David Spector. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. This information is provided for illustrative purposes only. Thank you. Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. 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. This hiring mostly occurred in three key areas, servicing, direct lending and fulfillment services. 18.5 million shares or approximately 24% of PFSI's common shares outstanding. While the Pennymac workforce stays home to help flatten the curve, we know first responders, medical staff, delivery drivers, our essential workers and more, are out there heroically providing for those in need. 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%. 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. If you have an ad-blocker enabled you may be blocked from proceeding. 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. Pretax income excluding valuation-related items for the servicing segment was $234.3 million, up 30% from the prior quarter and 499% from the fourth quarter of 2019. This net worth estimate does not reflect any other assets that Mr. Spector may own. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. Isaac Garden - Investor Relations. Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. Our correspondent mix percentage was essentially unchanged from the previous quarter, as 35% of the acquisitions were government loans and 65% were conventional loans. Pennymac has 10 current employee profiles, including President and Chief Executive Officer David Spector. We believe we will continue to increase their respective market positions as we execute on our growth initiatives in each channel. Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. Now I'll turn it over to Doug, who will discuss our mortgage banking businesses. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. T. Rowe Price Investment Management Inc. raised its position in shares of PennyMac Financial Services by 5.4% during the 4th quarter. View open jobs at this location. PennyMac remained the largest correspondent aggregator in the U.S. in the fourth quarter. The direct lending channels continued to have an outsized impact on PFSIs production earnings in the fourth quarter. Item 1.01 Entry into a Material Definitive Agreement. Revenue per fallout-adjusted lock was 71 basis points, down from 140 basis points in the prior quarter. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. The technology based digital marketing platform, coupled with dedicated loan officers and an efficient operating processes, gives PennyMac a strong foundation for continued growth. We have made significant investments to scale our end-to-end mortgage fulfillment process while we expect the substantial investments in technology we have made to continually improve the customer experience over time. Prognosis explores health, wellness, and the ways in which modern science is allowing us to live better - in both the long term, and day-to-day, Londons Investment Appeal Is Unraveling as Arm Heads to the US, Climate Change Is Launching a MutantSeed Space Race, British Parents Turn to Home Equity to Help Young Buy Property, Sorry, Fed, Most US Mortgage Rates Were Locked in During Pandemic Lows, Fed Says MoreRate Hikes Are Needed to Curb Inflation, Italys CDP Is Nearing Offer for Telecom Italia Network, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, US-Sanctioned Huawei Makes a Show of Force at Mobile Conference, In Blacklisting Inspur, US Targets Partner Used by Intel and IBM, The UK Is Using Drones to Prosecute Small-Boat Migrant Smugglers, Philippine governor, 5 others killed in brazen attack, An Emboldened Rishi Sunak Gets Ready to Fight His Own Party Over Taxes, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61, The Exhibit Reality TV Show PittingArtist Against ArtistIs No Masterpiece, Matt HancockWhatsApp LeakExposes theNeed for Covid Justice, Brexit Might Have Been Prevented With Deals Like This, Video Roundup: Opinions Must-See Footage of the Week, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, No Major Offer Expected on Childcare in UK Budget, Biden Gives Medal of Honor to Trailblazing Special Forces Member, UK Braces for Rare Weather Event That Risks Late-Winter Freeze, Panic Over Metals for EVs Goes All the Way to Automakers C-Suites, What Do You Want to See in a Covid Memorial? And we ended the quarter with a servicing portfolio of $473 billion in unpaid principal balance, approximately 4% of all residential mortgage debt in the United States. 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. However, he will become a special advisor to David Spector, chairman and chief . No P&I advances have been made to date, as prepayment activity continued to sufficiently cover remittance obligations. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. 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 certain non-GAAP measures that have been reconciled to their GAAP equivalent. January 25, 2021. Are you interested in helping the next generation of homeowners fulfill their dream of home? David Spector latest transaction was an Uninformative Buy of . The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.46. Roles that David Spector holds in companies, The most profitable trade made by David Spector, List of latest transactions for each holding click on a transaction to see David Spector's performance on stock. The firm engages in the production and servicing of U.S. residential mortgage loans. All of these activities allowed us to not only fund record volumes of loans, but also effectively deploy capital into technology and operational projects, as well as repurchase a significant amount of our common stock. PennyMac Financial Services, Inc. (NYSE:PFSI) Q2 2021 Earnings Conference Call August 5, 2021 5:05 PM ET, Isaac Garden - Vice President, Investor Relations, David Spector - Chairman & Chief Executive Officer, Andy Chang - Senior Managing Director & Chief Operating Officer, Doug Jones - President & Chief Mortgage Banking Officer, Dan Perotti - Senior Managing Director & Chief Financial Officer. PennyMac Financial Servicess payout ratio is 9.54%. Thank you. David A Spector, Pennymac Mortgage Investment: Profile and Biography - Bloomberg Markets Markets Trafigura's Nickel Nemesis Was Already Notorious in Metal Circles The Week Your Saturday UK. Business Incorporated: The history of PennyMac Financial was borne out of the Great Financial Crisis, with a desire to help distressed borrowers. I am pleased to note that PFSIs Board of Directors declared a fourth quarter cash dividend of $0.20 per share, representing a 33% increase from the prior quarter. We believe this represents approximately 13% of the total brokers and non-delegated sellers active in the market today, providing continued room for growth and expansion within the channel in the future. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. The firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, remained elevated but decreased slightly quarter-over-quarter. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. This is not a commitment to lend. 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. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . Our consumer direct lending division produced record origination and lock volumes again despite a smaller origination market in the second quarter. What is the percentage of profitable transactions made by David Spector? "I am delighted to announce Doug Jones' election to our. 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 >. Right now, we realize the importance of home like never before. Recent economic forecasts for 2021 originations range from $3.6 trillion to $4.2 trillion, while average forecast for 2022 originations remained strong at $2.7 trillion. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. Massachusetts Mortgage Lender License # MC35953. 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. Contact our customer service team with any inquiries by sending us a message through the Message Center by simply logging in to your account. PennyMac Financial Services, Inc. operates as a holding company. We also remain very active repurchasing shares driven by our medium-term expectations for PFSI's return on equity. PennyMac Financial Services Inc., a national mortgage lender and servicer, announced Thursday that Doug Jones has joined its board of directors. These valuation declines were primarily driven by significant levels of prepayment activity and early buyouts. 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. The slides that accompany this discussion are available on PennyMac Financials website at ir.pennymacfinancial.com. 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. The committed pipeline at January 31 was $3 billion. These record volumes resulted in the growth of our servicing portfolio to $427 billion in UPB, despite extraordinary levels of prepayment activity. We are also increasing the use of online closings and automation. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets. Thank you. PennyMac Financial's owned portfolio reported a prepayment speed of 28.3% in the second quarter, down from 32.6% in the prior quarter. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. 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. Get contact details including emails and phone numbers For the complete insider trading history of PFSI, click here. 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 scale we have achieved in our correspondent business, combined with our low-cost structure and operational excellence in the channel, allow us to operate profitably through volatile market environments. 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. Additionally, PFSI's Board of Directors approved an increase to its stock repurchase authorization from $1 billion to $2 billion. 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. We continue to invest in people, systems and processes across our businesses, laying the groundwork that would allow us to achieve the medium-term goals we outlined in our recent Investor Day. And with that, I would like to turn it back to David for some closing remarks. 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. Pennymac's state licenses and important notices. StockNews.com raised PennyMac Financial Services from a sell rating to a hold rating in a report on Saturday, February 11th. Mr. Spector earned a salary of $1,000,000.00, stock awards of $2,537,435.00, options awards of $1,101,254.00, non-equity compensation of $8,864,938.00, and other compensation of $71,597.00. The business also recently declared a quarterly dividend, which was paid on Friday, February 24th.

The Adventure Of The Speckled Band Deductive Reasoning, How To Draw 15 Degree Angle With Set Square, Kid Cudi Festival Cleveland 2022, Can A Brahmin Girl Marry A Kshatriya Boy, Articles D