Dan Perotti , PFSIs Senior Managing Director and Chief Financial Officer will discuss the financials in more detail later on in this discussion. These valuation declines were primarily driven by significant levels of prepayment activity and early buyouts. Pennymac notches a profitable Q1 due to servicing segment Our consumer direct lending division produced record origination and lock volumes again despite a smaller origination market in the second quarter. The predominant outcome has been through loan modifications to the borrowers to aid in their recovery. 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. January 25, 2021. The total sale was $1.7 million. 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. 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. PENNYMAC Careers and Employment | Indeed.com And since the beginning of 2020, we have now repurchased over 18.5 million shares or approximately 24% of PFSI's common shares outstanding. Net income in the fourth quarter was the second highest in the history of. All rights reserved. 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. The firm engages in the production and servicing of U.S. residential mortgage loans. The company's services span its main function of loan production and loan servicing which includes the recovery of loans and other related charges. Information on this page was last updated on 3/1/2023. 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. The technology based digital marketing platform, coupled with dedicated loan officers and an efficient operating processes, gives PennyMac a strong foundation for continued growth. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. For the complete insider trading history of PFSI, click here. David served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac. David Spector email address & phone number | Penny Mac Chief Investment If you have an ad-blocker enabled you may be blocked from proceeding. In January, our consumer direct originations totaled $3.1 billion in UPB and locks totaled $4.4 billion. Business Incorporated: As of the end of the year we have helped, or are in the process of helping, approximately 145,000 borrowers successfully emerge from their forbearance plans. In January, our correspondent acquisitions remained strong, with $17.9 billion in UPB of acquisitions and lock volume of $17.8 billion. PennyMac Financial Services can also be reached via phone at (818) 224-7442 and via email at pfsi_ir@pnmac.com. The ex-dividend date was Monday, February 13th. No representations and warranties are made as to the reasonableness of the assumptions. 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. Right now, we realize the importance of home like never before. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. And I'm pleased to be joined by PennyMac Financial Services CEO,. PennyMac Loan Services, LLC | Better Business Bureau Profile PennyMac remained the largest correspondent aggregator in the U.S. in the fourth quarter. If you need the payment address, click here. Currently, he occupies the position of Chairman at PNMAC Mortgage Opportunity Fund LLC, Chairman of PNMAC Mortgage Opportunity Fund LP, Chairman-Trustees Board & CEO at PennyMac Mortgage Investment Trust, Chief Executive Officer for PennyMac Corp. (a subsidiary of PennyMac Mortgage Investment Trust) and Chairman & Chief Executive Officer for PennyMac Financial Services, Inc., Chairman & Chief Executive Officer for PNMAC Holdings, Inc., Chief Executive Officer of PNMAC Capital Management LLC, President & Chief Executive Officer for Private National Mortgage Acceptance Co. LLC and Chief Executive Officer for PennyMac Loan Services LLC (which are all subsidiaries of PennyMac Financial Services, Inc.). PFSIs owned servicing portfolio, which consists primarily of Ginnie Mae MSRs, had a 60 day plus delinquency rate of 10.2%, down from 11.4% at the end of the prior quarter, while our subserviced portfolio, primarily consisting of conventional loans, reported a 60 plus day delinquency rate of 2.7%, down from 3.7% at September 30 as borrowers continue to emerge from forbearance plans. Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. How can I follow the stock ratings of top corporate insiders? The slides that accompany this discussion are available on PennyMac Financials website at ir.pennymacfinancial.com. BBB File Opened: 2/5/2015. PennyMac founder Stanford Kurland dies - National Mortgage News 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. And with that, I would like to turn it back to David for some closing remarks. So, from our home to yours, thank you! Following the transaction, the chief executive officer now directly owns 650,183 shares in the company, valued at approximately $39,427,097.12. David Spectors most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. 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. 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. Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. Hedge funds and other institutional investors have recently modified their holdings of the stock. 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. Arizona Mortgage Banker License # 0911088. The percentage of loans in forbearance decreased to 4.9% at June 30 from 6.3% at March 31, as borrowers in forbearance plans at March 31 who have since exited more than offset new forbearance plans. What is David Spector's role in PennyMac Mortgage? 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. How do I contact David A. Spector? Thank you. David Spector latest transaction was an Uninformative Buy of . PennyMac Financial Services, Inc operates as a holding company. Broker originations in July totaled $1.2 billion and locks totaled $1.7 billion. 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. PennyMac Mortgage Investment Trust (NYSE:PMT) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ETCompany Participants. 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. What is the percentage of profitable transactions made by David Spector? 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. This outstanding income generated excess capital that we redeployed into increased levels of production, share repurchases, reduction of debt, and increased servicing activity. Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. Copyright 2023 Surperformance. Other restrictions apply. (03-2023). 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. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets. These returns have led to a 29% compounded annual growth rate in our book value per share since our IPO. We are also increasing the use of online closings and automation. A number of research firms recently issued reports on PFSI. 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. Learn More on David A. Spector's trading history. David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. 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. It operates through the following segments: Production, Servicing, and Investment Management. PennyMac Financial Services, Inc. Announces Doug Jones Joined Its Board On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. 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. 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. 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. This high level of efficiency was largely due to our cloud-based, proprietary servicing system, otherwise known as SSE. With PFSIs historical focus on purchase market originations combined with our large and growing servicing portfolio, we believe we are well-positioned to successfully grow share in all three of our production channels, driving an increase in our overall market position. The stock was sold at an average price of $58.12, for a total value of $741,030.00. 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.