PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. Right now, we realize the importance of home like never before. While our employee base grew by 60% during the year, our production volumes grew by 67% and our earnings increased by 328%. 119504607, 119505929, 119506567, 119506570, 119507419. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. Mr. Spector owns 650,183 shares of PennyMac Financial Services stock worth more than $40,948,525 as of March 4th. Good morning and thank you for joining us. 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%. Thank you, Isaac. 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. Copyright 2023 Surperformance. In January, our broker direct originations totaled $1.4 billion in UPB, and locks totaled $2.1 billion. Thanks, Andy. 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. The firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. 33% of correspondent acquisitions were government loans and 67% were conventional loans. 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. 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. What is David Spector's role in PennyMac Mortgage? The direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. the company. Insiders at PennyMac Financial Services own 18.0% of the company. Learn More on PennyMac Financial Services' active insiders. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 7.36 and a beta of 1.49. 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. 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. The TipRanks Smart Score performance is based on backtested results. David A. Spector is also on the board of 7 other companies. The price of the stock has increased by 0.03% since. Having difficulty making payments? View David Spector's email address (d*****@pennym***.com) and phone number. Stockholders of record on Tuesday, February 14th were given a dividend of $0.20 per share. 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. Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. 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. David works at Pennymac Loan Services, Llc as Chief Investment Officer. State of Wyoming now owns 5,512 shares of the real estate investment trusts stock worth $312,000 after purchasing an additional 469 shares during the last quarter. Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. Sign up for a free account. Item 1.01 Entry into a Material Definitive Agreement. 10 Ratings. 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. Government loan acquisitions in the quarter totaled $18.9 billion in UPB, up 11% from the prior quarter and up 14% from the fourth quarter of 2019. NMLS ID # 35953. In January, our correspondent acquisitions remained strong, with $17.9 billion in UPB of acquisitions and lock volume of $17.8 billion. 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. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. So, from our home to yours, thank you! For servicing on your existing mortgage account with Pennymac. 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. You will be contacted by a representative that will help answer any inquiries you have. Book value per share grew 5% to $54.49 at June 30. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. Thanks, Doug. 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. 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. Learn More on PennyMac Financial Services' active insiders. 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. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. 130 Westlake Village, CA, 91362 Get Directions. We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. The UPB of completed modifications was $5.5 billion, essentially unchanged from the prior quarter, and the UPB of EBO loan volume totaled $6.8 billion, up from $4.2 billion in the prior quarter. PennyMac Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only. We also repurchased approximately 1.6 million shares of PFSIs common stock, at an approximate cost of $89.3 million. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. This balanced business helps generate strong results across a variety of market and rate environments. These strong production volumes again led to servicing portfolio growth despite continued elevated prepayment activity. The Production segment includes mortgage loan origination, acquisition, and sale activities. 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. Net income in the fourth quarter was the second highest in the history of. 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. These technology investments are critical drivers to the growth of our direct lending businesses. 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. Thank you. 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. 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. For licensing information, go to: www.nmlsconsumeraccess.org. 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. Licensed by the N.J. Department of Banking and Insurance. Lastly, originations in our broker direct channel totaled $4 billion in UPB, down 22% from the prior quarter. They sold a total of 398,609 shares worth more than $22,789,635.48. Get contact details including emails and phone numbers 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. What was David Spector's most profitable transaction? 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. Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. Enter your email to receive our newsletter. Please. PennyMac remained the largest correspondent aggregator in the U.S. in the fourth quarter. 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. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. The return on the trade was 60.70%. 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. 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. JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. In the last year, insiders at the real estate investment trust sold shares 23 times. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, remained elevated but decreased slightly quarter-over-quarter. David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. 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. 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. See what top analysts say about your stocks. Thank you Isaac. 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. PennyMac Financial Services Inc., a national mortgage lender and servicer, announced Thursday that Doug Jones has joined its board of directors. Net income was $204 million or diluted earnings per share of $2.94, representing an annualized return on equity of 23%. Certain assumptions have been made for modeling purposes and are unlikely to be realized. Please disable your ad-blocker and refresh. As the CEO of PennyMac Financial Services, Inc., Mr. Spector earned a total compensation package of $13,575,224.00 in 2021. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. 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. 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. As a management team, we are committed to putting the health and safety of our team members at the heart of our decisions. The ex-dividend date was Monday, February 13th. This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. Advances are expected to continue increasing over the next 6 to 12 months. Similarly, lock volume totaled $4.5 billion, down 21%. 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. 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. 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. 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. 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 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.