Please disable your ad-blocker and refresh. 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 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. Is this happening to you frequently? Ill now turn it over to Dan Perotti, Senior Managing Director and Chief Financial Officer to speak to the financial results for the quarter. The total sale was $1.7 million. 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 return on the trade was 60.70%. 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 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. All loan programs subject to borrowers meeting appropriate underwriting conditions. 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. Pennymac has 10 current employee profiles, including President and Chief Executive Officer David Spector. The estimated net worth of David A. Spector is at least $40.95 million as of March 1st, 2023. 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. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.46. Having difficulty making payments? 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. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. As the CEO of PennyMac Financial Services, Inc., Mr. Spector earned a total compensation package of $13,575,224.00 in 2021. The business also recently declared a quarterly dividend, which was paid on Friday, February 24th. Mr. Spector owns 650,183 shares of PennyMac Financial Services stock worth more than $40,948,525 as of March 4th. Good afternoon, and welcome to the Fourth Quarter and Full-Year 2020 Earnings discussion for PennyMac Financial Services, Inc. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. 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. Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. Good morning and thank you for joining us. Click here to check it out. PennyMac is a mortgage lender and servicer headquartered in Westlake Village, California. Co-op loans not available. Equal Housing Opportunity 2023 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. Up to 5 The committed pipeline at January 31 was $3 billion. Russia's war on Ukraine latest: Putin casts war as battle for nation's survival, India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Elon Musk recruits team to develop OpenAI rival - The Information, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon, French media billionaire Niel fails with bid for TNT television frequence - Arcom, Private National Mortgage Acceptance Co. LLC. Thank you, David. The price of the stock has decreased by 14.5% since. 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. Backtested performance is not an indicator of future actual results. Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. 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. I will review each segments results and then we will touch on our forbearance and servicing advance trends. Thank you. PFSI's Board of Directors also declared a second quarter cash dividend of $0.20 per share. Government loan acquisitions in the quarter totaled $18.9 billion in UPB, up 11% from the prior quarter and up 14% from the fourth quarter of 2019. 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. Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. Production segment pretax income was $244.4 million, down 33% from the prior quarter and 55% from the second quarter of 2020. PennyMac remained the largest correspondent aggregator in the U.S. in the fourth quarter. Following the transaction, the chief executive officer now directly owns 650,183 shares in the company, valued at approximately $39,427,097.12. What is the percentage of profitable transactions made by David Spector? Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. PennyMac Financial's owned portfolio reported a prepayment speed of 28.3% in the second quarter, down from 32.6% in the prior quarter. 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. No cash balance or cash flow is included in the calculation. Our balanced business model is a key strategic advantage for PFSI, which has consistently delivered outstanding returns across different environments, producing a 33% return on equity for the first half of 2021. PDF PennyMac Financial Services, Inc. PFSI | PennyMac Financial Services Inc. Company Profile & Executives - WSJ Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. 47.206 (3) & (4). What was David Spector's most profitable transaction? To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. And I'm pleased to be joined by PennyMac Financial Services CEO,. PennyMac. Our phased approach to returning to our offices extends beyond simply ensuring that PennyMacers return to a safe working environment, but also takes mindful consideration for the challenges faced by our employees related to issues such as dependent care and schooling. You will be contacted by a representative that will help answer any inquiries you have. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. Thanks, Andy. PennyMac Founder Stanford Kurland Passes Away - MBA Newslink However, margins in this channel remain attractive. And since the beginning of 2020, we have now repurchased over 18.5 million shares or approximately 24% of PFSI's common shares outstanding. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View 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. Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. David Spector email address & phone number | Penny Mac Chief Investment Copyright 2023 Surperformance. See what top analysts say about your stocks. Additionally, we believe FHFA's elimination of the adverse market refinance fee has resulted in a larger population of loans that would benefit from a refinance at today's lower rates, further supporting the origination market. PennyMac, Homepoint and other lenders announce new leaders | National Ready to apply or complete your application? PennyMac Financial Services Inc., a national mortgage lender and servicer, announced Thursday that Doug Jones has joined its board of directors. 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.). 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 price of the stock has increased by 0.03% since. David Spector Sells 15,000 Shares of PennyMac Financial Services, Inc The history of PennyMac Financial was borne out of the Great Financial Crisis, with a desire to help distressed borrowers. 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PennyMac Mortgage Investment Trust (PMT) CEO David Spector on Q1 2021 PennyMac Financial Servicess payout ratio is 9.54%. Revenue per fallout-adjusted lock was 343 basis points in the quarter, a decrease from the first quarter. Mr. Kurland was 68. 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. 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. And I'm pleased to be joined by PennyMac Financial Services CEO,. Enter your email address below to get our daily insider buying and selling report. 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. Presenter SpeechMark DeVries Hello. 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. 10 Ratings. 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. 33% of correspondent acquisitions were government loans and 67% were conventional loans. Ultimately, we believe for these reasons, PennyMac will continue its market share growth as a channel leader. Payoff-related expense, which includes interest shortfall and recording and release fees related to prepayments, remains elevated and increased by $8.3 million quarteroverquarter. While such a market would be smaller than 2020, it would represent a large origination market by historical standards. Schonfeld Strategic Advisors LLC raised its position in shares of PennyMac Financial Services by 822.2% during the 4th quarter. This brings the total repurchases year-to-date to approximately $600 million. Arizona Mortgage Banker License # 0911088. This website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. And for the month of July, we repurchased an additional 2.5 million shares for an approximate cost of $151 million. The price of the stock has decreased by 8.12% since. Approve of CEO. Hedging and related gains totaled $91 million. Pennymac Loan Services LLC | Better Business Bureau Profile Stockholders of record on Tuesday, February 14th were given a dividend of $0.20 per share. As David mentioned earlier PFSIs net income was $452.8 million or diluted earnings per share of $5.97. 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. The stock was sold at an average price of $58.12, for a total value of $741,030.00. PennyMac Financial Services can also be reached via phone at (818) 224-7442 and via email at [email protected]. As you will see on slide 20, we provide a breakdown of the revenue contribution from each of PFSIs loan production channels, net of loan origination expenses, including the fulfillment fees received from PMT for conventional correspondent loans. This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. David Spector. PennyMac Mortgage Investment Trust (NYSE:PMT) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ETCompany Participants. Pennymac Financial Services, Inc. annonce que Doug Jones s'est joint As you can see on slide seven of our presentation, PennyMac maintained its leadership position in the correspondent channel, and we estimate that we currently represent approximately 18% of the channel overall. Finally, transactions like these provide meaningful savings to PennyMac Financial over the life of the loan while providing the opportunity for redelivery in the future. 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. 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. In order to protect the value of our MSR asset we utilize a comprehensive hedging strategy. the company. NMLS ID # 35953. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. 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 >. What is David Spector's role in PennyMac Mortgage? The dividend yield of PennyMac Financial Services Inc stocks is 0.93%. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. State of Wyoming now owns 5,512 shares of the real estate investment trusts stock worth $312,000 after purchasing an additional 469 shares during the last quarter. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019.
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