Learn More on David A. Spector's trading history. 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. If so, please call us at 866.545.9070. Up to 5 David Spectors most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. 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. 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 dividend yield of PennyMac Financial Services Inc stocks is 0.93%. The direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. PennyMac Financial delivered another outstanding quarter of operational and financial performance, despite the increased volatility in the mortgage market. I will review each segments results and then we will touch on our forbearance and servicing advance trends. Thanks, Andy. These record volumes resulted in the growth of our servicing portfolio to $427 billion in UPB, despite extraordinary levels of prepayment activity. BBB File Opened: 2/5/2015. 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 also remain very active repurchasing shares driven by our medium-term expectations for PFSI's return on equity. We achieved record production across all channels, with increased market penetration in our higher margin direct lending channels. David A. Spector is also on the board of 7 other companies. Thank you, Dan. For any questions, please visit our website at ir.pennymacfinancial.com or call our Investor Relations department at 818-264-4907. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. 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. Net income was $204 million or diluted earnings per share of $2.94, representing an annualized return on equity of 23%. Net assets under management totaled $2.3 billion as of June 30, down slightly from March 31 and up 5% from June 30, 2020. The committed pipeline at July 31 was $7.2 billion. Pennymac has 10 current employee profiles, including President and Chief Executive Officer David Spector. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. While the Pennymac workforce stays home to help flatten the curve, we know first responders, medical staff, delivery drivers, our essential workers and more, are out there heroically providing for those in need. 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. In January, our correspondent acquisitions remained strong, with $17.9 billion in UPB of acquisitions and lock volume of $17.8 billion. Susquehanna Fundamental Investments LLC raised its position in shares of PennyMac Financial Services by 24.8% during the 4th quarter. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 12/23/2020 at the average price of $67.19. View detailed PFSI description & address. 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. 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. Stanford Kurland. 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, Pennymac Mortgage Investment: Profile and Biography - Bloomberg Markets Markets Trafigura's Nickel Nemesis Was Already Notorious in Metal Circles The Week Your Saturday UK. 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. GuruFocus has detected 5 severe warning signs with PennyMac Financial Services Inc. . Net income in the fourth quarter was the second highest in the history of the company. T. Rowe Price Investment Management Inc. now owns 4,992,531 shares of the real estate investment trusts stock worth $282,877,000 after purchasing an additional 256,717 shares during the last quarter. 67.03% of the stock is currently owned by institutional investors and hedge funds. Government correspondent locks were $15.7 billion, down 8% from the prior quarter and up 21% from 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 a share. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. 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. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. 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. See what top analysts say about your stocks. Get notified the next time David A. Spector buys or sells PennyMac Financial Services stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Are you interested in helping the next generation of homeowners fulfill their dream of home? Net assets under management were down slightly quarter-over-quarter to $2.3 billion. PennyMac Financial Services, Inc. operates as a holding company. 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. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. Segment revenue was $13.5 million, up 41% from the first quarter and 28% from June 30, 2020. If you have an ad-blocker enabled you may be blocked from proceeding. For licensing information, go to: www.nmlsconsumeraccess.org. This chart shows David Spector's buying and selling at PennyMac Financial Services by year and by quarter. million verified professionals across 35 million companies. Having difficulty making payments? The firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. With PFSIs historical focus on purchase market originations combined with our large and growing servicing portfolio, we believe we are well-positioned to successfully grow share in all three of our production channels, driving an increase in our overall market position. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. Hedge funds and other institutional investors have recently modified their holdings of the stock. 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. 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. 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. Backtested results are calculated by the retroactive application of a model constructed on the basis of historical data and based on assumptions integral to the model which may or may not be testable and are subject to losses. 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. His leadership helped lay the foundation for PennyMacs long term success which included building and developing a deep management team that carries on his legacy. 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. What is the percentage of profitable transactions made by David Spector? Click here to check it out. JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. the company. What was David Spector's most profitable transaction? The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. PennyMac. PennyMac Financial Services Inc provides mortgage loans to customers in the United States. 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. 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. Backtested performance is developed with the benefit of hindsight and has inherent limitations. 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. 10 Ratings. 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 servicing segment recorded pretax income of $30.9 million, down from pretax income of $141.7 million in the prior quarter and up from a pretax loss of $62.4 million in the second quarter of 2020. 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. You will be contacted by a representative that will help answer any inquiries you have. Payoff-related expense, which includes interest shortfall and recording and release fees related to prepayments, remains elevated and increased by $8.3 million quarteroverquarter. This financial performance is driven by the balanced business model in mortgage banking that we have built over the last 13 years. 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. 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. PennyMac Financial delivered strong fourth quarter results, marking the end to a record year. As you can see on page 11 of our slide presentation, correspondent acquisition volumes totaled $56.9 billion in UPB in the fourth quarter, up 28% from the prior quarter and 53% from the fourth quarter of 2019. The business also recently declared a quarterly dividend, which was paid on Friday, February 24th. This hedging strategy is designed to moderate the impact of interest rate changes on the fair value of our MSR asset and also considers production-related income. Finally, Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 33.5% during the 4th quarter. 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. Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. Hedging and related gains totaled $91 million. The most recent insider tranaction occured on March, 1st when insider Steven Richard Bailey sold 13,604 shares worth more than $825,762.80. Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. And with that, I would like to turn it back to David for some closing remarks. PFSI's Board of Directors also declared a second quarter cash dividend of $0.20 per share. Learn More about David A. Spector's net worth. Good morning and thank you for joining us. Massachusetts Mortgage Lender License # MC35953. The price of the stock has decreased by 4.44% since. Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. 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. The ex-dividend date was Monday, February 13th. Get contact details including emails and phone numbers Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. We believe we will continue to increase their respective market positions as we execute on our growth initiatives in each channel. Net income in the fourth quarter was the second highest in the history of. Ill now turn it over to Dan Perotti, Senior Managing Director and Chief Financial Officer to speak to the financial results for the quarter. GuruFocus has detected 8 Warning Signs with PFSI. PennyMac Mortgage Investment Trust (NYSE:PMT) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ETCompany Participants. T. Rowe Price Investment Management Inc. raised its position in shares of PennyMac Financial Services by 5.4% during the 4th quarter. 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. All rights reserved. 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 firm engages in the production and servicing of U.S. residential mortgage loans. David works at Pennymac Loan Services, Llc as Chief Investment Officer. 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. 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. If you have additional questions or would like to speak with a Pennymac representative, please call (800) 777-4001. While Stan had retired from day-to-day responsibilities at PennyMac, he remained a trusted advisor and dear friend. For the complete insider trading history of PFSI, click here. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. David is based out of Agoura Hills, California, United States and works in the Financial Services industry. 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. Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. This was all done while the vast majority of our employees were working from home for most of the year. 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Learn More on PennyMac Financial Services' active insiders. PennyMac is a mortgage lender and servicer headquartered in Westlake Village, California. PennyMac TPO Contact Information Principal Mr. David Spector, President/CEO Customer Contact Mr. David Spector, President/CEO Additional Contact Information Phone Numbers (702). This is not a commitment to lend. 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. No representations and warranties are made as to the reasonableness of the assumptions. The opportunity to grow these newer channels is exciting and provides PFSI a multi-channel, diversified and profitable production segment that will further grow the servicing portfolio with high quality assets. These strong production volumes again led to servicing portfolio growth despite continued elevated prepayment activity. I'll now turn it over to Dan, who will speak to the financial results for the quarter. The TipRanks Smart Score performance is based on backtested results. The Production segment includes mortgage loan origination, acquisition, and sale activities. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . The history of PennyMac Financial was borne out of the Great Financial Crisis, with a desire to help distressed borrowers. 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. 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. Revenue per fallout-adjusted lock was 71 basis points, down from 140 basis points in the prior quarter. Business Incorporated: Thanks, Andy. Warning! 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. While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. The estimated net worth of David A. Spector is at least $40.95 million as of March 1st, 2023. PennyMac Financial Services Inc., a national mortgage lender and servicer, announced Thursday that Doug Jones has joined its board of directors. If you're not automatically redirected, please click here. View open jobs at this location. The stock was sold at an average price of $60.64, for a total value of $1,586,888.16. As the CEO of PennyMac Financial Services, Inc., Mr. Spector earned a total compensation package of $13,575,224.00 in 2021. David Spector - Chairman and Chief . Insiders at PennyMac Financial Services own 18.0% of the company. As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . The price of the stock has decreased by 14.5% since. Main Telephone (818) 224-7442 Primary Address 3043 Townsgate Road Suite 200 Westlake Village, CA 91361 USA Fiscal Close December Founded 2008 The return on the trade was 60.70%. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, remained elevated but decreased slightly quarter-over-quarter. Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. On Wednesday, March 1st, David Spector sold 26,169 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. 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 . Please disable your ad-blocker and refresh. The barriers to entry for these businesses that require scale for success provide PFSI a strategic advantage over our competitors. As David mentioned earlier PFSIs net income was $452.8 million or diluted earnings per share of $5.97. The total sale was $1.7 million. Search over 700 Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. The Production segment includes mortgage loan origination, acquisition, and sale activities. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. 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. | 3 Mrz 2023. Thank you. Lastly, originations in our broker direct channel totaled $4 billion in UPB, down 22% from the prior quarter. We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. 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 stock was sold at an average price of $60.80, for a total value of $912,000.00. And I'm pleased to be joined by PennyMac Financial Services CEO,. 3043 Townsgate Rd Ste 200, Westlake Village, CA 91361-3027. Speaker: David Spector - Chairman and Chief Executive Officer Thank you Isaac. 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. 119504607, 119505929, 119506567, 119506570, 119507419. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. 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. Please. 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. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. He currently serves as a senior advisor to TPG Capital, a global private investment firm, and . The direct lending channels continued to have an outsized impact on PFSIs production earnings in the fourth quarter. In the fourth quarter, PennyMac Financial delivered net income of 38 The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. The price of the stock has decreased by 8.12% since. And with that, I would like to turn it back to David for some closing remarks. PennyMac Financial Services, Inc. a annonc que Doug Jones, prsident et directeur des services hypothcaires, a rejoint son conseil d'administration compter du 1er mars 2023. 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. And we believe the role of a well capitalized correspondent aggregator like PennyMac will be increasingly important over time. What is David Spector's role in PennyMac Mortgage? 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 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. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 01/07/2021 at the average price of $60.12. 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. 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. During the last ninety days, David A. Spector has sold $2,498,888.16 in shares of PennyMac Financial Services stock. Contact our customer service team with any inquiries by sending us a message through the Message Center by simply logging in to your account. Learn More about insider trades at PennyMac Financial Services. Broker originations in July totaled $1.2 billion and locks totaled $1.7 billion. 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. 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. (business & personal). Find the best performing Analyst in each sector. Revenue per fallout-adjusted lock was 343 basis points in the quarter, a decrease from the first quarter. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. The Servicing segment offers servicing of originated mortgage loans and execution and management of early buyout transactions.