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. In order to protect the value of our MSR asset we utilize a comprehensive hedging strategy. We believe we will continue to increase their respective market positions as we execute on our growth initiatives in each channel. Revenue per fallout-adjusted government lock in the second quarter was 30 basis points, down from 37 basis points in the prior quarter. Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. The company reported a net income of $1 billion in 2021, down from a record of $1.6 billion in the previous year. Now Id like to begin by introducing David Spector, PennyMac Financials President and Chief Executive Officer who will review the Companys fourth quarter and full year 2020 results. Purchase originations in 2021 are forecasted to increase 10% year-over-year while refinance originations are expected to decrease but remain elevated relative to historical norms. PennyMac Mortgage Investment Trust (NYSE:PMT) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ETCompany Participants. 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. 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. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. We are also increasing the use of online closings and automation. 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. Revenue per fallout-adjusted lock was 71 basis points, down from 140 basis points in the prior quarter. 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. Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. 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. You will be contacted by a representative that will help answer any inquiries you have. 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. In total, loan acquisition and origination volumes were $61 billion in the second quarter. Book value per share grew 5% to $54.49 at June 30. 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. The most recent insider tranaction occured on March, 1st when insider Steven Richard Bailey sold 13,604 shares worth more than $825,762.80. 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. Speaker: David Spector - Chairman and Chief Executive Officer Thank you Isaac. While such a market would be smaller than 2020, it would represent a large origination market by historical standards. Please. Massachusetts Mortgage Lender License # MC35953. Revenue per fallout adjusted lock for PFSIs own account was 217 basis points in the fourth quarter, down slightly from 236 basis points in the third quarter. Pennymac Westlake Village, CA office. 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%. 10 Ratings. I'll now turn it over to Dan, who will speak to the financial results for the quarter. This outstanding income generated excess capital that we redeployed into increased levels of production, share repurchases, reduction of debt, and increased servicing activity. While Stan had retired from day-to-day responsibilities at PennyMac, he remained a trusted advisor and dear friend. 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. 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. The firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. PennyMac Financial Services' insider roster includes Anne Mccallion (Director), Farhad Nanji (Director), and David Spector (CEO). 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. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. 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. The PFSI's owned servicing portfolio, which consists primarily of Ginnie Mae MSRs, had a 60 day delinquency rate of 6.7%, down from 8.6% at the end of the prior quarter. As you can see on slide 11, approximately $37 billion of portfolio runoff in the second quarter was more than offset by the addition of $61 billion in total production. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. Enter your email address below to get our daily insider buying and selling report. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. Operating revenue decreased $2 million from the prior quarter driven by declines in earnings on custodial balances. Information on this page was last updated on 3/1/2023. For any questions, please visit our website at ir.pennymacfinancial.com, or call our Investor Relations department at 8182644907. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. All rights reserved. While our sub-service portfolio, consisting primarily of conventional loans, reported a 60-plus delinquency rate of 1.6%, down from 2.1% at March 31 as borrowers continue to emerge from forbearance plans. 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. We have used our cloud-based technology systems to aid in scaling our businesses to the market and supported that growth with strategic hiring of employees. Certain assumptions have been made for modeling purposes and are unlikely to be realized. Thanks, Andy. Net assets under management were down slightly quarter-over-quarter to $2.3 billion. Please. David Spector, Chairman & CEO, Director at PennyMac Mortgage, holds 259.60K shares in PennyMac Mortgage (Ticker: PMT), holds 1.10M shares in PennyMac Financial (Ticker: PFSI). The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. The total sale was $1.7 million. Find the best performing Analyst in each sector. As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . 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. The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. Right now, we realize the importance of home like never before. 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 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. Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. The shares were sold at an average price of $60.64, for a transaction totalling $1,586,888.16. Having difficulty making payments? Licensed Mortgage Banker-NYS Department of Financial Services. In the last year, insiders at the real estate investment trust sold shares 23 times. Conventional correspondent acquisitions, for which PFSI earns a fulfillment fee from PMT, totaled $30.5 billion, down 10% from the prior quarter and up 61% from the second quarter of 2020. Following the transaction, the chief executive officer now directly owns 650,183 shares in the company, valued at approximately $39,427,097.12. 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. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, remained elevated but decreased slightly quarter-over-quarter. Pricing margins in the channel decreased sharply, reflecting intense levels of competition between channel leaders. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. Pennymac's servicing portfolio grew to $518 billion in unpaid balance, up 2% from Dec. 31, 2021, and 16% from March 31, 2021, led by production volumes which more than offset prepayment activity,. On slide 14, you can see the fair value of our MSR decreased by $251 million in the second quarter and included $196 million in fair value losses as a result of higher expectations for prepayment activity in the future driven by lower mortgage rates and a flatter yield curve, as well as an additional $55 million in other valuation declines. No representations and warranties are made as to the reasonableness of the assumptions. At PennyMac, our commitment to our customers doesnt end at closing. The return on the trade was 60.70%. This high level of efficiency was largely due to our cloud-based, proprietary servicing system, otherwise known as SSE. 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. 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. "I am delighted to announce Doug Jones' election to our. View detailed PFSI description & address. Please disable your ad-blocker and refresh. Backtested results are calculated by the retroactive application of a model constructed on the basis of historical data and based on assumptions integral to the model which may or may not be testable and are subject to losses. See what top analysts say about your stocks. Get contact details including emails and phone numbers Economic forecasts are calling for the mortgage origination market to remain strong in 2021, and while these forecasts vary, they currently average $3.3 trillion. Ultimately, we believe for these reasons, PennyMac will continue its market share growth as a channel leader. As you can see on slide seven of our presentation, PennyMac maintained its leadership position in the correspondent channel, and we estimate that we currently represent approximately 18% of the channel overall. PennyMac Financial Services Inc provides mortgage loans to customers in the United States. 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. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. 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. What is the average return per transaction made by David Spector? What is the percentage of profitable transactions made by David Spector? The price of the stock has decreased by 4.44% since. David A. Spector is a businessperson who has been the head of 9 different companies. .This article first appeared on GuruFocus. The Production segment includes mortgage loan origination, acquisition, and sale activities. Search over 700 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. Payoff-related expense, which includes interest shortfall and recording and release fees related to prepayments, remains elevated and increased by $8.3 million quarteroverquarter. Download the Pennymac Mobile app from the App Store. As you can see on page 11 of our slide presentation, correspondent acquisition volumes totaled $56.9 billion in UPB in the fourth quarter, up 28% from the prior quarter and 53% from the fourth quarter of 2019. All of these workflow and technology investments will improve the experience for the consumer and for the broker, improve productivity, specifically in sales and operations, which will enable higher volumes at a reduced cost to originate. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. 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. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. Now Ill turn it over to Doug Jones, PFSIs Senior Managing Director and Chief Mortgage Banking Officer to provide you some more details on our mortgage banking businesses. David works at Pennymac Loan Services, Llc as Chief Investment Officer. The technology based digital marketing platform, coupled with dedicated loan officers and an efficient operating processes, gives PennyMac a strong foundation for continued growth. As a management team, we are committed to putting the health and safety of our team members at the heart of our decisions. How do I contact David A. Spector? The business also recently declared a quarterly dividend, which was paid on Friday, February 24th. The ongoing success can be attributed to the increased application of data analytics, our growing servicing portfolio and the investments we have made in the loan fulfillment and sales process. The TipRanks Smart Score performance is based on backtested results. Our phased approach to returning to our offices extends beyond simply ensuring that PennyMacers return to a safe working environment, but also takes mindful consideration for the challenges faced by our employees related to issues such as dependent care and schooling. Thank you Isaac. Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. Jones brings more than 25 years of financial services industry experience to PennyMac Financial Services. These businesses are foundational to PFSI and not easily replicated. In the fourth quarter, the pretax income was $234.1 million, a 31% decrease from . 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. 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. Lastly, originations in our broker direct channel totaled $4 billion in UPB, down 22% from the prior quarter. 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. Learn More on David A. Spector's salary. In total, these strong acquisition and origination volumes continue to drive the organic growth of our servicing portfolio despite elevated prepayment activity. The percentage of profitable transactions made by David Spector is 44%. {{ userNotificationState.getAlertCount('bell') }}. Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. 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. If you have additional questions or would like to speak with a Pennymac representative, please call (800) 777-4001. Is this happening to you frequently? PennyMac Financial delivered strong fourth quarter results, marking the end to a record year. T. Rowe Price Investment Management Inc. now owns 4,992,531 shares of the real estate investment trusts stock worth $282,877,000 after purchasing an additional 256,717 shares during the last quarter. Being one of the Find contact details for 700 million professionals. These strong production volumes again led to servicing portfolio growth despite continued elevated prepayment activity. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. Sign up for a free account. Ill now turn it over to Dan Perotti, Senior Managing Director and Chief Financial Officer to speak to the financial results for the quarter. 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. No cash balance or cash flow is included in the calculation. The expertise of our deep management team, combined with the technology investments we have made, support PennyMac's growth strategy in a changing mortgage market. Mr. David Spector, CEO Mr. Andrew Chang, CFO Mr. Derek Stark, Chief Legal Officer Additional Contact Information Phone Numbers (800) 777-4001 Other Phone Email Addresses Email this. 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 >. Since the start of 2020, we have repurchased approximately 13% of the PFSI shares that were outstanding at the beginning of 2020. Lastly, our broker direct channel continued its impressive growth in both locked and funded volumes as we increase the number of approved brokers and our presence in the channel grows. 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. The ex-dividend date was Monday, February 13th. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 12/23/2020 at the average price of $67.19. Are you interested in helping the next generation of homeowners fulfill their dream of home? During the last ninety days, David A. Spector has sold $2,498,888.16 in shares of PennyMac Financial Services stock. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. 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. Ready to apply or complete your application? His family and PennyMac, which announced his passing, said he died from complications . While our employee base grew by 60% during the year, our production volumes grew by 67% and our earnings increased by 328%. 47.206 (3) & (4). Additionally, we believe FHFA's elimination of the adverse market refinance fee has resulted in a larger population of loans that would benefit from a refinance at today's lower rates, further supporting the origination market. 18.5 million shares or approximately 24% of PFSI's common shares outstanding. The return on the trade was 60.70%. 292 Pennymac reviews in Los Angeles, CA. NMLS ID # 35953. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. These returns have led to a 29% compounded annual growth rate in our book value per share since our IPO. As you can see on slide 10 of the presentation, consumer and broker direct represented 23% of fallout-adjusted lock volume in the second quarter but accounted for approximately 70% of segment pretax income. What was David Spectors latest transaction? 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. Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. This performance added to a remarkable year that saw PFSI achieve a return on equity of 62% with almost $200 billion in UPB of loans funded. 130 Westlake Village, CA, 91362 Get Directions. PFSI's Board of Directors also declared a second quarter cash dividend of $0.20 per share. 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. The history of PennyMac Financial was borne out of the Great Financial Crisis, with a desire to help distressed borrowers. Also, our investments in technology, such as our cloud-based proprietary servicing system, have helped us to maximize economies of scale and grow efficiently, and help drive strong results for years to come. PennyMac Financial delivered another outstanding quarter of operational and financial performance, despite the increased volatility in the mortgage market. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. 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. For any questions, please visit our website at ir.pennymacfinancial.com or call our Investor Relations department at 818-264-4907. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. 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. Stanford Kurland, who founded and served as Chairman of PennyMac Financial Services Inc., Westlake Village, Calif., following a multi-decade career at Countrywide Financial Corp., passed away on Jan. 25. PennyMac Financial Services, Inc. (NYSE:PFSI) Q4 2020 Earnings Conference Call February 4, 2021 4:30 PM ET, Isaac Garden - Vice President Investor Relations, David Spector - President and Chief Executive Officer, Doug Jones - Chief Mortgage Banking Officer. Item 1.01 Entry into a Material Definitive Agreement. 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. 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. If you need the payment address, click here. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. These record volumes resulted in the growth of our servicing portfolio to $427 billion in UPB, despite extraordinary levels of prepayment activity. 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. Backtested performance is developed with the benefit of hindsight and has inherent limitations. Similarly, new customer acquisition or non-portfolio interest rate lock commitments were $1.5 billion, essentially unchanged from the prior quarter and up from $274 million in the second quarter of 2020. We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. 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. Our correspondent mix percentage was essentially unchanged from the previous quarter, as 35% of the acquisitions were government loans and 65% were conventional loans. These technology investments are critical drivers to the growth of our direct lending businesses. Schonfeld Strategic Advisors LLC raised its position in shares of PennyMac Financial Services by 822.2% during the 4th quarter. This hiring mostly occurred in three key areas, servicing, direct lending and fulfillment services. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . This was all done while the vast majority of our employees were working from home for most of the year. BBB File Opened: 2/5/2015. The stock was sold at an average price of $60.80, for a total value of $912,000.00. PennyMac Financial Servicess payout ratio is 9.54%. Click here to check it out. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. 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 . 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. Learn More on David A. Spector's contact information. This expertise and experience has served us well, enhancing our ability to help many borrowers affected by the COVID-19 pandemic. The predominant outcome has been through loan modifications to the borrowers to aid in their recovery.

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