david spector pennymac email david spector pennymac email

Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. Our consumer direct lending division produced record origination and lock volumes again despite a smaller origination market in the second quarter. NMLS ID # 35953. Licensed Mortgage Banker-NYS Department of Financial Services. Stockholders of record on Tuesday, February 14th were given a dividend of $0.20 per share. In July, our correspondent acquisitions were $15 billion in UPB and locks were $12.8 billion. Susquehanna Fundamental Investments LLC raised its position in shares of PennyMac Financial Services by 24.8% during the 4th quarter. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. 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. David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. PFSI's Board of Directors also declared a second quarter cash dividend of $0.20 per share. Stanford Kurland, who founded and served as Chairman of PennyMac Financial Services Inc., Westlake Village, Calif., following a multi-decade career at Countrywide Financial Corp., passed away on Jan. 25. | 3 Mrz 2023. This high level of efficiency was largely due to our cloud-based, proprietary servicing system, otherwise known as SSE. T. Rowe Price Investment Management Inc. raised its position in shares of PennyMac Financial Services by 5.4% during the 4th quarter. The average return per transaction made by David Spector is 3.50%. And we believe the role of a well capitalized correspondent aggregator like PennyMac will be increasingly important over time. Our goal is to be a trusted financial partner that you can count on as long as you own your home. Backtested performance is not an indicator of future actual results. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. 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. As you can see on slide seven of our presentation, PennyMac maintained its leadership position in the correspondent channel, and we estimate that we currently represent approximately 18% of the channel overall. So, from our home to yours, thank you! The shares were sold at an average price of $60.64, for a transaction totalling $1,586,888.16. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. Hedge funds and other institutional investors have recently modified their holdings of the stock. PennyMac Financial Services, Inc. has a 12-month low of $38.53 and a 12-month high of $73.79. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Its Time For A Fresh Look At The Kroger Co. West Frasers Earnings Scream Timber, Outlook Says Buy, MarketBeat.com's FREE daily email newsletter, Tower Research Capital LLC TRC Increases Position in ABB Ltd. Tower Research Capital LLC TRC Has $254,000 Holdings in Daqo New Energy Corp. ABB Ltd Shares Bought by Tower Research Capital LLC TRC. I am Barclays' consumer finance analyst, Mark DeVries. PennyMac Financial Services, Inc. (NYSE:PFSI) Q4 2020 Earnings Conference Call February 4, 2021 4:30 PM ET, Isaac Garden - Vice President Investor Relations, David Spector - President and Chief Executive Officer, Doug Jones - Chief Mortgage Banking Officer. See what top analysts say about your stocks. 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. Since the start of 2020, we have repurchased approximately 13% of the PFSI shares that were outstanding at the beginning of 2020. DO NOT SEND PAYMENTS TO THIS ADDRESS. The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. Pennymac's state licenses and important notices. At PennyMac, our commitment to our customers doesnt end at closing. As you can see on the selected operational metrics on slide 13, PennyMac Financials owned portfolio reported a prepayment speed of 32.5% in the fourth quarter, up from 29.7% in the prior quarter. However, margins in this channel remain attractive. PennyMac Financial Services, Inc. operates as a holding company. Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. This concludes PennyMac Financial Services, Inc.'s second quarter earnings discussion. GuruFocus has detected 8 Warning Signs with PFSI. T. Rowe Price Investment Management Inc. now owns 4,992,531 shares of the real estate investment trusts stock worth $282,877,000 after purchasing an additional 256,717 shares during the last quarter. David Spector's role in PennyMac Mortgage is Chairman & CEO, Director. You can see the results of our hedging strategy in the full year view on slide 19. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. 130 Westlake Village, CA, 91362 Get Directions. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . Posted by Defense World Staff on Mar 3rd, 2023. "I am delighted to announce Doug Jones' election to our. Earnings per share grew 328% for the year with net income up 319%. PennyMac Financial Services, Inc. (NYSE:NYSE:PFSI) Q2 2021 Earnings Conference Call August 5, 2021 5:05 PM ETCompany ParticipantsIsaac Garden - Vice President, Investor RelationsDavid. PennyMac Financial delivered another outstanding quarter of operational and financial performance, despite the increased volatility in the mortgage market. 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. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Main Telephone (818) 224-7442 Primary Address 3043 Townsgate Road Suite 200 Westlake Village, CA 91361 USA Fiscal Close December Founded 2008 Book value per share grew 5% to $54.49 at June 30. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. As Andy described earlier, all of this record production feeds our servicing portfolio, which at December 31, 2020 totaled $426.8 billion in UPB, up 6% from the end of the third quarter and up 16% over the end of 2019. PennyMac Financial Services, Inc. (NYSE:NYSE:PFSI) Q4 2020 Earnings Conference Call February 4, 2021 4:30 PM ETCompany ParticipantsIsaac Garden - Vice President Investor RelationsDavid. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. 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. Backtested results are adjusted to reflect the reinvestment of dividends and other income and, except where otherwise indicated, are presented gross-of fees and do not include the effect of backtested transaction costs, management fees, performance fees or expenses, if applicable. 119504607, 119505929, 119506567, 119506570, 119507419. David A. Spector is a businessperson who has been the head of 9 different companies. Thank you. While the Pennymac workforce stays. 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. PennyMac Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only. For any questions, please visit our website at ir.pennymacfinancial.com, or call our Investor Relations department at 8182644907. While many of these employees aided in our record production growth and increased servicing activities due to COVID, these hires were consistent with PFSIs long-term strategy. 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. Please take a moment to watch a special video from our President and CEO, David Spector. Learn More on David A. Spector's trading history. 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. Certain assumptions have been made for modeling purposes and are unlikely to be realized. Ultimately, we believe for these reasons, PennyMac will continue its market share growth as a channel leader. Revenue per fallout-adjusted government lock in the second quarter was 30 basis points, down from 37 basis points in the prior quarter. These businesses provide PFSI a stable foundation through their low cost structures while our scaled fulfillment operation enables more aggressive growth in our higher margin direct lending channels. The estimated net worth of David A. Spector is at least $40.95 million as of March 1st, 2023. 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(NASDAQ:GERN), Tower Research Capital LLC TRC Has $255,000 Stake in Geron Co. (NASDAQ:GERN), Gentherm Incorporated (NASDAQ:THRM) Stock Position Increased by Tower Research Capital LLC TRC, Tower Research Capital LLC TRC Sells 1,356 Shares of iShares Dow Jones U.S. ETF (NYSEARCA:IYY), Tower Research Capital LLC TRC Sells 4,212 Shares of Chesapeake Utilities Co. (NYSE:CPK), Tower Research Capital LLC TRC Has $260,000 Stock Position in Veradigm Inc. (NASDAQ:MDRX), Tower Research Capital LLC TRC Sells 2,680 Shares of The Toronto-Dominion Bank (NYSE:TD), Veradigm Inc. (NASDAQ:MDRX) Shares Bought by Tower Research Capital LLC TRC, UBS Group AG Has $3.26 Million Stock Holdings in Delek Logistics Partners, LP (NYSE:DKL), Tower Research Capital LLC TRC Decreases Stake in Westamerica Bancorporation (NASDAQ:WABC), Tower Research Capital LLC TRC Grows Stock Holdings in Barnes Group Inc. (NYSE:B), Woodside Energy Group Ltd (OTCMKTS:WOPEY) Shares Sold by UBS Group AG. The direct lending channels continued to have an outsized impact on PFSIs production earnings in the fourth quarter. This grew our servicing portfolio to over $426 billion in UPB even with elevated prepayment speeds. Production revenue margins remain elevated, especially with PFSIs growth in consumer and broker direct volumes. million verified professionals across 35 million companies. JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. As we look at 2021 we believe the market environment provides PFSI a good opportunity for continued elevated financial performance. Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. As our production mix continues to shift towards direct lending, production expenses as a percentage of fallout adjusted locks are expected to trend higher. 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. 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. The fair value of our MSR decreased modestly in the fourth quarter, driven by higher-than-expected prepayments, increased projections for short-term prepayments and elevated levels of early buyout activity. 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. 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. Economic forecasts are calling for the mortgage origination market to remain strong in 2021, and while these forecasts vary, they currently average $3.3 trillion. David A. Spector has been President and Chief Executive Officer of PennyMac Financial Services, Inc. (NYSE: PFSI) since January 2017, and he has been a member of PennyMac Financials board of directors since the companys formation in January 2008. Thanks, Andy. 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. As we outlined in our Investor Day, we see additional opportunities resulting from changes to the GSE's preferred stock purchase agreement. 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. .This article first appeared on GuruFocus. Additionally, PFSI's Board of Directors approved an increase to its stock repurchase authorization from $1 billion to $2 billion. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. General assumptions include: XYZ firm would have been able to purchase the securities recommended by the model and the markets were sufficiently liquid to permit all trading. PennyMac CEO David Spector to serve as chairmen of its mortgage REIT, financial services The CEO of both PennyMac companies, David Spector (pictured), has added the chairman's title, filling the vacancies created by the death of founder Stanford Kurland. 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. 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. Equal Housing Opportunity 2023 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. 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. The firm engages in the production and servicing of U.S. residential mortgage loans. The business also recently declared a quarterly dividend, which was paid on Friday, February 24th. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. All rights reserved. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. 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). The committed pipeline at January 31 was $7.9 billion. We quickly developed a plan to deal with the COVID-19 pandemic and the various work from home orders across the nation. Presenter SpeechMark DeVries Hello. Copyright 2023 Surperformance. Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . We have long-standing partnerships with several EBO loan investors, with a program in place to buy delinquent Ginnie Mae loans out of securitizations and sell them to these third-party investors. The return on the trade was 60.70%. While our employee base grew by 60% during the year, our production volumes grew by 67% and our earnings increased by 328%. No representations and warranties are made as to the reasonableness of the assumptions. The technology based digital marketing platform, coupled with dedicated loan officers and an efficient operating processes, gives PennyMac a strong foundation for continued growth. the company. Within our consumer direct lending channel, initiatives include enhancing our lead generation capabilities and use of data analytics, in addition to increasing the use of digital marketing to drive non-portfolio originations. Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. You will be contacted by a representative that will help answer any inquiries you have. This brings the total repurchases year-to-date to approximately $600 million. In January, our broker direct originations totaled $1.4 billion in UPB, and locks totaled $2.1 billion. Please. 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. This outstanding income generated excess capital that we redeployed into increased levels of production, share repurchases, reduction of debt, and increased servicing activity. These strong production volumes again led to servicing portfolio growth despite continued elevated prepayment activity. What was David Spectors latest transaction? 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 barriers to entry for these businesses that require scale for success provide PFSI a strategic advantage over our competitors. It is worth noting that purchase originations are expected to grow and are forecasted to be $1.7 trillion and $1.9 trillion in 2021 and 2022, respectively. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets.