Learn More about David A. Spector's net worth. Learn More on PennyMac Financial Services' active insiders. Our goal is to be a trusted financial partner that you can count on as long as you own your home. How do I contact David A. Spector? 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. 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. Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. Headquarters. 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. 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. He previously served as Chief Correspondent Lending Officer and has been a member of the company's executive management team since 2011. StockNews.com raised PennyMac Financial Services from a sell rating to a hold rating in a report on Saturday, February 11th. PennyMac Financial Services, Inc. (NYSE:PFSI) Q4 2020 Earnings Conference Call February 4, 2021 4:30 PM ET, Isaac Garden - Vice President Investor Relations, David Spector - President and Chief Executive Officer, Doug Jones - Chief Mortgage Banking Officer. The return on the trade was 60.70%. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. (business & personal). The origination market continues to be strong on a historical basis as mortgage rates have recently returned to near record lows. PennyMac. the company. NMLS ID # 35953. We quickly developed a plan to deal with the COVID-19 pandemic and the various work from home orders across the nation. This information is provided for illustrative purposes only. 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. Thanks, Doug. 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 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. Learn More on David A. Spector's salary. Warning! Meet our Smart Portfolio. PennyMac Financial Services, Inc. a annonc que Doug Jones, prsident et directeur des services hypothcaires, a rejoint son conseil d'administration compter du 1er mars 2023. 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. Business Incorporated: 33% of correspondent acquisitions were government loans and 67% were conventional loans. "I am delighted to announce Doug Jones' election to our. And I'm pleased to be joined by PennyMac Financial Services CEO,. We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. Thank you. The committed pipeline at July 31 was $7.2 billion. Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. Dan Perotti , PFSIs Senior Managing Director and Chief Financial Officer will discuss the financials in more detail later on in this discussion. We issued $650 million in an inaugural senior unsecured note offering, raised funding capacity with our banking partners, and enhanced our existing Ginnie Mae MSR financing structure to include servicing advances. 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. Importantly, PennyMac retains the servicing rights and carries an option to repurchase these government-insured loans in the event they become eligible for redelivery into Ginnie Mae securities. 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. The firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. The stock was sold at an average price of $58.12, for a total value of $741,030.00. Company profile for PennyMac Financial Services Inc. including key executives, insider trading, ownership, revenue and average growth rates. For the complete insider trading history of PFSI, click here. The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. 18.5 million shares or approximately 24% of PFSI's common shares outstanding. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. Similar Profiles. 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. Approve of CEO. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. Hedge funds and other institutional investors have recently modified their holdings of the stock. Thanks, Andy. And finally, PMT, the investment vehicle that PFSI manages was able to largely preserve its book value in 2020 which led to solid results in PFSIs Investment Management segment. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. 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. 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. Please note all regulatory considerations regarding the presentation of fees must be taken into account. GuruFocus has detected 8 Warning Signs with PFSI. 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. The opportunity to grow these newer channels is exciting and provides PFSI a multi-channel, diversified and profitable production segment that will further grow the servicing portfolio with high quality assets. Get a breakdown of the different strategies based on detected insider trading activity. 292 Pennymac reviews in Los Angeles, CA. The most recent insider tranaction occured on March, 1st when insider Steven Richard Bailey sold 13,604 shares worth more than $825,762.80. Before we begin, let me remind you that our discussion contains forward-looking statements that are subject to risks identified on slide two that could cause our actual results to differ materially as well as non-GAAP measures that have been reconciled to their GAAP equivalent in our earnings presentation. 3043 Townsgate Rd Ste 200, Westlake Village, CA 91361-3027. And since the beginning of 2020, we have now repurchased over 18.5 million shares or approximately 24% of PFSI's common shares outstanding. 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. As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . All loan programs subject to borrowers meeting appropriate underwriting conditions. 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. 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. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. As you will see on slide 20, we provide a breakdown of the revenue contribution from each of PFSIs loan production channels, net of loan origination expenses, including the fulfillment fees received from PMT for conventional correspondent loans. Search over 700 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. Thank you for sharing your valuable opinion. While 2020 was a record, we have a long track record of strong performance. 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. All of these workflow and technology investments will improve the experience for the consumer and for the broker, improve productivity, specifically in sales and operations, which will enable higher volumes at a reduced cost to originate. Backtested performance is developed with the benefit of hindsight and has inherent limitations. 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. 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. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. Now I'll turn it over to Doug, who will discuss our mortgage banking businesses.