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As David mentioned earlier, we sold $3.4 billion in UPB of EBO loans to third-party whole loan investors, up significantly from last quarter. PennyMac Financial Servicess payout ratio is 9.54%. 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. free lookups / month. January 25, 2021, 12:31 p.m. EST 1 Min Read. For the complete insider trading history of PFSI, click here. The direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. Finally, transactions like these provide meaningful savings to PennyMac Financial over the life of the loan while providing the opportunity for redelivery in the future. What was David Spector's most profitable transaction? Schonfeld Strategic Advisors LLC now owns 60,866 shares of the real estate investment trusts stock worth $3,449,000 after purchasing an additional 54,266 shares during the last quarter. The barriers to entry for these businesses that require scale for success provide PFSI a strategic advantage over our competitors. 47.206 (3) & (4). Speaker: David Spector - Chairman and Chief Executive Officer Thank you Isaac. In January, our broker direct originations totaled $1.4 billion in UPB, and locks totaled $2.1 billion. Hedging and other gains of over $943 million largely offset an MSR fair value decrease of over $1.1 billion. Learn More about insider trades at PennyMac Financial Services. The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. PennyMac Financial Services, Inc. operates as a holding company. Our capital markets group achieved significant hedging gains that largely offset $1.1 billion in MSR fair value losses over the year, which were driven by historically low interest rates and fast prepayment speeds. Up to 5 Segment revenue was $13.5 million, up 41% from the first quarter and 28% from June 30, 2020. Our direct lending channels have an outsized impact on production segment earnings, as Dan will discuss later. The firm engages in the production and servicing of U.S. residential mortgage loans. North Carolina Permit No. Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. 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. As our production mix continues to shift towards direct lending, production expenses as a percentage of fallout adjusted locks are expected to trend higher. Government loan acquisitions in the quarter totaled $18.9 billion in UPB, up 11% from the prior quarter and up 14% from the fourth quarter of 2019. Payoff-related expense, which includes interest shortfall and recording and release fees related to prepayments, remains elevated and increased by $8.3 million quarteroverquarter. PennyMac Financial Services' insider roster includes Anne Mccallion (Director), Farhad Nanji (Director), and David Spector (CEO). 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. And since the beginning of 2020, we have now repurchased over 18.5 million shares or approximately 24% of PFSI's common shares outstanding. The return on the trade was 60.70%. Learn More on David A. Spector's salary. 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. PennyMac remained the largest correspondent aggregator in the U.S. in the fourth quarter. 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. Copyright 2023 Surperformance. This information is provided for illustrative purposes only. It operates through the following segments: Production, Servicing, and Investment Management. And while we believe the mortgage market will continue to change from a competitive and regulatory perspective, the infrastructure and risk management disciplines that distinguish PennyMac from others in the industry position us well. During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. 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. 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 has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.46. The price of the stock has increased by 0.03% since. Pretax income excluding valuation related changes in our servicing segment in 2020 more than doubled from 2019 as we assisted borrowers emerging from forbearance using various loss mitigation strategies. This is not a commitment to lend. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. And with that, I would like to turn it back to David for some closing remarks. Before I turn this over to Andy, I want to take a moment to say all of us at PennyMac are very grateful for the many kind thoughts and tributes we have received since announcing the sad passing of Stan Kurland, our founder and Chairman. Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. PennyMac Financial Services, Inc operates as a holding company. Insiders at PennyMac Financial Services own 18.0% of the company. David A. Spector is also on the board of 7 other companies. Isaac Garden - Investor Relations. So, from our home to yours, thank you! David Spector joined PennyMac in 2008. He currently serves as a senior advisor to TPG Capital, a global private investment firm, and . 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. Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. Net assets under management totaled $2.3 billion as of June 30, down slightly from March 31 and up 5% from June 30, 2020. The stock was sold at an average price of $58.12, for a total value of $741,030.00. PennyMac. No credit card required. The UPB of completed modifications was $6.3 billion, up significantly from $4 billion last quarter and the UPB of EBO loan volume totaled $5 billion, also up significantly from last quarter as a result of the continued focus on loss mitigation activities. 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. Stanford Kurland, who went from being pushed out of the No. 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. Additionally, PFSI's Board of Directors approved an increase to its stock repurchase authorization from $1 billion to $2 billion. Our balanced business with our large and growing servicing portfolio also becomes an increasingly important component of our earnings as interest rates increase, and we believe this provides a competitive advantage relative to others when the industry's origination volumes return to more normalized levels. I will review each segments results and then we will touch on our forbearance and servicing advance trends. 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. David served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac. The committed pipeline at January 31 was $7.9 billion. Book value per share grew 5% to $54.49 at June 30. Production revenue margins remain elevated, especially with PFSIs growth in consumer and broker direct volumes. Pennymac Westlake Village, CA office. The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. Since trades have not actually been executed, results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity, and may not reflect the impact that certain economic or market factors may have had on the decision-making process. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. 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 have also seen a large group of borrowers that reperform and exit forbearance on their own. 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. If you have an ad-blocker enabled you may be blocked from proceeding. 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. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. In total, these strong acquisition and origination volumes continue to drive the organic growth of our servicing portfolio despite elevated prepayment activity. Some products may not be available in all states. And finally, PMT, the investment vehicle that PFSI manages was able to largely preserve its book value in 2020 which led to solid results in PFSIs Investment Management segment. The percentage of profitable transactions made by David Spector is 44%. This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. These increases were primarily driven by continued loss mitigation activities related to COVID-19. The history of PennyMac Financial was borne out of the Great Financial Crisis, with a desire to help distressed borrowers. the financials in more detail later on in this discussion. Net income was $453 million or diluted earnings per share of $5.97 resulting in book value growth per share of 15% to $47.80, up from $41.67 at the end of the prior quarter. The price of the stock has decreased by 14.5% since. David is based out of Agoura Hills, California, United States and works in the Financial Services industry. Thanks, Doug. And I'm pleased to be joined by PennyMac Financial Services CEO,. 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. (03-2023). The servicing segment recorded pretax income of $30.9 million, down from pretax income of $141.7 million in the prior quarter and up from a pretax loss of $62.4 million in the second quarter of 2020. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. Years in Business: 14. Business Started: 3/25/2008. Certain assumptions have been made for modeling purposes and are unlikely to be realized. Dans son rle . 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. 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. Pennymac has 10 current employee profiles, including President and Chief Executive Officer David Spector. Please disable your ad-blocker and refresh. 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. 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. The Servicing segment recorded pretax income of $42 million, down from pretax income of $111.7 million in the prior quarter and up from a pretax loss of $5.1 million in the fourth quarter of 2019. This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. 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. See what top analysts say about your stocks. However, margins in this channel remain attractive. Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. 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. President & CEO David Spector sold 30,000 shares of PFSI stock on 01/12/2021 at the average price of $57.43. 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. Being one of the Find contact details for 700 million professionals. The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. We have long-standing partnerships with several EBO loan investors, with a program in place to buy delinquent Ginnie Mae loans out of securitizations and sell them to these third-party investors. PennyMac is a mortgage lender and servicer headquartered in Westlake Village, California. For more information, review Pennymac's state licenses and important notices. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $69.50. What was David Spectors latest transaction? Consumer and broker direct represented 20% of fallout adjusted lock volume in the fourth quarter but accounted for over 70% of segment pretax income. Learn More on David A. Spector's trading history. Following the transaction, the chief executive officer now directly owns 650,183 shares in the company, valued at approximately $39,427,097.12. Learn More about David A. Spector's net worth. The company reported a net income of $1 billion in 2021, down from a record of $1.6 billion in the previous year. Business Incorporated: While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . This website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. Pennymac's state licenses and important notices. Actual performance may differ significantly from backtested performance. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. 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. Our goal is to be a trusted financial partner that you can count on as long as you own your home. Thanks, Andy. Thank you. 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. This chart shows David Spector's buying and selling at PennyMac Financial Services by year and by quarter. Mr. Kurland was 68. Please take a moment to watch a special video from our President and CEO, David Spector. The Production segment includes mortgage loan origination, acquisition, and sale activities. Please disable your ad-blocker and refresh. The total sale was $1.7 million. 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. In July, our correspondent acquisitions were $15 billion in UPB and locks were $12.8 billion. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. The business also recently declared a quarterly dividend, which was paid on Friday, February 24th. The most recent insider tranaction occured on March, 1st when insider Steven Richard Bailey sold 13,604 shares worth more than $825,762.80. PennyMac Financial Services, Inc. a annonc que Doug Jones, prsident et directeur des services hypothcaires, a rejoint son conseil d'administration compter du 1er mars 2023. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. View open jobs at this location. Conventional correspondent acquisitions, for which PFSI earns a fulfillment fee from PMT, totaled $38 billion in UPB, up 39% from the prior quarter and 85% from the fourth quarter of 2019. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. Backtested results are adjusted to reflect the reinvestment of dividends and other income and, except where otherwise indicated, are presented gross-of fees and do not include the effect of backtested transaction costs, management fees, performance fees or expenses, if applicable. 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. .This article first appeared on GuruFocus. The ex-dividend date was Monday, February 13th. 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. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View Finally, Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 33.5% during the 4th quarter. All rights reserved. If you have an ad-blocker enabled you may be blocked from proceeding. 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. In total, loan acquisition and origination volumes were $61 billion in the second quarter. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. What is David Spector's role in PennyMac Mortgage? This financial performance is driven by the balanced business model in mortgage banking that we have built over the last 13 years. DO NOT SEND PAYMENTS TO THIS ADDRESS. NMLS ID # 35953. We also remain very active repurchasing shares driven by our medium-term expectations for PFSI's return on equity. Follow them so you never miss a recommendation. While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. 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. 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 . 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(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. 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. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . If you're not automatically redirected, please click here. All loan programs subject to borrowers meeting appropriate underwriting conditions. What is David Spector's role in PennyMac Mortgage? David Spector President and Chief Executive Officer Lior Ofir Senior Managing Director & Chief Information Officer Stanford L. Kurland Executive Chairman Amir Pirnia SVP Engineering Thank you for sharing your valuable opinion. Thanks, Doug. Ready to apply or complete your application? I am Barclays' consumer finance analyst, Mark DeVries. View detailed PFSI description & address. 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. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. We estimate we are now represent approximately 2.5% market share in the channel with over 2,000 brokers approved to offer our products, an increase of 11% from March 31, 2021. 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. 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. Learn More on PennyMac Financial Services' active insiders. Thank you, David. Stockholders of record on Tuesday, February 14th were given a dividend of $0.20 per share. Contact our customer service team with any inquiries by sending us a message through the Message Center by simply logging in to your account. 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. Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. In January, our consumer direct originations totaled $3.1 billion in UPB and locks totaled $4.4 billion. As David mentioned earlier PFSIs net income was $452.8 million or diluted earnings per share of $5.97. Good afternoon, and welcome to the Fourth Quarter and Full-Year 2020 Earnings discussion for PennyMac Financial Services, Inc. How can I follow the stock ratings of top corporate insiders? The average return per transaction made by David Spector is 3.50%. Main Telephone (818) 224-7442 Primary Address 3043 Townsgate Road Suite 200 Westlake Village, CA 91361 USA Fiscal Close December Founded 2008 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. Chief Enterprise Ops Officer Jeffrey Grogin sold 13,521 shares of PFSI stock on 01/04/2021 at the average price of $62.53. Interest rate lock commitments in the fourth quarter totaled $12.8 billion in UPB, up 18% from the prior quarter, and 135% from the fourth quarter of 2019. Net assets under management were down slightly quarter-over-quarter to $2.3 billion.