Because of his dedication, he has achieved great achievements. Additionally, higher short-term rates have driven strong earnings on custodial balances. Revenue per fallout-adjusted lock for PFSIs own account was 55 basis points in the fourth quarter, down from 99 basis points in the prior quarter driven by lower volumes in Consumer Direct and lower overall margins. Finally, Barclays boosted their price target on shares of PennyMac Financial Services from $58.00 to $69.00 and gave the stock an equal weight rating in a research report on Friday, February 3rd. Importantly, the $650 million of Ginnie Mae MSR term notes due in August 2023 also contain an optional extension at PFSIs discretion. Use Google . The ex-dividend date of this dividend was Monday, February 13th. Thank you. Margins in this channel were down slightly with revenue per fallout adjusted lock of 358 basis points versus 366 basis points in the third quarter. Companies. Finally, I believe this management team is the best in the industry and Id like to thank them all for their various contributions to PFSIs strong performance in 2022. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. We initially share this idea in October 2018 and the stock already returned more than 150%. 10 stocks we like better than PennyMac Mortgage . This strategy is designed to moderate the impact of interest rate changes on the fair value of our MSR asset and also considers productionrelated income. While 2022 was a challenging year for the mortgage industry due to the rapid and significant increase in interest rates, our operating discipline combined with the meaningful actions we took throughout the year to right-size our business for a smaller origination market, led to strong financial performance. We estimate that over the past 12 months we represented approximately 15% of the channel overall. Posted by Defense World Staff on Mar 3rd, 2023. Turning to consumer direct, we estimate we accounted for approximately 1.2% of total originations in the channel over the last 12 months. David Spector owns about 650,183 units of Pennymac Financial Services, Inc common stock. Segment revenue was $9.9 million, down 4% from the prior quarter. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. According to Black Knight, despite PennyMac's "two most senior executives" stating earlier this year that they looked forward to continuing to work together, PennyMac was not only secretly . With rates at current levels, we expect a continued meaningful contribution to overall servicing profitability. Senvest Management LLC now owns 2,509,575 shares of the real estate investment trusts stock worth $142,193,000 after acquiring an additional 281,289 shares in the last quarter. Now Ill turn it over to Doug Jones, PennyMacs President and Chief Mortgage Banking Officer, who will review our market share trends and fourth quarter mortgage banking results. Were Hedge Funds Right About PennyMac Financial Services Inc (PFSI)? On Slide 7 of our earnings presentation, you can see PennyMac's total production over the most recent three quarters against average mortgage rates. Contribute. David A. Spector is a businessperson who has been the head of 9 different companies. We remained active in stock buybacks and in the fourth quarter we repurchased 1.1 million shares of PFSI common stock at an average price of $46.99 for an approximate cost of $51 million. PFSI PennyMac Financial Services: David Spector CEO: Sell: 15,000 shares @ $60.80: $912,000.00: 2/27/2023: $61.42: PFSI PennyMac Financial Services: David Spector CEO: Sell: 26,169 shares @ $60.64 . In addition to his many sources of revenue, he also has other qualities that have propelled him to the top of a prominent list of celebrities in such a short . Sign Up. David Spector joined PennyMac in 2008. Verified contact information for David Spector - Chairman & Chief Executive Officer, PennyMac Loan Services, LLC including email address, phone number and personality insights that will make your sales and marketing efforts much more effective. With Skype, Send an email to David Spector. David Spector. Thus far, we have received very positive feedback on the new portal, garnering the attention of top brokers in the channel who are looking to expand their relationship with PennyMac. WESTLAKE VILLAGE, Calif., March 02, 2023--PennyMac Financial Services, Inc. (NYSE: PFSI) announced today that Doug Jones, President and Chief Mortgage Banking Officer, joined its Board of . We estimate originations in our consumer direct channel in January totaled $300 million, and locks totaled $700 million. Total correspondent loan acquisition volume in the fourth quarter was $20.8 billion. See also 12 Top Performing Energy Stocks in Januaryand 25 Countries with Most Billionaires. I'll now turn it over to Dan who will review PFSI's financial results for the quarter. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . Since then, we have grown responsibly and profitably into one of the largest residential mortgage producers and servicers in the country with an industry-leading correspondent production business, and a growing presence in the direct lending channels. PennyMac Mortgage Investment Trust. Required fields are marked *. This includes $24 million in gains realized related to the timing of revenue and loan origination expense recognition, hedging, pricing & execution changes, and other items. As David mentioned earlier, we remain focused on managing expenses in the current market environment, and although fallout adjusted locks were up 11% from the prior quarter, production expenses net of loan origination expense were down 13%. Jones brings more than 25 years of financial services industry experience to PennyMac Financial Services. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. PennyMac Mortgage Investment Trust (NYSE:PMT) Q3 2022 Results Conference Call October 27, 2022 5:00 PM ETCompany Participants. Actually Warren Buffett failed to beat the S&P 500 Index in 1958, returned only 40.9% and pocketed 8.7 percentage of it as fees. This suggests a possible upside of 14.0% from the stock's current price. This strategy is designed to moderate the impact of interest rate changes on the fair value of our MSR asset and also considers productionrelated income. Operating revenues increased from the prior quarter as loan servicing fees grew by $9 million primarily due to growth in our servicing portfolio. | 3 Mrz 2023. Regarding the $650 million of Ginnie Mae MSR term notes originally due February 2023, we exercised our option to extend the maturity for 2 years. PennyMac Financials owned servicing portfolio reported a prepayment speed of 5.4% in the fourth quarter, down from 9% in the prior quarter. The Servicing segment recorded pretax income of $76 million, down from pretax income of $145 million in the prior quarter and $126 million in the fourth quarter of 2021. David M. Walker is a Senior Managing Director and Chief Risk Officer at PennyMac. As Chairman and Chief Executive Officer at PennyMac Financial Services, Inc., David A. Spector made $13,575,224 in total compensation. While we believe the majority of expense management activities have been completed, we remain disciplined, continuing to rapidly adjust capacity levels relative to the size of the origination market, whether growing or contracting. Similarly, prepayment speeds in PennyMac Financials subserviced portfolio, which includes mostly Fannie Mae and Freddie Mac mortgage servicing rights owned by PMT were 4.4%, down from 6.9% in the prior quarter. option awards of $3,204,163 , and . For the fourth quarter only, Pennymac was ranked #2. PennyMac Financial Services, Inc. (NYSE:PFSI - Get Rating) CEO David Spector sold 15,000 shares of the company's stock in a transaction dated Monday, February 27th.The stock was sold at an average price of $60.80, for a total value of $912,000.00. PFSIs owned servicing portfolio, which consists primarily of Ginnie Mae MSRs, had a 60-day plus delinquency rate of 3.8%, up from 3.5% at the end of the prior quarter, while our subserviced portfolio, consisting primarily of conventional loans, reported a 60-day plus delinquency rate of 0.6%, up from 0.5% at September 30th. Their PFSI share price forecasts range from $60.00 to $82.00. No principal and interest advances are currently outstanding, as prepayment activity continues to sufficiently cover remittance obligations. I am pleased to report that we ended the quarter with a servicing portfolio of $552 billion, or approximately 4.1% of all residential mortgage debt in the U.S. Prepayment speeds have slowed meaningfully given higher mortgage rates. Despite elevated levels of competition currently, we believe PennyMac is well-positioned for market share growth in the channel over time given our strong capital position, operational excellence and the exit of channel participants. Operator: This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. 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. $3.6M on March 1, 2023. Since then, we have become one of the largest mortgage producers and servicers in the country, while also providing strong returns to our stakeholders. . "The most recent third-party forecasts for 2023 originations range from $1.6 trillion to $1.9 trillion, down meaningfully from 2022," said David Spector, Pennymac chairman and CEO, in a . 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 . Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. In January, we estimate that correspondent acquisitions totaled $6.8 billion and locks totaled $6.1 billion. See also 12 Top Performing Energy Stocks in Januaryand 25 Countries with Most Billionaires. He launched his hedge fund in 1956 with $105,100 in seed capital. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.46. 5 MLS prospects to keep an eye on this season. Origination volumes for the fourth quarter were $1.1 billion and interest rate lock commitments were $1.7 billion, down meaningfully from last quarter due to seasonal impacts and declining refinance volumes. The fourth quarter included non-recurring tax items, which resulted in an effective tax rate of 44.4% versus 27.1% in the prior quarter. We estimate the committed pipeline at January 31st was $800 million. Because of his unique activities, he has risen to the status of one of the worlds wealthiest individuals. Finally, our Investment Management segment delivered pretax income of $1.2 million, down from $1.6 million in the prior quarter. Thanks, David. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. We still like this investment. Goldman Sachs Group Inc. now owns 706,965 shares of the real estate investment trusts stock worth $37,610,000 after buying an additional 539,539 shares in the last quarter. We estimate the committed pipeline at January 31st was $800 million. 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 . 51% were conventional loans and 49% were government-insured or guaranteed loans. (I received his email on June 22, 2013) Figure 3: Loansafe.org member (register first - for free) "oneofsubstance" (4-23-2012) . PennyMac Financial Services, Inc. (NYSE:PFSI) Q4 2022 Earnings Call Transcript February 2, 2023. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. United States. However, he will become a special advisor to David Spector, chairman and chief . The CEO of PENNYMAC is David Spector. . The fourth quarter included non-recurring tax items, which resulted in an effective tax rate of 44.4% versus 27.1% in the prior quarter. David Spector - Chairman and Chief . PennyMac Financial Services, Inc. has a 12 month low of $38.53 and a 12 month high of $73.79. He currently serves as a senior advisor to TPG Capital, a global private investment firm, and . Last quarter, we completed the roll out of POWER+, our next generation technology platform providing brokers with the tools they need to successfully grow their businesses and convert leads into loans. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. On Slide 7 of our earnings presentation, you can see PennyMacs total production over the most recent three quarters against average mortgage rates. We estimate that in 2022 we represented approximately 2% of the origination volume in the channel. Since then, we have grown responsibly and profitably into one of the largest residential mortgage producers and servicers in the country with an industry-leading correspondent production business, and a growing presence in the direct lending channels. David Spector. Finally, I believe this management team is the best in the industry and I'd like to thank them all for their various contributions to PFSI's strong performance in 2022. Servicing advances outstanding for PFSI's MSR portfolio increased to $520 million at year end from $397 million at September 30th due to seasonal property tax payments. Management segment, net assets under management were $2 billion at quarter end, down slightly from the prior quarter due to PMT's financial performance. We estimate broker originations in January totaled $500 million and locks totaled $800 million. . San Francisco, CA. Revenue per fallout-adjusted lock in the fourth quarter was 21 basis points, down from 24 basis points in the prior quarter, driven primarily by PFSIs purchase of lower margin conventional loans from PMT. 5. Manage Settings As David discussed earlier, these acquisition and origination volumes continue to drive the organic growth of our servicing portfolio. $98.81K . Despite elevated levels of competition currently, we believe PennyMac is well-positioned for market share growth in the channel over time given our strong capital position, operational excellence and the exit of channel participants. Revenue per fallout-adjusted lock was 56 basis points, down from 70 basis points in the prior quarter, although we have seen margins in this channel improve thus far in the first quarter. The current estimated net worth of Pennymac Financial Services, Inc's Chairman & CEO, David Spector, is estimated to be about $244.5M . 6 Wall Street analysts have issued twelve-month target prices for PennyMac Financial Services' shares. Thank you. View David Spector's email address (d*****@pennym***.com) and phone number. Though profitability was down from last year, our strong financial performance enabled us to continue returning capital to shareholders while simultaneously positioning the company for success in the future. PFSI's Board of Directors also declared a fourth quarter cash dividend of $0.20 per share. PFSI's Board of Directors also declared a fourth quarter cash dividend of $0.20 per share. David works at Pennymac Loan Services, Llc as Chief Investment Officer. Price T Rowe Associates Inc. MD raised its position in PennyMac Financial Services by 9.3% in the 2nd quarter. Finally, given the scale we have achieved, we have begun offering our customers, homeowners and title insurance through joint ventures, which we expect will provide recurring fee income over time as the businesses grow. Since then, we have become one of the largest mortgage producers and servicers in the country, while also providing strong returns to our stakeholders. You can enter your email below to get our FREE report. We remained active in stock buybacks and in the fourth quarter we repurchased 1.1 million shares of PFSI common stock at an average price of $46.99 for an approximate cost of $51 million. 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. Purchase loans accounted for 93% of total correspondent acquisitions during the quarter. Our multi-channel approach to mortgage production provides the flexibility to adapt to different market conditions and drives organic growth of our servicing portfolio. The good news is, this powerful new force can help you make a lot of money even in a bear market. Finally, our Investment Management segment delivered pretax income of $1.2 million, down from $1.6 million in the prior quarter. Search our database of over 100 million company and executive profiles. Find contact's direct phone number, email address, work history, and more. Potential PennyMac Mortgage Investment Trust shareholders may wish to note that the Chairman of the Board & CEO, David Spector, recently bought US$274k worth of stock, paying US$13.71 for each share. Investors of record on Tuesday, February 14th were issued a $0.20 dividend. Use our Premium/VIP Service to contact David Spector by email now. Locations. We stand ready and able to absorb the volumes left by Wells Fargos exit and remain committed to being a strong capital partner for independent mortgage companies throughout the country. Additionally, higher short-term rates have driven strong earnings on custodial balances. David A. Spector. We have a long history of successfully developing and deploying innovative mortgage technology, which has resulted in an extremely flexible and scalable platform as evidenced by our ability to rapidly right-size our cost structure. Despite elevated levels of competition currently, we believe PennyMac is well-positioned for market share growth in the channel over time given our strong capital position, operational excellence and the exit of channel participants. Save my name, email, and website in this browser for the next time I comment. The increase in tax rate resulted in the repricing of PFSI's net deferred tax liability, which was the primary driver of a non-recurring tax expense of approximately $11.9 million in the quarter. David served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac. The impact of this tax rate change was negative $0.22 in earnings per share. Log in . In the same report you can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12-24 months. The growth of our servicing portfolio continues to differentiate PFSI from its competition, serving as an increasingly important asset, which I will discuss later on. S&P 500 Index lost 10.8% in 1957, so Buffetts investors actually thrilled to beat the market by 20.1 percentage points in 1957. 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 efficiently through the volatile market environment, even as other participants have exited or retreated from the channel. With rates at current levels, we expect a continued meaningful contribution to overall servicing profitability. The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. In short, a powerful new economic force is quietly building behind Joe Biden and Im confident Biden can harness this forces inevitable wave, carrying him to a LANDSLIDE re-election win. Purchase lock volume for the quarter of $681 million was 40% of total locks, compared to $1.37 billion, or 36% in the prior quarter. We stand ready and able to absorb the volumes left by Wells Fargos exit and remain committed to being a strong capital partner for independent mortgage companies throughout the country. The layoffs come as Pennymac ups its investment in technology and marketing to help it do more business directly with . And with that, I would like to turn it back to David for some closing remarks. Access the headquarters listing for Pennymac Loan Services, LLC. Chairman & Chief Executive Officer. 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 non-GAAP measures that have been reconciled to their GAAP equivalent in our earnings presentation. The company also recently announced a quarterly dividend, which was paid on Friday, February 24th. David Spector Email & Phone Number Chief Investment Officer @ PennyMac Loan Services, LLC. Reply STOP to unsubscribe. An investor who invested $10,000 in Warren Buffetts hedge fund at the beginning of 1957 saw his capital turn into $103,000 before fees and $64,100 after fees (this means Warren Buffett made more than $36,000 in fees from this investor). PennyMac has laid off a total of 475 employees since March 1st. We remained active in stock buybacks and in the fourth quarter we repurchased 1.1 million shares of PFSI common stock at an average price of $46.99 for an approximate cost of $51 million. We expect EBO revenues to remain low in the coming quarters as lower overall volumes and redelivery gains are expected to be limited due to the higher interest rate environment. As we have demonstrated with our 2022 performance, we believe mortgage banking companies with large servicing portfolios and diversified business models like PennyMac Financial are better positioned to offset the decline in origination profitability that has resulted from lower volumes. COVID-19 has robbed us of a great leader, mentor and friend," said David Spector, president and CEO of PennyMac Mortgage Investment Trust. As David mentioned earlier, we remain focused on managing expenses in the current market environment, and although fallout adjusted locks were up 11% from the prior quarter, production expenses net of loan origination expense were down 13%. In January, we estimate that correspondent acquisitions totaled $6.8 billion and locks totaled $6.1 billion. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, decreased by $1 million. For any questions, please visit our website at pfsi.pennymac.com, or call our Investor Relations department at 8182644907. This information is according to proxy statements filed for the 2021 . Connections. Servicing and sub-servicing revenues, the majority of which are cash, totaled more than $1.2 billion in 2022. In PFSI's Investment Management segment, net assets under management were $2 billion at quarter end, down slightly from the prior quarter due to PMT's financial performance. More than 15 years ago, we founded PennyMac with a vision to help revitalize the mortgage market and become a trusted partner in home ownership. Prior to joining PennyMac, David served as the Chief Credit Officer at Countrywide Bank from January 1993 to December 2007. "He was a genuine and gracious person to anyone he . Dimensional Fund Advisors LP now owns 783,884 shares of the real estate investment trusts stock valued at $41,703,000 after acquiring an additional 379,161 shares in the last quarter. Repurchase levels were down meaningfully from the third quarter as we prefer to maintain flexibility to address potential risks and opportunities in the evolving market environment. While many industry participants have taken the appropriate steps to reduce capacity, it has been happening slowly and we believe overcapacity still remains. The vast majority of their compensation came in the form of Again, we implemented meaningful expense savings and capacity reductions early and throughout 2022 given the anticipated significant decline in the overall market, and we took additional actions in the fourth quarter. Receive News & Ratings for PennyMac Financial Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PennyMac Financial Services and related companies with MarketBeat.com's FREE daily email newsletter. Revenue per fallout-adjusted lock in the fourth quarter was 21 basis points, down from 24 basis points in the prior quarter, driven primarily by PFSIs purchase of lower margin conventional loans from PMT. Your email address will not be published. David has made over 67 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. In the fourth quarter, PennyMac Financial delivered net income of $38 million, or $0.71 in earnings per share. We encourage investors with any questions to reach out to our Investor Relations team by email or phone. On Slide 16, you can see the fair value of our MSR increased by $83 million in the fourth quarter, driven by lower than expected realized prepayment speeds as well as expectations for lower prepayment activity in the future. On average, they predict the company's stock price to reach $69.50 in the next twelve months. Based on 7 ratings, David Spector ranks right below Stonegate Mortgage's CEO, James Smith. Origination volumes for the fourth quarter were $1.1 billion and interest rate lock commitments were $1.7 billion, down meaningfully from last quarter due to seasonal impacts and declining refinance volumes. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. David A. Spector (updated October 5, 2014) Page 13 of 15 Here is Information from the SEC website (www.sec.gov): David Spector, Director, Officer: President and COO, PennyMac Mortgage Investment Trust (PMT) Corporate Offices: PennyMac, 6101 Condor Drive, Moorpark, CA 93021 (818) 224-7442. 20. We estimate the committed pipeline at January 31st was $700 million. Bei der Nutzung unserer Websites und Apps verwenden wir, unsere Websites und Apps fr Sie bereitzustellen, Nutzer zu authentifizieren, Sicherheitsmanahmen anzuwenden und Spam und Missbrauch zu verhindern, und, Ihre Nutzung unserer Websites und Apps zu messen, personalisierte Werbung und Inhalte auf der Grundlage von Interessenprofilen anzuzeigen, die Effektivitt von personalisierten Anzeigen und Inhalten zu messen, sowie, unsere Produkte und Dienstleistungen zu entwickeln und zu verbessern.