We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. PennyMac Financial Services Inc had annual average EBITDA growth of 35.90% over the past five years. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View 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. (NYSE:DQ), ABB Ltd (NYSE:ABB) Shares Bought by Tower Research Capital LLC TRC, Tower Research Capital LLC TRC Increases Stake in Centrus Energy Corp. (NYSEAMERICAN:LEU), Tower Research Capital LLC TRC Boosts Stock Position in Centrus Energy Corp. (NYSEAMERICAN:LEU), UBS Group AG Increases Position in Northern Oil and Gas, Inc. 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(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. View detailed PFSI description & address. Im proud of the actions we have taken and the dedicated management team across the company that has helped put these plans into action. Find the best performing Analyst in each sector. 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. We have used our cloud-based technology systems to aid in scaling our businesses to the market and supported that growth with strategic hiring of employees. 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. Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. 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. 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. PennyMac Financial Services, Inc operates as a holding company. In total, loan acquisition and origination volumes were $61 billion in the second quarter. David Spector's role in PennyMac Mortgage is Chairman & CEO, Director. Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. Interest rate lock volume was $5.7 billion in UPB, up 4% from the third quarter and 234% from the fourth quarter of 2019. No P&I advances have been made to date, as prepayment activity continued to sufficiently cover remittance obligations. David Spector is currently Chairman of the Board, President and Chief Executive Officer at PennyMac - View - PennyMac org chart No cash balance or cash flow is included in the calculation. And we believe the role of a well capitalized correspondent aggregator like PennyMac will be increasingly important over time. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 7.36 and a beta of 1.49. Thank you. This net worth estimate does not reflect any other assets that Mr. Spector may own. Broker originations in July totaled $1.2 billion and locks totaled $1.7 billion. 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.). Being one of the Find contact details for 700 million professionals. Our consumer direct lending division produced record origination and lock volumes again despite a smaller origination market in the second quarter. 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 origination market continues to be strong on a historical basis as mortgage rates have recently returned to near record lows. 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. And the committed pipeline at July 31 was $1.9 billion. 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. They sold a total of 398,609 shares worth more than $22,789,635.48. North Carolina Permit No. Purchase originations in 2021 are forecasted to increase 10% year-over-year while refinance originations are expected to decrease but remain elevated relative to historical norms. free lookups / month. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. David A. Spector is a businessperson who has been the head of 9 different companies. This outstanding income generated excess capital that we redeployed into increased levels of production, share repurchases, reduction of debt, and increased servicing activity. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. Get notified the next time David A. Spector buys or sells PennyMac Financial Services stock. 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. State of Wyoming raised its position in shares of PennyMac Financial Services by 9.3% during the 4th quarter. Advances are expected to continue increasing over the next 6 to 12 months. While industry production margins declined in the second quarter, we saw a smaller decrease in overall production margin given the mix shift towards our consumer direct lending channel. Similar Profiles. Download the Pennymac Mobile app from the App Store. 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. 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. I am Barclays' consumer finance analyst, Mark DeVries. While margins across channels have come in lower from the third quarter, we saw the shift in Government correspondent margins come in the most towards more normalized levels. Production segment pretax income was $244.4 million, down 33% from the prior quarter and 55% from the second quarter of 2020. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. Our goal is to be a trusted financial partner that you can count on as long as you own your home. 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 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. Licensed by the N.J. Department of Banking and Insurance. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. In the fourth quarter, the pretax income was $234.1 million, a 31% decrease from . Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. The stock was sold at an average price of $60.80, for a total value of $912,000.00. How do I contact David A. Spector? Wells Fargo & Company raised PennyMac Financial Services from an equal weight rating to an overweight rating and lifted their price objective for the company from $54.00 to $75.00 in a report on Tuesday, December 6th. Our balanced business with our large and growing servicing portfolio also becomes an increasingly important component of our earnings as interest rates increase, and we believe this provides a competitive advantage relative to others when the industry's origination volumes return to more normalized levels. 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%. If you're not automatically redirected, please click here. Despite these currently elevated levels of competition, we continue to see opportunity in the channel over the long term and remain committed to providing our broker partners and the customers they serve a superior mortgage experience. Up to 5 These increases were primarily driven by continued loss mitigation activities related to COVID-19. Net assets under management totaled $2.3 billion as of June 30, down slightly from March 31 and up 5% from June 30, 2020. Our balanced business model is a key strategic advantage for PFSI, which has consistently delivered outstanding returns across different environments, producing a 33% return on equity for the first half of 2021. Search over 700 Copyright 2023 Surperformance. Some products may not be available in all states. 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. Pennymac's state licenses and important notices. This website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. The price of the stock has decreased by 8.12% since. These record volumes resulted in the growth of our servicing portfolio to $427 billion in UPB, despite extraordinary levels of prepayment activity. A number of research firms recently issued reports on PFSI. the company. Backtested performance is developed with the benefit of hindsight and has inherent limitations. 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. As we outlined in our Investor Day, we see additional opportunities resulting from changes to the GSE's preferred stock purchase agreement. {{ userNotificationState.getAlertCount('bell') }}. The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. Sign up for a free account. As we look at 2021 we believe the market environment provides PFSI a good opportunity for continued elevated financial performance. I'll now turn it over to Dan, who will speak to the financial results for the quarter. 18.5 million shares or approximately 24% of PFSI's common shares outstanding. 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. This information is provided for illustrative purposes only. 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 firm engages in the production and servicing of U.S. residential mortgage loans. 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. If so, please call us at 866.545.9070. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. Co-op loans not available. Stanford Kurland, who founded and served as Chairman of PennyMac Financial Services Inc., Westlake Village, Calif., following a multi-decade career at Countrywide Financial Corp., passed away on Jan. 25. 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. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. This high level of efficiency was largely due to our cloud-based, proprietary servicing system, otherwise known as SSE. Earnings per share grew 328% for the year with net income up 319%. Follow them so you never miss a recommendation. PennyMac Financial Services, Inc. has a 12-month low of $38.53 and a 12-month high of $73.79. 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. 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. PennyMac. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . We quickly developed a plan to deal with the COVID-19 pandemic and the various work from home orders across the nation. Thank you, Dan. Our balanced business model continues to deliver consistent profitability and value creation as it has done over the last seven years as a public company. The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. Importantly, and as Doug Jones, Senior Managing Director and Chief Mortgage Banking Officer, will expand on in his section of the presentation, we sold $3.4 billion in UPB of early buyout loans to third-party whole loan investors, thus reducing the risk associated with holding these loans and increasing our capital efficiency.
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