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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. While the Pennymac workforce stays. Follow them so you never miss a recommendation. 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. 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. We also repurchased approximately 1.6 million shares of PFSIs common stock, at an approximate cost of $89.3 million. 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. 292 Pennymac reviews in Los Angeles, CA. 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. PennyMac is a mortgage lender and servicer headquartered in Westlake Village, California. The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. Get contact details including emails and phone numbers 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. (03-2023). 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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. 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. He previously served as Chief Correspondent Lending Officer and has been a member of the company's executive management team since 2011. The predominant outcome has been through loan modifications to the borrowers to aid in their recovery. 112 S. Lakeview Canyon Rd, Ste. Thank you Isaac. 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. 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. 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. Operating revenue decreased $2 million from the prior quarter driven by declines in earnings on custodial balances. 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. Net income in the fourth quarter was the second highest in the history of. PennyMac. The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. The barriers to entry for these businesses that require scale for success provide PFSI a strategic advantage over our competitors. David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. While Stan had retired from day-to-day responsibilities at PennyMac, he remained a trusted advisor and dear friend. .This article first appeared on GuruFocus. We have used our cloud-based technology systems to aid in scaling our businesses to the market and supported that growth with strategic hiring of employees. How can I follow the stock ratings of top corporate insiders? Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. 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 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. 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. Importantly, and as Doug Jones, Senior Managing Director and Chief Mortgage Banking Officer, will expand on in his section of the presentation, we sold $3.4 billion in UPB of early buyout loans to third-party whole loan investors, thus reducing the risk associated with holding these loans and increasing our capital efficiency. Book value per share grew 5% to $54.49 at June 30. It operates through the following segments: Production, Servicing, and Investment Management. David A. Spector is also on the board of 7 other companies. PennyMac Financial delivered strong fourth quarter results, marking the end to a record year. 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. And I'm pleased to be joined by PennyMac Financial Services CEO,. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. GuruFocus has detected 8 Warning Signs with PFSI. Mr. David Spector, CEO Mr. Andrew Chang, CFO Mr. Derek Stark, Chief Legal Officer Additional Contact Information Phone Numbers (800) 777-4001 Other Phone Email Addresses Email this. DO NOT SEND PAYMENTS TO THIS ADDRESS. Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. Thank you, Isaac. I'll now turn it over to Dan, who will speak to the financial results for the quarter. 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. 67.03% of the stock is currently owned by institutional investors and hedge funds. David Spector - Chairman and Chief . 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. 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. Now I'll turn it over to Doug, who will discuss our mortgage banking businesses. 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. You will be contacted by a representative that will help answer any inquiries you have. PFSI's Board of Directors also declared a second quarter cash dividend of $0.20 per share. Lastly, originations in our broker direct channel totaled $4 billion in UPB, down 22% from the prior quarter. 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. Company profile for PennyMac Financial Services Inc. including key executives, insider trading, ownership, revenue and average growth rates. As we outlined in our Investor Day, we see additional opportunities resulting from changes to the GSE's preferred stock purchase agreement. However, he will become a special advisor to David Spector, chairman and chief . Is this happening to you frequently? Interest rate lock commitments in the fourth quarter totaled $12.8 billion in UPB, up 18% from the prior quarter, and 135% from the fourth quarter of 2019. 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. 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. Pennymac Westlake Village, CA office. 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. 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. Get notified the next time David A. Spector buys or sells PennyMac Financial Services stock. 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. The estimated net worth of David A. Spector is at least $40.95 million as of March 1st, 2023. As David mentioned earlier PFSIs net income was $452.8 million or diluted earnings per share of $5.97. We believe this represents approximately 13% of the total brokers and non-delegated sellers active in the market today, providing continued room for growth and expansion within the channel in the future. During the last ninety days, David A. Spector has sold $2,498,888.16 in shares of PennyMac Financial Services stock. NMLS ID # 35953. 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. Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. The prepayment speeds of PennyMac Financial's sub-service portfolio, which includes mostly Fannie Mae and Freddie Mac mortgage servicing rights owned by PMT, decreased to 24.7% from 35.1%. 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. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . 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. 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. We also remain very active repurchasing shares driven by our medium-term expectations for PFSI's return on equity. What is David Spector's role in PennyMac Mortgage? And since the beginning of 2020, we have now repurchased over 18.5 million shares or approximately 24% of PFSI's common shares outstanding. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 7.36 and a beta of 1.49. And for the month of July, we repurchased an additional 2.5 million shares for an approximate cost of $151 million. What is the average return per transaction made by David Spector? PennyMac Financial reported strong earnings in the fourth quarter driven by core production and servicing results. In his role as President of PennyMac Financial, Mr. Jones is responsible for all business activities relating to the company's loan production and servicing . Headquarters. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. If you have an ad-blocker enabled you may be blocked from proceeding. Licensed Mortgage Banker-NYS Department of Financial Services. Susquehanna Fundamental Investments LLC raised its position in shares of PennyMac Financial Services by 24.8% during the 4th quarter. David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. Item 1.01 Entry into a Material Definitive Agreement. StockNews.com raised PennyMac Financial Services from a sell rating to a hold rating in a report on Saturday, February 11th. The firm engages in the production and servicing of U.S. residential mortgage loans. Learn More on David A. Spector's salary. With the large and growing servicing portfolio and an industry leading correspondent production group, PFSI is an established leader with a growing presence across all facets of mortgage banking. The direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. 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. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. Pennymac's state licenses and important notices. 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. The price of the stock has increased by 0.03% since. 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. 119504607, 119505929, 119506567, 119506570, 119507419. Search over 700 In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. As you will see on slide 10, we provide a breakdown of the revenue contribution from each of PFSI's loan production channels, net of loan origination expenses, including the fulfillment fees received from PMT for conventional correspondent loans. Finally, Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 33.5% during the 4th quarter. 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. In the last year, insiders at the real estate investment trust sold shares 23 times. PennyMac. PennyMac Financial delivered another outstanding quarter of operational and financial performance, despite the increased volatility in the mortgage market. 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. Before we begin, let me remind you that our discussion contains forward-looking statements that are subject to risks identified on slide two that could cause our actual results to differ materially as well as non-GAAP measures that have been reconciled to their GAAP equivalent in our earnings presentation.

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