david spector pennymac email

This high level of efficiency was largely due to our cloud-based, proprietary servicing system, otherwise known as SSE. 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. While such a market would be smaller than 2020, it would represent a large origination market by historical standards. Ready to apply or complete your application? TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. As you can see on the selected operational metrics on slide 13, PennyMac Financials owned portfolio reported a prepayment speed of 32.5% in the fourth quarter, up from 29.7% in the prior quarter. 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. Similar Profiles. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 7.36 and a beta of 1.49. Its Time For A Fresh Look At The Kroger Co. West Frasers Earnings Scream Timber, Outlook Says Buy, MarketBeat.com's FREE daily email newsletter, Tower Research Capital LLC TRC Increases Position in ABB Ltd. Tower Research Capital LLC TRC Has $254,000 Holdings in Daqo New Energy Corp. ABB Ltd Shares Bought by Tower Research Capital LLC TRC. Interest rate lock volume was $5.7 billion in UPB, up 4% from the third quarter and 234% from the fourth quarter of 2019. Follow them so you never miss a recommendation. 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. the financials in more detail later on in this discussion. Pretax income, excluding valuation-related items for the servicing segment, was $174.4 million, down 33% from the prior quarter and up 101% from the second quarter of 2020. Pretax income excluding valuation related changes in our servicing segment in 2020 more than doubled from 2019 as we assisted borrowers emerging from forbearance using various loss mitigation strategies. This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. T. Rowe Price Investment Management Inc. raised its position in shares of PennyMac Financial Services by 5.4% during the 4th quarter. The stock was sold at an average price of $60.80, for a total value of $912,000.00. The average return per transaction made by David Spector is 3.50%. Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. And, we continue to enhance our MAC portal, thus improving the ability for borrowers to self-service throughout the entire origination process. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. Thanks, Doug. Please note all regulatory considerations regarding the presentation of fees must be taken into account. Our direct lending channels have an outsized impact on production segment earnings, as Dan will discuss later. Backtested performance is not an indicator of future actual results. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. Purchase originations in 2021 are forecasted to increase 10% year-over-year while refinance originations are expected to decrease but remain elevated relative to historical norms. 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. PennyMac Financial Services Inc provides mortgage loans to customers in the United States. 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. 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. David A. Spector Age : 59 Public asset : 66,368,555 USD Linked companies : PennyMac Financial Services, Inc. - PennyMac Mortgage Investment Trust Summary David A. Spector is a businessperson who has been the head of 9 different companies. 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. Dan Perotti , PFSIs Senior Managing Director and Chief Financial Officer will discuss the financials in more detail later on in this discussion. Find the best performing Analyst in each sector. 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 committed pipeline at July 31 was $7.2 billion. Please take a moment to watch a special video from our President and CEO, David Spector. 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. This outstanding income generated excess capital that we redeployed into increased levels of production, share repurchases, reduction of debt, and increased servicing activity. Licensed Mortgage Banker-NYS Department of Financial Services. The firm engages in the production and servicing of U.S. residential mortgage loans. million verified professionals across 35 million companies. Ultimately, we believe for these reasons, PennyMac will continue its market share growth as a channel leader. 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). For servicing on your existing mortgage account with Pennymac. PennyMac Mortgage Investment Trust (NYSE:PMT) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ETCompany Participants. 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. #PennymacCaresVisit PENNYMAC.COM for details about how were assisting our family of customers during the COVID-19 crisis. 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 >. Actual performance may differ significantly from backtested performance. The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. He previously served as Chief Correspondent Lending Officer and has been a member of the company's executive management team since 2011. This was all done while the vast majority of our employees were working from home for most of the year. Government correspondent locks were $15.7 billion, down 8% from the prior quarter and up 21% from the second quarter of 2020. How can I follow the stock ratings of top corporate insiders? This grew our servicing portfolio to over $426 billion in UPB even with elevated prepayment speeds. We believe we will continue to increase their respective market positions as we execute on our growth initiatives in each channel. Main Telephone (818) 224-7442 Primary Address 3043 Townsgate Road Suite 200 Westlake Village, CA 91361 USA Fiscal Close December Founded 2008 As you will see on slide 10, we provide a breakdown of the revenue contribution from each of PFSI's loan production channels, net of loan origination expenses, including the fulfillment fees received from PMT for conventional correspondent loans. As our production mix continues to shift towards direct lending, production expenses as a percentage of fallout adjusted locks are expected to trend higher. Business Incorporated: It operates through the following segments: Production, Servicing, and Investment Management. Co-op loans not available. Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. The origination market continues to be strong on a historical basis as mortgage rates have recently returned to near record lows. A free inside look at company reviews and salaries posted anonymously by employees. 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. Thank you, Isaac. Hedging and related gains totaled $91 million. Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. Interest rate lock commitments in the fourth quarter totaled $12.8 billion in UPB, up 18% from the prior quarter, and 135% from the fourth quarter of 2019. 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. DO NOT SEND PAYMENTS TO THIS ADDRESS. State of Wyoming raised its position in shares of PennyMac Financial Services by 9.3% during the 4th quarter. David A. Spector is also on the board of 7 other companies. He currently serves as a senior advisor to TPG Capital, a global private investment firm, and . The TipRanks Smart Score performance is based on backtested results. 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. No representations and warranties are made as to the reasonableness of the assumptions. What is the percentage of profitable transactions made by David Spector? Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. 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 . Schonfeld Strategic Advisors LLC raised its position in shares of PennyMac Financial Services by 822.2% during the 4th quarter. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. Im proud of the actions we have taken and the dedicated management team across the company that has helped put these plans into action. Changes in these assumptions may have a material impact on the backtested returns presented. In January, our broker direct originations totaled $1.4 billion in UPB, and locks totaled $2.1 billion. See what top analysts say about your stocks. 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. Hedging and other gains of over $943 million largely offset an MSR fair value decrease of over $1.1 billion. 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. David Spector - Chairman and Chief . If you have additional questions or would like to speak with a Pennymac representative, please call (800) 777-4001. David A. Spector has been President and Chief Executive Officer of PennyMac Financial Services, Inc. (NYSE: PFSI) since January 2017, and he has been a member of PennyMac Financials board of directors since the companys formation in January 2008. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. 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 Financial's owned portfolio reported a prepayment speed of 28.3% in the second quarter, down from 32.6% in the prior quarter. GuruFocus has detected 8 Warning Signs with PFSI. 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. The return on the trade was 60.70%. 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. All loan programs subject to borrowers meeting appropriate underwriting conditions. 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. | 3 Mrz 2023. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. 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. We believe PennyMac Financial's business model with production from the correspondent, consumer direct and broker direct channels contributes to PennyMac Financial's profitability across different production environments. All of these activities allowed us to not only fund record volumes of loans, but also effectively deploy capital into technology and operational projects, as well as repurchase a significant amount of our common stock. If you're not automatically redirected, please click here. Some products may not be available in all states. This growth has focused on new customer acquisition and resulted in our non-portfolio interest rate lock commitments hitting a record in the fourth quarter at 1.3 billion, up from 906 million in the third quarter, an increase of 43%. Thank you for sharing your valuable opinion. 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. Learn More on David A. Spector's trading history. PennyMac Financial Services can also be reached via phone at (818) 224-7442 and via email at [emailprotected] Learn More on David A. Spector's contact information. Thank you. 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.). Get notified the next time David A. Spector buys or sells PennyMac Financial Services stock. Operating revenue decreased $2 million from the prior quarter driven by declines in earnings on custodial balances. 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. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. Segment revenue was $13.5 million, up 41% from the first quarter and 28% from June 30, 2020. Learn More on David A. Spector's trading history. Net income in the fourth quarter was the second highest in the history of. 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. These transactions provide PennyMac the additional capacity and liquidity to efficiently execute loss mitigation strategies as sales of these loans to third parties also eliminate the potential for associated margin calls. Learn More on PennyMac Financial Services' active insiders. Finally, Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 33.5% during the 4th quarter. Search over 700 And we believe the role of a well capitalized correspondent aggregator like PennyMac will be increasingly important over time. Meet our Smart Portfolio. Certain assumptions have been made for modeling purposes and are unlikely to be realized. And we ended the quarter with a servicing portfolio of $473 billion in unpaid principal balance, approximately 4% of all residential mortgage debt in the United States. 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. In our broker direct channel, we are focused on further reducing the length of our loan origination cycle via workflow enhancements and upgrades to our broker portal, POWER. The slides that accompany this discussion are available on PennyMac Financials website at ir.pennymacfinancial.com. Susquehanna Fundamental Investments LLC raised its position in shares of PennyMac Financial Services by 24.8% during the 4th quarter. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. And for the month of July, we repurchased an additional 2.5 million shares for an approximate cost of $151 million. No credit card required. It operates through the following segments: Production, Servicing, and Investment Management. Mr. Kurland was 68. This financial performance is driven by the balanced business model in mortgage banking that we have built over the last 13 years. 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. Please disable your ad-blocker and refresh. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 12/23/2020 at the average price of $67.19. 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. Hedge funds and other institutional investors have recently modified their holdings of the stock. Equal Housing Opportunity 2023 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. David Spector's role in PennyMac Mortgage is Chairman & CEO, Director. 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. A number of research firms recently issued reports on PFSI. As the CEO of PennyMac Financial Services, Inc., Mr. Spector earned a total compensation package of $13,575,224.00 in 2021. 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. Good morning and thank you for joining us. Is this happening to you frequently? 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. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. The firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. PennyMac Financial Servicess payout ratio is 9.54%. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. As David mentioned earlier, PFSI's net income was $204.2 million or diluted earnings per share of $2.94. 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%. We quickly developed a plan to deal with the COVID-19 pandemic and the various work from home orders across the nation. 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. In the fourth quarter, the pretax income was $234.1 million, a 31% decrease from . 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. PennyMac Financial Services, Inc operates as a holding company. The Production segment includes mortgage loan origination, acquisition, and sale activities. Finally, broker direct originations totaled $4.5 billion in UPB in the fourth quarter, up 28% from the prior quarter and 215% percent from the fourth quarter of 2019. Thank you. 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. 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. Licensed by the N.J. Department of Banking and Insurance. Learn More about insider trades at PennyMac Financial Services. 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. Since trades have not actually been executed, results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity, and may not reflect the impact that certain economic or market factors may have had on the decision-making process. The expertise of our deep management team, combined with the technology investments we have made, support PennyMac's growth strategy in a changing mortgage market. 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. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. Production segment pretax income was $572.6 million, down 7% from the prior quarter and up 182% from the fourth quarter of 2019, driven by continued growth in direct lending and strong performance across all channels. 18.5 million shares or approximately 24% of PFSI's common shares outstanding. Net assets under management totaled $2.3 billion as of June 30, down slightly from March 31 and up 5% from June 30, 2020. North Carolina Permit No. PennyMac is a mortgage lender and servicer headquartered in Westlake Village, California. 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. Broker originations in July totaled $1.2 billion and locks totaled $1.7 billion.

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