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View David Spector's email address (d*****@pennym***.com) and phone number. Thanks, Doug. What is the percentage of profitable transactions made by David Spector? Please disable your ad-blocker and refresh. However, margins in this channel remain attractive. As Andy described earlier, all of this record production feeds our servicing portfolio, which at December 31, 2020 totaled $426.8 billion in UPB, up 6% from the end of the third quarter and up 16% over the end of 2019. We believe the growth opportunities in front of us to be substantial and as we continue to grow our direct lending channels, we expect PennyMac Financials exceptional financial performance to persist through 2021. Certain assumptions have been made for modeling purposes and are unlikely to be realized. This high level of efficiency was largely due to our cloud-based, proprietary servicing system, otherwise known as SSE. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. 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. 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 believe we will continue to increase their respective market positions as we execute on our growth initiatives in each channel. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View And I'm pleased to be joined by PennyMac Financial Services CEO,. 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. Payoff-related expense, which includes interest shortfall and recording and release fees related to prepayments, remains elevated and increased by $8.3 million quarteroverquarter. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 12/23/2020 at the average price of $67.19. The stock was sold at an average price of $58.12, for a total value of $741,030.00. GuruFocus has detected 5 severe warning signs with PennyMac Financial Services Inc. . PennyMac. Learn More about David A. Spector's net worth. The direct lending channels continued to have an outsized impact on PFSIs production earnings in the fourth quarter. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. 292 Pennymac reviews in Los Angeles, CA. In the fourth quarter, PennyMac Financial delivered net income of 38 67.03% of the stock is currently owned by institutional investors and hedge funds. We also remain very active repurchasing shares driven by our medium-term expectations for PFSI's return on equity. In the fourth quarter, the pretax income was $234.1 million, a 31% decrease from . SSE allowed us to quickly implement changes that enabled us to complete the roll-out of large programs, like the CARES Act forbearance program, in a fast and cost-effective manner. T. Rowe Price Investment Management Inc. now owns 4,992,531 shares of the real estate investment trusts stock worth $282,877,000 after purchasing an additional 256,717 shares during the last quarter. Please. Licensed Mortgage Banker-NYS Department of Financial Services. In total, these strong acquisition and origination volumes continue to drive the organic growth of our servicing portfolio despite elevated prepayment activity. What was David Spector's most profitable transaction? Learn More about insider trades at PennyMac Financial Services. PennyMac Founder Stanford Kurland Passes Away - MBA Newslink 2023-03-02 | NYSE:PFSI | Press Release | PennyMac Financial Services Inc. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. PennyMac Financial Services Inc., a national mortgage lender and servicer, announced Thursday that Doug Jones has joined its board of directors. These technology investments are critical drivers to the growth of our direct lending businesses. If you're not automatically redirected, please click here. For any questions, please visit our website at ir.pennymacfinancial.com or call our Investor Relations department at 818-264-4907. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Search over 700 PennyMac Mortgage Investment Trust (PMT) CEO David Spector on Q1 2021 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. 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. 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. Since the start of 2020, we have repurchased approximately 13% of the PFSI shares that were outstanding at the beginning of 2020. 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. 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 firm engages in the production and servicing of U.S. residential mortgage loans. PennyMac Financial Services, Inc. has a 12-month low of $38.53 and a 12-month high of $73.79. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. If you have an ad-blocker enabled you may be blocked from proceeding. Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. While the Pennymac workforce stays. 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. It operates through the following segments: Production, Servicing, and Investment Management. PennyMac Financial Services, Inc. (PFSI) CEO David Spector on Q4 2020 The technology based digital marketing platform, coupled with dedicated loan officers and an efficient operating processes, gives PennyMac a strong foundation for continued growth. 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. Warning! The total sale was $1.7 million. Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. 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. 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. Some products may not be available in all states. Within our consumer direct lending channel, initiatives include enhancing our lead generation capabilities and use of data analytics, in addition to increasing the use of digital marketing to drive non-portfolio originations. These record volumes resulted in the growth of our servicing portfolio to $427 billion in UPB, despite extraordinary levels of prepayment activity. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 7.36 and a beta of 1.49. 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. T. Rowe Price Investment Management Inc. raised its position in shares of PennyMac Financial Services by 5.4% during the 4th quarter. As our production mix continues to shift towards direct lending, production expenses as a percentage of fallout adjusted locks are expected to trend higher. 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. Ill now turn it over to Dan Perotti, Senior Managing Director and Chief Financial Officer to speak to the financial results for the quarter. 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. David Spector Sells 26,169 Shares of PennyMac Financial Services, Inc While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. This website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. 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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. Thank you. 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. David Spector is currently Chairman of the Board, President and Chief Executive Officer at PennyMac - View - PennyMac org chart 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. 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. Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. Pennymac Westlake Village, CA office. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. Thank you. PennyMac Financial Services, Inc operates as a holding company. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. So, from our home to yours, thank you! 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. Now Ill turn it over to Doug Jones, PFSIs Senior Managing Director and Chief Mortgage Banking Officer to provide you some more details on our mortgage banking businesses. Before I turn this over to Andy, I want to take a moment to say all of us at PennyMac are very grateful for the many kind thoughts and tributes we have received since announcing the sad passing of Stan Kurland, our founder and Chairman. 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 David mentioned earlier, we sold $3.4 billion in UPB of EBO loans to third-party whole loan investors, up significantly from last quarter. 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. 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. Similar Profiles. 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. Lastly, originations in our broker direct channel totaled $4 billion in UPB, down 22% from the prior quarter. Thank you. Contact Us: We Are Here to Help You | Pennymac Item 1.01 Entry into a Material Definitive Agreement. While such a market would be smaller than 2020, it would represent a large origination market by historical standards. Please disable your ad-blocker and refresh. This net worth estimate does not reflect any other assets that Mr. Spector may own. The barriers to entry for these businesses that require scale for success provide PFSI a strategic advantage over our competitors. PennyMac Financial delivered strong fourth quarter results, marking the end to a record year. PennyMac, Homepoint and other lenders announce new leaders | National The dividend yield of PennyMac Financial Services Inc stocks is 0.93%. Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. 130 Westlake Village, CA, 91362 Get Directions. What is David Spector's role in PennyMac Mortgage? Susquehanna Fundamental Investments LLC raised its position in shares of PennyMac Financial Services by 24.8% during the 4th quarter. 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. 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. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . David Spector - Chief Investment Officer - Penny Mac | LinkedIn The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. The firm engages in the production and servicing of U.S. residential mortgage loans. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Book value per share grew 5% to $54.49 at June 30. David Spector - Chief Investment Officer at Pennymac Loan Services, Llc Our correspondent mix percentage was essentially unchanged from the previous quarter, as 35% of the acquisitions were government loans and 65% were conventional loans. Net assets under management totaled $2.3 billion as of June 30, down slightly from March 31 and up 5% from June 30, 2020. The scale we have achieved in our correspondent business, combined with our low-cost structure and operational excellence in the channel, allow us to operate profitably through volatile market environments. During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. His family and PennyMac, which announced his passing, said he died from complications . Government correspondent locks were $15.7 billion, down 8% from the prior quarter and up 21% from the second quarter of 2020. PennyMac Mortgage Investment Trust (NYSE:PMT) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ETCompany Participants. 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