Get contact details including emails and phone numbers In July, our correspondent acquisitions were $15 billion in UPB and locks were $12.8 billion. 292 Pennymac reviews in Los Angeles, CA. This chart shows David Spector's buying and selling at PennyMac Financial Services by year and by quarter. The origination market continues to be strong on a historical basis as mortgage rates have recently returned to near record lows. Our Investment Management segment delivered pretax income of $2.6 million, down from $3.3 million in the prior quarter and down from $5.2 million in the fourth quarter of 2019. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. 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. For the total servicing portfolio, we facilitated approximately 291,000 forbearance plans for our customers, with over 90% of those enrolled through our automated channels. 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. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common 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 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%. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 7.36 and a beta of 1.49. 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. 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. PennyMac Financial Services, Inc. Announces Doug Jones Joined Its Board PennyMac Loan Services, LLC | Better Business Bureau Profile PennyMac Financial Services' insider roster includes Anne Mccallion (Director), Farhad Nanji (Director), and David Spector (CEO). 130 Westlake Village, CA, 91362 Get Directions. We believe we will continue to increase their respective market positions as we execute on our growth initiatives in each channel. Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. Speaker: David Spector - Chairman and Chief Executive Officer Thank you Isaac. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. Thank you, Dan. T. Rowe Price Investment Management Inc. raised its position in shares of PennyMac Financial Services by 5.4% during the 4th quarter. David Spector - Chief Investment Officer - Penny Mac | LinkedIn This information is provided for illustrative purposes only. And the committed pipeline at July 31 was $1.9 billion. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. PennyMac Financial Services, Inc. operates as a holding company. Stanford Kurland, who went from being pushed out of the No. DO NOT SEND PAYMENTS TO THIS ADDRESS. What is the average return per transaction made by David Spector? Pennymac notches a profitable Q1 due to servicing segment If you have additional questions or would like to speak with a Pennymac representative, please call (800) 777-4001. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. David Spector | ZoomInfo 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. And we believe the role of a well capitalized correspondent aggregator like PennyMac will be increasingly important over time. 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. Payoff-related expense, which includes interest shortfall and recording and release fees related to prepayments, remains elevated and increased by $8.3 million quarteroverquarter. The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. Good afternoon, and welcome to the Fourth Quarter and Full-Year 2020 Earnings discussion for PennyMac Financial Services, Inc. These returns have led to a 29% compounded annual growth rate in our book value per share since our IPO. David Spector. PennyMac Financial again delivered outstanding financial performance in the second quarter, driven by continued strong production and core servicing results partially offset by net MSR fair value declines. 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. Pennymac Reviews in Los Angeles, CA | Glassdoor 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. 2023-03-02 | NYSE:PFSI | Press Release | PennyMac Financial Services Inc. 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. This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. Posted by Defense World Staff on Mar 3rd, 2023. 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. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. 47.206 (3) & (4). Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. What is David Spector's role in PennyMac Mortgage? David served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac. And I'm pleased to be joined by PennyMac Financial Services CEO,. They sold a total of 398,609 shares worth more than $22,789,635.48. David Spector - Chairman & Chief Executive Officer, PennyMac Loan Right now, we realize the importance of home like never before. 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. 3043 Townsgate Rd Ste 200, Westlake Village, CA 91361-3027. The technology based digital marketing platform, coupled with dedicated loan officers and an efficient operating processes, gives PennyMac a strong foundation for continued growth. 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. David Spector - Chief Investment Officer at Pennymac Loan Services, Llc The firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. Hedging and other gains of over $943 million largely offset an MSR fair value decrease of over $1.1 billion. Net income in the fourth quarter was the second highest in the history of the company. Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. Pennymac's state licenses and important notices. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. 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. Now Ill turn it over to Doug Jones, PFSIs Senior Managing Director and Chief Mortgage Banking Officer to provide you some more details on our mortgage banking businesses. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. Download the Pennymac Mobile app from the App Store. 10 Ratings. 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. Thank you, Dan. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. And, we continue to enhance our MAC portal, thus improving the ability for borrowers to self-service throughout the entire origination process. 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. Isaac Garden - Investor Relations. 67.03% of the stock is currently owned by institutional investors and hedge funds. Thanks, Andy. 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. Our consumer direct lending division produced record origination and lock volumes again despite a smaller origination market in the second quarter. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. Production segment pretax income was $244.4 million, down 33% from the prior quarter and 55% from the second quarter of 2020. However, margins in this channel remain attractive. So, from our home to yours, thank you! Susquehanna Fundamental Investments LLC now owns 85,385 shares of the real estate investment trusts stock worth $4,838,000 after purchasing an additional 16,980 shares during the last quarter. These strong production volumes again led to servicing portfolio growth despite continued elevated prepayment activity. 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. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. 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. He previously served as Chief Correspondent Lending Officer and has been a member of the company's executive management team since 2011. As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . PennyMac Founder Stanford Kurland Passes Away - MBA Newslink We believe PennyMac Financial's business model with production from the correspondent, consumer direct and broker direct channels contributes to PennyMac Financial's profitability across different production environments. David Spector email address & phone number | Penny Mac Chief Investment Net assets under management totaled $2.3 billion as of June 30, down slightly from March 31 and up 5% from June 30, 2020. As you will see on slide 10, we provide a breakdown of the revenue contribution from each of PFSI's loan production channels, net of loan origination expenses, including the fulfillment fees received from PMT for conventional correspondent loans. Net assets under management were down slightly quarter-over-quarter to $2.3 billion. Pennymac - Contacts, Employees, Board Members, Advisors & Alumni PennyMac Financial's owned portfolio reported a prepayment speed of 28.3% in the second quarter, down from 32.6% in the prior quarter. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. 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 a share. David Spector is currently Chairman of the Board, President and Chief Executive Officer at PennyMac - View - PennyMac org chart PennyMac Financial Services, Inc. (NYSE:PFSI) CEO Sells $912,000.00 in 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. 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. Sign up for a free account. 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. 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 TipRanks Smart Score performance is based on backtested results. Learn More about David A. Spector's net worth. 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. 112 S. Lakeview Canyon Rd, Ste. Learn More about insider trades at PennyMac Financial Services. PFSI's Board of Directors also declared a second quarter cash dividend of $0.20 per share. 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. Our direct lending channels have an outsized impact on production segment earnings, as Dan will discuss later. No representations and warranties are made as to the reasonableness of the assumptions. Pennymac Cares | Thank You from President & CEO, David Spector Thank you. View David Spector's email address (d*****@pennym***.com) and phone number. The direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. David Spector net worth, bio and Pennymac Financial Services, Inc PennyMac Financial Services, Inc. (PFSI) CEO David Spector on Q4 2020 Pennymac Financial Services Inc (PFSI) President & CEO David Spector PennyMac Financial Services, Inc. Announces Doug Jones Joined Its Board The price of the stock has decreased by 4.44% since. While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. 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. Licensed Mortgage Banker-NYS Department of Financial Services. The total sale was $1.7 million. Item 1.01 Entry into a Material Definitive Agreement. Transcript : PennyMac Financial Services, Inc. Presents at Barclays 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,. 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. Please note all regulatory considerations regarding the presentation of fees must be taken into account. Revenue per fallout-adjusted lock was 343 basis points in the quarter, a decrease from the first quarter. PennyMac Financial Services, Inc. has a 12-month low of $38.53 and a 12-month high of $73.79. Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. PennyMac Mortgage Investment Trust (NYSE:PMT) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ETCompany Participants. As you can see on the selected operational metrics on slide 13, PennyMac Financials owned portfolio reported a prepayment speed of 32.5% in the fourth quarter, up from 29.7% in the prior quarter. What was David Spector's most profitable transaction? 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. The fair value of our MSR decreased modestly in the fourth quarter, driven by higher-than-expected prepayments, increased projections for short-term prepayments and elevated levels of early buyout activity.
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