david spector pennymac email
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. Pennymac Westlake Village, CA office. Backtested performance is developed with the benefit of hindsight and has inherent limitations. Book value per share grew 5% to $54.49 at June 30. 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. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. 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 operates as a holding company. For any questions, please visit our website at ir.pennymacfinancial.com or call our Investor Relations department at 818-264-4907. The average return per transaction made by David Spector is 3.50%. How do I contact David A. Spector? Net income in the fourth quarter was the second highest in the history of the company. Actual performance may differ significantly from backtested performance. Payoff-related expense, which includes interest shortfall and recording and release fees related to prepayments, remains elevated and increased by $8.3 million quarteroverquarter. 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. 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. Thank you. The return on the trade was 60.70%. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, remained elevated but decreased slightly quarter-over-quarter. Net income was $204 million or diluted earnings per share of $2.94, representing an annualized return on equity of 23%. 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 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. 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. 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. 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. In January, our consumer direct originations totaled $3.1 billion in UPB and locks totaled $4.4 billion. 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. 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. The estimated net worth of David A. Spector is at least $40.95 million as of March 1st, 2023. Pennymac has 10 current employee profiles, including President and Chief Executive Officer David Spector. Good morning and thank you for joining us. However, margins in this channel remain attractive. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. No representations and warranties are made as to the reasonableness of the assumptions. 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. PennyMac Financial's owned portfolio reported a prepayment speed of 28.3% in the second quarter, down from 32.6% in the prior quarter. And the committed pipeline at July 31 was $1.9 billion. 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. And we believe the role of a well capitalized correspondent aggregator like PennyMac will be increasingly important over time. January 25, 2021, 12:31 p.m. EST 1 Min Read. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 01/07/2021 at the average price of $60.12. The direct lending channels continued to have an outsized impact on PFSIs production earnings in the fourth quarter. 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. Information on this page was last updated on 3/1/2023. These strong production volumes again led to servicing portfolio growth despite continued elevated prepayment activity. We have long-standing partnerships with several EBO loan investors, with a program in place to buy delinquent Ginnie Mae loans out of securitizations and sell them to these third-party investors. 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 growth in production is not only due to the significant investments we have made in our production technology, which Doug will elaborate on later, but is also due to the considerable investments we have made in people. David Spectors most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. Dans son rle . The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. 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. During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. 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David Spector received compensation valued at about $12,375,328 in 2020 after becoming . Co-op loans not available. No cash balance or cash flow is included in the calculation. The firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. David Spector President and Chief Executive Officer Lior Ofir Senior Managing Director & Chief Information Officer Stanford L. Kurland Executive Chairman Amir Pirnia SVP Engineering We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . Warning! PennyMac Financial Services Inc., a national mortgage lender and servicer, announced Thursday that Doug Jones has joined its board of directors. The barriers to entry for these businesses that require scale for success provide PFSI a strategic advantage over our competitors. So, from our home to yours, thank you! In order to protect the value of our MSR asset we utilize a comprehensive hedging strategy. 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. Search over 700 We also remain very active repurchasing shares driven by our medium-term expectations for PFSI's return on equity. Headquarters. Hedging and other gains of over $943 million largely offset an MSR fair value decrease of over $1.1 billion. If you have an ad-blocker enabled you may be blocked from proceeding. 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. Thank you. They sold a total of 398,609 shares worth more than $22,789,635.48. David Spector also recently made the following trade(s): PFSI stock opened at $61.78 on Friday. Follow them so you never miss a recommendation. Net assets under management were down slightly quarter-over-quarter to $2.3 billion. These record volumes resulted in the growth of our servicing portfolio to $427 billion in UPB, despite extraordinary levels of prepayment activity. 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. David is based out of Agoura Hills, California, United States and works in the Financial Services industry. 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. 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. Thank you. 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. 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. This grew our servicing portfolio to over $426 billion in UPB even with elevated prepayment speeds. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.46. Earnings per share grew 328% for the year with net income up 319%. Backtested performance is not an indicator of future actual results. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. Thank you. In January, our broker direct originations totaled $1.4 billion in UPB, and locks totaled $2.1 billion. While our employee base grew by 60% during the year, our production volumes grew by 67% and our earnings increased by 328%. Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. Revenue per fallout-adjusted government lock in the second quarter was 30 basis points, down from 37 basis points in the prior quarter. And I'm pleased to be joined by PennyMac Financial Services CEO,. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. All rights reserved. The stock was sold at an average price of $58.12, for a total value of $741,030.00. The most recent insider tranaction occured on March, 1st when insider Steven Richard Bailey sold 13,604 shares worth more than $825,762.80. Similar Profiles. 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. Speaker: David Spector - Chairman and Chief Executive Officer Thank you Isaac. Jeffrey W. Martin Sells 10,413 Shares of Sempra (NYSE:SRE) Stock, Robert Brian Mitchell Sells 38,000 Shares of Globe Life Inc. (NYSE:GL) Stock, Get a free copy of the StockNews.com research report on PennyMac Financial Services (PFSI), Hormel Hits 2-Year Low, And The Dip Gets Bought, Heres Why Ross Could Soon Be Hitting All Time Highs. Dan Perotti , PFSIs Senior Managing Director and Chief Financial Officer will discuss the financials in more detail later on in this discussion. It operates through the following segments: Production, Servicing, and Investment Management. 292 Pennymac reviews in Los Angeles, CA. Mr. Spector owns 650,183 shares of PennyMac Financial Services stock worth more than $40,948,525 as of March 4th. 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. 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 achieved record production across all channels, with increased market penetration in our higher margin direct lending channels. Download the Pennymac Mobile app from the App Store. 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. The committed pipeline at January 31 was $7.9 billion. The predominant outcome has been through loan modifications to the borrowers to aid in their recovery. It operates through the following segments: Production, Servicing, and Investment Management. 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. Please. The price of the stock has decreased by 8.12% since. Production revenue margins declined from the prior quarter and revenue per fallout-adjusted lock for PFSI's own account was 154 basis points in the second quarter, down from 176 basis points in the first quarter of 2021. David A. Spector is a businessperson who has been the head of 9 different companies. 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. 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. million verified professionals across 35 million companies. Thank you for sharing your valuable opinion. 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. These businesses are foundational to PFSI and not easily replicated. 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. 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. Stanford Kurland. 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. Production revenue margins remain elevated, especially with PFSIs growth in consumer and broker direct volumes. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. This high level of efficiency was largely due to our cloud-based, proprietary servicing system, otherwise known as SSE. For licensing information, go to: www.nmlsconsumeraccess.org. 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. Thank you, David. Having difficulty making payments? The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. 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. Enter your email to receive our newsletter. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. The committed pipeline at January 31 was $3 billion. 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. 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. The total sale was $1.7 million. Arizona Mortgage Banker License # 0911088. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. BBB File Opened: 2/5/2015. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. This balanced business helps generate strong results across a variety of market and rate environments. The prepayment speeds of PennyMac Financial's sub-service portfolio, which includes mostly Fannie Mae and Freddie Mac mortgage servicing rights owned by PMT, decreased to 24.7% from 35.1%. In July, our correspondent acquisitions were $15 billion in UPB and locks were $12.8 billion. 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. David Spector latest transaction was an Uninformative Buy of . 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. 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. 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. Please note all regulatory considerations regarding the presentation of fees must be taken into account. Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. This brings the total repurchases year-to-date to approximately $600 million. 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. 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. We have made significant investments to scale our end-to-end mortgage fulfillment process while we expect the substantial investments in technology we have made to continually improve the customer experience over time. Approve of CEO. No P&I advances are outstanding as prepayment activity continued to sufficiently cover remittance obligations. 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 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. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. Ill now turn it over to Dan Perotti, Senior Managing Director and Chief Financial Officer to speak to the financial results for the quarter. View detailed PFSI description & address. Thank you. In total, loan acquisition and origination volumes were $61 billion in the second quarter. 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. 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. If you have an ad-blocker enabled you may be blocked from proceeding. 18.5 million shares or approximately 24% of PFSI's common shares outstanding. Learn More on David A. Spector's trading history. Up to 5 10 Ratings. The firm engages in the production and servicing of U.S. residential mortgage loans. Thank you Isaac. 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 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. He previously served as Chief Correspondent Lending Officer and has been a member of the company's executive management team since 2011. The direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. While Stan had retired from day-to-day responsibilities at PennyMac, he remained a trusted advisor and dear friend. We encourage investors with any questions to reach out to our Investor Relations team by e-mail or phone. PennyMac CEO David Spector to serve as chairmen of its mortgage REIT, financial services The CEO of both PennyMac companies, David Spector (pictured), has added the chairman's title, filling the vacancies created by the death of founder Stanford Kurland. 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. 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(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. See what top analysts say about your stocks. 33% of correspondent acquisitions were government loans and 67% were conventional loans. Schonfeld Strategic Advisors LLC raised its position in shares of PennyMac Financial Services by 822.2% during the 4th quarter. David A. Spector is also on the board of 7 other companies. As David mentioned earlier PFSIs net income was $452.8 million or diluted earnings per share of $5.97. 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. Finally, Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 33.5% during the 4th quarter. #PennymacCaresVisit PENNYMAC.COM for details about how were assisting our family of customers during the COVID-19 crisis. Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. And, we continue to enhance our MAC portal, thus improving the ability for borrowers to self-service throughout the entire origination process.
