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. 18.5 million shares or approximately 24% of PFSI's common shares outstanding. Since the start of 2020, we have repurchased approximately 13% of the PFSI shares that were outstanding at the beginning of 2020. Download the Pennymac Mobile app from the App Store. What was David Spector's most profitable transaction? Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. What was David Spectors latest transaction? 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. 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. David is based out of Agoura Hills, California, United States and works in the Financial Services industry. The history of PennyMac Financial was borne out of the Great Financial Crisis, with a desire to help distressed borrowers. Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. PennyMac TPO Contact Information Principal Mr. David Spector, President/CEO Customer Contact Mr. David Spector, President/CEO Additional Contact Information Phone Numbers (702). The stock was sold at an average price of $60.64, for a total value of $1,586,888.16. Learn More about David A. Spector's net worth. The estimated net worth of David A. Spector is at least $40.95 million as of March 1st, 2023. 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. January 25, 2021. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets. Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. 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. Please take a moment to watch a special video from our President and CEO, David Spector. Revenue per fallout-adjusted lock was 71 basis points, down from 140 basis points in the prior quarter. | 3 Mrz 2023. As David mentioned earlier, PFSI's net income was $204.2 million or diluted earnings per share of $2.94. David Spector Chief Investment Officer Agoura Hills, California, United States 1K followers 500+ connections Join to connect Penny Mac University of California, Los Angeles Activity Thank you. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. 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. Contact our customer service team with any inquiries by sending us a message through the Message Center by simply logging in to your account. This growth has focused on new customer acquisition and resulted in our non-portfolio interest rate lock commitments hitting a record in the fourth quarter at 1.3 billion, up from 906 million in the third quarter, an increase of 43%. Thank you. David Spector net worth, bio and Pennymac Financial Services, Inc These businesses are foundational to PFSI and not easily replicated. Dans son rle . Get notified the next time David A. Spector buys or sells PennyMac Financial Services stock. In order to protect the value of our MSR asset we utilize a comprehensive hedging strategy. PennyMac Financial Servicess payout ratio is 9.54%. 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. Pennymac Reviews in Los Angeles, CA | Glassdoor 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 He previously served as Chief Correspondent Lending Officer and has been a member of the company's executive management team since 2011. PENNYMAC FINANCIAL SERVICES, INC. : Entry into a Material Definitive David A. Spector - Biography - MarketScreener.com Follow them so you never miss a recommendation. David served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac. As you can see on the selected operational metrics on slide 13, PennyMac Financials owned portfolio reported a prepayment speed of 32.5% in the fourth quarter, up from 29.7% in the prior quarter. I am Barclays' consumer finance analyst, Mark DeVries. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. PennyMac Loan Services, LLC | Better Business Bureau Profile Finally, Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 33.5% during the 4th quarter. David Spector latest transaction was an Uninformative Buy of . In total, these strong acquisition and origination volumes continue to drive the organic growth of our servicing portfolio despite elevated prepayment activity. 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. Insiders at PennyMac Financial Services own 18.0% of the company. This hedging strategy is designed to moderate the impact of interest rate changes on the fair value of our MSR asset and also considers productionrelated income. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. Thank you. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Sign up for a free account. Ready to apply or complete your application? The price of the stock has increased by 0.03% since. Head over to our Expert Center to see a list of the, Invest Like a Pro with Unique Data & Simplifed Tools, See the Hottest Stocks Based on Insider Trading >. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. Backtested performance is not an indicator of future actual results. Pennymac Financial Services' profit sinks 31% in Q4 Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. The company reported a net income of $1 billion in 2021, down from a record of $1.6 billion in the previous year. the company. Learn More on PennyMac Financial Services' active insiders. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europes Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX, Chairman/CEO, Pennymac Mortgage Investment. In January, our correspondent acquisitions remained strong, with $17.9 billion in UPB of acquisitions and lock volume of $17.8 billion. Copyright 2023 Surperformance. The price of the stock has decreased by 4.44% since. The return on the trade was 60.70%. Pricing margins in the channel decreased sharply, reflecting intense levels of competition between channel leaders. Learn More about David A. Spector's net worth. 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. Stanford Kurland. StockNews.com raised PennyMac Financial Services from a sell rating to a hold rating in a report on Saturday, February 11th. 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. 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 . Susquehanna Fundamental Investments LLC raised its position in shares of PennyMac Financial Services by 24.8% during the 4th quarter. He currently serves as a senior advisor to TPG Capital, a global private investment firm, and . 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.). Pennymac Westlake Village, CA Office | Glassdoor While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. PennyMac Financial Services, Inc. has a 12-month low of $38.53 and a 12-month high of $73.79. 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. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. 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. The percentage of loans in forbearance decreased to 4.9% at June 30 from 6.3% at March 31, as borrowers in forbearance plans at March 31 who have since exited more than offset new forbearance plans. PennyMac Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only. And, we continue to enhance our MAC portal, thus improving the ability for borrowers to self-service throughout the entire origination process. In January, our broker direct originations totaled $1.4 billion in UPB, and locks totaled $2.1 billion. View open jobs at this location. Production revenue margins remain elevated, especially with PFSIs growth in consumer and broker direct volumes. PennyMac Financial Services, Inc. Announces Doug Jones Joined Its Board PennyMac Financial delivered another outstanding quarter of operational and financial performance, despite the increased volatility in the mortgage market. These increases were primarily driven by continued loss mitigation activities related to COVID-19. 119504607, 119505929, 119506567, 119506570, 119507419. This net worth estimate does not reflect any other assets that Mr. Spector may own. These businesses provide PFSI a stable foundation through their low cost structures while our scaled fulfillment operation enables more aggressive growth in our higher margin direct lending channels. What is David Spector's role in PennyMac Mortgage? 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. The stock was sold at an average price of $60.80, for a total value of $912,000.00. David Spector - Chairman and Chief . Net assets under management were down slightly quarter-over-quarter to $2.3 billion. 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 Financial Services, Inc. Announces Doug Jones Joined Its Board We believe PennyMac Financial's business model with production from the correspondent, consumer direct and broker direct channels contributes to PennyMac Financial's profitability across different production environments. These strong production volumes again led to servicing portfolio growth despite continued elevated prepayment activity. Learn More on David A. Spector's trading history. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. The Production segment includes mortgage loan origination, acquisition, and sale activities. 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. 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. Please note all regulatory considerations regarding the presentation of fees must be taken into account. As a management team, we are committed to putting the health and safety of our team members at the heart of our decisions. 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. PennyMac Financial Services, Inc operates as a holding company. #PennymacCaresVisit PENNYMAC.COM for details about how were assisting our family of customers during the COVID-19 crisis. Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. As we look at 2021 we believe the market environment provides PFSI a good opportunity for continued elevated financial performance. 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. The dividend yield of PennyMac Financial Services Inc stocks is 0.93%. Enter your email address below to get our daily insider buying and selling report. We believe the growth opportunities in front of us to be substantial and as we continue to grow our direct lending channels, we expect PennyMac Financials exceptional financial performance to persist through 2021. Additionally, PFSI's Board of Directors approved an increase to its stock repurchase authorization from $1 billion to $2 billion. 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%. 112 S. Lakeview Canyon Rd, Ste. 33% of correspondent acquisitions were government loans and 67% were conventional loans. 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. David Spector joined PennyMac in 2008. "I am delighted to announce Doug Jones' election to our. David Spector - Chairman & Chief Executive Officer, PennyMac Loan TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. 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. PennyMac. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. North Carolina Permit No. You will be contacted by a representative that will help answer any inquiries you have. 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