Net assets under management were down slightly quarter-over-quarter to $2.3 billion. All loan programs subject to borrowers meeting appropriate underwriting conditions. 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. Right now, we realize the importance of home like never before. Maverick Capital Ltd. now owns 7,468 shares of the real estate investment trusts stock worth $423,000 after purchasing an additional 1,873 shares during the last quarter. {{ userNotificationState.getAlertCount('bell') }}. 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. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. Find the best performing Analyst in each sector. JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. 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. Main Telephone (818) 224-7442 Primary Address 3043 Townsgate Road Suite 200 Westlake Village, CA 91361 USA Fiscal Close December Founded 2008 At PennyMac, our commitment to our customers doesnt end at closing. DO NOT SEND PAYMENTS TO THIS ADDRESS. StockNews.com raised PennyMac Financial Services from a sell rating to a hold rating in a report on Saturday, February 11th. (business & personal). Thank you, David. Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. Thank you, David. And as our production mix continues to shift toward direct lending, production expenses as a percentage of fallout-adjusted locks are expected to trend higher. David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. 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. 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. 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. 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. 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. David Spector President and Chief Executive Officer Lior Ofir Senior Managing Director & Chief Information Officer Stanford L. Kurland Executive Chairman Amir Pirnia SVP Engineering While 2020 was a record, we have a long track record of strong performance. 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. This grew our servicing portfolio to over $426 billion in UPB even with elevated prepayment speeds. Our direct lending channels, which include both our consumer direct lending and broker direct lending, have experienced faster growth and are becoming much more significant contributors to PFSIs earnings profile. The committed pipeline at July 31 was $7.2 billion. No cash balance or cash flow is included in the calculation. 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. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. 10 Ratings. 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. 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. Thank you, Isaac. 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. Copyright 2023 Surperformance. The Servicing segment offers servicing of originated mortgage loans and execution and management of early buyout transactions. .This article first appeared on GuruFocus. 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. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. It operates through the following segments: Production, Servicing, and Investment Management. Licensed by the N.J. Department of Banking and Insurance. 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. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. These technology investments are critical drivers to the growth of our direct lending businesses. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. This chart shows David Spector's buying and selling at PennyMac Financial Services by year and by quarter. Finally, Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 33.5% during the 4th quarter. Interest rate lock volume was $5.7 billion in UPB, up 4% from the third quarter and 234% from the fourth quarter of 2019. Insiders at PennyMac Financial Services own 18.0% of the company. These increases were primarily driven by continued loss mitigation activities related to COVID-19. Net income was $204 million or diluted earnings per share of $2.94, representing an annualized return on equity of 23%. PennyMac Financial Services can also be reached via phone at (818) 224-7442 and via email at pfsi_ir@pnmac.com. This net worth estimate does not reflect any other assets that Mr. Spector may own. Equal Housing Opportunity 2023 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. 112 S. Lakeview Canyon Rd, Ste. 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. 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. Contact our customer service team with any inquiries by sending us a message through the Message Center by simply logging in to your account. As you can see in greater detail on slide 21, EBO loan-related revenue increased significantly to $233.3 million as a result of continued loss mitigation activity with borrowers emerging from forbearance while related expenses were modest as most of the loans bought out returned to performing status immediately. 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. Lastly, originations in our broker direct channel totaled $4 billion in UPB, down 22% from the prior quarter. It operates through the following segments: Production, Servicing, and Investment Management. However, margins in this channel remain attractive. Net assets under management totaled $2.3 billion as of December 31, up 1% from September 30. 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 Mortgage Investment Trust (NYSE:PMT) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ETCompany Participants. 119504607, 119505929, 119506567, 119506570, 119507419. 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. 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. This hiring mostly occurred in three key areas, servicing, direct lending and fulfillment services. 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. Consumer and broker direct represented 20% of fallout adjusted lock volume in the fourth quarter but accounted for over 70% of segment pretax income. Enter your email address below to get our daily insider buying and selling report. 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. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. the company. 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. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. 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. 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. The most recent insider tranaction occured on March, 1st when insider Steven Richard Bailey sold 13,604 shares worth more than $825,762.80. The technology based digital marketing platform, coupled with dedicated loan officers and an efficient operating processes, gives PennyMac a strong foundation for continued growth. 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. Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View You will be contacted by a representative that will help answer any inquiries you have. The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. As our production mix continues to shift towards direct lending, production expenses as a percentage of fallout adjusted locks are expected to trend higher. The slides that accompany this discussion are available on PennyMac Financials website at ir.pennymacfinancial.com. BBB File Opened: 2/5/2015. And since the beginning of 2020, we have now repurchased over 18.5 million shares or approximately 24% of PFSI's common shares outstanding. In the fourth quarter, PennyMac Financial delivered net income of 38 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. 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. Thanks, Doug. Pennymac's state licenses and important notices. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. 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. And while we believe the mortgage market will continue to change from a competitive and regulatory perspective, the infrastructure and risk management disciplines that distinguish PennyMac from others in the industry position us well. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. President & CEO David Spector sold 30,000 shares of PFSI stock on 01/12/2021 at the average price of $57.43. As the CEO of PennyMac Financial Services, Inc., Mr. Spector earned a total compensation package of $13,575,224.00 in 2021. Thank you. The company reported a net income of $1 billion in 2021, down from a record of $1.6 billion in the previous year. 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. The history of PennyMac Financial was borne out of the Great Financial Crisis, with a desire to help distressed borrowers. Net assets under management totaled $2.3 billion as of June 30, down slightly from March 31 and up 5% from June 30, 2020. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. Massachusetts Mortgage Lender License # MC35953. David Spector's role in PennyMac Mortgage is Chairman & CEO, Director. 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. The barriers to entry for these businesses that require scale for success provide PFSI a strategic advantage over our competitors. Isaac Garden - Investor Relations. These returns have led to a 29% compounded annual growth rate in our book value per share since our IPO. What is David Spector's role in PennyMac Mortgage? Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . David Spector. Jones brings more than 25 years of financial services industry experience to PennyMac Financial Services. The stock was sold at an average price of $58.12, for a total value of $741,030.00. 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 . In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. PennyMac Financial delivered another outstanding quarter of operational and financial performance, despite the increased volatility in the mortgage market. PennyMac Financial Services, Inc. (NYSE:PFSI) Q2 2021 Earnings Conference Call August 5, 2021 5:05 PM ET, Isaac Garden - Vice President, Investor Relations, David Spector - Chairman & Chief Executive Officer, Andy Chang - Senior Managing Director & Chief Operating Officer, Doug Jones - President & Chief Mortgage Banking Officer, Dan Perotti - Senior Managing Director & Chief Financial Officer. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. Thank you for sharing your valuable opinion. Dan Perotti , PFSIs Senior Managing Director and Chief Financial Officer will discuss the financials in more detail later on in this discussion. The scale we have achieved in our correspondent business, combined with our low-cost structure and operational excellence in the channel, allow us to operate profitably through volatile market environments. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 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 UPB of completed modifications was $5.5 billion, essentially unchanged from the prior quarter, and the UPB of EBO loan volume totaled $6.8 billion, up from $4.2 billion in the prior quarter. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. Please. 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. During the last ninety days, David A. Spector has sold $2,498,888.16 in shares of PennyMac Financial Services stock. 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. A free inside look at company reviews and salaries posted anonymously by employees. This website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. Following the transaction, the chief executive officer now directly owns 650,183 shares in the company, valued at approximately $39,427,097.12. Certain assumptions have been made for modeling purposes and are unlikely to be realized. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. David A. Spector is a businessperson who has been the head of 9 different companies. Hedging and related gains totaled $91 million. Since the start of 2020, we have repurchased approximately 13% of the PFSI shares that were outstanding at the beginning of 2020. No P&I advances are outstanding as prepayment activity continued to sufficiently cover remittance obligations. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 7.36 and a beta of 1.49. I will review each segments results and then we will touch on our forbearance and servicing advance trends. Please disable your ad-blocker and refresh. The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. 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. Being one of the Find contact details for 700 million professionals. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. 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. David is based out of Agoura Hills, California, United States and works in the Financial Services industry. 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. If so, please call us at 866.545.9070. As we outlined in our Investor Day, we see additional opportunities resulting from changes to the GSE's preferred stock purchase agreement. PennyMac Financial's owned portfolio reported a prepayment speed of 28.3% in the second quarter, down from 32.6% in the prior quarter. If you have an ad-blocker enabled you may be blocked from proceeding. PennyMac Financial Services, Inc. operates as a holding company. GuruFocus has detected 5 severe warning signs with PennyMac Financial Services Inc. . Revenue per fallout-adjusted government lock in the second quarter was 30 basis points, down from 37 basis points in the prior quarter. Similar Profiles. We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. What is the average return per transaction made by David Spector? 18.5 million shares or approximately 24% of PFSI's common shares outstanding. As David mentioned earlier, PFSI's net income was $204.2 million or diluted earnings per share of $2.94. Backtested performance is not an indicator of future actual results. Thank you. 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. Mr. David Spector, CEO Mr. Andrew Chang, CFO Mr. Derek Stark, Chief Legal Officer Additional Contact Information Phone Numbers (800) 777-4001 Other Phone Email Addresses Email this. 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 . Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. As you can see on slide 10 of the presentation, consumer and broker direct represented 23% of fallout-adjusted lock volume in the second quarter but accounted for approximately 70% of segment pretax income. 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. 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. Learn More about David A. Spector's net worth. Some products may not be available in all states. The ex-dividend date was Monday, February 13th. Importantly, we continued to repurchase stock, with 2.6 million shares of PFSI's common stock bought back during the quarter for an approximate cost of $155 million. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. 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. Advances are expected to continue increasing over the next 6 to 12 months. 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. View detailed PFSI description & address. Information on this page was last updated on 3/1/2023. The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. We encourage investors with any questions to reach out to our Investor Relations team by e-mail or phone. The return on the trade was 60.70%. 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. 3043 Townsgate Rd Ste 200, Westlake Village, CA 91361-3027. Please disable your ad-blocker and refresh. PennyMac. 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. 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. million verified professionals across 35 million companies. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. 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.
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