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. PennyMac Financial Services can also be reached via phone at (818) 224-7442 and via email at pfsi_ir@pnmac.com. 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. Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. 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 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. Finally, Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 33.5% during the 4th quarter. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. 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. 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. Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. The direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. 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. While our sub-service portfolio, consisting primarily of conventional loans, reported a 60-plus delinquency rate of 1.6%, down from 2.1% at March 31 as borrowers continue to emerge from forbearance plans. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $69.50. | 3 Mrz 2023. 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. And I'm pleased to be joined by PennyMac Financial Services CEO,. 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. These record volumes resulted in the growth of our servicing portfolio to $427 billion in UPB, despite extraordinary levels of prepayment activity. 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. 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 the CEO of PennyMac Financial Services, Inc., Mr. Spector earned a total compensation package of $13,575,224.00 in 2021. What is David Spector's role in PennyMac Mortgage? Our balanced business with our large and growing servicing portfolio also becomes an increasingly important component of our earnings as interest rates increase, and we believe this provides a competitive advantage relative to others when the industry's origination volumes return to more normalized levels. The return on the trade was 60.70%. If you have an ad-blocker enabled you may be blocked from proceeding. They sold a total of 398,609 shares worth more than $22,789,635.48. 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. A free inside look at company reviews and salaries posted anonymously by employees. Importantly, and as Doug Jones, Senior Managing Director and Chief Mortgage Banking Officer, will expand on in his section of the presentation, we sold $3.4 billion in UPB of early buyout loans to third-party whole loan investors, thus reducing the risk associated with holding these loans and increasing our capital efficiency. 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. Learn More on PennyMac Financial Services' active insiders. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. Thank you Isaac. Im proud of the actions we have taken and the dedicated management team across the company that has helped put these plans into action. Net assets under management were down slightly quarter-over-quarter to $2.3 billion. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. Licensed by the N.J. Department of Banking and Insurance. The stock was sold at an average price of $58.12, for a total value of $741,030.00. We are also increasing the use of online closings and automation. 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. The stock was sold at an average price of $60.80, for a total value of $912,000.00. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. Posted by Defense World Staff on Mar 3rd, 2023. What is the percentage of profitable transactions made by David Spector? PennyMac Financial Services, Inc. (PFSI) CEO David Spector on Q4 2020 Stockholders of record on Tuesday, February 14th were given a dividend of $0.20 per share. Being one of the Find contact details for 700 million professionals. Thank you. PennyMac Financial Services, Inc. (PFSI) CEO David Spector on Q2 2021 On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. I'll now turn it over to Dan, who will speak to the financial results for the quarter. View David Spector's email address (d*****@pennym***.com) and phone number. million verified professionals across 35 million companies. This outstanding income generated excess capital that we redeployed into increased levels of production, share repurchases, reduction of debt, and increased servicing activity. David Spector, Chairman & CEO, Director at PennyMac Mortgage, holds 259.60K shares in PennyMac Mortgage (Ticker: PMT), holds 1.10M shares in PennyMac Financial (Ticker: PFSI). 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. And with that, I would like to turn it back to David for some closing remarks. 119504607, 119505929, 119506567, 119506570, 119507419. Thanks, Andy. David Spector President and Chief Executive Officer Lior Ofir Senior Managing Director & Chief Information Officer Stanford L. Kurland Executive Chairman Amir Pirnia SVP Engineering As our production mix continues to shift towards direct lending, production expenses as a percentage of fallout adjusted locks are expected to trend higher. 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. Business Incorporated: 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. We also remain very active repurchasing shares driven by our medium-term expectations for PFSI's return on equity. Item 1.01 Entry into a Material Definitive Agreement. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. 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 . While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. For more information, review Pennymac's state licenses and important notices. 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. While 2020 was a record, we have a long track record of strong performance. Get contact details including emails and phone numbers David A. Spector - Biography - MarketScreener.com For licensing information, go to: www.nmlsconsumeraccess.org. Hedging and other gains of over $943 million largely offset an MSR fair value decrease of over $1.1 billion. Interest rate lock volume was $5.7 billion in UPB, up 4% from the third quarter and 234% from the fourth quarter of 2019. The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. This website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. The Servicing segment offers servicing of originated mortgage loans and execution and management of early buyout transactions. Is this happening to you frequently? 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. The business also recently declared a quarterly dividend, which was paid on Friday, February 24th. 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. How do I contact David A. Spector? Thank you for sharing your valuable opinion. Click here to check it out. Chart Data in Insider Trading History Table. Pennymac Financial Services' profit sinks 31% in Q4 PennyMac | Better Business Bureau Profile 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. 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 slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. Years in Business: 14. Business Started: 3/25/2008. This high level of efficiency was largely due to our cloud-based, proprietary servicing system, otherwise known as SSE. 10 Ratings. These increases were primarily driven by continued loss mitigation activities related to COVID-19. Now I'll turn it over to Doug, who will discuss our mortgage banking businesses. This financial performance is driven by the balanced business model in mortgage banking that we have built over the last 13 years. 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. Lastly, originations in our broker direct channel totaled $4 billion in UPB, down 22% from the prior quarter. Warning! The TipRanks Smart Score performance is based on backtested 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%. January 25, 2021, 12:31 p.m. EST 1 Min Read. Pricing margins in the channel decreased sharply, reflecting intense levels of competition between channel leaders. 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. 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. Schonfeld Strategic Advisors LLC raised its position in shares of PennyMac Financial Services by 822.2% during the 4th 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. 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.). 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. David A. Spector is a businessperson who has been the head of 9 different companies. Sign up for a free account. For servicing on your existing mortgage account with Pennymac. 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. 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. StockNews.com raised PennyMac Financial Services from a sell rating to a hold rating in a report on Saturday, February 11th. Speaker: David Spector - Chairman and Chief Executive Officer Thank you Isaac. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. And, we continue to enhance our MAC portal, thus improving the ability for borrowers to self-service throughout the entire origination process. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. 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. 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. While margins across channels have come in lower from the third quarter, we saw the shift in Government correspondent margins come in the most towards more normalized levels. Certain assumptions have been made for modeling purposes and are unlikely to be realized. And since the beginning of 2020, we have now repurchased over 18.5 million shares or approximately 24% of PFSI's common shares outstanding. Good morning and thank you for joining us. The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. The barriers to entry for these businesses that require scale for success provide PFSI a strategic advantage over our competitors. 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. Pennymac Westlake Village, CA Office | Glassdoor Net income in the fourth quarter was the second highest in the history of the company. 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 Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. Enter your email to receive our newsletter. However, he will become a special advisor to David Spector, chairman and chief .