Arizona Mortgage Banker License # 0911088. 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. PennyMac TPO Contact Information Principal Mr. David Spector, President/CEO Customer Contact Mr. David Spector, President/CEO Additional Contact Information Phone Numbers (702). He previously served as Chief Correspondent Lending Officer and has been a member of the company's executive management team since 2011. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. This concludes PennyMac Financial Services, Inc.'s second quarter earnings discussion. 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. Thanks, Andy. Sign up for a free account. Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. 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. Ready to apply or complete your application? Contact our customer service team with any inquiries by sending us a message through the Message Center by simply logging in to your account. January 25, 2021. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. PennyMac Loan Services, LLC PO Box 950002 Fort Worth, TX 76155-9802, PennyMac Loan Services, LLC PO Box 5133 Thousand Oaks, CA 91359-5133, 3043 Townsgate Rd, Suite 200 Westlake Village, CA 91361 818.224.7442. Actual performance may differ significantly from backtested performance. Net income in the fourth quarter was the second highest in the history of the company. PennyMac Financial Services Inc provides mortgage loans to customers in the United States. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. Download the Pennymac Mobile app from the App Store. 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 corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. 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. As David mentioned earlier, PFSI's net income was $204.2 million or diluted earnings per share of $2.94. 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. I will review each segments results and then we will touch on our forbearance and servicing advance trends. Pennymac's state licenses and important notices. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. No representations and warranties are made as to the reasonableness of the assumptions. We also repurchased approximately 1.6 million shares of PFSIs common stock, at an approximate cost of $89.3 million. million verified professionals across 35 million companies. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. PennyMac. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. PennyMac Financial reported strong earnings in the fourth quarter driven by core production and servicing results. Since the start of 2020, we have repurchased approximately 13% of the PFSI shares that were outstanding at the beginning of 2020. Speaker: David Spector - Chairman and Chief Executive Officer Thank you Isaac. What is the average return per transaction made by David Spector? 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 we believe the role of a well capitalized correspondent aggregator like PennyMac will be increasingly important over time. The company's services span its main function of loan production and loan servicing which includes the recovery of loans and other related charges. Thank you, David. This information is provided for illustrative purposes only. View detailed PFSI description & address. 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. Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. Earnings per share grew 328% for the year with net income up 319%. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. For any questions, please visit our website at ir.pennymacfinancial.com or call our Investor Relations department at 818-264-4907. Thanks, Doug. These increases were primarily driven by continued loss mitigation activities related to COVID-19. The origination market continues to be strong on a historical basis as mortgage rates have recently returned to near record lows. 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 And while we believe the mortgage market will continue to change from a competitive and regulatory perspective, the infrastructure and risk management disciplines that distinguish PennyMac from others in the industry position us well. Stockholders of record on Tuesday, February 14th were given a dividend of $0.20 per share. Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. We encourage investors with any questions to reach out to our Investor Relations team by e-mail or phone. 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 stock was sold at an average price of $58.12, for a total value of $741,030.00. Being one of the Find contact details for 700 million professionals. Co-op loans not available. 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). We also remain very active repurchasing shares driven by our medium-term expectations for PFSI's return on equity. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. GuruFocus has detected 8 Warning Signs with PFSI. 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%. This grew our servicing portfolio to over $426 billion in UPB even with elevated prepayment speeds. What was David Spector's most profitable transaction? Please. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. His family and PennyMac, which announced his passing, said he died from complications . 292 Pennymac reviews in Los Angeles, CA. 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. Learn More on David A. Spector's trading history. 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. Tower Research Capital LLC TRC Increases Stake in Centrus Energy Corp. Tower Research Capital LLC TRC Boosts Stock Position in Centrus Energy Corp. UBS Group AG Increases Position in Northern Oil and Gas, Inc. Tower Research Capital LLC TRC Increases Position in ABB Ltd (NYSE:ABB), Tower Research Capital LLC TRC Has $254,000 Holdings in Daqo New Energy Corp. (NYSE:DQ), ABB Ltd (NYSE:ABB) Shares Bought by Tower Research Capital LLC TRC, Tower Research Capital LLC TRC Increases Stake in Centrus Energy Corp. (NYSEAMERICAN:LEU), Tower Research Capital LLC TRC Boosts Stock Position in Centrus Energy Corp. (NYSEAMERICAN:LEU), UBS Group AG Increases Position in Northern Oil and Gas, Inc. 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(NASDAQ:MDRX) Shares Bought by Tower Research Capital LLC TRC, UBS Group AG Has $3.26 Million Stock Holdings in Delek Logistics Partners, LP (NYSE:DKL), Tower Research Capital LLC TRC Decreases Stake in Westamerica Bancorporation (NASDAQ:WABC), Tower Research Capital LLC TRC Grows Stock Holdings in Barnes Group Inc. (NYSE:B), Woodside Energy Group Ltd (OTCMKTS:WOPEY) Shares Sold by UBS Group AG. Pennymac has 10 current employee profiles, including President and Chief Executive Officer David Spector. 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. January 25, 2021, 12:31 p.m. EST 1 Min Read. 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. View David Spector's email address (d*****@pennym***.com) and phone number. Now I'll turn it over to Doug, who will discuss our mortgage banking businesses. The total sale was $1.7 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. Is this happening to you frequently? 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. Thank you. We are also increasing the use of online closings and automation. Purchase lock volume for the quarter was also a record $744 million, up from $514 million in the prior quarter and $505 million in the second quarter of 2020. Years in Business: 14. Business Started: 3/25/2008. These valuation declines were primarily driven by significant levels of prepayment activity and early buyouts. Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. 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. Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. Warning! What is David Spector's role in PennyMac Mortgage? 67.03% of the stock is currently owned by institutional investors and hedge funds. Search over 700 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 . 112 S. Lakeview Canyon Rd, Ste. 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. Our direct lending channels have an outsized impact on production segment earnings, as Dan will discuss later. The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. If you're not automatically redirected, please click here. He currently serves as a senior advisor to TPG Capital, a global private investment firm, and . David A. Spector is a businessperson who has been the head of 9 different companies. This outstanding income generated excess capital that we redeployed into increased levels of production, share repurchases, reduction of debt, and increased servicing activity. Chart Data in Insider Trading History Table. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Company profile for PennyMac Financial Services Inc. including key executives, insider trading, ownership, revenue and average growth rates. 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. 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.
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