Please. He previously served as Chief Correspondent Lending Officer and has been a member of the company's executive management team since 2011. Interest rate lock commitments in the fourth quarter totaled $12.8 billion in UPB, up 18% from the prior quarter, and 135% from the fourth quarter of 2019. In total, loan acquisition and origination volumes were $61 billion in the second quarter. PennyMac. The stock was sold at an average price of $60.80, for a total value of $912,000.00. This quarter, we increased meaningful the number of partnerships we have with these third parties and also expanded the volumes of sales to our existing partners, driving the quarterly increase in the EBO loan volume I mentioned earlier. Our consumer direct lending division produced record origination and lock volumes again despite a smaller origination market in the second quarter. Our large, organically built servicing portfolio provides a counter-balance to our production activity. 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. The company's services span its main function of loan production and loan servicing which includes the recovery of loans and other related charges. The committed pipeline at January 31 was $7.9 billion. 33% of correspondent acquisitions were government loans and 67% were conventional loans. It operates through the following segments: Production, Servicing, and Investment Management. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. Company profile for PennyMac Financial Services Inc. including key executives, insider trading, ownership, revenue and average growth rates. 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. (business & personal). 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. 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. Thank you. 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. GuruFocus has detected 5 severe warning signs with PennyMac Financial Services Inc. . Licensed by the N.J. Department of Banking and Insurance. {{ userNotificationState.getAlertCount('bell') }}. 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 . View David Spector's email address (d*****@pennym***.com) and phone number. 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 stock was sold at an average price of $60.64, for a total value of $1,586,888.16. David Spector joined PennyMac in 2008. 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. Sign up for a free account. We estimate that our market share in the channel has increased meaningfully since last year, and we now account for approximately 1.3% of total originations in the channel. While 2020 was a record, we have a long track record of strong performance. Click here to check it out. Mr. Spector owns 650,183 shares of PennyMac Financial Services stock worth more than $40,948,525 as of March 4th. Net income in the fourth quarter was the second highest in the history of. With that, I will turn the call over to Andy Chang, Senior Managing Director and Chief Operating Officer, who will go through some of the initiatives we are focused on to position us for future success in the years to come. 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. Now I'd like to begin by introducing David Spector, PennyMac Financial's Chairman and Chief Executive Officer, who will review the company's second quarter 2021 results. What was David Spectors latest transaction? Importantly, PennyMac retains the servicing rights and carries an option to repurchase these government-insured loans in the event they become eligible for redelivery into Ginnie Mae securities. The committed pipeline at July 31 was $7.2 billion. 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. (NYSE:NOG), Tower Research Capital LLC TRC Sells 3,797 Shares of Daqo New Energy Corp. (NYSE:DQ), Tower Research Capital LLC TRC Lowers Stake in Invesco Defensive Equity ETF (NYSEARCA:DEF), Tower Research Capital LLC TRC Acquires 94,572 Shares of Geron Co. (NASDAQ:GERN), Tower Research Capital LLC TRC Has $255,000 Stake in Geron Co. (NASDAQ:GERN), Gentherm Incorporated (NASDAQ:THRM) Stock Position Increased by Tower Research Capital LLC TRC, Tower Research Capital LLC TRC Sells 1,356 Shares of iShares Dow Jones U.S. ETF (NYSEARCA:IYY), Tower Research Capital LLC TRC Sells 4,212 Shares of Chesapeake Utilities Co. (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. The total sale was $1.7 million. 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. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. The dividend yield of PennyMac Financial Services Inc stocks is 0.93%. Our goal is to be a trusted financial partner that you can count on as long as you own your home. #PennymacCaresVisit PENNYMAC.COM for details about how were assisting our family of customers during the COVID-19 crisis. The estimated net worth of David A. Spector is at least $40.95 million as of March 1st, 2023. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 12/23/2020 at the average price of $67.19. Revenue per fallout-adjusted lock was 343 basis points in the quarter, a decrease from the first quarter. If you have additional questions or would like to speak with a Pennymac representative, please call (800) 777-4001. Item 1.01 Entry into a Material Definitive Agreement. In the fourth quarter, the pretax income was $234.1 million, a 31% decrease from . 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. 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%. 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. 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. Learn More on David A. Spector's trading history. Government correspondent locks were $15.7 billion, down 8% from the prior quarter and up 21% from the second quarter of 2020. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Net income was $204 million or diluted earnings per share of $2.94, representing an annualized return on equity of 23%. PennyMac Financial Services, Inc operates as a holding company. The stock was sold at an average price of $58.12, for a total value of $741,030.00. David A. Spector is also on the board of 7 other companies. 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. Net assets under management totaled $2.3 billion as of December 31, up 1% from September 30. Its Time For A Fresh Look At The Kroger Co. West Frasers Earnings Scream Timber, Outlook Says Buy, MarketBeat.com's FREE daily email newsletter, Tower Research Capital LLC TRC Increases Position in ABB Ltd. Tower Research Capital LLC TRC Has $254,000 Holdings in Daqo New Energy Corp. ABB Ltd Shares Bought by Tower Research Capital LLC TRC. This brings the total repurchases year-to-date to approximately $600 million. 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. No representations and warranties are made as to the reasonableness of the assumptions. We also repurchased approximately 1.6 million shares of PFSIs common stock, at an approximate cost of $89.3 million. Broker originations in July totaled $1.2 billion and locks totaled $1.7 billion. As you will see on slide 10, we provide a breakdown of the revenue contribution from each of PFSI's loan production channels, net of loan origination expenses, including the fulfillment fees received from PMT for conventional correspondent loans. 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. 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. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $69.50. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . 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. Over the years, PennyMac Financial has proven its ability to generate profits and value across various market environments, resulting in attractive returns on equity, with an average ROE of 24% over our last 7 plus years as a public company. President & CEO David Spector sold 30,000 shares of PFSI stock on 01/12/2021 at the average price of $57.43. 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. The price of the stock has increased by 0.03% since. 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Our direct lending channels have an outsized impact on production segment earnings, as Dan will discuss later. The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Looking at the consumer direct channel in the center column, we originated $8 billion in UPB of loans, up 27% from the prior quarter and 113% from the fourth quarter of 2019. Ready to apply or complete your application? 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. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. The servicing segment recorded pretax income of $30.9 million, down from pretax income of $141.7 million in the prior quarter and up from a pretax loss of $62.4 million in 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. While the Pennymac workforce stays. 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%. 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. We quickly developed a plan to deal with the COVID-19 pandemic and the various work from home orders across the nation. Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. Meet our Smart Portfolio. Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. So, from our home to yours, thank you! PennyMac Financial Services, Inc. operates as a holding company. PennyMac Financial Services Inc provides mortgage loans to customers in the United States. No P&I advances have been made to date, as prepayment activity continued to sufficiently cover remittance obligations. Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. While Stan had retired from day-to-day responsibilities at PennyMac, he remained a trusted advisor and dear friend. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. As we continue to grow our leadership positions in the direct origination channels, this growth will drive the earnings from PennyMac Financial's production segment. However, margins in this channel remain attractive. In January, our broker direct originations totaled $1.4 billion in UPB, and locks totaled $2.1 billion. Stockholders of record on Tuesday, February 14th were given a dividend of $0.20 per share. The direct lending channels continued to have an outsized impact on PFSIs production earnings in the fourth quarter. David Spector - Chairman and Chief . 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. I am Barclays' consumer finance analyst, Mark DeVries. His family and PennyMac, which announced his passing, said he died from complications . 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. While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. 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. As David mentioned earlier, PFSI's net income was $204.2 million or diluted earnings per share of $2.94. And we believe the role of a well capitalized correspondent aggregator like PennyMac will be increasingly important over time.

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