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David Spector owns about 650,183 units of Pennymac Financial Services, Inc common stock. While we respected Wells Fargo as a competitor in the correspondent channel, we believe their exit from the channel creates additional opportunities for PennyMac, particularly in the community bank and credit union sector of the market where they previously had a strong presence. Good afternoon, and welcome to the Fourth Quarter and Full Year 2022 Earnings Discussion for PennyMac Financial Services, Inc. How and When to Use Email Forwarders or Aliases Plano, TX 75075-8413. COVID-19 has robbed us of a great leader, mentor and friend," said David Spector, President and CEO of PennyMac. Alignment Healthcare (NASDAQ:ALHC) Shares Gap Down to $9.94, Envestnet Asset Management Inc. In the same report you can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12-24 months. 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. Our servicing portfolio ended the year at $552 billion in unpaid principal balance as additions from loan production continued to exceed prepayment activity. In the last 8 years, insiders at Pennymac Financial Services, Inc have sold an estimated value of $316.31M David M. Walker - Senior Managing Director and Chief Risk Officer at Get 5 free searches. Last quarter, we completed the roll out of POWER+, our next generation technology platform providing brokers with the tools they need to successfully grow their businesses and convert leads into loans. PennyMac Financial Services, Inc. (NYSE:PFSI) Q4 2022 Earnings Call Transcript, 12 Top Performing Energy Stocks in January, How to Best Use Insider Monkey to Increase Your Returns, 6 Things You Didn't Know About Hedge Funds. Importantly, the $650 million of Ginnie Mae MSR term notes due in August 2023 also contain an optional extension at PFSIs discretion. The UPB of completed modifications was $2.3 billion, down slightly from the prior quarter while EBO loan volumes remained low. "Stan leaves an indelible mark not only on PennyMac, but on the mortgage industry he helped to build and shape. Since then, we have become one of the largest mortgage producers and servicers in the country, while also providing strong returns to our stakeholders. As we have demonstrated with our 2022 performance, we believe mortgage banking companies with large servicing portfolios and diversified business models like PennyMac Financial are better positioned to offset the decline in origination profitability that has resulted from lower volumes. Call participants: David Spector . "He was a genuine and gracious person to anyone he . We encourage investors with any questions to reach out to our Investor Relations team by email or phone. As I briefly mentioned earlier, our servicing portfolio growth can be attributed to the large volume of loans we produce every quarter, as we retain the MSRs on nearly all of our mortgage loan production. As I briefly mentioned earlier, our servicing portfolio growth can be attributed to the large volume of loans we produce every quarter, as we retain the MSRs on nearly all of our mortgage loan production. Even as interest rates increased, the UPB of our production volume on a quarterly basis consistently represented 4% to 5% of the total servicing portfolio balance. We still like this investment. Goldman Sachs Group Inc. now owns 706,965 shares of the real estate investment trusts stock worth $37,610,000 after buying an additional 539,539 shares in the last quarter. An investor who invested $10,000 in Warren Buffetts hedge fund at the beginning of 1957 saw his capital turn into $103,000 before fees and $64,100 after fees (this means Warren Buffett made more than $36,000 in fees from this investor). To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. As Chairman and Chief Executive Officer at PennyMac Financial Services, Inc., David A. Spector made $13,575,224 in total compensation. Share Excel . Our multi-channel approach to mortgage production provides the flexibility to adapt to different market conditions and drives organic growth of our servicing portfolio. Finally, I believe this management team is the best in the industry and Id like to thank them all for their various contributions to PFSIs strong performance in 2022. Before joining PennyMac in March 2008, Mr. Spector was co-head of global residential . Contact Information. That would have been 9.35% in hedge fund fees. Pennymac notches a profitable Q1 due to servicing segment WESTLAKE VILLAGE, Calif., March 02, 2023--PennyMac Financial Services, Inc. (NYSE: PFSI) announced today that Doug Jones, President and Chief Mortgage Banking Officer, joined its Board of . These results include a non-recurring tax rate change which negatively impacted earnings per share by $0.22. View David Spector's email address (d*****@pennym***.com) and phone number. Based on 7 ratings, David Spector ranks right below Stonegate Mortgage's CEO, James Smith. Is this happening to you frequently? Total production, including acquisitions made by PMT, was $109 billion in UPB. Pretax income excluding valuation-related items for the servicing segment was $79 million, up from the prior quarter as higher realization of MSR cash flows, interest expense, and lower EBO-related income was more than offset by higher loan servicing revenue, higher earnings on custodial balances and deposits, and lower operating expenses. David A. Spector (updated October 5, 2014) Page 13 of 15 Here is Information from the SEC website (www.sec.gov): David Spector, Director, Officer: President and COO, PennyMac Mortgage Investment Trust (PMT) Corporate Offices: PennyMac, 6101 Condor Drive, Moorpark, CA 93021 (818) 224-7442. The growth of our servicing portfolio continues to differentiate PFSI from its competition, serving as an increasingly important asset, which I will discuss later on. We initially share this idea in October 2018 and the stock already returned more than 150%. Get Directions. Prior to joining PennyMac Financial, Mr. Spector was co-head of global residential mortgages for Morgan Stanley, a global financial services firm, based . JMP Securities downgraded shares of PennyMac Financial Services from an outperform rating to a market perform rating in a research report on Wednesday, January 18th. While many industry participants have taken the appropriate steps to reduce capacity, it has been happening slowly and we believe overcapacity still remains. a bonus of $6,400,000 , Operator: This concludes PennyMac Financial Services, Inc.'s fourth quarter earnings discussion. David Spector Pennymac Net Worth | Bio, Family, Address, Career PennyMac Mortgage Investment Trust (PMT) Q1 2021 Earnings Call Isaac Garden: Good afternoon, and welcome to the Fourth Quarter and Full Year 2022 Earnings Discussion for PennyMac Financial Services, Inc. I believe it will make millions of Americans vastly wealthier. PennyMac Financial Services, Inc. (NYSE:PFSI Get Rating) CEO David Spector sold 15,000 shares of the businesss stock in a transaction on Monday, February 27th. The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. The vast majority of their compensation came in the form of PENNYMAC FINANCIAL SERVICES, INC. : Entry into a Material Definitive The company earned $129.2 million between April and June, down from $173.6 million in the prior quarter and $204 . Our servicing portfolio ended the year at $552 billion in unpaid principal balance as additions from loan production continued to exceed prepayment activity. In fact, for the full year PFSI produced net income of $476 million, which drove book value per share up 16% from year end 2021. For example S&P 500 Index returned 43.4% in 1958. Company profile for PennyMac Financial Services Inc. including key executives, insider trading, ownership, revenue and average growth rates. . PennyMac Financial Services, Inc. (NYSE:PFSI) Q4 2022 Earnings Call Transcript February 2, 2023. David A. Spector (updated October 5, 2014) Page 1 of 15 . Mr. Spector PMT stock SEC Form 4 insiders trading. The fourth quarter included non-recurring tax items, which resulted in an effective tax rate of 44.4% versus 27.1% in the prior quarter. David Spector's largest purchase order was 40,735 units , worth over Based on data from MarketBeat, the stock currently has an average rating of Hold and an average target price of $69.50. We estimate originations in our consumer direct channel in January totaled $300 million, and locks totaled $700 million. Message and data rates apply. David A Spector is Chairman/CEO at Pennymac Mortgage Investment. For the full year, PFSI achieved a return on equity of 14%, driving continued growth in book value per share, which ended 2022 at $69.44. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. David has made over 64 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. PennyMac Financial Services, Inc. Announces Doug Jones Joined Its Board Overall production was solid in the fourth quarter with total production volumes down only 12% from the prior quarter, while industry volumes were down 34%, according to Inside Mortgage Finance. Revenue per fallout-adjusted lock was 56 basis points, down from 70 basis points in the prior quarter, although we have seen margins in this channel improve thus far in the first quarter. In his role as President of. Servicing advances outstanding for PFSIs MSR portfolio increased to $520 million at year end from $397 million at September 30th due to seasonal property tax payments. Doug Jones Joins PennyMac Financial Services Board - NMP Use our Premium/VIP Service to contact David Spector by email now. In this role, David was responsible for credit risk management and residential mortgage lending. Warren Buffett took 25% of all returns in excess of 6 percent. PennyMac Financial's owned servicing portfolio reported a prepayment speed of 5.4% in the fourth quarter, down from 9% in the prior quarter. David Spector usually trades in March, with the busiest year in 2021. PennyMac Financial Services, Inc. (PFSI) Q4 2022 Earnings Call David Spector Net Worth, Biography, and Insider Trading These results include a non-recurring tax rate . Ratings from 281 employees, gives David Spector an approval rating of 56%. Dan Perotti: Thanks, Doug. Headquarters 3043 Townsgate Rd Ste 200 . The stock was sold at an average price of $60.80, for a total value of $912,000.00. 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 non-GAAP measures that have been reconciled to their GAAP equivalent in our earnings presentation. More than 15 years ago, we founded PennyMac with a vision to help revitalize the mortgage market and become a trusted partner in home ownership. The slides that accompany this discussion are available on PennyMac Financial's website at pfsi.pennymac.com. Ill now turn it over to Dan who will review PFSIs financial results for the quarter. Warren Buffett has been investing and compounding for at least 65 years. Thus far, we have received very positive feedback on the new portal, garnering the attention of top brokers in the channel who are looking to expand their relationship with PennyMac. | March 2, 2023 Dan Perotti, PFSIs Senior Managing Director and Chief Financial Officer will provide greater detail later on in this discussion. To that end, for the full year 2022, we returned over $460 million to stockholders through stock repurchases and dividends, and opportunistically raised $500 million in five-year term notes secured by Ginnie Mae MSRs at attractive rates. Good morning and thank you for joining us. David A. Spector - Salary This strategy is designed to moderate the impact of interest rate changes on the fair value of our MSR asset and also considers productionrelated income. Margins in this channel were down slightly with revenue per fallout adjusted lock of 358 basis points versus 366 basis points in the third quarter. View detailed PFSI description & address. The stock was sold at an average price of $60.80, for a total transaction of $912,000.00. *Based on results from Inside Mortgage Finance 12M ended 12/31/22. Get Email Updates. StockNews.com upgraded PennyMac Financial Services from a sell rating to a hold rating in a report on Saturday, February 11th. Mortgage lender Pennymac Financial Services has laid off an additional 32 employees in July. In order to protect the value of our MSR asset we utilize a comprehensive hedging strategy. Purchase loans were 85% of total originations. From Vancouvers Pedro Vite to LAFC striker Kwadwo Opoku, these young rising stars are looking to make a name for themselves in the MLS in 2023. Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. Thanks, Doug. The consent submitted will only be used for data processing originating from this website.