david spector pennymac email
In January, our broker direct originations totaled $1.4 billion in UPB, and locks totaled $2.1 billion. 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 Servicing segment offers servicing of originated mortgage loans and execution and management of early buyout transactions. Hedging and other gains of over $943 million largely offset an MSR fair value decrease of over $1.1 billion. 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. Other restrictions apply. (03-2023). Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. 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. Pennymac's servicing portfolio grew to $518 billion in unpaid balance, up 2% from Dec. 31, 2021, and 16% from March 31, 2021, led by production volumes which more than offset prepayment activity,. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 12/23/2020 at the average price of $67.19. Net assets under management were down slightly quarter-over-quarter to $2.3 billion. For licensing information, go to: www.nmlsconsumeraccess.org. Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. Segment revenue was $9.7 million, down from $9.8 million in the prior quarter which included gains related to PMT shares owned by PFSI. Conventional correspondent acquisitions, for which PFSI earns a fulfillment fee from PMT, totaled $38 billion in UPB, up 39% from the prior quarter and 85% from the fourth quarter of 2019. 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. Following the transaction, the chief executive officer now directly owns 650,183 shares in the company, valued at approximately $39,427,097.12. Conventional correspondent acquisitions, for which PFSI earns a fulfillment fee from PMT, totaled $30.5 billion, down 10% from the prior quarter and up 61% from the second quarter of 2020. All loan programs subject to borrowers meeting appropriate underwriting conditions. PennyMac Financial Servicess payout ratio is 9.54%. 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. Get contact details including emails and phone numbers 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%. PennyMac. While margins across channels have come in lower from the third quarter, we saw the shift in Government correspondent margins come in the most towards more normalized levels. David is based out of Agoura Hills, California, United States and works in the Financial Services industry. 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. If you have an ad-blocker enabled you may be blocked from proceeding. Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. 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. 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. 47.206 (3) & (4). During the last ninety days, David A. Spector has sold $2,498,888.16 in shares of PennyMac Financial Services stock. Im proud of the actions we have taken and the dedicated management team across the company that has helped put these plans into action. (business & personal). A free inside look at company reviews and salaries posted anonymously by employees. Our goal is to be a trusted financial partner that you can count on as long as you own your home. If you're not automatically redirected, please click here. 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 works at Pennymac Loan Services, Llc as Chief Investment Officer. PennyMac Financial Services, Inc operates as a holding company. We encourage investors with any questions to reach out to our Investor Relations team by e-mail or phone. How do I contact David A. Spector? The firm engages in the production and servicing of U.S. residential mortgage loans. David Spector. 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. Changes in these assumptions may have a material impact on the backtested returns presented. Thank you. 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. NMLS ID # 35953. 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 >. 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 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. Warning! 3043 Townsgate Rd Ste 200, Westlake Village, CA 91361-3027. Search over 700 The TipRanks Smart Score performance is based on backtested results. Enter your email to receive our newsletter. The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. The committed pipeline at July 31 was $7.2 billion. 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. The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. It operates through the following segments: Production, Servicing, and Investment Management. Hedge funds and other institutional investors have recently modified their holdings of the stock. | 3 Mrz 2023. Business Incorporated: And since the beginning of 2020, we have now repurchased over 18.5 million shares or approximately 24% of PFSI's common shares outstanding. The ex-dividend date was Monday, February 13th. What was David Spectors latest transaction? I am incredibly thankful and proud of the over 6,000 PennyMac employees who managed through the challenges of the pandemic to deliver these extraordinary results. Right now, we realize the importance of home like never before. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . David A. Spector is a businessperson who has been the head of 9 different companies. 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. A number of research firms recently issued reports on PFSI. Operating revenue decreased $2 million from the prior quarter driven by declines in earnings on custodial balances. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. 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. Pricing margins in the channel decreased sharply, reflecting intense levels of competition between channel leaders. 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. 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. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. However, he will become a special advisor to David Spector, chairman and chief . 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. 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. The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. Please disable your ad-blocker and refresh. David Spector latest transaction was an Uninformative Buy of . Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $69.50. If so, please call us at 866.545.9070. This balanced business helps generate strong results across a variety of market and rate environments. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. Learn More about David A. Spector's net worth. No P&I advances are outstanding as prepayment activity continued to sufficiently cover remittance obligations. Backtested performance is developed with the benefit of hindsight and has inherent limitations. 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. 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 . Please take a moment to watch a special video from our President and CEO, David Spector. David Spector is currently Chairman of the Board, President and Chief Executive Officer at PennyMac - View - PennyMac org chart Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. 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. 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. As a management team, we are committed to putting the health and safety of our team members at the heart of our decisions. Segment revenue was $13.5 million, up 41% from the first quarter and 28% from June 30, 2020. David Spector joined PennyMac in 2008. David Spector President and Chief Executive Officer Lior Ofir Senior Managing Director & Chief Information Officer Stanford L. Kurland Executive Chairman Amir Pirnia SVP Engineering JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. 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. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. Similar Profiles. Main Telephone (818) 224-7442 Primary Address 3043 Townsgate Road Suite 200 Westlake Village, CA 91361 USA Fiscal Close December Founded 2008 PennyMac Financial Services, Inc. (NYSE:NYSE:PFSI) Q2 2021 Earnings Conference Call August 5, 2021 5:05 PM ETCompany ParticipantsIsaac Garden - Vice President, Investor RelationsDavid. No representations and warranties are made as to the reasonableness of the assumptions. With that, I will now turn the call over to Andy Chang, Senior Managing Director and Chief Operating Officer, who will review the mortgage origination landscape and the drivers of profitability for PFSI going forward. The barriers to entry for these businesses that require scale for success provide PFSI a strategic advantage over our competitors. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. 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. 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 the committed pipeline at July 31 was $1.9 billion. North Carolina Permit No. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. Chart Data in Insider Trading History Table. During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. Learn More on David A. Spector's contact information. Now I'd like to begin by introducing David Spector, PennyMac Financial's Chairman and Chief Executive Officer, who will review the company's second quarter 2021 results. 112 S. Lakeview Canyon Rd, Ste. While the Pennymac workforce stays home to help flatten the curve, we know first responders, medical staff, delivery drivers, our essential workers and more, are out there heroically providing for those in need. Copyright 2023 Surperformance. While 2020 was a record, we have a long track record of strong performance. 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.). 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. 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(NASDAQ:GERN), Gentherm Incorporated (NASDAQ:THRM) Stock Position Increased by Tower Research Capital LLC TRC, Tower Research Capital LLC TRC Sells 1,356 Shares of iShares Dow Jones U.S. ETF (NYSEARCA:IYY), Tower Research Capital LLC TRC Sells 4,212 Shares of Chesapeake Utilities Co. (NYSE:CPK), Tower Research Capital LLC TRC Has $260,000 Stock Position in Veradigm Inc. (NASDAQ:MDRX), Tower Research Capital LLC TRC Sells 2,680 Shares of The Toronto-Dominion Bank (NYSE:TD), Veradigm Inc. (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. 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. 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. As David mentioned earlier, PFSI's net income was $204.2 million or diluted earnings per share of $2.94. "I am delighted to announce Doug Jones' election to our. View David Spector's email address (d*****@pennym***.com) and phone number. The return on the trade was 60.70%. 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. Learn More on David A. Spector's salary. Thanks, Doug. I'll now turn it over to Dan, who will speak to the financial results for the quarter. For the complete insider trading history of PFSI, click here. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets. 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 . David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Revenue per fallout-adjusted government lock in the second quarter was 30 basis points, down from 37 basis points in the prior quarter. 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. This hiring mostly occurred in three key areas, servicing, direct lending and fulfillment services. 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. The most recent insider tranaction occured on March, 1st when insider Steven Richard Bailey sold 13,604 shares worth more than $825,762.80. Learn More on David A. Spector's trading history. 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. Servicing advances outstanding were approximately $454 million at December 31, up from $346 million at September 30, primarily associated with seasonal tax payments. Government loan acquisitions in the quarter totaled $16.2 billion, down 7% from the prior quarter and up 47% from the second quarter of 2020. However, margins in this channel remain attractive. 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. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. Equal Housing Opportunity 2023 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. 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. 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. Jones brings more than 25 years of financial services industry experience to PennyMac Financial Services. At PennyMac, our commitment to our customers doesnt end at closing. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 01/07/2021 at the average price of $60.12. Arizona Mortgage Banker License # 0911088. As the CEO of PennyMac Financial Services, Inc., Mr. Spector earned a total compensation package of $13,575,224.00 in 2021. 67.03% of the stock is currently owned by institutional investors and hedge funds. For more information, review Pennymac's state licenses and important notices. Backtested results are calculated by the retroactive application of a model constructed on the basis of historical data and based on assumptions integral to the model which may or may not be testable and are subject to losses. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. Since the start of 2020, we have repurchased approximately 13% of the PFSI shares that were outstanding at the beginning of 2020. free lookups / month. 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. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. Learn More about David A. Spector's net worth. As David mentioned earlier PFSIs net income was $452.8 million or diluted earnings per share of $5.97. David A. Spector is also on the board of 7 other companies. 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. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. Stanford Kurland, who went from being pushed out of the No. 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. While such a market would be smaller than 2020, it would represent a large origination market by historical standards. Thank you Isaac. #PennymacCaresVisit PENNYMAC.COM for details about how were assisting our family of customers during the COVID-19 crisis. Now Id like to begin by introducing David Spector, PennyMac Financials President and Chief Executive Officer who will review the Companys fourth quarter and full year 2020 results. Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. 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 servicing on your existing mortgage account with Pennymac. Licensed Mortgage Banker-NYS Department of Financial Services. No cash balance or cash flow is included in the calculation. Advances are expected to continue increasing over the next 6 to 12 months. Before we begin, let me remind you that our discussion contains forwardlooking statements that are subject to risks identified on Slide 2 that could cause our actual results to differ materially, as well as certain non-GAAP measures that have been reconciled to their GAAP equivalent.