Thank you. Information on this page was last updated on 3/1/2023. Tower Research Capital LLC TRC Increases Stake in Centrus Energy Corp. Tower Research Capital LLC TRC Boosts Stock Position in Centrus Energy Corp. UBS Group AG Increases Position in Northern Oil and Gas, Inc. Tower Research Capital LLC TRC Increases Position in ABB Ltd (NYSE:ABB), Tower Research Capital LLC TRC Has $254,000 Holdings in Daqo New Energy Corp. (NYSE:DQ), ABB Ltd (NYSE:ABB) Shares Bought by Tower Research Capital LLC TRC, Tower Research Capital LLC TRC Increases Stake in Centrus Energy Corp. (NYSEAMERICAN:LEU), Tower Research Capital LLC TRC Boosts Stock Position in Centrus Energy Corp. (NYSEAMERICAN:LEU), UBS Group AG Increases Position in Northern Oil and Gas, Inc. (NYSE:NOG), Tower Research Capital LLC TRC Sells 3,797 Shares of Daqo New Energy Corp. 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(NASDAQ:MDRX) Shares Bought by Tower Research Capital LLC TRC, UBS Group AG Has $3.26 Million Stock Holdings in Delek Logistics Partners, LP (NYSE:DKL), Tower Research Capital LLC TRC Decreases Stake in Westamerica Bancorporation (NASDAQ:WABC), Tower Research Capital LLC TRC Grows Stock Holdings in Barnes Group Inc. (NYSE:B), Woodside Energy Group Ltd (OTCMKTS:WOPEY) Shares Sold by UBS Group AG. 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. During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. Approve of CEO. And I'm pleased to be joined by PennyMac Financial Services CEO,. Is this happening to you frequently? PennyMac Financial Services Inc provides mortgage loans to customers in the United States. The firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. Search over 700 David A. Spector is also on the board of 7 other companies. David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. Similarly, lock volume totaled $4.5 billion, down 21%. In total, loan acquisition and origination volumes were $61 billion in the second quarter. PennyMac Mortgage Investment Trust (NYSE:PMT) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ETCompany Participants. 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. Having difficulty making payments? 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. These increases were primarily driven by continued loss mitigation activities related to COVID-19. Our investment management segment delivered pretax income of $4.1 million, up from $1.4 million in the prior quarter as a result of incentive fees earned and down from $4.7 million in the second quarter of 2020. (business & personal). We have also seen a large group of borrowers that reperform and exit forbearance on their own. This outstanding income generated excess capital that we redeployed into increased levels of production, share repurchases, reduction of debt, and increased servicing activity. Thanks, Doug. In the fourth quarter, the pretax income was $234.1 million, a 31% decrease from . This grew our servicing portfolio to over $426 billion in UPB even with elevated prepayment speeds. Net assets under management totaled $2.3 billion as of December 31, up 1% from September 30. What was David Spectors latest transaction? This was all done while the vast majority of our employees were working from home for most of the year. Good afternoon, and welcome to the Fourth Quarter and Full-Year 2020 Earnings discussion for PennyMac Financial Services, Inc. Enter your email to receive our newsletter. 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. Get a breakdown of the different strategies based on detected insider trading activity. Stockholders of record on Tuesday, February 14th were given a dividend of $0.20 per share. State of Wyoming raised its position in shares of PennyMac Financial Services by 9.3% during the 4th quarter. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. 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. In January, our broker direct originations totaled $1.4 billion in UPB, and locks totaled $2.1 billion. Declining interest rates generally produce strong earnings in our production segment, while rising rates will generally produce strong earnings in our servicing segment as prepayments decline and the value of the MSR increases. The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. While our sub-service portfolio, consisting primarily of conventional loans, reported a 60-plus delinquency rate of 1.6%, down from 2.1% at March 31 as borrowers continue to emerge from forbearance plans. Dan Perotti , PFSIs Senior Managing Director and Chief Financial Officer will discuss the financials in more detail later on in this discussion. The business also recently declared a quarterly dividend, which was paid on Friday, February 24th. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, remained elevated but decreased slightly quarter-over-quarter. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.46. 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. the financials in more detail later on in this discussion. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. This is not a commitment to lend. David Spector joined PennyMac in 2008. And with that, I would like to turn it back to David for some closing remarks. The dividend yield of PennyMac Financial Services Inc stocks is 0.93%. As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . Please note all regulatory considerations regarding the presentation of fees must be taken into account. View David Spector's email address (d*****@pennym***.com) and phone number. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. PennyMac Financial Services Inc has a market cap of $4.16 billion; its shares were traded at around $57.450000 with a P/E ratio of 3.36 and P/S ratio of 1.35. 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 trading history. Company profile for PennyMac Financial Services Inc. including key executives, insider trading, ownership, revenue and average growth rates. 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. 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. As our production mix continues to shift towards direct lending, production expenses as a percentage of fallout adjusted locks are expected to trend higher. 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. The slides that accompany this discussion are available on PennyMac Financials website at ir.pennymacfinancial.com. We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. 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. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. We quickly developed a plan to deal with the COVID-19 pandemic and the various work from home orders across the nation. (03-2023). Now I'll turn it over to Doug, who will discuss our mortgage banking businesses. For more information, review Pennymac's state licenses and important notices. 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. 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. 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. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . This net worth estimate does not reflect any other assets that Mr. Spector may own. 292 Pennymac reviews in Los Angeles, CA. Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. Please. 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. Hedge funds and other institutional investors have recently modified their holdings of the stock. Jones brings more than 25 years of financial services industry experience to PennyMac Financial Services. 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. We also repurchased approximately 1.6 million shares of PFSIs common stock, at an approximate cost of $89.3 million. 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. Lastly, originations in our broker direct channel totaled $4 billion in UPB, down 22% from the prior quarter. 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. Thank you, David. 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. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europes Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX, Chairman/CEO, Pennymac Mortgage Investment. David works at Pennymac Loan Services, Llc as Chief Investment Officer. GuruFocus has detected 8 Warning Signs with PFSI. We have used our cloud-based technology systems to aid in scaling our businesses to the market and supported that growth with strategic hiring of employees. 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. As the CEO of PennyMac Financial Services, Inc., Mr. Spector earned a total compensation package of $13,575,224.00 in 2021. This concludes PennyMac Financial Services, Inc.'s second quarter earnings discussion. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. Actual performance may differ significantly from backtested performance. This balanced business helps generate strong results across a variety of market and rate environments. Thank you Isaac. President & CEO David Spector sold 30,000 shares of PFSI stock on 01/12/2021 at the average price of $57.43. Dans son rle . Thank you for sharing your valuable opinion. January 25, 2021. 47.206 (3) & (4). 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. Our correspondent mix percentage was essentially unchanged from the previous quarter, as 35% of the acquisitions were government loans and 65% were conventional loans. 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%. This hedging strategy is designed to moderate the impact of interest rate changes on the fair value of our MSR asset and also considers productionrelated income. Interest rate lock volume was $5.7 billion in UPB, up 4% from the third quarter and 234% from the fourth quarter of 2019. Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. 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. The percentage of loans in forbearance decreased to 7.8% at December 31 from 10.1% at September 30 as new forbearance plans implemented since September 30 were more than offset by borrowers in forbearance plans at September 30 who have since exited. 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. Finally, Barclays lifted their price objective on PennyMac Financial Services from $58.00 to $69.00 and gave the company an equal weight rating in a report on Friday, February 3rd. Learn More about insider trades at PennyMac Financial Services. This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. 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. 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. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. 10 Ratings. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. Get contact details including emails and phone numbers PFSI's Board of Directors also declared a second quarter cash dividend of $0.20 per share. Speaker: David Spector - Chairman and Chief Executive Officer Thank you Isaac. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 01/07/2021 at the average price of $60.12. Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. With the large and growing servicing portfolio and an industry leading correspondent production group, PFSI is an established leader with a growing presence across all facets of mortgage banking. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View 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 January, our consumer direct originations totaled $3.1 billion in UPB and locks totaled $4.4 billion. Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. Our consumer direct lending division produced record origination and lock volumes again despite a smaller origination market in the second quarter. January 25, 2021, 12:31 p.m. EST 1 Min Read. In order to protect the value of our MSR asset we utilize a comprehensive hedging strategy. Thanks, Andy. For servicing on your existing mortgage account with Pennymac. A number of research firms recently issued reports on PFSI. Hedging and other gains of over $943 million largely offset an MSR fair value decrease of over $1.1 billion. The technology based digital marketing platform, coupled with dedicated loan officers and an efficient operating processes, gives PennyMac a strong foundation for continued growth. His family and PennyMac, which announced his passing, said he died from complications . PennyMac Financial Services, Inc operates as a holding company. 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. 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 >. Ready to apply or complete your application? Other restrictions apply. 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. Net income was $453 million or diluted earnings per share of $5.97 resulting in book value growth per share of 15% to $47.80, up from $41.67 at the end of the prior quarter. Revenue per fallout-adjusted government lock in the second quarter was 30 basis points, down from 37 basis points in the prior quarter. And the committed pipeline at July 31 was $1.9 billion. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. {{ userNotificationState.getAlertCount('bell') }}. David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. 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. PennyMac Financial Services' insider roster includes Anne Mccallion (Director), Farhad Nanji (Director), and David Spector (CEO). If you're not automatically redirected, please click here. The UPB of completed modifications was $6.3 billion, up significantly from $4 billion last quarter and the UPB of EBO loan volume totaled $5 billion, also up significantly from last quarter as a result of the continued focus on loss mitigation activities. 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 origination market continues to be strong on a historical basis as mortgage rates have recently returned to near record lows. David Spector Email Address Found 7 email address listings: @pennymacfinancial.com @countrywide.com @pennymacusa.com @pnmac.com @yahoo.com +2 more David Spector Phone Number Found 6 phone numbers: 818-292-XXXX 818-324-XXXX 818-224-XXXX 818-332-XXXX 212-761-XXXX +1 more View David's Email & Phone (It's Free) 5 free lookups per month. The total sale was $1.7 million. NMLS ID # 35953. Thanks, Andy. The stock was sold at an average price of $60.80, for a total value of $912,000.00. 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. Revenue per fallout-adjusted lock was 343 basis points in the quarter, a decrease from the first quarter. 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. 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. 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. Learn More on David A. Spector's salary. Thanks, Doug. In January, our correspondent acquisitions remained strong, with $17.9 billion in UPB of acquisitions and lock volume of $17.8 billion. PennyMac Financial's owned portfolio reported a prepayment speed of 28.3% in the second quarter, down from 32.6% in the prior quarter. 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. Stanford Kurland, who went from being pushed out of the No. Chart Data in Insider Trading History Table. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. the company. These strong production volumes again led to servicing portfolio growth despite continued elevated prepayment activity. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. Wells Fargo & Company raised PennyMac Financial Services from an equal weight rating to an overweight rating and lifted their price objective for the company from $54.00 to $75.00 in a report on Tuesday, December 6th. The estimated net worth of David A. Spector is at least $40.95 million as of March 1st, 2023. free lookups / month. This high level of efficiency was largely due to our cloud-based, proprietary servicing system, otherwise known as SSE. PennyMac Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only. Book value per share grew 5% to $54.49 at June 30. You will be contacted by a representative that will help answer any inquiries you have. Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. The direct lending channels continued to have an outsized impact on PFSIs production earnings in the fourth quarter. Net income was $204 million or diluted earnings per share of $2.94, representing an annualized return on equity of 23%. 18.5 million shares or approximately 24% of PFSI's common shares outstanding. The average return per transaction made by David Spector is 3.50%. If you need the payment address, click here. The ongoing success can be attributed to the increased application of data analytics, our growing servicing portfolio and the investments we have made in the loan fulfillment and sales process. For licensing information, go to: www.nmlsconsumeraccess.org. 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. 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). PennyMac Financial delivered another outstanding quarter of operational and financial performance, despite the increased volatility in the mortgage market. Net assets under management were down slightly quarter-over-quarter to $2.3 billion. 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. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. 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.). 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. 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. If you have an ad-blocker enabled you may be blocked from proceeding. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. PennyMac is a mortgage lender and servicer headquartered in Westlake Village, California. 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. Our Investment Management segment delivered pretax income of $2.6 million, down from $3.3 million in the prior quarter and down from $5.2 million in the fourth quarter of 2019. See what top analysts say about your stocks. We built our correspondent business into the largest in the U.S. over the last decade while at the same time growing our servicing portfolio, primarily organically. 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.