2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. 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. David A. Spector is a businessperson who has been the head of 9 different companies. David Spector - Chief Investment Officer at Pennymac Loan Services, Llc As David mentioned earlier, PFSI's net income was $204.2 million or diluted earnings per share of $2.94. However, margins in this channel remain attractive. The ex-dividend date was Monday, February 13th. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. Importantly, PennyMac retains the servicing rights and carries an option to repurchase these government-insured loans in the event they become eligible for redelivery into Ginnie Mae securities. Certain assumptions have been made for modeling purposes and are unlikely to be realized. Segment revenue was $9.7 million, down from $9.8 million in the prior quarter which included gains related to PMT shares owned by PFSI. Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. What is the percentage of profitable transactions made by David Spector? Receive News & Ratings for PennyMac Financial Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PennyMac Financial Services and related companies with MarketBeat.com's FREE daily email newsletter. Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. PENNYMAC Careers and Employment | Indeed.com These technology investments are critical drivers to the growth of our direct lending businesses. As you can see on page 11 of our slide presentation, correspondent acquisition volumes totaled $56.9 billion in UPB in the fourth quarter, up 28% from the prior quarter and 53% from the fourth quarter of 2019. View David Spector's email address (d*****@pennym***.com) and phone number. PennyMac, Homepoint and other lenders announce new leaders | National It operates through the following segments: Production, Servicing, and Investment Management. 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. Pennymac has 10 current employee profiles, including President and Chief Executive Officer David Spector. David Spector - PennyMac Mortgage Insider Transactions - TipRanks.com David Spector | ZoomInfo Item 1.01 Entry into a Material Definitive Agreement. 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. Mr. Spector owns 650,183 shares of PennyMac Financial Services stock worth more than $40,948,525 as of March 4th. Biography of David Spector - The Official Board Pennymac's servicing portfolio grew to $518 billion in unpaid balance, up 2% from Dec. 31, 2021, and 16% from March 31, 2021, led by production volumes which more than offset prepayment activity,. Our large, organically built servicing portfolio provides a counter-balance to our production activity. Learn More about David A. Spector's net worth. 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. PFSI | PennyMac Financial Services Inc. Company Profile & Executives - WSJ {{ userNotificationState.getAlertCount('bell') }}. Some products may not be available in all states. This concludes PennyMac Financial Services, Inc.'s second quarter earnings discussion. During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. Series 2023-GTL1 Loan On February 28, 2023, PennyMac Financial Services, Inc. (the "Company"), through two of its indirect, wholly owned subsidiaries, PNMAC GMSR ISSUER TRUST ("Issuer Trust") and PennyMac Loan Services, LLC ("PLS"), entered into a syndicated series of term notes (the "Series 2023-GTL1 Loan"), as part of the structured . We also remain very active repurchasing shares driven by our medium-term expectations for PFSI's return on equity. David served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac. Our consumer direct lending division produced record origination and lock volumes again despite a smaller origination market in the second quarter. Thank you, Dan. Government correspondent locks were $15.7 billion, down 8% from the prior quarter and up 21% from the second quarter of 2020. You can see the results of our hedging strategy in the full year view on slide 19. Learn More on David A. Spector's contact information. David Spector - Chairman & Chief Executive Officer, PennyMac Loan The PFSI's owned servicing portfolio, which consists primarily of Ginnie Mae MSRs, had a 60 day delinquency rate of 6.7%, down from 8.6% at the end of the prior quarter. Stanford Kurland. While margins across channels have come in lower from the third quarter, we saw the shift in Government correspondent margins come in the most towards more normalized levels. Learn More on David A. Spector's trading history. Doug Jones Joins PennyMac Financial Services Board - NMP 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. On slide 14, you can see the fair value of our MSR decreased by $251 million in the second quarter and included $196 million in fair value losses as a result of higher expectations for prepayment activity in the future driven by lower mortgage rates and a flatter yield curve, as well as an additional $55 million in other valuation declines. 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. David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. I will review each segments results and then we will touch on our forbearance and servicing advance trends. And with that, I would like to turn it back to David for some closing remarks. 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. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. approve of David Spector's performance Founded 2008 Company size 5,001 to 10,000 Revenue $1B to $5B (USD) Industry Banking & Lending Headquarters Westlake Village, CA Link PENNYMAC website Pennymac (NMLS #35953) is a top national mortgage lender with over 4 million lifetime customers. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. 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. Thank you Isaac. Equal Housing Opportunity 2023 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. Production segment pretax income was $244.4 million, down 33% from the prior quarter and 55% from the second quarter of 2020. 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. The prepayment speeds of PennyMac Financials subserviced portfolio which includes mostly Fannie Mae and Freddie Mac mortgage servicing rights owned by PMT decreased slightly to 38.9% from 39.2%. As a management team, we are committed to putting the health and safety of our team members at the heart of our decisions. PennyMac. JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. 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. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 12/23/2020 at the average price of $67.19. What is the average return per transaction made by David Spector? Also, our investments in technology, such as our cloud-based proprietary servicing system, have helped us to maximize economies of scale and grow efficiently, and help drive strong results for years to come. For any questions, please visit our website at ir.pennymacfinancial.com or call our Investor Relations department at 818-264-4907. 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. The estimated net worth of David A. Spector is at least $40.95 million as of March 1st, 2023. Thanks, Doug. Now I'll turn it over to Doug, who will discuss our mortgage banking businesses. Lastly, originations in our broker direct channel totaled $4 billion in UPB, down 22% from the prior quarter. 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. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. The firm engages in the production and servicing of U.S. residential mortgage loans. PennyMac Financial Services can also be reached via phone at (818) 224-7442 and via email at pfsi_ir@pnmac.com. Net assets under management were down slightly quarter-over-quarter to $2.3 billion. The price of the stock has increased by 0.03% since. Transcript : PennyMac Financial Services, Inc. Presents at Barclays If so, please call us at 866.545.9070. 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 a share. Information on this page was last updated on 3/1/2023. 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. PennyMac Financial Services, Inc. (PFSI) CEO David Spector on Q2 2021 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. Business Incorporated: 112 S. Lakeview Canyon Rd, Ste. And, we continue to enhance our MAC portal, thus improving the ability for borrowers to self-service throughout the entire origination process. 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. His family and PennyMac, which announced his passing, said he died from complications . Please. President & CEO David Spector sold 30,000 shares of PFSI stock on 01/12/2021 at the average price of $57.43. million verified professionals across 35 million companies. (03-2023). 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. 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. The opportunity to grow these newer channels is exciting and provides PFSI a multi-channel, diversified and profitable production segment that will further grow the servicing portfolio with high quality assets. 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. Sign up for a free account. Approve of CEO. David is based out of Agoura Hills, California, United States and works in the Financial Services industry. Being one of the Find contact details for 700 million professionals. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. Thank you. Hedging and other gains of over $943 million largely offset an MSR fair value decrease of over $1.1 billion. 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. What was David Spector's most profitable transaction? 33% of correspondent acquisitions were government loans and 67% were conventional loans. Our balanced business with our large and growing servicing portfolio also becomes an increasingly important component of our earnings as interest rates increase, and we believe this provides a competitive advantage relative to others when the industry's origination volumes return to more normalized levels. How do I contact David A. Spector? While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. Schonfeld Strategic Advisors LLC raised its position in shares of PennyMac Financial Services by 822.2% during the 4th quarter. We continue to originate record levels of volumes in this channel as a result of our large and growing servicing portfolio, efficient and low-cost infrastructure, advanced modeling and analytics, and the growth in sales and fulfillment capacity. 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. 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. 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. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 7.36 and a beta of 1.49. The firm engages in the production and servicing of U.S. residential mortgage loans. Licensed by the N.J. Department of Banking and Insurance. .This article first appeared on GuruFocus. Pennymac Loan Services LLC | Better Business Bureau Profile Learn More on David A. Spector's salary. David Spectors most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. The price of the stock has decreased by 14.5% since. Are you interested in helping the next generation of homeowners fulfill their dream of home? The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. Dans son rle . Posted by Defense World Staff on Mar 3rd, 2023. Get a breakdown of the different strategies based on detected insider trading activity. We have made significant investments to scale our end-to-end mortgage fulfillment process while we expect the substantial investments in technology we have made to continually improve the customer experience over time. Revenue per fallout-adjusted lock was 343 basis points in the quarter, a decrease from the first quarter. PennyMac | Better Business Bureau Profile Headquarters. 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. David A Spector, Pennymac Mortgage Investment: Profile and Biography 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. 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. We continue to invest in people, systems and processes across our businesses, laying the groundwork that would allow us to achieve the medium-term goals we outlined in our recent Investor Day. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. the financials in more detail later on in this discussion. And with that, I would like to turn it back to David for some closing remarks. In January, our broker direct originations totaled $1.4 billion in UPB, and locks totaled $2.1 billion. Thank you, Isaac. Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. The origination market continues to be strong on a historical basis as mortgage rates have recently returned to near record lows. PennyMac Financial's owned portfolio reported a prepayment speed of 28.3% in the second quarter, down from 32.6% in the prior quarter. Our direct lending channels have an outsized impact on production segment earnings, as Dan will discuss later. 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 operations. (business & personal). The company's services span its main function of loan production and loan servicing which includes the recovery of loans and other related charges. PennyMac Financial reported strong earnings in the fourth quarter driven by core production and servicing results. GuruFocus has detected 5 severe warning signs with PennyMac Financial Services Inc. . Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. In January, our consumer direct originations totaled $3.1 billion in UPB and locks totaled $4.4 billion. Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. The UPB of completed modifications was $5.5 billion, essentially unchanged from the prior quarter, and the UPB of EBO loan volume totaled $6.8 billion, up from $4.2 billion in the prior quarter. While the Pennymac workforce stays. Our correspondent mix percentage was essentially unchanged from the previous quarter, as 35% of the acquisitions were government loans and 65% were conventional loans. 3043 Townsgate Rd Ste 200, Westlake Village, CA 91361-3027. PennyMac Financial Servicess payout ratio is 9.54%. Learn More about insider trades at PennyMac Financial Services. 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. Our capital markets group achieved significant hedging gains that largely offset $1.1 billion in MSR fair value losses over the year, which were driven by historically low interest rates and fast prepayment speeds. 130 Westlake Village, CA, 91362 Get Directions. Interest rate lock volume was $5.7 billion in UPB, up 4% from the third quarter and 234% from the fourth quarter of 2019. 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. Revenue per fallout-adjusted lock was 71 basis points, down from 140 basis points in the prior quarter. Finally, Barclays lifted their price objective on PennyMac Financial Services from $58.00 to $69.00 and gave the company an equal weight rating in a report on Friday, February 3rd. Hedge funds and other institutional investors have recently modified their holdings of the stock. Major name to depart PennyMac | Mortgage Professional All rights reserved. the company. 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. PDF PennyMac Financial Services, Inc. Revenue per fallout adjusted lock for PFSIs own account was 217 basis points in the fourth quarter, down slightly from 236 basis points in the third quarter. The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. David Spector net worth, bio and Pennymac Financial Services, Inc For licensing information, go to: www.nmlsconsumeraccess.org. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. Company profile for PennyMac Financial Services Inc. including key executives, insider trading, ownership, revenue and average growth rates. 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 >. Follow them so you never miss a recommendation. 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. No representations and warranties are made as to the reasonableness of the assumptions. I am pleased to note that PFSIs Board of Directors declared a fourth quarter cash dividend of $0.20 per share, representing a 33% increase from the prior quarter. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. David Spector Sells 15,000 Shares of PennyMac Financial Services, Inc 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. At PennyMac, our commitment to our customers doesnt end at closing. 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. Our direct lending channels, which include both our consumer direct lending and broker direct lending, have experienced faster growth and are becoming much more significant contributors to PFSIs earnings profile. They sold a total of 398,609 shares worth more than $22,789,635.48. BBB File Opened: 2/5/2015. 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. Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. 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. No cash balance or cash flow is included in the calculation. Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. Find the best performing Analyst in each sector. Get notified the next time David A. Spector buys or sells PennyMac Financial Services stock. 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. These record volumes resulted in the growth of our servicing portfolio to $427 billion in UPB, despite extraordinary levels of prepayment activity. Net assets under management totaled $2.3 billion as of December 31, up 1% from September 30. Contact Us: We Are Here to Help You | Pennymac 2023-03-02 | NYSE:PFSI | Press Release | PennyMac Financial Services Inc. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. PennyMac Financial Services, Inc. (NYSE:PFSI) CEO Sells $912,000.00 in David Spector Net Worth, Biography, and Insider Trading For more information, review Pennymac's state licenses and important notices. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $69.50. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 01/07/2021 at the average price of $60.12. Pennymac Reviews in Los Angeles, CA | Glassdoor He currently serves as a senior advisor to TPG Capital, a global private investment firm, and . Following the transaction, the chief executive officer now directly owns 650,183 shares in the company, valued at approximately $39,427,097.12. 47.206 (3) & (4). PennyMac Financial Services' insider roster includes Anne Mccallion (Director), Farhad Nanji (Director), and David Spector (CEO). If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. These businesses are foundational to PFSI and not easily replicated. While 2020 was a record, we have a long track record of strong performance. Enter your email address below to get our daily insider buying and selling report. Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. In July, our correspondent acquisitions were $15 billion in UPB and locks were $12.8 billion. 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.