The price of the stock has decreased by 14.5% since. 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. For servicing on your existing mortgage account with Pennymac. The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. Copyright 2023 Surperformance. Please. And I'm pleased to be joined by PennyMac Financial Services CEO,. I am Barclays' consumer finance analyst, Mark DeVries. 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. 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. #PennymacCaresVisit PENNYMAC.COM for details about how were assisting our family of customers during the COVID-19 crisis. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. 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. We have also seen a large group of borrowers that reperform and exit forbearance on their own. Thank you. Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. 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. Posted by Defense World Staff on Mar 3rd, 2023. January 25, 2021. 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. 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. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. Enter your email address below to get our daily insider buying and selling report. If you're not automatically redirected, please click here. 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. Approve of CEO. David Spector - Chief Investment Officer at Pennymac Loan Services, Llc The percentage of profitable transactions made by David Spector is 44%. 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. The business also recently declared a quarterly dividend, which was paid on Friday, February 24th. 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. Our direct lending channels have an outsized impact on production segment earnings, as Dan will discuss later. 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. 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. No cash balance or cash flow is included in the calculation. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets. Stockholders of record on Tuesday, February 14th were given a dividend of $0.20 per share. Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. 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%. Series 2023-GTL1 Loan On February 28, 2023, PennyMac Financial Services, Inc. (the "Company"), through two of its indirect, wholly owned subsidiaries, PNMAC GMSR ISSUER TRUST ("Issuer Trust") and PennyMac Loan Services, LLC ("PLS"), entered into a syndicated series of term notes (the "Series 2023-GTL1 Loan"), as part of the structured . Broker originations in July totaled $1.2 billion and locks totaled $1.7 billion. The TipRanks Smart Score performance is based on backtested results. Changes in these assumptions may have a material impact on the backtested returns presented. 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. 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. 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. This chart shows David Spector's buying and selling at PennyMac Financial Services by year and by quarter. Good afternoon, and welcome to the Fourth Quarter and Full-Year 2020 Earnings discussion for PennyMac Financial Services, Inc. The committed pipeline at January 31 was $7.9 billion. This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. NMLS ID # 35953. Enter your email to receive our newsletter. 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. Meet our Smart Portfolio. Main Telephone (818) 224-7442 Primary Address 3043 Townsgate Road Suite 200 Westlake Village, CA 91361 USA Fiscal Close December Founded 2008 3043 Townsgate Rd Ste 200, Westlake Village, CA 91361-3027. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.46. PennyMac Founder Stanford Kurland Passes Away - MBA Newslink PennyMac Mortgage Investment Trust (NYSE:PMT) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ETCompany Participants. Get notified the next time David A. Spector buys or sells PennyMac Financial Services stock. Our capital markets group achieved significant hedging gains that largely offset $1.1 billion in MSR fair value losses over the year, which were driven by historically low interest rates and fast prepayment speeds. T. Rowe Price Investment Management Inc. raised its position in shares of PennyMac Financial Services by 5.4% during the 4th quarter. 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. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. GuruFocus has detected 5 severe warning signs with PennyMac Financial Services Inc. . Download the Pennymac Mobile app from the App Store. 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,. 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. 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. Schonfeld Strategic Advisors LLC raised its position in shares of PennyMac Financial Services by 822.2% during the 4th quarter. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. However, margins in this channel remain attractive. These strong production volumes again led to servicing portfolio growth despite continued elevated prepayment activity. Pricing margins in the channel decreased sharply, reflecting intense levels of competition between channel leaders. 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. 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. This outstanding income generated excess capital that we redeployed into increased levels of production, share repurchases, reduction of debt, and increased servicing activity. As David mentioned earlier PFSIs net income was $452.8 million or diluted earnings per share of $5.97. the financials in more detail later on in this discussion. 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. The firm engages in the production and servicing of U.S. residential mortgage loans. In the fourth quarter, the pretax income was $234.1 million, a 31% decrease from . This net worth estimate does not reflect any other assets that Mr. Spector may own. 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. For any questions, please visit our website at ir.pennymacfinancial.com or call our Investor Relations department at 818-264-4907. 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. Pennymac's state licenses and important notices. And we believe the role of a well capitalized correspondent aggregator like PennyMac will be increasingly important over time. Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. Please note all regulatory considerations regarding the presentation of fees must be taken into account. 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. And the committed pipeline at July 31 was $1.9 billion. The barriers to entry for these businesses that require scale for success provide PFSI a strategic advantage over our competitors. Click here to check it out. 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.). On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Equal Housing Opportunity 2023 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. What is the percentage of profitable transactions made by David Spector? 292 Pennymac reviews in Los Angeles, CA. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. You can see the results of our hedging strategy in the full year view on slide 19. Lastly, our broker direct channel continued its impressive growth in both locked and funded volumes as we increase the number of approved brokers and our presence in the channel grows. Net income was $453 million or diluted earnings per share of $5.97 resulting in book value growth per share of 15% to $47.80, up from $41.67 at the end of the prior quarter. If you need the payment address, click here. Our consumer direct lending division produced record origination and lock volumes again despite a smaller origination market in the second quarter. Servicing advances outstanding were approximately $454 million at December 31, up from $346 million at September 30, primarily associated with seasonal tax payments. Net assets under management were down slightly quarter-over-quarter to $2.3 billion. As we look at 2021 we believe the market environment provides PFSI a good opportunity for continued elevated financial performance. Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. Get a breakdown of the different strategies based on detected insider trading activity. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, remained elevated but decreased slightly quarter-over-quarter. The UPB of completed modifications was $5.5 billion, essentially unchanged from the prior quarter, and the UPB of EBO loan volume totaled $6.8 billion, up from $4.2 billion in the prior quarter. As we outlined in our Investor Day, we see additional opportunities resulting from changes to the GSE's preferred stock purchase agreement. Presenter SpeechMark DeVries Hello. PennyMac Financial Services, Inc. (NYSE:PFSI) Q4 2020 Earnings Conference Call February 4, 2021 4:30 PM ET, Isaac Garden - Vice President Investor Relations, David Spector - President and Chief Executive Officer, Doug Jones - Chief Mortgage Banking Officer. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. It operates through the following segments: Production, Servicing, and Investment Management. 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. Follow them so you never miss a recommendation. Pennymac Financial Services' profit sinks 31% in Q4 In January, our broker direct originations totaled $1.4 billion in UPB, and locks totaled $2.1 billion. 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. While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. 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. Pennymac notches a profitable Q1 due to servicing segment Co-op loans not available. 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. Pennymac - Contacts, Employees, Board Members, Advisors & Alumni 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. 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. Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. 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.
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