david spector pennymac email
Pricing margins in the channel decreased sharply, reflecting intense levels of competition between channel leaders. 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. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. And we ended the quarter with a servicing portfolio of $473 billion in unpaid principal balance, approximately 4% of all residential mortgage debt in the United States. The stock was sold at an average price of $60.80, for a total value of $912,000.00. 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. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View David Spector email address & phone number | Penny Mac Chief Investment 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. We believe the growth opportunities in front of us to be substantial and as we continue to grow our direct lending channels, we expect PennyMac Financials exceptional financial performance to persist through 2021. What is the percentage of profitable transactions made by David Spector? the company. Please disable your ad-blocker and refresh. As we outlined in our Investor Day, we see additional opportunities resulting from changes to the GSE's preferred stock purchase agreement. 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. Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. During the last ninety days, David A. Spector has sold $2,498,888.16 in shares of PennyMac Financial Services stock. Presenter SpeechMark DeVries Hello. the financials in more detail later on in this discussion. The Production segment includes mortgage loan origination, acquisition, and sale activities. Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. PennyMac Loan Services, LLC | Better Business Bureau Profile 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. PennyMac Founder Stanford Kurland Passes Away - MBA Newslink David Spector President and Chief Executive Officer Lior Ofir Senior Managing Director & Chief Information Officer Stanford L. Kurland Executive Chairman Amir Pirnia SVP Engineering NMLS ID # 35953. And with that, I would like to turn it back to David for some closing remarks. These technology investments are critical drivers to the growth of our direct lending businesses. 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. 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. We continue to invest in people, systems and processes across our businesses, laying the groundwork that would allow us to achieve the medium-term goals we outlined in our recent Investor Day. 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. 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. If you have additional questions or would like to speak with a Pennymac representative, please call (800) 777-4001. Please take a moment to watch a special video from our President and CEO, David Spector. 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. Headquarters. 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. Follow them so you never miss a recommendation. While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. 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. This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. Production revenue margins remain elevated, especially with PFSIs growth in consumer and broker direct volumes. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. Thank you. The dividend yield of PennyMac Financial Services Inc stocks is 0.93%. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. Sign up for a free account. The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. Licensed by the N.J. Department of Banking and Insurance. Thanks, Doug. The company's services span its main function of loan production and loan servicing which includes the recovery of loans and other related charges. 10 Ratings. The slides that accompany this discussion are available on PennyMac Financials website at ir.pennymacfinancial.com. 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. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. And since the beginning of 2020, we have now repurchased over 18.5 million shares or approximately 24% of PFSI's common shares outstanding. David is based out of Agoura Hills, California, United States and works in the Financial Services industry. Please. 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. 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. 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. The predominant outcome has been through loan modifications to the borrowers to aid in their recovery. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. Learn More about David A. Spector's net worth. PennyMac Mortgage Investment Trust (NYSE:PMT) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ETCompany Participants. You will be contacted by a representative that will help answer any inquiries you have. David Spector latest transaction was an Uninformative Buy of . Susquehanna Fundamental Investments LLC raised its position in shares of PennyMac Financial Services by 24.8% during the 4th quarter. 33% of correspondent acquisitions were government loans and 67% were conventional loans. While Stan had retired from day-to-day responsibilities at PennyMac, he remained a trusted advisor and dear friend. 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. Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. The most recent insider tranaction occured on March, 1st when insider Steven Richard Bailey sold 13,604 shares worth more than $825,762.80. David Spector - Chief Investment Officer at Pennymac Loan Services, Llc Pretax income, excluding valuation-related items for the servicing segment, was $174.4 million, down 33% from the prior quarter and up 101% from the second quarter of 2020. Our goal is to be a trusted financial partner that you can count on as long as you own your home. 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. Up to 5 David Spector Sells 26,169 Shares of PennyMac Financial Services, Inc PennyMac Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europes Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX, Chairman/CEO, Pennymac Mortgage Investment. 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. 3043 Townsgate Rd Ste 200, Westlake Village, CA 91361-3027. January 25, 2021. 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. Posted by Defense World Staff on Mar 3rd, 2023. And, we continue to enhance our MAC portal, thus improving the ability for borrowers to self-service throughout the entire origination process. Right now, we realize the importance of home like never before. Dans son rle . During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. For more information, review Pennymac's state licenses and important notices. 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. 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. It operates through the following segments: Production, Servicing, and Investment Management. 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. Actual performance may differ significantly from backtested performance. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. Click here to check it out. David Spector joined PennyMac in 2008. Head over to our Expert Center to see a list of the, Invest Like a Pro with Unique Data & Simplifed Tools, See the Hottest Stocks Based on Insider Trading >. Learn More on PennyMac Financial Services' active insiders. David A. Spector is a businessperson who has been the head of 9 different companies. So, from our home to yours, thank you! 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. Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. The estimated net worth of David A. Spector is at least $40.95 million as of March 1st, 2023. Pennymac has 10 current employee profiles, including President and Chief Executive Officer David Spector. Please. Looking at the consumer direct channel in the center column, we originated $8 billion in UPB of loans, up 27% from the prior quarter and 113% from the fourth quarter of 2019. 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. David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. 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. PennyMac Financial Services, Inc. Announces Doug Jones Joined Its Board | 3 Mrz 2023. 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. Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. Mr. Spector earned a salary of $1,000,000.00, stock awards of $2,537,435.00, options awards of $1,101,254.00, non-equity compensation of $8,864,938.00, and other compensation of $71,597.00. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. Thank you. While the Pennymac workforce stays. Broker originations in July totaled $1.2 billion and locks totaled $1.7 billion. What was David Spector's most profitable transaction? And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. 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. Hedging and other gains of over $943 million largely offset an MSR fair value decrease of over $1.1 billion. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. 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. PennyMac Financial Services, Inc. has a 12-month low of $38.53 and a 12-month high of $73.79. You can see the results of our hedging strategy in the full year view on slide 19. Having difficulty making payments? PennyMac Financial Services, Inc. (PFSI) CEO David Spector on Q2 2021 Is this happening to you frequently? The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. 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. Since the start of 2020, we have repurchased approximately 13% of the PFSI shares that were outstanding at the beginning of 2020. The history of PennyMac Financial was borne out of the Great Financial Crisis, with a desire to help distressed borrowers. We believe we will continue to increase their respective market positions as we execute on our growth initiatives in each channel. In January, our broker direct originations totaled $1.4 billion in UPB, and locks totaled $2.1 billion. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. I am pleased to note that PFSIs Board of Directors declared a fourth quarter cash dividend of $0.20 per share, representing a 33% increase from the prior quarter. David A Spector, Pennymac Mortgage Investment: Profile and Biography As David mentioned earlier, we sold $3.4 billion in UPB of EBO loans to third-party whole loan investors, up significantly from last quarter. David Spector net worth, bio and Pennymac Financial Services, Inc 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. Thank you, Dan. In July, our correspondent acquisitions were $15 billion in UPB and locks were $12.8 billion. Other restrictions apply. 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. Please note all regulatory considerations regarding the presentation of fees must be taken into account. As we look at 2021 we believe the market environment provides PFSI a good opportunity for continued elevated financial performance. 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. I'll now turn it over to Dan, who will speak to the financial results for the quarter. PennyMac Financial Servicess payout ratio is 9.54%. Years in Business: 14. Business Started: 3/25/2008. I am Barclays' consumer finance analyst, Mark DeVries. 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.