PennyMac Financial Services, Inc. operates as a holding company. 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. Production revenue margins remain elevated, especially with PFSIs growth in consumer and broker direct volumes. Pennymac - Contacts, Employees, Board Members, Advisors & Alumni 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. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. Learn More on David A. Spector's contact information. And I'm pleased to be joined by PennyMac Financial Services CEO,. The origination market continues to be strong on a historical basis as mortgage rates have recently returned to near record lows. Co-op loans not available. 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. 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. His family and PennyMac, which announced his passing, said he died from complications . Insiders at PennyMac Financial Services own 18.0% of the company. 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. 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. 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 . PennyMac Financial Services Inc., a national mortgage lender and servicer, announced Thursday that Doug Jones has joined its board of directors. 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. Thank you. No P&I advances have been made to date, as prepayment activity continued to sufficiently cover remittance obligations. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. As David mentioned earlier, PFSI's net income was $204.2 million or diluted earnings per share of $2.94. 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. 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. PennyMac is a mortgage lender and servicer headquartered in Westlake Village, California. 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. And for the month of July, we repurchased an additional 2.5 million shares for an approximate cost of $151 million. The committed pipeline at July 31 was $7.2 billion. 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. The predominant outcome has been through loan modifications to the borrowers to aid in their recovery. Operating revenue decreased $2 million from the prior quarter driven by declines in earnings on custodial balances. We believe we will continue to increase their respective market positions as we execute on our growth initiatives in each channel. Finally, Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 33.5% during the 4th quarter. In January, our correspondent acquisitions remained strong, with $17.9 billion in UPB of acquisitions and lock volume of $17.8 billion. Major name to depart PennyMac | Mortgage Professional Production segment pretax income was $244.4 million, down 33% from the prior quarter and 55% from the second quarter of 2020. Payoff-related expense, which includes interest shortfall and recording and release fees related to prepayments, remains elevated and increased by $8.3 million quarteroverquarter. Stanford Kurland, who went from being pushed out of the No. North Carolina Permit No. Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. View David Spector's email address (d*****@pennym***.com) and phone number. The firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. Pennymac Westlake Village, CA office. PennyMac Financial Services Inc provides mortgage loans to customers in the United States. 47.206 (3) & (4). The total sale was $1.7 million. T. Rowe Price Investment Management Inc. raised its position in shares of PennyMac Financial Services by 5.4% during the 4th quarter. While the Pennymac workforce stays. Dan Perotti , PFSIs Senior Managing Director and Chief Financial Officer will discuss the financials in more detail later on in this discussion. Margins in our consumer direct channel still remain elevated relative to historical levels. Changes in these assumptions may have a material impact on the backtested returns presented. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . As you can see on slide 11, approximately $37 billion of portfolio runoff in the second quarter was more than offset by the addition of $61 billion in total production. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. 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. 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. Hedging and other gains of over $943 million largely offset an MSR fair value decrease of over $1.1 billion. This performance added to a remarkable year that saw PFSI achieve a return on equity of 62% with almost $200 billion in UPB of loans funded. 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. David Spector email address & phone number | Penny Mac Chief Investment Net assets under management totaled $2.3 billion as of December 31, up 1% from September 30. For more information, review Pennymac's state licenses and important notices. Ultimately, we believe for these reasons, PennyMac will continue its market share growth as a channel leader. PennyMac Mortgage Investment Trust (PMT) CEO David Spector on Q1 2021 David Spector is currently Chairman of the Board, President and Chief Executive Officer at PennyMac - View - PennyMac org chart This expertise and experience has served us well, enhancing our ability to help many borrowers affected by the COVID-19 pandemic. January 25, 2021. In total, these strong acquisition and origination volumes continue to drive the organic growth of our servicing portfolio despite elevated prepayment activity. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $69.50. 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 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. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. Some products may not be available in all states. David is based out of Agoura Hills, California, United States and works in the Financial Services industry. And with that, I would like to turn it back to David for some closing remarks. Warning! The dividend yield of PennyMac Financial Services Inc stocks is 0.93%. Transcript : PennyMac Financial Services, Inc. Presents at Barclays Also, our investments in technology, such as our cloud-based proprietary servicing system, have helped us to maximize economies of scale and grow efficiently, and help drive strong results for years to come. All of these activities allowed us to not only fund record volumes of loans, but also effectively deploy capital into technology and operational projects, as well as repurchase a significant amount of our common stock. Ready to apply or complete your application? Revenue per fallout-adjusted lock was 71 basis points, down from 140 basis points in the prior quarter. Ill now turn it over to Dan Perotti, Senior Managing Director and Chief Financial Officer to speak to the financial results for the quarter. Is this happening to you frequently? 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. Since trades have not actually been executed, results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity, and may not reflect the impact that certain economic or market factors may have had on the decision-making process. million verified professionals across 35 million companies. Learn More on PennyMac Financial Services' active insiders. State of Wyoming raised its position in shares of PennyMac Financial Services by 9.3% during the 4th quarter. I am Barclays' consumer finance analyst, Mark DeVries. 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. (business & personal). 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. The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. Thank you. Learn More about insider trades at PennyMac Financial Services. Learn More on PennyMac Financial Services' active insiders. 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 shares were sold at an average price of $60.80, for a total transaction of $912,000.00. These businesses are foundational to PFSI and not easily replicated. 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. 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. Isaac Garden - Investor Relations. David Spector - Chief Investment Officer at Pennymac Loan Services, Llc It operates through the following segments: Production, Servicing, and Investment Management. For servicing on your existing mortgage account with Pennymac. Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. Biography of David Spector - The Official Board Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. Dans son rle . The stock was sold at an average price of $58.12, for a total value of $741,030.00. 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. 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. 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. Revenue per fallout-adjusted lock was 343 basis points in the quarter, a decrease from the first quarter. Pennymac Financial Services Inc (PFSI) President & CEO David Spector David works at Pennymac Loan Services, Llc as Chief Investment Officer. This balanced business helps generate strong results across a variety of market and rate environments. Broker originations in July totaled $1.2 billion and locks totaled $1.7 billion. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. BBB File Opened: 2/5/2015. Net income in the fourth quarter was the second highest in the history of. Years in Business: 14. Business Started: 3/25/2008. #PennymacCaresVisit PENNYMAC.COM for details about how were assisting our family of customers during the COVID-19 crisis. We also remain very active repurchasing shares driven by our medium-term expectations for PFSI's return on equity. For any questions, please visit our website at ir.pennymacfinancial.com or call our Investor Relations department at 818-264-4907. January 25, 2021, 12:31 p.m. EST 1 Min Read. 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. Other restrictions apply. PennyMac, Homepoint and other lenders announce new leaders | National Meet our Smart Portfolio. Susquehanna Fundamental Investments LLC raised its position in shares of PennyMac Financial Services by 24.8% during the 4th quarter. PDF PennyMac Financial Services, Inc. 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. Thank you. This outstanding income generated excess capital that we redeployed into increased levels of production, share repurchases, reduction of debt, and increased servicing activity. 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. PENNYMAC FINANCIAL SERVICES, INC. : Entry into a Material Definitive Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. 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. 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. Net assets under management were down slightly quarter-over-quarter to $2.3 billion. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Thank you for sharing your valuable opinion. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets. Hedging and related gains totaled $91 million. This high level of efficiency was largely due to our cloud-based, proprietary servicing system, otherwise known as SSE. View detailed PFSI description & address. 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. 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. No credit card required. Main Telephone (818) 224-7442 Primary Address 3043 Townsgate Road Suite 200 Westlake Village, CA 91361 USA Fiscal Close December Founded 2008 Please. What was David Spector's most profitable transaction? The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.46. And the committed pipeline at July 31 was $1.9 billion. 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. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, remained elevated but decreased slightly quarter-over-quarter. If you have an ad-blocker enabled you may be blocked from proceeding. Net income was $204 million or diluted earnings per share of $2.94, representing an annualized return on equity of 23%. The Servicing segment offers servicing of originated mortgage loans and execution and management of early buyout transactions. Revenue per fallout-adjusted government lock in the second quarter was 30 basis points, down from 37 basis points in the prior quarter. However, he will become a special advisor to David Spector, chairman and chief . 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. Thank you. 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 operations. View open jobs at this location. This is not a commitment to lend. Backtested performance is not an indicator of future actual results. 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. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. This concludes PennyMac Financial Services, Inc.'s second quarter earnings discussion. All rights reserved. Finally, broker direct originations totaled $4.5 billion in UPB in the fourth quarter, up 28% from the prior quarter and 215% percent from the fourth quarter of 2019. Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 12/23/2020 at the average price of $67.19. Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. Interest rate lock volume was $5.7 billion in UPB, up 4% from the third quarter and 234% from the fourth quarter of 2019. 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. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. David Spector - Chief Investment Officer - Penny Mac | LinkedIn Speaker: David Spector - Chairman and Chief Executive Officer Thank you Isaac. Information on this page was last updated on 3/1/2023. 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. So, from our home to yours, thank you! PennyMac Loan Services, LLC | Better Business Bureau Profile Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. For any questions, please visit our website at ir.pennymacfinancial.com, or call our Investor Relations department at 8182644907. 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. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 7.36 and a beta of 1.49. The direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View Thank you, David. PennyMac Financial Servicess payout ratio is 9.54%. In order to protect the value of our MSR asset we utilize a comprehensive hedging strategy. A free inside look at company reviews and salaries posted anonymously by employees. Recent economic forecasts for 2021 originations range from $3.6 trillion to $4.2 trillion, while average forecast for 2022 originations remained strong at $2.7 trillion. Schonfeld Strategic Advisors LLC raised its position in shares of PennyMac Financial Services by 822.2% during the 4th quarter. The return on the trade was 60.70%. What is the percentage of profitable transactions made by David Spector? This website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . 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. Net income in the fourth quarter was the second highest in the history of the company. PennyMac Financial Services, Inc. (PFSI) CEO David Spector on Q2 2021 He currently serves as a senior advisor to TPG Capital, a global private investment firm, and . Please disable your ad-blocker and refresh. And with that, I would like to turn it back to David for some closing remarks. How can I follow the stock ratings of top corporate insiders? No representations and warranties are made as to the reasonableness of the assumptions. 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. 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. David Spector's role in PennyMac Mortgage is Chairman & CEO, Director. {{ userNotificationState.getAlertCount('bell') }}. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. As a management team, we are committed to putting the health and safety of our team members at the heart of our decisions. You can see the results of our hedging strategy in the full year view on slide 19. Advances are expected to continue increasing over the next 6 to 12 months. We also repurchased approximately 1.6 million shares of PFSIs common stock, at an approximate cost of $89.3 million. Following the transaction, the chief executive officer now directly owns 650,183 shares in the company, valued at approximately $39,427,097.12. 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. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. All loan programs subject to borrowers meeting appropriate underwriting conditions. Item 1.01 Entry into a Material Definitive Agreement. Licensed by the N.J. Department of Banking and Insurance. And we ended the quarter with a servicing portfolio of $473 billion in unpaid principal balance, approximately 4% of all residential mortgage debt in the United States. 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. The TipRanks Smart Score performance is based on backtested results. If you're not automatically redirected, please click here. 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 >. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. You will be contacted by a representative that will help answer any inquiries you have. Mr. Spector owns 650,183 shares of PennyMac Financial Services stock worth more than $40,948,525 as of March 4th. Business Incorporated: This was all done while the vast majority of our employees were working from home for most of the year. This brings the total repurchases year-to-date to approximately $600 million. PennyMac | Better Business Bureau Profile David Spector President and Chief Executive Officer Lior Ofir Senior Managing Director & Chief Information Officer Stanford L. Kurland Executive Chairman Amir Pirnia SVP Engineering

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