the Financial Services industry. PFSIs owned servicing portfolio, which consists primarily of Ginnie Mae MSRs, had a 60 day plus delinquency rate of 10.2%, down from 11.4% at the end of the prior quarter, while our subserviced portfolio, primarily consisting of conventional loans, reported a 60 plus day delinquency rate of 2.7%, down from 3.7% at September 30 as borrowers continue to emerge from forbearance plans. PennyMac Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only. These increases were primarily driven by continued loss mitigation activities related to COVID-19. 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. Is this happening to you frequently? 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. The dividend yield of PennyMac Financial Services Inc stocks is 0.93%. 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. Purchase lock volume for the quarter was also a record $744 million, up from $514 million in the prior quarter and $505 million in the second quarter of 2020. 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 >. Net assets under management were down slightly quarter-over-quarter to $2.3 billion. As David mentioned earlier, we sold $3.4 billion in UPB of EBO loans to third-party whole loan investors, up significantly from last quarter. 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. 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. 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.). 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 direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. Interest rate lock volume was $5.7 billion in UPB, up 4% from the third quarter and 234% from the fourth quarter of 2019. 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. Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. This outstanding income generated excess capital that we redeployed into increased levels of production, share repurchases, reduction of debt, and increased servicing activity. 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. For any questions, please visit our website at ir.pennymacfinancial.com, or call our Investor Relations department at 8182644907. 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. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. 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. Learn More about David A. Spector's net worth. Susquehanna Fundamental Investments LLC raised its position in shares of PennyMac Financial Services by 24.8% during the 4th quarter. This brings the total repurchases year-to-date to approximately $600 million. David A. Spector is a businessperson who has been the head of 9 different companies. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. 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. 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. David A. Spector is also on the board of 7 other companies. Please disable your ad-blocker and refresh. Dan Perotti , PFSIs Senior Managing Director and Chief Financial Officer will discuss the financials in more detail later on in this discussion. No representations and warranties are made as to the reasonableness of the assumptions. It operates through the following segments: Production, Servicing, and Investment Management. 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. Massachusetts Mortgage Lender License # MC35953. The estimated net worth of David A. Spector is at least $40.95 million as of March 1st, 2023. 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 prepayment speeds of PennyMac Financial's sub-service portfolio, which includes mostly Fannie Mae and Freddie Mac mortgage servicing rights owned by PMT, decreased to 24.7% from 35.1%. 112 S. Lakeview Canyon Rd, Ste. Net assets under management totaled $2.3 billion as of June 30, down slightly from March 31 and up 5% from June 30, 2020. This hiring mostly occurred in three key areas, servicing, direct lending and fulfillment services. "I am delighted to announce Doug Jones' election to our. Thank you. PennyMac Financial Services, Inc. (NYSE:NYSE:PFSI) Q4 2020 Earnings Conference Call February 4, 2021 4:30 PM ETCompany ParticipantsIsaac Garden - Vice President Investor RelationsDavid. As we look at 2021 we believe the market environment provides PFSI a good opportunity for continued elevated financial performance. This expertise and experience has served us well, enhancing our ability to help many borrowers affected by the COVID-19 pandemic. Meet our Smart Portfolio. 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. And, we continue to enhance our MAC portal, thus improving the ability for borrowers to self-service throughout the entire origination process. These strong production volumes again led to servicing portfolio growth despite continued elevated prepayment activity.