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. The price of the stock has decreased by 4.44% since. Enter your email address below to get our daily insider buying and selling report. While 2020 was a record, we have a long track record of strong performance. Since the start of 2020, we have repurchased approximately 13% of the PFSI shares that were outstanding at the beginning of 2020. Massachusetts Mortgage Lender License # MC35953. Production segment pretax income was $244.4 million, down 33% from the prior quarter and 55% from the second quarter of 2020. Revenue per fallout-adjusted lock was 343 basis points in the quarter, a decrease from the first quarter. A number of research firms recently issued reports on PFSI. While our employee base grew by 60% during the year, our production volumes grew by 67% and our earnings increased by 328%. The average return per transaction made by David Spector is 3.50%. PennyMac Financial Services Inc., a national mortgage lender and servicer, announced Thursday that Doug Jones has joined its board of directors. (03-2023). The committed pipeline at January 31 was $7.9 billion. Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. North Carolina Permit No. 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. Servicing advances outstanding were approximately $454 million at December 31, up from $346 million at September 30, primarily associated with seasonal tax payments. January 25, 2021. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. Finally, broker direct originations totaled $4.5 billion in UPB in the fourth quarter, up 28% from the prior quarter and 215% percent from the fourth quarter of 2019. Thank you Isaac. The barriers to entry for these businesses that require scale for success provide PFSI a strategic advantage over our competitors. It operates through the following segments: Production, Servicing, and Investment Management. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, remained elevated but decreased slightly quarter-over-quarter. 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. PennyMac TPO Contact Information Principal Mr. David Spector, President/CEO Customer Contact Mr. David Spector, President/CEO Additional Contact Information Phone Numbers (702). Learn More about David A. Spector's net worth. 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. Are you interested in helping the next generation of homeowners fulfill their dream of home? PennyMac Financial Services' insider roster includes Anne Mccallion (Director), Farhad Nanji (Director), and David Spector (CEO). While industry production margins declined in the second quarter, we saw a smaller decrease in overall production margin given the mix shift towards our consumer direct lending channel. Advances are expected to continue increasing over the next 6 to 12 months. PennyMac Loan Services, LLC PO Box 950002 Fort Worth, TX 76155-9802, PennyMac Loan Services, LLC PO Box 5133 Thousand Oaks, CA 91359-5133, 3043 Townsgate Rd, Suite 200 Westlake Village, CA 91361 818.224.7442. Click here to check it out. 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. 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. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 12/23/2020 at the average price of $67.19. 119504607, 119505929, 119506567, 119506570, 119507419. Pennymac Westlake Village, CA office. Backtested performance is developed with the benefit of hindsight and has inherent limitations. No cash balance or cash flow is included in the calculation. Jones brings more than 25 years of financial services industry experience to PennyMac Financial Services. David A. Spector is a businessperson who has been the head of 9 different companies. 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. Lastly, originations in our broker direct channel totaled $4 billion in UPB, down 22% from the prior quarter. 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. Production revenue margins remain elevated, especially with PFSIs growth in consumer and broker direct volumes. 10 Ratings. Thank you. 33% of correspondent acquisitions were government loans and 67% were conventional loans. 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. The ongoing success can be attributed to the increased application of data analytics, our growing servicing portfolio and the investments we have made in the loan fulfillment and sales process. Following the completion of the sale, the chief executive officer now directly owns 650,183 shares of the company's stock, valued at $39,427,097.12. During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. Revenue per fallout-adjusted lock was 71 basis points, down from 140 basis points in the prior quarter. Search over 700 Approve of CEO. Net income in the fourth quarter was the second highest in the history of the company. 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. 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. 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. And for the month of July, we repurchased an additional 2.5 million shares for an approximate cost of $151 million. Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. 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. 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. For servicing on your existing mortgage account with Pennymac. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. Stanford Kurland, who went from being pushed out of the No. This hiring mostly occurred in three key areas, servicing, direct lending and fulfillment services. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. 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 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. Arizona Mortgage Banker License # 0911088. In total, loan acquisition and origination volumes were $61 billion in the second quarter. Our consumer direct lending division produced record origination and lock volumes again despite a smaller origination market in the second quarter. Production revenue margins declined from the prior quarter and revenue per fallout-adjusted lock for PFSI's own account was 154 basis points in the second quarter, down from 176 basis points in the first quarter of 2021. In order to protect the value of our MSR asset we utilize a comprehensive hedging strategy. "I am delighted to announce Doug Jones' election to our. This growth in production is not only due to the significant investments we have made in our production technology, which Doug will elaborate on later, but is also due to the considerable investments we have made in people. What was David Spectors latest transaction? 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. Find the best performing Analyst in each sector. Is this happening to you frequently? Schonfeld Strategic Advisors LLC now owns 60,866 shares of the real estate investment trusts stock worth $3,449,000 after purchasing an additional 54,266 shares during the last quarter. 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. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . David Spector received compensation valued at about $12,375,328 in 2020 after becoming . Now I'd like to begin by introducing David Spector, PennyMac Financial's Chairman and Chief Executive Officer, who will review the company's second quarter 2021 results. Our higher-margin consumer direct lending channel continued to expand, producing record locked and funded volumes during the quarter, which we estimate has resulted in a significant increase in market share. 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. Get a breakdown of the different strategies based on detected insider trading activity. The total sale was $1.7 million. However, he will become a special advisor to David Spector, chairman and chief . With that, I will turn the call over to Andy Chang, Senior Managing Director and Chief Operating Officer, who will go through some of the initiatives we are focused on to position us for future success in the years to come. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. The TipRanks Smart Score performance is based on backtested 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 . As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . And I'm pleased to be joined by PennyMac Financial Services CEO,. 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. Mr. Kurland was 68. Following the transaction, the chief executive officer now directly owns 650,183 shares in the company, valued at approximately $39,427,097.12. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. 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. Thank you. And I'm pleased to be joined by PennyMac Financial Services CEO,. Business Incorporated: 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. The firm engages in the production and servicing of U.S. residential mortgage loans. Hedging and other gains of over $943 million largely offset an MSR fair value decrease of over $1.1 billion. Certain assumptions have been made for modeling purposes and are unlikely to be realized. 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. PennyMac. We quickly developed a plan to deal with the COVID-19 pandemic and the various work from home orders across the nation. 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 On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. Net income was $204 million or diluted earnings per share of $2.94, representing an annualized return on equity of 23%. While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. Our direct lending channels have an outsized impact on production segment earnings, as Dan will discuss later. Thank you. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 7.36 and a beta of 1.49.
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