Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View 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). 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 >. 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. His leadership helped lay the foundation for PennyMacs long term success which included building and developing a deep management team that carries on his legacy. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. Recent economic forecasts for 2021 originations range from $3.6 trillion to $4.2 trillion, while average forecast for 2022 originations remained strong at $2.7 trillion. Actual performance may differ significantly from backtested performance. 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. Production segment pretax income was $572.6 million, down 7% from the prior quarter and up 182% from the fourth quarter of 2019, driven by continued growth in direct lending and strong performance across all channels. The most recent insider tranaction occured on March, 1st when insider Steven Richard Bailey sold 13,604 shares worth more than $825,762.80. View David Spector's email address (d*****@pennym***.com) and phone number. 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. While the Pennymac workforce stays. As we outlined in our Investor Day, we see additional opportunities resulting from changes to the GSE's preferred stock purchase agreement. The total sale was $1.7 million. Conventional correspondent acquisitions, for which PFSI earns a fulfillment fee from PMT, totaled $30.5 billion, down 10% from the prior quarter and up 61% from the second quarter of 2020. Thank you, Isaac. The direct lending channels continued to have an outsized impact on PFSIs production earnings in the fourth quarter. While Stan had retired from day-to-day responsibilities at PennyMac, he remained a trusted advisor and dear friend. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. DO NOT SEND PAYMENTS TO THIS ADDRESS. .This article first appeared on GuruFocus. 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. Enter your email to receive our newsletter. 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. The average return per transaction made by David Spector is 3.50%. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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This is not a commitment to lend. This chart shows David Spector's buying and selling at PennyMac Financial Services by year and by quarter. Arizona Mortgage Banker License # 0911088. 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. David Spectors most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. 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. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. 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. I am Barclays' consumer finance analyst, Mark DeVries. Learn More on David A. Spector's salary. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. PDF PennyMac Financial Services, Inc. As you can see in greater detail on slide 21, EBO loan-related revenue increased significantly to $233.3 million as a result of continued loss mitigation activity with borrowers emerging from forbearance while related expenses were modest as most of the loans bought out returned to performing status immediately. Enter your email address below to get our daily insider buying and selling report. The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. As you can see on slide 10 of the presentation, consumer and broker direct represented 23% of fallout-adjusted lock volume in the second quarter but accounted for approximately 70% of segment pretax income. The slides that accompany this discussion are available on PennyMac Financials website at ir.pennymacfinancial.com. 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. We saw significant market share growth in the conventional correspondent market this quarter and our leadership position in government loans remains as a result of our consistency, low costs and operational excellence we continue to provide to our correspondents. PennyMac Financial reported strong earnings in the fourth quarter driven by core production and servicing results. 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. Learn More about David A. Spector's net worth. 18.5 million shares or approximately 24% of PFSI's common shares outstanding. The committed pipeline at July 31 was $7.2 billion. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. David Spector - Chairman and Chief . Please take a moment to watch a special video from our President and CEO, David Spector. And with that, I would like to turn it back to David for some closing remarks. Learn More about insider trades at PennyMac Financial Services. 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. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. NMLS ID # 35953. PennyMac. 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. Maverick Capital Ltd. now owns 7,468 shares of the real estate investment trusts stock worth $423,000 after purchasing an additional 1,873 shares during the last quarter. If so, please call us at 866.545.9070. The stock was sold at an average price of $58.12, for a total value of $741,030.00. For the complete insider trading history of PFSI, click here. Learn More on PennyMac Financial Services' active insiders. At PennyMac, our commitment to our customers doesnt end at closing. PennyMac Financial Servicess payout ratio is 9.54%. PennyMac Financial Services Inc., a national mortgage lender and servicer, announced Thursday that Doug Jones has joined its board of directors. Broker originations in July totaled $1.2 billion and locks totaled $1.7 billion. 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. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. StockNews.com raised PennyMac Financial Services from a sell rating to a hold rating in a report on Saturday, February 11th. 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. The ex-dividend date was Monday, February 13th. 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. In the last year, insiders at the real estate investment trust sold shares 23 times. PennyMac Financial again delivered outstanding financial performance in the second quarter, driven by continued strong production and core servicing results partially offset by net MSR fair value declines. 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. Dan Perotti , PFSIs Senior Managing Director and Chief Financial Officer will discuss the financials in more detail later on in this discussion. And we believe the role of a well capitalized correspondent aggregator like PennyMac will be increasingly important over time. This financial performance is driven by the balanced business model in mortgage banking that we have built over the last 13 years. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. 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. During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. PennyMac Financial Services, Inc. Announces Doug Jones Joined Its Board The firm engages in the production and servicing of U.S. residential mortgage loans. And I'm pleased to be joined by PennyMac Financial Services CEO,. Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. Download the Pennymac Mobile app from the App Store. 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 investment management segment delivered pretax income of $4.1 million, up from $1.4 million in the prior quarter as a result of incentive fees earned and down from $4.7 million in the second quarter of 2020. All rights reserved. We achieved record production across all channels, with increased market penetration in our higher margin direct lending channels. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Pennymac Financial Services Inc (PFSI) President & CEO David Spector Warning! This grew our servicing portfolio to over $426 billion in UPB even with elevated prepayment speeds. Thank you. In total, these strong acquisition and origination volumes continue to drive the organic growth of our servicing portfolio despite elevated prepayment activity. Thank you, Dan. Contact our customer service team with any inquiries by sending us a message through the Message Center by simply logging in to your account. Pennymac's state licenses and important notices. SSE allowed us to quickly implement changes that enabled us to complete the roll-out of large programs, like the CARES Act forbearance program, in a fast and cost-effective manner. PennyMac Financial Services, Inc. (NYSE:PFSI) Q2 2021 Earnings Conference Call August 5, 2021 5:05 PM ET, Isaac Garden - Vice President, Investor Relations, David Spector - Chairman & Chief Executive Officer, Andy Chang - Senior Managing Director & Chief Operating Officer, Doug Jones - President & Chief Mortgage Banking Officer, Dan Perotti - Senior Managing Director & Chief Financial Officer. Please note all regulatory considerations regarding the presentation of fees must be taken into account. JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. All of these activities allowed us to not only fund record volumes of loans, but also effectively deploy capital into technology and operational projects, as well as repurchase a significant amount of our common stock. This hiring mostly occurred in three key areas, servicing, direct lending and fulfillment services. And I'm pleased to be joined by PennyMac Financial Services CEO,. Hedging and related gains totaled $91 million. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. Click here to check it out. January 25, 2021, 12:31 p.m. EST 1 Min Read. David Spector Sells 26,169 Shares of PennyMac Financial Services, Inc And with that, I would like to turn it back to David for some closing remarks. 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. Meet our Smart Portfolio. PennyMac founder Stanford Kurland dies - National Mortgage News All loan programs subject to borrowers meeting appropriate underwriting conditions. 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. With PFSIs historical focus on purchase market originations combined with our large and growing servicing portfolio, we believe we are well-positioned to successfully grow share in all three of our production channels, driving an increase in our overall market position.
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