Some products may not be available in all states. 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. And with that, I would like to turn it back to David for some closing remarks. David Spector email address & phone number | Penny Mac Chief Investment Insiders at PennyMac Financial Services own 18.0% of the company. 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. These valuation declines were primarily driven by significant levels of prepayment activity and early buyouts. 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. The shares were sold at an average price of $60.64, for a transaction totalling $1,586,888.16. 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. Years in Business: 14. Business Started: 3/25/2008. PennyMac Financial Services, Inc. (PFSI) CEO David Spector on Q4 2020 Get notified the next time David A. Spector buys or sells PennyMac Financial Services stock. PennyMac | Better Business Bureau Profile 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. David Spector Sells 26,169 Shares of PennyMac Financial Services, Inc North Carolina Permit No. PennyMac Financial Services, Inc. (NYSE:PFSI) CEO Sells $912,000.00 in Hedging and related gains totaled $91 million. 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. 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. 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. 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. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. As the CEO of PennyMac Financial Services, Inc., Mr. Spector earned a total compensation package of $13,575,224.00 in 2021. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. 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. PFSI's Investment Management segment delivered increased profitability as a result of incentive fees earned based on PMT's profitability over the last 4 quarters. Is this happening to you frequently? 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. If you have an ad-blocker enabled you may be blocked from proceeding. Its Time For A Fresh Look At The Kroger Co. West Frasers Earnings Scream Timber, Outlook Says Buy, MarketBeat.com's FREE daily email newsletter, Tower Research Capital LLC TRC Increases Position in ABB Ltd. Tower Research Capital LLC TRC Has $254,000 Holdings in Daqo New Energy Corp. ABB Ltd Shares Bought by Tower Research Capital LLC TRC. Thanks, Doug. 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. Book value per share grew 5% to $54.49 at June 30. 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. Ill now turn it over to Dan Perotti, Senior Managing Director and Chief Financial Officer to speak to the financial results for the quarter. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. Pennymac has 10 current employee profiles, including President and Chief Executive Officer David Spector. Stanford Kurland. The company reported a net income of $1 billion in 2021, down from a record of $1.6 billion in the previous year. Please. They sold a total of 398,609 shares worth more than $22,789,635.48. Warning! The stock was sold at an average price of $58.12, for a total value of $741,030.00. The firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. PennyMac Financial Services can also be reached via phone at (818) 224-7442 and via email at [emailprotected] Learn More on David A. Spector's contact information. Get a breakdown of the different strategies based on detected insider trading activity. This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. I will review each segments results and then we will touch on our forbearance and servicing advance trends. For any questions, please visit our website at ir.pennymacfinancial.com, or call our Investor Relations department at 8182644907. PennyMac Financial Services, Inc. operates as a holding company. 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. David A. Spector - Biography - MarketScreener.com The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. 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. Biography of David Spector - The Official Board 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 . 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. This brings the total repurchases year-to-date to approximately $600 million. Isaac Garden - Investor Relations. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. How can I follow the stock ratings of top corporate insiders? What is the average return per transaction made by David Spector? 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. "I am delighted to announce Doug Jones' election to our. Similarly, lock volume totaled $4.5 billion, down 21%. He currently serves as a senior advisor to TPG Capital, a global private investment firm, and . million verified professionals across 35 million companies. 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. We are also increasing the use of online closings and automation. Copyright 2023 Surperformance. David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. PennyMac Financial reported strong earnings in the fourth quarter driven by core production and servicing results. Thank you, Isaac. Our large, organically built servicing portfolio provides a counter-balance to our production activity. With that, I will now turn the call over to Andy Chang, Senior Managing Director and Chief Operating Officer, who will review the mortgage origination landscape and the drivers of profitability for PFSI going forward. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. While such a market would be smaller than 2020, it would represent a large origination market by historical standards. 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. David Spector net worth, bio and Pennymac Financial Services, Inc 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. The history of PennyMac Financial was borne out of the Great Financial Crisis, with a desire to help distressed borrowers. What was David Spectors latest transaction? Additionally, PFSI's Board of Directors approved an increase to its stock repurchase authorization from $1 billion to $2 billion. Insider Selling: PennyMac Financial Services, Inc. (NYSE:PFSI) CEO Pennymac Financial Services, Inc. annonce que Doug Jones s'est joint Doug Jones Joins PennyMac Financial Services Board - NMP 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. And I'm pleased to be joined by PennyMac Financial Services CEO,. 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. StockNews.com raised PennyMac Financial Services from a sell rating to a hold rating in a report on Saturday, February 11th. I am Barclays' consumer finance analyst, Mark DeVries. the financials in more detail later on in this discussion. 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. Learn More on David A. Spector's salary. 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. Our correspondent mix percentage was essentially unchanged from the previous quarter, as 35% of the acquisitions were government loans and 65% were conventional loans. Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. 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. PennyMac Financial Services Inc provides mortgage loans to customers in the United States. Pennymac Cares | Thank You from President & CEO, David Spector In the fourth quarter, PennyMac Financial delivered net income of 38 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. David served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac. The barriers to entry for these businesses that require scale for success provide PFSI a strategic advantage over our competitors. 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. (03-2023). Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. Production segment pretax income was $244.4 million, down 33% from the prior quarter and 55% from the second quarter of 2020. PennyMac Financial's owned portfolio reported a prepayment speed of 28.3% in the second quarter, down from 32.6% in the prior quarter. This chart shows David Spector's buying and selling at PennyMac Financial Services by year and by quarter. GuruFocus has detected 5 severe warning signs with PennyMac Financial Services Inc. . Ready to apply or complete your application? Net income was $204 million or diluted earnings per share of $2.94, representing an annualized return on equity of 23%. As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . And the committed pipeline at July 31 was $1.9 billion. While the Pennymac workforce stays. 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 direct lending channels continued to have an outsized impact on PFSIs production earnings in the fourth quarter. 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. Item 1.01 Entry into a Material Definitive Agreement. All of these activities allowed us to not only fund record volumes of loans, but also effectively deploy capital into technology and operational projects, as well as repurchase a significant amount of our common stock. This quarter, we increased meaningful the number of partnerships we have with these third parties and also expanded the volumes of sales to our existing partners, driving the quarterly increase in the EBO loan volume I mentioned earlier. The committed pipeline at January 31 was $3 billion. We quickly developed a plan to deal with the COVID-19 pandemic and the various work from home orders across the nation. If so, please call us at 866.545.9070. Revenue per fallout-adjusted lock was 343 basis points in the quarter, a decrease from the first quarter. 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. Production segment pretax income was $572.6 million, down 7% from the prior quarter and up 182% from the fourth quarter of 2019, driven by continued growth in direct lending and strong performance across all channels. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361.
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