47.206 (3) & (4). 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. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. Please take a moment to watch a special video from our President and CEO, David Spector. The Production segment includes mortgage loan origination, acquisition, and sale activities. David Spector Net Worth, Biography, and Insider Trading 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 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. PennyMac Financial delivered another outstanding quarter of operational and financial performance, despite the increased volatility in the mortgage market. Net income was $204 million or diluted earnings per share of $2.94, representing an annualized return on equity of 23%. 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. 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. What is David Spector's role in PennyMac Mortgage? 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. This balanced business helps generate strong results across a variety of market and rate environments. These technology investments are critical drivers to the growth of our direct lending businesses. Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. 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. Im proud of the actions we have taken and the dedicated management team across the company that has helped put these plans into action. He previously served as Chief Correspondent Lending Officer and has been a member of the company's executive management team since 2011. This information is provided for illustrative purposes only. PennyMac. Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. Please. These record volumes resulted in the growth of our servicing portfolio to $427 billion in UPB, despite extraordinary levels of prepayment activity. PennyMac | Better Business Bureau Profile View David Spector's email address (d*****@pennym***.com) and phone number. Book value per share grew 5% to $54.49 at June 30. 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. The shares were sold at an average price of $60.64, for a transaction totalling $1,586,888.16. And for the month of July, we repurchased an additional 2.5 million shares for an approximate cost of $151 million. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 7.36 and a beta of 1.49. Payoff-related expense, which includes interest shortfall and recording and release fees related to prepayments, remains elevated and increased by $8.3 million quarteroverquarter. The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. Thank you. 18.5 million shares or approximately 24% of PFSI's common shares outstanding. PennyMac Mortgage Investment Trust (NYSE:PMT) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ETCompany Participants. PennyMac Financial Services, Inc operates as a holding company. David Spector - Chief Investment Officer at Pennymac Loan Services, Llc These strong production volumes again led to servicing portfolio growth despite continued elevated prepayment activity. 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Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 12/23/2020 at the average price of $67.19. 130 Westlake Village, CA, 91362 Get Directions. Contact our customer service team with any inquiries by sending us a message through the Message Center by simply logging in to your account. 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. 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. Company profile for PennyMac Financial Services Inc. including key executives, insider trading, ownership, revenue and average growth rates. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. In total, loan acquisition and origination volumes were $61 billion in the second quarter. Certain assumptions have been made for modeling purposes and are unlikely to be realized. 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. How do I contact David A. Spector? 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 Financial Services, Inc. annonce que Doug Jones s'est joint Doug Jones Joins PennyMac Financial Services Board - NMP This hedging strategy is designed to moderate the impact of interest rate changes on the fair value of our MSR asset and also considers production-related income. 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 . The history of PennyMac Financial was borne out of the Great Financial Crisis, with a desire to help distressed borrowers. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. These businesses are foundational to PFSI and not easily replicated. 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. 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. PFSI's Board of Directors also declared a second quarter cash dividend of $0.20 per share. PennyMac Financial delivered strong fourth quarter results, marking the end to a record year. Revenue per fallout adjusted lock for PFSIs own account was 217 basis points in the fourth quarter, down slightly from 236 basis points in the third quarter. David Spector Sells 15,000 Shares of PennyMac Financial Services, Inc Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. Ultimately, we believe for these reasons, PennyMac will continue its market share growth as a channel leader. Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. David Spector email address & phone number | Penny Mac Chief Investment These businesses provide PFSI a stable foundation through their low cost structures while our scaled fulfillment operation enables more aggressive growth in our higher margin direct lending channels. The stock was sold at an average price of $58.12, for a total value of $741,030.00. Backtested performance is developed with the benefit of hindsight and has inherent limitations. 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. Equal Housing Opportunity 2023 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. And, we continue to enhance our MAC portal, thus improving the ability for borrowers to self-service throughout the entire origination process. 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. Mr. Kurland was 68. Thanks, Doug. In January, our consumer direct originations totaled $3.1 billion in UPB and locks totaled $4.4 billion. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. Following the transaction, the chief executive officer now directly owns 650,183 shares in the company, valued at approximately $39,427,097.12. Hedging and related gains totaled $91 million. While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. Stanford Kurland, who went from being pushed out of the No. 67.03% of the stock is currently owned by institutional investors and hedge funds. Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. Consumer and broker direct represented 20% of fallout adjusted lock volume in the fourth quarter but accounted for over 70% of segment pretax income. PennyMac, Homepoint and other lenders announce new leaders | National 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. The average return per transaction made by David Spector is 3.50%. 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. 2023-03-02 | NYSE:PFSI | Press Release | PennyMac Financial Services Inc. Interest rate lock volume was $5.7 billion in UPB, up 4% from the third quarter and 234% from the fourth quarter of 2019. The price of the stock has decreased by 8.12% since. 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. The Servicing segment offers servicing of originated mortgage loans and execution and management of early buyout transactions. Arizona Mortgage Banker License # 0911088. David Spector - Chairman & Chief Executive Officer, PennyMac Loan Production segment pretax income was $244.4 million, down 33% from the prior quarter and 55% from the second quarter of 2020. Learn More on David A. Spector's contact information. PennyMac Financial again delivered outstanding financial performance in the second quarter, driven by continued strong production and core servicing results partially offset by net MSR fair value declines. The estimated net worth of David A. Spector is at least $40.95 million as of March 1st, 2023. The technology based digital marketing platform, coupled with dedicated loan officers and an efficient operating processes, gives PennyMac a strong foundation for continued growth. David Spector President and Chief Executive Officer Lior Ofir Senior Managing Director & Chief Information Officer Stanford L. Kurland Executive Chairman Amir Pirnia SVP Engineering 119504607, 119505929, 119506567, 119506570, 119507419. "I am delighted to announce Doug Jones' election to our. David served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac. Net income in the fourth quarter was the second highest in the history of. Item 1.01 Entry into a Material Definitive Agreement. Chart Data in Insider Trading History Table. And with that, I would like to turn it back to David for some closing remarks. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. As a management team, we are committed to putting the health and safety of our team members at the heart of our decisions.
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