david spector pennymac email

The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. The business also recently declared a quarterly dividend, which was paid on Friday, February 24th. 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. 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. Operating revenue decreased $2 million from the prior quarter driven by declines in earnings on custodial balances. 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 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. Pretax income, excluding valuation-related items for the servicing segment, was $174.4 million, down 33% from the prior quarter and up 101% from the second quarter of 2020. 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. 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. 47.206 (3) & (4). 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. Jones brings more than 25 years of financial services industry experience to PennyMac Financial Services. 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. 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 David Spector. This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. BBB File Opened: 2/5/2015. Chart Data in Insider Trading History Table. While 2020 was a record, we have a long track record of strong performance. 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. PennyMac Financial Services, Inc operates as a holding company. Economic forecasts are calling for the mortgage origination market to remain strong in 2021, and while these forecasts vary, they currently average $3.3 trillion. 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. As the CEO of PennyMac Financial Services, Inc., Mr. Spector earned a total compensation package of $13,575,224.00 in 2021. Learn More on David A. Spector's salary. In January, our broker direct originations totaled $1.4 billion in UPB, and locks totaled $2.1 billion. The shares were sold at an average price of $60.64, for a transaction totalling $1,586,888.16. 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. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. Changes in these assumptions may have a material impact on the backtested returns presented. PennyMac Financial's owned portfolio reported a prepayment speed of 28.3% in the second quarter, down from 32.6% in the prior quarter. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. 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. Arizona Mortgage Banker License # 0911088. The firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. 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. 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 return on the trade was 60.70%. For any questions, please visit our website at ir.pennymacfinancial.com or call our Investor Relations department at 818-264-4907. Thank you. In total, these strong acquisition and origination volumes continue to drive the organic growth of our servicing portfolio despite elevated prepayment activity. .This article first appeared on GuruFocus. The firm engages in the production and servicing of U.S. residential mortgage loans. Following the completion of the sale, the chief executive officer now directly owns 650,183 shares of the company's stock, valued at $39,427,097.12. JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. the company. Thanks, Doug. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. This hiring mostly occurred in three key areas, servicing, direct lending and fulfillment services. Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. 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. However, margins in this channel remain attractive. 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. January 25, 2021. Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. Company profile for PennyMac Financial Services Inc. including key executives, insider trading, ownership, revenue and average growth rates. What is the percentage of profitable transactions made by David Spector? 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. Enter your email to receive our newsletter. The dividend yield of PennyMac Financial Services Inc stocks is 0.93%. 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. Main Telephone (818) 224-7442 Primary Address 3043 Townsgate Road Suite 200 Westlake Village, CA 91361 USA Fiscal Close December Founded 2008 While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. And for the month of July, we repurchased an additional 2.5 million shares for an approximate cost of $151 million. The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. See what top analysts say about your stocks. 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%. 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. Dans son rle . The price of the stock has decreased by 4.44% since. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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. Our consumer direct lending division produced record origination and lock volumes again despite a smaller origination market in the second quarter. This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. 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. 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. 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 $7.9 billion. Follow them so you never miss a recommendation. This brings the total repurchases year-to-date to approximately $600 million. No credit card required. President & CEO David Spector sold 30,000 shares of PFSI stock on 01/12/2021 at the average price of $57.43. And with that, I would like to turn it back to David for some closing remarks. 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. 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. PennyMac Financial Services' insider roster includes Anne Mccallion (Director), Farhad Nanji (Director), and David Spector (CEO). During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. The stock was sold at an average price of $60.64, for a total value of $1,586,888.16. If so, please call us at 866.545.9070. 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. 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.). Meet our Smart Portfolio. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. 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. This is not a commitment to lend. T. Rowe Price Investment Management Inc. raised its position in shares of PennyMac Financial Services by 5.4% during the 4th quarter. 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. Learn More on PennyMac Financial Services' active insiders.

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