Stockholders of record on Tuesday, February 14th were given a dividend of $0.20 per share. Additionally, PFSI's Board of Directors approved an increase to its stock repurchase authorization from $1 billion to $2 billion. No P&I advances are outstanding as prepayment activity continued to sufficiently cover remittance obligations. The percentage of profitable transactions made by David Spector is 44%. 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. Advances are expected to continue increasing over the next 6 to 12 months. If you need the payment address, click here. 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 balanced business with our large and growing servicing portfolio also becomes an increasingly important component of our earnings as interest rates increase, and we believe this provides a competitive advantage relative to others when the industry's origination volumes return to more normalized levels. The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. Some products may not be available in all states. In July, our correspondent acquisitions were $15 billion in UPB and locks were $12.8 billion. 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. Pennymac has 10 current employee profiles, including President and Chief Executive Officer David Spector. 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. Our large, organically built servicing portfolio provides a counter-balance to our production activity. Servicing advances outstanding were approximately $454 million at December 31, up from $346 million at September 30, primarily associated with seasonal tax payments. Our higher-margin consumer direct lending channel continued to expand, producing record locked and funded volumes during the quarter, which we estimate has resulted in a significant increase in market share. Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. Our goal is to be a trusted financial partner that you can count on as long as you own your home. His family and PennyMac, which announced his passing, said he died from complications . Segment revenue was $13.5 million, up 41% from the first quarter and 28% from June 30, 2020. 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. Enter your email to receive our newsletter. Net income was $204 million or diluted earnings per share of $2.94, representing an annualized return on equity of 23%. PennyMac Financial Services, Inc. operates as a holding company. The slides that accompany this discussion are available on PennyMac Financials website at ir.pennymacfinancial.com. As David mentioned earlier PFSIs net income was $452.8 million or diluted earnings per share of $5.97. Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. PennyMac Financial Servicess payout ratio is 9.54%. Our balanced business model continues to deliver consistent profitability and value creation as it has done over the last seven years as a public company. {{ userNotificationState.getAlertCount('bell') }}. The Servicing segment offers servicing of originated mortgage loans and execution and management of early buyout transactions. David Spector - Chairman and Chief . Please disable your ad-blocker and refresh. million verified professionals across 35 million companies. Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. Receive News & Ratings for PennyMac Financial Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PennyMac Financial Services and related companies with MarketBeat.com's FREE daily email newsletter. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. Get contact details including emails and phone numbers Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 01/07/2021 at the average price of $60.12. Please. 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. Contact our customer service team with any inquiries by sending us a message through the Message Center by simply logging in to your account. Is this happening to you frequently? Hedging and other gains of over $943 million largely offset an MSR fair value decrease of over $1.1 billion. We are also increasing the use of online closings and automation. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. This hiring mostly occurred in three key areas, servicing, direct lending and fulfillment services. The stock was sold at an average price of $60.80, for a total value of $912,000.00. Enter your email address below to get our daily insider buying and selling report. 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. View detailed PFSI description & address. 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. At PennyMac, our commitment to our customers doesnt end at closing. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. State of Wyoming raised its position in shares of PennyMac Financial Services by 9.3% during the 4th quarter. These record volumes resulted in the growth of our servicing portfolio to $427 billion in UPB, despite extraordinary levels of prepayment activity. Stanford Kurland. PennyMac Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only. The predominant outcome has been through loan modifications to the borrowers to aid in their recovery. David Spectors most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. The stock was sold at an average price of $60.64, for a total value of $1,586,888.16. While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. Production revenue margins remain elevated, especially with PFSIs growth in consumer and broker direct volumes. 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. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. Mr. Spector owns 650,183 shares of PennyMac Financial Services stock worth more than $40,948,525 as of March 4th. While Stan had retired from day-to-day responsibilities at PennyMac, he remained a trusted advisor and dear friend. 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. 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. Co-op loans not available. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. 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. 130 Westlake Village, CA, 91362 Get Directions. While 2020 was a record, we have a long track record of strong performance. Pennymac Cares | Thank You from President & CEO, David Spector 108,081 views Apr 21, 2020 Right now, we realize the importance of home like never before. 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. Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. Pretax income excluding valuation-related items for the servicing segment was $234.3 million, up 30% from the prior quarter and 499% from the fourth quarter of 2019. PennyMac Financial reported strong earnings in the fourth quarter driven by core production and servicing results. Thanks, Andy. This chart shows David Spector's buying and selling at PennyMac Financial Services by year and by quarter. For servicing on your existing mortgage account with Pennymac. David Spector Chief Investment Officer Agoura Hills, California, United States 1K followers 500+ connections Join to connect Penny Mac University of California, Los Angeles Activity Thank you. PennyMac CEO David Spector to serve as chairmen of its mortgage REIT, financial services The CEO of both PennyMac companies, David Spector (pictured), has added the chairman's title, filling the vacancies created by the death of founder Stanford Kurland. Similarly, lock volume totaled $4.5 billion, down 21%. (03-2023). The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View The direct lending channels continued to have an outsized impact on PFSIs production earnings in the fourth quarter. 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 company reported a net income of $1 billion in 2021, down from a record of $1.6 billion in the previous year. David Spector. 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. General assumptions include: XYZ firm would have been able to purchase the securities recommended by the model and the markets were sufficiently liquid to permit all trading. Warning! Thank you. View David Spector's email address (d*****@pennym***.com) and phone number. For licensing information, go to: www.nmlsconsumeraccess.org. The price of the stock has decreased by 8.12% since. David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. 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. PennyMac Financial Services, Inc operates as a holding company. This growth in production is not only due to the significant investments we have made in our production technology, which Doug will elaborate on later, but is also due to the considerable investments we have made in people. BBB File Opened: 2/5/2015. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, remained elevated but decreased slightly quarter-over-quarter. And with that, I would like to turn it back to David for some closing remarks. The estimated net worth of David A. Spector is at least $40.95 million as of March 1st, 2023. Licensed by the N.J. Department of Banking and Insurance. Jones brings more than 25 years of financial services industry experience to PennyMac Financial Services. 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 . PFSI's Board of Directors also declared a second quarter cash dividend of $0.20 per share. 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However, margins in this channel remain attractive. 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. 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. PennyMac Financial's servicing portfolio totaled $473 billion in unpaid principal balance at June 30, up 5% from the end of the prior quarter and 22% from June 30, 2020. For the total servicing portfolio, we facilitated approximately 291,000 forbearance plans for our customers, with over 90% of those enrolled through our automated channels. the financials in more detail later on in this discussion. Hedge funds and other institutional investors have recently modified their holdings of the stock. 67.03% of the stock is currently owned by institutional investors and hedge funds. Thank you. Now I'd like to begin by introducing David Spector, PennyMac Financial's Chairman and Chief Executive Officer who will review the Company's fourth quarter and full-year 2022 results. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. In January, our consumer direct originations totaled $3.1 billion in UPB and locks totaled $4.4 billion. In the last year, insiders at the real estate investment trust sold shares 23 times. Lastly, originations in our broker direct channel totaled $4 billion in UPB, down 22% from the prior quarter. We believe this represents approximately 13% of the total brokers and non-delegated sellers active in the market today, providing continued room for growth and expansion within the channel in the future. Susquehanna Fundamental Investments LLC now owns 85,385 shares of the real estate investment trusts stock worth $4,838,000 after purchasing an additional 16,980 shares during the last quarter. Click here to check it out. 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. Thanks, Doug. 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. 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. PennyMac Loan Services, LLC PO Box 950002 Fort Worth, TX 76155-9802, PennyMac Loan Services, LLC PO Box 5133 Thousand Oaks, CA 91359-5133, 3043 Townsgate Rd, Suite 200 Westlake Village, CA 91361 818.224.7442. Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. 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. 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. 33% of correspondent acquisitions were government loans and 67% were conventional loans. This brings the total repurchases year-to-date to approximately $600 million. .This article first appeared on GuruFocus. This information is provided for illustrative purposes only. As the CEO of PennyMac Financial Services, Inc., Mr. Spector earned a total compensation package of $13,575,224.00 in 2021. The Production segment includes mortgage loan origination, acquisition, and sale activities. Dan Perotti , PFSIs Senior Managing Director and Chief Financial Officer will discuss the financials in more detail later on in this discussion. Pennymac Westlake Village, CA office. 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. Consumer and broker direct represented 20% of fallout adjusted lock volume in the fourth quarter but accounted for over 70% of segment pretax income. The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. January 25, 2021, 12:31 p.m. EST 1 Min Read. PennyMac Financial Services Inc provides mortgage loans to customers in the United States. And I'm pleased to be joined by PennyMac Financial Services CEO,. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. The Servicing segment recorded pretax income of $42 million, down from pretax income of $111.7 million in the prior quarter and up from a pretax loss of $5.1 million in the fourth quarter of 2019.

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