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. 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. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. Transcript : PennyMac Financial Services, Inc. Presents at Barclays Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. Maverick Capital Ltd. now owns 7,468 shares of the real estate investment trusts stock worth $423,000 after purchasing an additional 1,873 shares during the last quarter. Learn More about insider trades at PennyMac Financial Services. Dan Perotti , PFSIs Senior Managing Director and Chief Financial Officer will discuss the financials in more detail later on in this discussion. 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. View detailed PFSI description & address. As of the end of the year we have helped, or are in the process of helping, approximately 145,000 borrowers successfully emerge from their forbearance plans. As we outlined in our Investor Day, we see additional opportunities resulting from changes to the GSE's preferred stock purchase agreement. No P&I advances have been made to date, as prepayment activity continued to sufficiently cover remittance obligations. 130 Westlake Village, CA, 91362 Get Directions. This expertise and experience has served us well, enhancing our ability to help many borrowers affected by the COVID-19 pandemic. Pennymac Loan Services LLC | Better Business Bureau Profile Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. 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. 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 I'll now turn it over to Dan, who will speak to the financial results for the quarter. The price of the stock has increased by 0.03% since. The committed pipeline at July 31 was $7.2 billion. I am incredibly thankful and proud of the over 6,000 PennyMac employees who managed through the challenges of the pandemic to deliver these extraordinary results. PennyMac Financial Services, Inc. (NYSE:PFSI Get Rating) CEO David Spector sold 26,169 shares of the firms stock in a transaction dated Wednesday, March 1st. 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. Enter your email to receive our newsletter. Get contact details including emails and phone numbers 67.03% of the stock is currently owned by institutional investors and hedge funds. 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. You can see the results of our hedging strategy in the full year view on slide 19. He previously served as Chief Correspondent Lending Officer and has been a member of the company's executive management team since 2011. 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%. 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. 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. A number of research firms recently issued reports on PFSI. The opportunity to grow these newer channels is exciting and provides PFSI a multi-channel, diversified and profitable production segment that will further grow the servicing portfolio with high quality assets. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 01/07/2021 at the average price of $60.12. Doug Jones Joins PennyMac Financial Services Board - NMP Download the Pennymac Mobile app from the App Store. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $69.50. And I'm pleased to be joined by PennyMac Financial Services CEO,. Main Telephone (818) 224-7442 Primary Address 3043 Townsgate Road Suite 200 Westlake Village, CA 91361 USA Fiscal Close December Founded 2008 The company has a market cap of $3.09 billion, a price-to-earnings ratio of 7.36 and a beta of 1.49. Get a breakdown of the different strategies based on detected insider trading activity. PennyMac Financial Services, Inc. (NYSE:NYSE:PFSI) Q2 2021 Earnings Conference Call August 5, 2021 5:05 PM ETCompany ParticipantsIsaac Garden - Vice President, Investor RelationsDavid. 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. Find the best performing Analyst in each sector. The most recent insider tranaction occured on March, 1st when insider Steven Richard Bailey sold 13,604 shares worth more than $825,762.80. Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. 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. David A. Spector has been President and Chief Executive Officer of PennyMac Financial Services, Inc. (NYSE: PFSI) since January 2017, and he has been a member of PennyMac Financials board of directors since the companys formation in January 2008. David Spector email address & phone number | Penny Mac Chief Investment 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. We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. However, margins in this channel remain attractive. This concludes PennyMac Financial Services, Inc.'s second quarter earnings discussion. Certain assumptions have been made for modeling purposes and are unlikely to be realized. The estimated net worth of David A. Spector is at least $40.95 million as of March 1st, 2023. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. Learn More on David A. Spector's trading history. The TipRanks Smart Score performance is based on backtested results. While 2020 was a record, we have a long track record of strong performance. 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 . 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. 2023-03-02 | NYSE:PFSI | Press Release | PennyMac Financial Services Inc. PENNYMAC Careers and Employment | Indeed.com We also repurchased approximately 1.6 million shares of PFSIs common stock, at an approximate cost of $89.3 million. David A. Spector is also on the board of 7 other companies. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. Im proud of the actions we have taken and the dedicated management team across the company that has helped put these plans into action. 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. David A. Spector is a businessperson who has been the head of 9 different companies. PennyMac Financial Services, Inc. (NYSE:NYSE:PFSI) Q4 2020 Earnings Conference Call February 4, 2021 4:30 PM ETCompany ParticipantsIsaac Garden - Vice President Investor RelationsDavid. This chart shows David Spector's buying and selling at PennyMac Financial Services by year and by quarter. David Spector Sells 26,169 Shares of PennyMac Financial Services, Inc StockNews.com raised PennyMac Financial Services from a sell rating to a hold rating in a report on Saturday, February 11th. 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. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. 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. 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. We built our correspondent business into the largest in the U.S. over the last decade while at the same time growing our servicing portfolio, primarily organically. 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. We saw significant market share growth in the conventional correspondent market this quarter and our leadership position in government loans remains as a result of our consistency, low costs and operational excellence we continue to provide to our correspondents. In total, these strong acquisition and origination volumes continue to drive the organic growth of our servicing portfolio despite elevated prepayment activity. The Servicing segment offers servicing of originated mortgage loans and execution and management of early buyout transactions. 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. Contact our customer service team with any inquiries by sending us a message through the Message Center by simply logging in to your account. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. David Spector - Chief Investment Officer - Penny Mac | LinkedIn Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. The return on the trade was 60.70%. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. 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.

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