Presenter SpeechMark DeVries Hello. And I'm pleased to be joined by PennyMac Financial Services CEO,. The stock was sold at an average price of $60.80, for a total value of $912,000.00. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. 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. Before I turn this over to Andy, I want to take a moment to say all of us at PennyMac are very grateful for the many kind thoughts and tributes we have received since announcing the sad passing of Stan Kurland, our founder and Chairman. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. 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. Ill now turn it over to Dan Perotti, Senior Managing Director and Chief Financial Officer to speak to the financial results for the quarter. Backtested performance is developed with the benefit of hindsight and has inherent limitations. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 01/07/2021 at the average price of $60.12. Chart Data in Insider Trading History Table. 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. I am Barclays' consumer finance analyst, Mark DeVries. PennyMac founder Stanford Kurland dies - National Mortgage News Similarly, lock volume totaled $4.5 billion, down 21%. 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. #PennymacCaresVisit PENNYMAC.COM for details about how were assisting our family of customers during the COVID-19 crisis. Follow them so you never miss a recommendation. Thank you. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. 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. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. David A. Spector is also on the board of 7 other companies. Learn More about David A. Spector's net worth. Importantly, we continued to repurchase stock, with 2.6 million shares of PFSI's common stock bought back during the quarter for an approximate cost of $155 million. Book value per share grew 5% to $54.49 at June 30. All rights reserved. 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. 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. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. PennyMac Financial Services, Inc. Announces Doug Jones Joined Its Board 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. 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. Please take a moment to watch a special video from our President and CEO, David Spector. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. "I am delighted to announce Doug Jones' election to our. Servicing advances outstanding were approximately $454 million at December 31, up from $346 million at September 30, primarily associated with seasonal tax payments. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. Pennymac Cares | Thank You from President & CEO, David Spector The firm engages in the production and servicing of U.S. residential mortgage loans. 47.206 (3) & (4). PennyMac Financial Services Inc., a national mortgage lender and servicer, announced Thursday that Doug Jones has joined its board of directors. 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 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. 3043 Townsgate Rd Ste 200, Westlake Village, CA 91361-3027. They sold a total of 398,609 shares worth more than $22,789,635.48. These technology investments are critical drivers to the growth of our direct lending businesses. In January, our broker direct originations totaled $1.4 billion in UPB, and locks totaled $2.1 billion. We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. This grew our servicing portfolio to over $426 billion in UPB even with elevated prepayment speeds. 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. Please disable your ad-blocker and refresh. Thank you. 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. 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. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets. Find the best performing Analyst in each sector. Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. 130 Westlake Village, CA, 91362 Get Directions. 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. During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. While our employee base grew by 60% during the year, our production volumes grew by 67% and our earnings increased by 328%. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. As we continue to grow our leadership positions in the direct origination channels, this growth will drive the earnings from PennyMac Financial's production segment. 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. As our production mix continues to shift towards direct lending, production expenses as a percentage of fallout adjusted locks are expected to trend higher. the financials in more detail later on in this discussion. David Spector Sells 26,169 Shares of PennyMac Financial Services, Inc David works at Pennymac Loan Services, Llc as Chief Investment Officer. The average return per transaction made by David Spector is 3.50%. Revenue per fallout-adjusted lock was 71 basis points, down from 140 basis points in the prior quarter. 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. 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. The stock was sold at an average price of $58.12, for a total value of $741,030.00. I will review each segments results and then we will touch on our forbearance and servicing advance trends. 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. For any questions, please visit our website at ir.pennymacfinancial.com or call our Investor Relations department at 818-264-4907. 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. David Spector Sells 15,000 Shares of PennyMac Financial Services, Inc 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. Headquarters. Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. (business & personal). .This article first appeared on GuruFocus. David Spector - Chief Investment Officer at Pennymac Loan Services, Llc (03-2023). Thanks, Doug. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. For any questions, please visit our website at ir.pennymacfinancial.com, or call our Investor Relations department at 8182644907. I am incredibly thankful and proud of the over 6,000 PennyMac employees who managed through the challenges of the pandemic to deliver these extraordinary results. Search over 700 This high level of efficiency was largely due to our cloud-based, proprietary servicing system, otherwise known as SSE. This is not a commitment to lend. Revenue per fallout adjusted lock for PFSIs own account was 217 basis points in the fourth quarter, down slightly from 236 basis points in the third quarter. Information on this page was last updated on 3/1/2023. 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. Hedging and related gains totaled $91 million. million verified professionals across 35 million companies. Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. 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. Despite these currently elevated levels of competition, we continue to see opportunity in the channel over the long term and remain committed to providing our broker partners and the customers they serve a superior mortgage experience. 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 18.5 million shares or approximately 24% of PFSI's common shares outstanding. Pennymac Financial Services, Inc. annonce que Doug Jones s'est joint PennyMac Mortgage Investment Trust (PMT) CEO David Spector on Q1 2021 The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. 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. Enter your email to receive our newsletter. Schonfeld Strategic Advisors LLC raised its position in shares of PennyMac Financial Services by 822.2% during the 4th quarter. David A Spector, Pennymac Mortgage Investment: Profile and Biography This financial performance is driven by the balanced business model in mortgage banking that we have built over the last 13 years. David Spector Net Worth, Biography, and Insider Trading This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. free lookups / month. And the committed pipeline at July 31 was $1.9 billion. PennyMac Loan Services, LLC | Better Business Bureau Profile
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