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. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. 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. The technology based digital marketing platform, coupled with dedicated loan officers and an efficient operating processes, gives PennyMac a strong foundation for continued growth. Net income in the fourth quarter was the second highest in the history of. 112 S. Lakeview Canyon Rd, Ste. See what top analysts say about your stocks. Copyright 2023 Surperformance. 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. 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. View David Spector's email address (d*****@pennym***.com) and phone number. The stock was sold at an average price of $58.12, for a total value of $741,030.00. Despite these currently elevated levels of competition, we continue to see opportunity in the channel over the long term and remain committed to providing our broker partners and the customers they serve a superior mortgage experience. And we ended the quarter with a servicing portfolio of $473 billion in unpaid principal balance, approximately 4% of all residential mortgage debt in the United States. And with that, I would like to turn it back to David for some closing remarks. The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $69.50. Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. 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. 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. 67.03% of the stock is currently owned by institutional investors and hedge funds. The origination market continues to be strong on a historical basis as mortgage rates have recently returned to near record lows. 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. Following the transaction, the chief executive officer now directly owns 650,183 shares in the company, valued at approximately $39,427,097.12. Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. PennyMac Financial's owned portfolio reported a prepayment speed of 28.3% in the second quarter, down from 32.6% in the prior quarter. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets. Please disable your ad-blocker and refresh. Item 1.01 Entry into a Material Definitive Agreement. These valuation declines were primarily driven by significant levels of prepayment activity and early buyouts. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. Thank you. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. No representations and warranties are made as to the reasonableness of the assumptions. "I am delighted to announce Doug Jones' election to our. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. The average return per transaction made by David Spector is 3.50%. Backtested performance is developed with the benefit of hindsight and has inherent limitations. Please. Thank you, Isaac. This growth in production is not only due to the significant investments we have made in our production technology, which Doug will elaborate on later, but is also due to the considerable investments we have made in people. 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. 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. 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. 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. Pennymac Westlake Village, CA office. 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. The dividend yield of PennyMac Financial Services Inc stocks is 0.93%. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. Download the Pennymac Mobile app from the App Store. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, remained elevated but decreased slightly quarter-over-quarter. PennyMac Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only. Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. This outstanding income generated excess capital that we redeployed into increased levels of production, share repurchases, reduction of debt, and increased servicing activity. Being one of the Find contact details for 700 million professionals. Our correspondent mix percentage was essentially unchanged from the previous quarter, as 35% of the acquisitions were government loans and 65% were conventional loans. All rights reserved. The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. 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. (NYSE: PFSI) announced today that Doug Jones, President and Chief Mortgage Banking Officer, joined its Board of Directors effective March 1, 2023. DO NOT SEND PAYMENTS TO THIS ADDRESS. David works at Pennymac Loan Services, Llc as Chief Investment Officer. Hedging and related gains totaled $91 million. His family and PennyMac, which announced his passing, said he died from complications . 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. 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. I am incredibly thankful and proud of the over 6,000 PennyMac employees who managed through the challenges of the pandemic to deliver these extraordinary results. 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 Production segment includes mortgage loan origination, acquisition, and sale activities. Pennymac's state licenses and important notices. 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. I will review each segments results and then we will touch on our forbearance and servicing advance trends. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 7.36 and a beta of 1.49. State of Wyoming raised its position in shares of PennyMac Financial Services by 9.3% during the 4th quarter. PennyMac Financial Services, Inc. operates as a holding company. David A Spector, Pennymac Mortgage Investment: Profile and Biography - Bloomberg Markets Markets Trafigura's Nickel Nemesis Was Already Notorious in Metal Circles The Week Your Saturday UK. Thanks, Doug. Susquehanna Fundamental Investments LLC raised its position in shares of PennyMac Financial Services by 24.8% during the 4th quarter. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. PennyMac Financial reported strong earnings in the fourth quarter driven by core production and servicing results. 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. Hedge funds and other institutional investors have recently modified their holdings of the stock. 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. PennyMac. This website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. Stockholders of record on Tuesday, February 14th were given a dividend of $0.20 per share. The Production segment includes mortgage loan origination, acquisition, and sale activities. 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. 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,. 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. Im proud of the actions we have taken and the dedicated management team across the company that has helped put these plans into action. Jones brings more than 25 years of financial services industry experience to PennyMac Financial Services. We have long-standing partnerships with several EBO loan investors, with a program in place to buy delinquent Ginnie Mae loans out of securitizations and sell them to these third-party investors. David Spector President and Chief Executive Officer Lior Ofir Senior Managing Director & Chief Information Officer Stanford L. Kurland Executive Chairman Amir Pirnia SVP Engineering 3043 Townsgate Rd Ste 200, Westlake Village, CA 91361-3027. Find the best performing Analyst in each sector. 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. 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. President & CEO David Spector sold 30,000 shares of PFSI stock on 01/12/2021 at the average price of $57.43. These transactions provide PennyMac the additional capacity and liquidity to efficiently execute loss mitigation strategies as sales of these loans to third parties also eliminate the potential for associated margin calls. Co-op loans not available. 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. This concludes PennyMac Financial Services, Inc.'s second quarter earnings discussion. However, margins in this channel remain attractive. Thank you. The barriers to entry for these businesses that require scale for success provide PFSI a strategic advantage over our competitors. 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 firm engages in the production and servicing of U.S. residential mortgage loans. Net assets under management totaled $2.3 billion as of June 30, down slightly from March 31 and up 5% from June 30, 2020. And I'm pleased to be joined by PennyMac Financial Services CEO,. Thank you. The return on the trade was 60.70%. Please note all regulatory considerations regarding the presentation of fees must be taken into account. David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. As David mentioned earlier PFSIs net income was $452.8 million or diluted earnings per share of $5.97. 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. If so, please call us at 866.545.9070. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. Get a breakdown of the different strategies based on detected insider trading activity. Please disable your ad-blocker and refresh. GuruFocus has detected 5 severe warning signs with PennyMac Financial Services Inc. . Enter your email address below to get our daily insider buying and selling report. 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. 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. In the last year, insiders at the real estate investment trust sold shares 23 times. David Spector. 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. Stanford Kurland. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. Pricing margins in the channel decreased sharply, reflecting intense levels of competition between channel leaders. PennyMac Financial Services' insider roster includes Anne Mccallion (Director), Farhad Nanji (Director), and David Spector (CEO). While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. Having difficulty making payments? 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. Interest rate lock volume was $5.7 billion in UPB, up 4% from the third quarter and 234% from the fourth quarter of 2019. Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. What was David Spector's most profitable transaction? Similar Profiles. Net assets under management totaled $2.3 billion as of December 31, up 1% from September 30. million verified professionals across 35 million companies. Thanks, Andy. 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. 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. Consumer and broker direct represented 20% of fallout adjusted lock volume in the fourth quarter but accounted for over 70% of segment pretax income. For servicing on your existing mortgage account with Pennymac. Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. This brings the total repurchases year-to-date to approximately $600 million. Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. In total, loan acquisition and origination volumes were $61 billion in the second quarter. PennyMac TPO Contact Information Principal Mr. David Spector, President/CEO Customer Contact Mr. David Spector, President/CEO Additional Contact Information Phone Numbers (702). The percentage of loans in forbearance decreased to 7.8% at December 31 from 10.1% at September 30 as new forbearance plans implemented since September 30 were more than offset by borrowers in forbearance plans at September 30 who have since exited. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. If you need the payment address, click here. As we outlined in our Investor Day, we see additional opportunities resulting from changes to the GSE's preferred stock purchase agreement. Before we begin, let me remind you that our discussion contains forwardlooking statements that are subject to risks identified on Slide 2 that could cause our actual results to differ materially, as well as certain non-GAAP measures that have been reconciled to their GAAP equivalent. This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. If you have an ad-blocker enabled you may be blocked from proceeding. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. And the committed pipeline at July 31 was $1.9 billion. PennyMac Mortgage Investment Trust (NYSE:PMT) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ETCompany Participants. 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 . While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. 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. Since the start of 2020, we have repurchased approximately 13% of the PFSI shares that were outstanding at the beginning of 2020. Learn More on David A. Spector's contact information. Get notified the next time David A. Spector buys or sells PennyMac Financial Services stock. We quickly developed a plan to deal with the COVID-19 pandemic and the various work from home orders across the nation. The percentage of profitable transactions made by David Spector is 44%. For licensing information, go to: www.nmlsconsumeraccess.org. However, he will become a special advisor to David Spector, chairman and chief . Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. 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. 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 firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. 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They sold a total of 398,609 shares worth more than $22,789,635.48. You can see the results of our hedging strategy in the full year view on slide 19. 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. 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. SSE allowed us to quickly implement changes that enabled us to complete the roll-out of large programs, like the CARES Act forbearance program, in a fast and cost-effective manner. 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%. In the fourth quarter, PennyMac Financial delivered net income of 38 Finally, broker direct originations totaled $4.5 billion in UPB in the fourth quarter, up 28% from the prior quarter and 215% percent from the fourth quarter of 2019. 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. These record volumes resulted in the growth of our servicing portfolio to $427 billion in UPB, despite extraordinary levels of prepayment activity. 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. 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. Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. For any questions, please visit our website at ir.pennymacfinancial.com, or call our Investor Relations department at 8182644907. David Spectors most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. Learn More on David A. Spector's trading history. 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. Good afternoon, and welcome to the Fourth Quarter and Full-Year 2020 Earnings discussion for PennyMac Financial Services, Inc. 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. The committed pipeline at January 31 was $7.9 billion. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. David Spector latest transaction was an Uninformative Buy of . Dans son rle . The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. While Stan had retired from day-to-day responsibilities at PennyMac, he remained a trusted advisor and dear friend. For more information, review Pennymac's state licenses and important notices. 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. Good morning and thank you for joining us. 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. Receive News & Ratings for PennyMac Financial Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PennyMac Financial Services and related companies with MarketBeat.com's FREE daily email newsletter. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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.
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