david spector pennymac email

Hedging and other gains of over $943 million largely offset an MSR fair value decrease of over $1.1 billion. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. 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. Conventional correspondent acquisitions, for which PFSI earns a fulfillment fee from PMT, totaled $30.5 billion, down 10% from the prior quarter and up 61% from the second quarter of 2020. And I'm pleased to be joined by PennyMac Financial Services CEO,. Pretax income, excluding valuation-related items for the servicing segment, was $174.4 million, down 33% from the prior quarter and up 101% from the second quarter of 2020. Net assets under management totaled $2.3 billion as of June 30, down slightly from March 31 and up 5% from June 30, 2020. How can I follow the stock ratings of top corporate insiders? 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. For servicing on your existing mortgage account with Pennymac. Learn More on PennyMac Financial Services' active insiders. Thank you, Dan. 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. BBB File Opened: 2/5/2015. Please disable your ad-blocker and refresh. 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. In the fourth quarter, the pretax income was $234.1 million, a 31% decrease from . And I'm pleased to be joined by PennyMac Financial Services CEO,. Posted by Defense World Staff on Mar 3rd, 2023. The committed pipeline at January 31 was $3 billion. PennyMac Financial reported strong earnings in the fourth quarter driven by core production and servicing results. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. Thank you. The direct lending channels continued to have an outsized impact on PFSIs production earnings in the fourth quarter. I'll now turn it over to Dan, who will speak to the financial results for the quarter. Meet our Smart Portfolio. PennyMac Financial delivered another outstanding quarter of operational and financial performance, despite the increased volatility in the mortgage market. 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. If you have an ad-blocker enabled you may be blocked from proceeding. This was all done while the vast majority of our employees were working from home for most of the year. Dans son rle . David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. The Production segment includes mortgage loan origination, acquisition, and sale activities. What is David Spector's role in PennyMac Mortgage? 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NMLS ID # 35953. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. If you have additional questions or would like to speak with a Pennymac representative, please call (800) 777-4001. Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. Learn More about David A. Spector's net worth. 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. 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. Follow them so you never miss a recommendation. In January, our consumer direct originations totaled $3.1 billion in UPB and locks totaled $4.4 billion. The PFSI's owned servicing portfolio, which consists primarily of Ginnie Mae MSRs, had a 60 day delinquency rate of 6.7%, down from 8.6% at the end of the prior quarter. Years in Business: 14. Business Started: 3/25/2008. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. The direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. Get a breakdown of the different strategies based on detected insider trading activity. The expertise of our deep management team, combined with the technology investments we have made, support PennyMac's growth strategy in a changing mortgage market. 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. Download the Pennymac Mobile app from the App Store. Net assets under management were down slightly quarter-over-quarter to $2.3 billion. David Spector latest transaction was an Uninformative Buy of . 18.5 million shares or approximately 24% of PFSI's common shares outstanding. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. January 25, 2021, 12:31 p.m. EST 1 Min Read. 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%. During the last ninety days, David A. Spector has sold $2,498,888.16 in shares of PennyMac Financial Services stock. Headquarters. 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. 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. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. The Servicing segment recorded pretax income of $42 million, down from pretax income of $111.7 million in the prior quarter and up from a pretax loss of $5.1 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. Speaker: David Spector - Chairman and Chief Executive Officer Thank you Isaac. Please. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. 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. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $69.50. Chart Data in Insider Trading History Table. PennyMac Financial Services, Inc. has a 12-month low of $38.53 and a 12-month high of $73.79. Backtested performance is not an indicator of future actual results. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. Following the transaction, the chief executive officer now directly owns 650,183 shares in the company, valued at approximately $39,427,097.12. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. As Andy described earlier, all of this record production feeds our servicing portfolio, which at December 31, 2020 totaled $426.8 billion in UPB, up 6% from the end of the third quarter and up 16% over the end of 2019. Following the completion of the sale, the chief executive officer now directly owns 650,183 shares of the company's stock, valued at $39,427,097.12. 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. The slides that accompany this discussion are available on PennyMac Financials website at ir.pennymacfinancial.com. 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. 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. Susquehanna Fundamental Investments LLC raised its position in shares of PennyMac Financial Services by 24.8% during the 4th quarter. However, he will become a special advisor to David Spector, chairman and chief . PFSI's Board of Directors also declared a second quarter cash dividend of $0.20 per share. Being one of the Find contact details for 700 million professionals. Up to 5 Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. 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. Please take a moment to watch a special video from our President and CEO, David Spector. 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. 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. The firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Production revenue margins remain elevated, especially with PFSIs growth in consumer and broker direct volumes. Learn More about insider trades at PennyMac Financial Services. As you will see on slide 20, we provide a breakdown of the revenue contribution from each of PFSIs loan production channels, net of loan origination expenses, including the fulfillment fees received from PMT for conventional correspondent loans. Information on this page was last updated on 3/1/2023. 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. 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. Segment revenue was $9.7 million, down from $9.8 million in the prior quarter which included gains related to PMT shares owned by PFSI. The return on the trade was 60.70%. 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. What is the average return per transaction made by David Spector? Segment revenue was $13.5 million, up 41% from the first quarter and 28% from June 30, 2020. These strong production volumes again led to servicing portfolio growth despite continued elevated prepayment activity. Enter your email address below to get our daily insider buying and selling report. So while refinance origination volumes are expected to decline significantly over the next several years as a result of higher interest rates, we believe the outlook for PennyMac Financial remained strong, given our large profitable and growing servicing business, our position as one of the largest producers of purchase money loans in the U.S. and the continued expansion of our direct lending businesses. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. 47.206 (3) & (4). While the Pennymac workforce stays. In our broker direct channel, we are focused on further reducing the length of our loan origination cycle via workflow enhancements and upgrades to our broker portal, POWER. I am pleased to note that PFSIs Board of Directors declared a fourth quarter cash dividend of $0.20 per share, representing a 33% increase from the prior quarter. Recent economic forecasts for 2021 originations range from $3.6 trillion to $4.2 trillion, while average forecast for 2022 originations remained strong at $2.7 trillion. The price of the stock has decreased by 14.5% since. No credit card required. It operates through the following segments: Production, Servicing, and Investment Management. Production segment pretax income was $244.4 million, down 33% from the prior quarter and 55% from the second quarter of 2020. 130 Westlake Village, CA, 91362 Get Directions. 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. Isaac Garden - Investor Relations. And since the beginning of 2020, we have now repurchased over 18.5 million shares or approximately 24% of PFSI's common shares outstanding. Broker originations in July totaled $1.2 billion and locks totaled $1.7 billion. 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. 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. The average return per transaction made by David Spector is 3.50%. 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. The ex-dividend date was Monday, February 13th. We are also increasing the use of online closings and automation. Now I'll turn it over to Doug, who will discuss our mortgage banking businesses. No P&I advances have been made to date, as prepayment activity continued to sufficiently cover remittance obligations. Search over 700 Additionally, we believe FHFA's elimination of the adverse market refinance fee has resulted in a larger population of loans that would benefit from a refinance at today's lower rates, further supporting the origination market. While such a market would be smaller than 2020, it would represent a large origination market by historical standards. 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. As our production mix continues to shift towards direct lending, production expenses as a percentage of fallout adjusted locks are expected to trend higher. The history of PennyMac Financial was borne out of the Great Financial Crisis, with a desire to help distressed borrowers. For any questions, please visit our website at ir.pennymacfinancial.com, or call our Investor Relations department at 8182644907. This expertise and experience has served us well, enhancing our ability to help many borrowers affected by the COVID-19 pandemic. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. 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. Russia's war on Ukraine latest: Putin casts war as battle for nation's survival, India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Elon Musk recruits team to develop OpenAI rival - The Information, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon, French media billionaire Niel fails with bid for TNT television frequence - Arcom, Private National Mortgage Acceptance Co. LLC. Each of our business segments performed well during the fourth quarter as the continued low interest rate environment drove record production volumes across all of our channels. 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. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. This net worth estimate does not reflect any other assets that Mr. Spector may own. Since trades have not actually been executed, results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity, and may not reflect the impact that certain economic or market factors may have had on the decision-making process. Learn More on PennyMac Financial Services' active insiders. 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. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Book value per share grew 5% to $54.49 at June 30. You can see the results of our hedging strategy in the full year view on slide 19. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 7.36 and a beta of 1.49. 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. (03-2023). Our direct lending channels have an outsized impact on production segment earnings, as Dan will discuss later. Licensed by the N.J. Department of Banking and Insurance. JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. 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. 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. Im proud of the actions we have taken and the dedicated management team across the company that has helped put these plans into action. million verified professionals across 35 million companies. This chart shows David Spector's buying and selling at PennyMac Financial Services by year and by quarter. Massachusetts Mortgage Lender License # MC35953. These technology investments are critical drivers to the growth of our direct lending businesses. For any questions, please visit our website at ir.pennymacfinancial.com or call our Investor Relations department at 818-264-4907. Learn More on David A. Spector's trading history. Thanks, Doug. 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.). This high level of efficiency was largely due to our cloud-based, proprietary servicing system, otherwise known as SSE. So, from our home to yours, thank you! 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. As we look at 2021 we believe the market environment provides PFSI a good opportunity for continued elevated financial performance. David is based out of Agoura Hills, California, United States and works in the Financial Services industry. Pretax income excluding valuation related changes in our servicing segment in 2020 more than doubled from 2019 as we assisted borrowers emerging from forbearance using various loss mitigation strategies. Our consumer direct lending division produced record origination and lock volumes again despite a smaller origination market in the second quarter. 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. PennyMac Financial Services, Inc. operates as a holding company. Our higher-margin consumer direct lending channel continued to expand, producing record locked and funded volumes during the quarter, which we estimate has resulted in a significant increase in market share. 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. 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. 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. Thank you. 292 Pennymac reviews in Los Angeles, CA. Consumer and broker direct represented 20% of fallout adjusted lock volume in the fourth quarter but accounted for over 70% of segment pretax income. David Spector President and Chief Executive Officer Lior Ofir Senior Managing Director & Chief Information Officer Stanford L. Kurland Executive Chairman Amir Pirnia SVP Engineering StockNews.com raised PennyMac Financial Services from a sell rating to a hold rating in a report on Saturday, February 11th. David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. PennyMac Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only.

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