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. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $69.50. 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. 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. 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. Thanks, Doug. Dans son rle . Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. Co-op loans not available. 18.5 million shares or approximately 24% of PFSI's common shares outstanding. Similar Profiles. The price of the stock has increased by 0.03% since. How can I follow the stock ratings of top corporate insiders? For servicing on your existing mortgage account with Pennymac. 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. For the complete insider trading history of PFSI, click here. Economic forecasts are calling for the mortgage origination market to remain strong in 2021, and while these forecasts vary, they currently average $3.3 trillion. 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. What was David Spectors latest transaction? What is David Spector's role in PennyMac Mortgage? Contact our customer service team with any inquiries by sending us a message through the Message Center by simply logging in to your account. 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. 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. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . The stock was sold at an average price of $58.12, for a total value of $741,030.00. The predominant outcome has been through loan modifications to the borrowers to aid in their recovery. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. And with that, I would like to turn it back to David for some closing remarks. I will review each segments results and then we will touch on our forbearance and servicing advance trends. Thank you. 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. 112 S. Lakeview Canyon Rd, Ste. The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. David served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac. 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. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. Get a breakdown of the different strategies based on detected insider trading activity. 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. GuruFocus has detected 8 Warning Signs with PFSI. 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.). 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. Our investment management segment delivered pretax income of $4.1 million, up from $1.4 million in the prior quarter as a result of incentive fees earned and down from $4.7 million in the second quarter of 2020. Information on this page was last updated on 3/1/2023. At PennyMac, our commitment to our customers doesnt end at closing. Thank you. This website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. No credit card required. These valuation declines were primarily driven by significant levels of prepayment activity and early buyouts. 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. 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. Some products may not be available in all states. This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. Schonfeld Strategic Advisors LLC raised its position in shares of PennyMac Financial Services by 822.2% during the 4th quarter. 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. Also, our investments in technology, such as our cloud-based proprietary servicing system, have helped us to maximize economies of scale and grow efficiently, and help drive strong results for years to come. While 2020 was a record, we have a long track record of strong performance. The average return per transaction made by David Spector is 3.50%. This balanced business helps generate strong results across a variety of market and rate environments. 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. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. Are you interested in helping the next generation of homeowners fulfill their dream of home? 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. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. 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. Thank you. Sign up for a free account. This concludes PennyMac Financial Services, Inc.'s second quarter earnings discussion. Thanks, Andy. Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. No P&I advances have been made to date, as prepayment activity continued to sufficiently cover remittance obligations. Hedging and related gains totaled $91 million. PennyMac Financial delivered another outstanding quarter of operational and financial performance, despite the increased volatility in the mortgage market. 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. 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. 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). Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 12/23/2020 at the average price of $67.19. And we believe the role of a well capitalized correspondent aggregator like PennyMac will be increasingly important over time. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . (03-2023). His family and PennyMac, which announced his passing, said he died from complications . The firm engages in the production and servicing of U.S. residential mortgage loans. We quickly developed a plan to deal with the COVID-19 pandemic and the various work from home orders across the nation. State of Wyoming raised its position in shares of PennyMac Financial Services by 9.3% during the 4th quarter. Earnings per share grew 328% for the year with net income up 319%. Net assets under management totaled $2.3 billion as of December 31, up 1% from September 30. million verified professionals across 35 million companies. The stock was sold at an average price of $58.12, for a total value of $741,030.00. As a management team, we are committed to putting the health and safety of our team members at the heart of our decisions. 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. 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 In the last year, insiders at the real estate investment trust sold shares 23 times. Backtested performance is not an indicator of future actual results. David is based out of Agoura Hills, California, United States and works in the Financial Services industry. Follow them so you never miss a recommendation. Please. Download the Pennymac Mobile app from the App Store. 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. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. Stanford Kurland. Revenue per fallout-adjusted government lock in the second quarter was 30 basis points, down from 37 basis points in the prior quarter. David Spector latest transaction was an Uninformative Buy of . The stock was sold at an average price of $60.64, for a total value of $1,586,888.16. David Spector - Chairman and Chief . 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. Giving consideration to the pretax income from our record production, you can see that our hedging strategies were very successful at mitigating the impact of interest rate changes and MSR fair value losses on our income in 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. We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. Learn More on PennyMac Financial Services' active insiders. Arizona Mortgage Banker License # 0911088. 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. 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. Warning! This is not a commitment to lend. January 25, 2021. David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. We achieved record production across all channels, with increased market penetration in our higher margin direct lending channels. Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. Speaker: David Spector - Chairman and Chief Executive Officer Thank you Isaac. I am Barclays' consumer finance analyst, Mark DeVries. The direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. The company's services span its main function of loan production and loan servicing which includes the recovery of loans and other related charges. We believe PennyMac Financial's business model with production from the correspondent, consumer direct and broker direct channels contributes to PennyMac Financial's profitability across different production environments. 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. With the large and growing servicing portfolio and an industry leading correspondent production group, PFSI is an established leader with a growing presence across all facets of mortgage banking. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. Im proud of the actions we have taken and the dedicated management team across the company that has helped put these plans into action. Company profile for PennyMac Financial Services Inc. including key executives, insider trading, ownership, revenue and average growth rates. 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. 119504607, 119505929, 119506567, 119506570, 119507419. 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 company reported a net income of $1 billion in 2021, down from a record of $1.6 billion in the previous year. David Spectors most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. They sold a total of 398,609 shares worth more than $22,789,635.48. Production revenue margins remain elevated, especially with PFSIs growth in consumer and broker direct volumes. 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. Finally, transactions like these provide meaningful savings to PennyMac Financial over the life of the loan while providing the opportunity for redelivery in the future. 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. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services 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 Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only. Pennymac has 10 current employee profiles, including President and Chief Executive Officer David Spector. Similarly, lock volume totaled $4.5 billion, down 21%. This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. PennyMac Financial Services, Inc. has a 12-month low of $38.53 and a 12-month high of $73.79. And as our production mix continues to shift toward direct lending, production expenses as a percentage of fallout-adjusted locks are expected to trend higher. Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. All rights reserved. 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. During the last ninety days, David A. Spector has sold $2,498,888.16 in shares of PennyMac Financial Services stock. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. This net worth estimate does not reflect any other assets that Mr. Spector may own. Learn More on David A. Spector's trading history. As we outlined in our Investor Day, we see additional opportunities resulting from changes to the GSE's preferred stock purchase agreement. President & CEO David Spector sold 30,000 shares of PFSI stock on 01/12/2021 at the average price of $57.43. Get notified the next time David A. Spector buys or sells PennyMac Financial Services stock. Thank you, Dan. 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. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.46. We are also increasing the use of online closings and automation. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. Our large, organically built servicing portfolio provides a counter-balance to our production activity. 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 detailed PFSI description & address. PFSIs owned servicing portfolio, which consists primarily of Ginnie Mae MSRs, had a 60 day plus delinquency rate of 10.2%, down from 11.4% at the end of the prior quarter, while our subserviced portfolio, primarily consisting of conventional loans, reported a 60 plus day delinquency rate of 2.7%, down from 3.7% at September 30 as borrowers continue to emerge from forbearance plans. Learn More about David A. Spector's net worth. The price of the stock has decreased by 4.44% since. Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. How do I contact David A. Spector? 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. 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. Net income in the fourth quarter was the second highest in the history of the company. GuruFocus has detected 5 severe warning signs with PennyMac Financial Services Inc. . 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. The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. 47.206 (3) & (4). Susquehanna Fundamental Investments LLC raised its position in shares of PennyMac Financial Services by 24.8% during the 4th quarter. Operating revenue decreased $2 million from the prior quarter driven by declines in earnings on custodial balances. Now Ill turn it over to Doug Jones, PFSIs Senior Managing Director and Chief Mortgage Banking Officer to provide you some more details on our mortgage banking businesses. What is David Spector's role in PennyMac Mortgage? These record volumes resulted in the growth of our servicing portfolio to $427 billion in UPB, despite extraordinary levels of prepayment activity. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. These businesses are foundational to PFSI and not easily replicated. 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. You can see the results of our hedging strategy in the full year view on slide 19. The technology based digital marketing platform, coupled with dedicated loan officers and an efficient operating processes, gives PennyMac a strong foundation for continued growth. The Production segment includes mortgage loan origination, acquisition, and sale activities. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. This hiring mostly occurred in three key areas, servicing, direct lending and fulfillment services. So, from our home to yours, thank you! The barriers to entry for these businesses that require scale for success provide PFSI a strategic advantage over our competitors. Ill now turn it over to Dan Perotti, Senior Managing Director and Chief Financial Officer to speak to the financial results for the quarter. Net income was $204 million or diluted earnings per share of $2.94, representing an annualized return on equity of 23%. Thank you. 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. What is the average return per transaction made by David Spector? PennyMac Financial Services, Inc operates as a holding company. We have also seen a large group of borrowers that reperform and exit forbearance on their own. 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. Changes in these assumptions may have a material impact on the backtested returns presented. 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%. 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. Schonfeld Strategic Advisors LLC now owns 60,866 shares of the real estate investment trusts stock worth $3,449,000 after purchasing an additional 54,266 shares during the last quarter. 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. Pennymac's state licenses and important notices. 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. the financials in more detail later on in this discussion. These returns have led to a 29% compounded annual growth rate in our book value per share since our IPO. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. 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'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,. "I am delighted to announce Doug Jones' election to our. Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. The committed pipeline at January 31 was $3 billion. And I'm pleased to be joined by PennyMac Financial Services CEO,. 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. 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 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. We also remain very active repurchasing shares driven by our medium-term expectations for PFSI's return on equity. 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. 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. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 01/07/2021 at the average price of $60.12. David Spector is currently Chairman of the Board, President and Chief Executive Officer at PennyMac - View - PennyMac org chart 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. North Carolina Permit No. 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. 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. 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. The number of approved brokers totaled 1,574, up 11% over the end of the third 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. David Spector Email Address Found 7 email address listings: @pennymacfinancial.com @countrywide.com @pennymacusa.com @pnmac.com @yahoo.com +2 more David Spector Phone Number Found 6 phone numbers: 818-292-XXXX 818-324-XXXX 818-224-XXXX 818-332-XXXX 212-761-XXXX +1 more View David's Email & Phone (It's Free) 5 free lookups per month. 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. 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. Click here to check it out. Stockholders of record on Tuesday, February 14th were given a dividend of $0.20 per share. We continue to originate record levels of volumes in this channel as a result of our large and growing servicing portfolio, efficient and low-cost infrastructure, advanced modeling and analytics, and the growth in sales and fulfillment capacity.
Where Is Michael Smith Darts Player From,
Clint Murchison House Dallas,
Articles D
david spector pennymac email