We estimate we are now represent approximately 2.5% market share in the channel with over 2,000 brokers approved to offer our products, an increase of 11% from March 31, 2021. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. 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. Posted by Defense World Staff on Mar 3rd, 2023. PennyMac Financial Services Inc., a national mortgage lender and servicer, announced Thursday that Doug Jones has joined its board of directors. For the complete insider trading history of PFSI, click here. 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. 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. Presenter SpeechMark DeVries Hello. Business Incorporated: 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 . We encourage investors with any questions to reach out to our Investor Relations team by e-mail or phone. The servicing segment recorded pretax income of $30.9 million, down from pretax income of $141.7 million in the prior quarter and up from a pretax loss of $62.4 million in the second quarter of 2020. 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. Now I'd like to begin by introducing David Spector, PennyMac Financial's Chairman and Chief Executive Officer who will review the Company's fourth quarter and full-year 2022 results. 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. free lookups / month. Please note all regulatory considerations regarding the presentation of fees must be taken into account. Thank you. Now I'll turn it over to Doug, who will discuss our mortgage banking businesses. Schonfeld Strategic Advisors LLC raised its position in shares of PennyMac Financial Services by 822.2% during the 4th quarter. However, margins in this channel remain attractive. 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. A free inside look at company reviews and salaries posted anonymously by employees. 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. The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. Susquehanna Fundamental Investments LLC now owns 85,385 shares of the real estate investment trusts stock worth $4,838,000 after purchasing an additional 16,980 shares during the last quarter. In order to protect the value of our MSR asset we utilize a comprehensive hedging strategy. Thank you for sharing your valuable opinion. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $69.50. 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. PennyMac Financial Services' insider roster includes Anne Mccallion (Director), Farhad Nanji (Director), and David Spector (CEO). For any questions, please visit our website at ir.pennymacfinancial.com or call our Investor Relations department at 818-264-4907. What is the average return per transaction made by David Spector? PennyMac Financial delivered another outstanding quarter of operational and financial performance, despite the increased volatility in the mortgage market. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. 10 Ratings. Following the transaction, the chief executive officer now directly owns 650,183 shares in the company, valued at approximately $39,427,097.12. David A. Spector is a businessperson who has been the head of 9 different companies. Net assets under management totaled $2.3 billion as of June 30, down slightly from March 31 and up 5% from June 30, 2020. 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. 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. 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. BBB File Opened: 2/5/2015. This is not a commitment to lend. 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%. 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. 3043 Townsgate Rd Ste 200, Westlake Village, CA 91361-3027. GuruFocus has detected 8 Warning Signs with PFSI. 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. Im proud of the actions we have taken and the dedicated management team across the company that has helped put these plans into action. Consumer and broker direct represented 20% of fallout adjusted lock volume in the fourth quarter but accounted for over 70% of segment pretax income. January 25, 2021, 12:31 p.m. EST 1 Min Read. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. Good morning and thank you for joining us. 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. Similarly, lock volume totaled $4.5 billion, down 21%. 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. What was David Spectors latest transaction? 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. PennyMac Financial Services, Inc. operates as a holding company. 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. The committed pipeline at January 31 was $7.9 billion. While the Pennymac workforce stays home to help flatten the curve, we know first responders, medical staff, delivery drivers, our essential workers and more, are out there heroically providing for those in need. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. 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. .This article first appeared on GuruFocus. 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. Hedging and other gains of over $943 million largely offset an MSR fair value decrease of over $1.1 billion. This information is provided for illustrative purposes only. We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. Please disable your ad-blocker and refresh. And since the beginning of 2020, we have now repurchased over 18.5 million shares or approximately 24% of PFSI's common shares outstanding. As David mentioned earlier PFSIs net income was $452.8 million or diluted earnings per share of $5.97. Pennymac Westlake Village, CA office. (03-2023). | 3 Mrz 2023. The most recent insider tranaction occured on March, 1st when insider Steven Richard Bailey sold 13,604 shares worth more than $825,762.80. Thank you, David. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. What is David Spector's role in PennyMac Mortgage? This grew our servicing portfolio to over $426 billion in UPB even with elevated prepayment speeds. Good afternoon, and welcome to the Fourth Quarter and Full-Year 2020 Earnings discussion for PennyMac Financial Services, Inc. I am Barclays' consumer finance analyst, Mark DeVries. Backtested results are calculated by the retroactive application of a model constructed on the basis of historical data and based on assumptions integral to the model which may or may not be testable and are subject to losses. 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. PennyMac Financial Services, Inc. (NYSE:PFSI Get Rating) CEO David Spector sold 26,169 shares of the firms stock in a transaction dated Wednesday, March 1st. David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. David Spector's role in PennyMac Mortgage is Chairman & CEO, Director. 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. PennyMac Financial Services can also be reached via phone at (818) 224-7442 and via email at pfsi_ir@pnmac.com. He currently serves as a senior advisor to TPG Capital, a global private investment firm, and . 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%. 33% of correspondent acquisitions were government loans and 67% were conventional loans. January 25, 2021. The stock was sold at an average price of $60.80, for a total value of $912,000.00. Please. PFSI's Investment Management segment delivered increased profitability as a result of incentive fees earned based on PMT's profitability over the last 4 quarters. Segment revenue was $13.5 million, up 41% from the first quarter and 28% from June 30, 2020. 119504607, 119505929, 119506567, 119506570, 119507419. Lastly, our broker direct channel continued its impressive growth in both locked and funded volumes as we increase the number of approved brokers and our presence in the channel grows. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. PennyMac Financial Services Inc provides mortgage loans to customers in the United States. 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. If so, please call us at 866.545.9070. Find the best performing Analyst in each sector. 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. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. Hedging and related gains totaled $91 million. 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. Please disable your ad-blocker and refresh. 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. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . PennyMac Financial Services, Inc operates as a holding company. 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. Actual performance may differ significantly from backtested performance. 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. 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. 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 >. Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. While our employee base grew by 60% during the year, our production volumes grew by 67% and our earnings increased by 328%. Follow them so you never miss a recommendation. 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. 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,. Approve of CEO. 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. Thanks, Andy. 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). On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. And I'm pleased to be joined by PennyMac Financial Services CEO,. Operating revenue decreased $2 million from the prior quarter driven by declines in earnings on custodial balances. 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. All rights reserved. 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. 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. 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. 112 S. Lakeview Canyon Rd, Ste. Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. The shares were sold at an average price of $60.64, for a transaction totalling $1,586,888.16. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. Similar Profiles. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.46. Advances are expected to continue increasing over the next 6 to 12 months. PennyMac. 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. We achieved record production across all channels, with increased market penetration in our higher margin direct lending channels. View David Spector's email address (d*****@pennym***.com) and phone number. If you have additional questions or would like to speak with a Pennymac representative, please call (800) 777-4001. As we outlined in our Investor Day, we see additional opportunities resulting from changes to the GSE's preferred stock purchase agreement. Net assets under management totaled $2.3 billion as of December 31, up 1% from September 30. 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. Company profile for PennyMac Financial Services Inc. including key executives, insider trading, ownership, revenue and average growth rates.