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I will review each segments results and then we will touch on our forbearance and servicing advance trends. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. 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Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. I am Barclays' consumer finance analyst, Mark DeVries. As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . 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. 47.206 (3) & (4). 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. David A. Spector is also on the board of 7 other companies. Dans son rle . BBB File Opened: 2/5/2015. How can I follow the stock ratings of top corporate insiders? 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. Learn More on David A. Spector's contact information. Thank you Isaac. 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. We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. For any questions, please visit our website at ir.pennymacfinancial.com, or call our Investor Relations department at 8182644907. In total, these strong acquisition and origination volumes continue to drive the organic growth of our servicing portfolio despite elevated prepayment activity. 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. This hedging strategy is designed to moderate the impact of interest rate changes on the fair value of our MSR asset and also considers productionrelated income. Please note all regulatory considerations regarding the presentation of fees must be taken into account. Learn More on David A. Spector's trading history. Meet our Smart Portfolio. Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. 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. David Spector email address & phone number | Penny Mac Chief Investment Our Investment Management segment delivered pretax income of $2.6 million, down from $3.3 million in the prior quarter and down from $5.2 million in the fourth quarter of 2019. Pennymac Financial Services Inc (PFSI) President & CEO David Spector The price of the stock has decreased by 8.12% since. PennyMac founder Stanford Kurland dies - National Mortgage News Posted by Defense World Staff on Mar 3rd, 2023. And the committed pipeline at July 31 was $1.9 billion. This brings the total repurchases year-to-date to approximately $600 million. 67.03% of the stock is currently owned by institutional investors and hedge funds. Im proud of the actions we have taken and the dedicated management team across the company that has helped put these plans into action. These record volumes resulted in the growth of our servicing portfolio to $427 billion in UPB, despite extraordinary levels of prepayment activity. While the Pennymac workforce stays. Thanks, Andy. 10 Ratings. 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. Thank you for sharing your valuable opinion. Licensed by the N.J. Department of Banking and Insurance. 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. And since the beginning of 2020, we have now repurchased over 18.5 million shares or approximately 24% of PFSI's common shares outstanding. January 25, 2021. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. 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. Copyright 2023 Surperformance. 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. North Carolina Permit No. PennyMac Financial Services, Inc. (NYSE:PFSI) CEO Sells $912,000.00 in PennyMac Financial Services, Inc. (PFSI) CEO David Spector on Q2 2021 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. 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. 2023-03-02 | NYSE:PFSI | Press Release | PennyMac Financial Services Inc. Hedging and related gains totaled $91 million. Learn More on PennyMac Financial Services' active insiders. We encourage investors with any questions to reach out to our Investor Relations team by e-mail or phone. This expertise and experience has served us well, enhancing our ability to help many borrowers affected by the COVID-19 pandemic. Production revenue margins remain elevated, especially with PFSIs growth in consumer and broker direct volumes. This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. 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 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. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, remained elevated but decreased slightly quarter-over-quarter. Learn More on PennyMac Financial Services' active insiders. 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. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. 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. 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. 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. The company reported a net income of $1 billion in 2021, down from a record of $1.6 billion in the previous year. 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. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. 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. 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. David works at Pennymac Loan Services, Llc as Chief Investment Officer. Isaac Garden - Investor Relations. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. 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. 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. PennyMac Financial Services, Inc. Announces Doug Jones Joined Its Board Our large, organically built servicing portfolio provides a counter-balance to our production activity. As the CEO of PennyMac Financial Services, Inc., Mr. Spector earned a total compensation package of $13,575,224.00 in 2021. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. What was David Spectors latest transaction? Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. 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. Equal Housing Opportunity 2023 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. However, he will become a special advisor to David Spector, chairman and chief . What was David Spector's most profitable transaction? The stock was sold at an average price of $58.12, for a total value of $741,030.00. The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. .This article first appeared on GuruFocus. the financials in more detail later on in this discussion. PennyMac | Better Business Bureau Profile Schonfeld Strategic Advisors LLC raised its position in shares of PennyMac Financial Services by 822.2% during the 4th quarter. Pennymac Financial Services' profit sinks 31% in Q4 Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. For any questions, please visit our website at ir.pennymacfinancial.com or call our Investor Relations department at 818-264-4907. 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. 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. 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. Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. David A Spector, Pennymac Mortgage Investment: Profile and Biography - Bloomberg Markets Markets Trafigura's Nickel Nemesis Was Already Notorious in Metal Circles The Week Your Saturday UK. | 3 Mrz 2023. David Spector net worth, bio and Pennymac Financial Services, Inc PFSI's Board of Directors also declared a second quarter cash dividend of $0.20 per share. David Spector Net Worth, Biography, and Insider Trading 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. 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. 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. Thank you, David. 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. Sign up for a free account. PennyMac Financial's owned portfolio reported a prepayment speed of 28.3% in the second quarter, down from 32.6% in the prior quarter. 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. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. 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. In the last year, insiders at the real estate investment trust sold shares 23 times. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. Follow them so you never miss a recommendation. David Spector - Chairman & Chief Executive Officer, PennyMac Loan We built our correspondent business into the largest in the U.S. over the last decade while at the same time growing our servicing portfolio, primarily organically. The firm engages in the production and servicing of U.S. residential mortgage loans. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. And we believe the role of a well capitalized correspondent aggregator like PennyMac will be increasingly important over time. While 2020 was a record, we have a long track record of strong performance. 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.). PennyMac Financial Services can also be reached via phone at (818) 224-7442 and via email at [emailprotected] Learn More on David A. Spector's contact information. 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. A free inside look at company reviews and salaries posted anonymously by employees. 130 Westlake Village, CA, 91362 Get Directions. David served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac.

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