What is David Spector's role in PennyMac Mortgage? 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. Pricing margins in the channel decreased sharply, reflecting intense levels of competition between channel leaders. He previously served as Chief Correspondent Lending Officer and has been a member of the company's executive management team since 2011. Co-op loans not available. This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. These transactions provide PennyMac the additional capacity and liquidity to efficiently execute loss mitigation strategies as sales of these loans to third parties also eliminate the potential for associated margin calls. Thank you, Dan. 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 decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. See what top analysts say about your stocks. What was David Spectors latest transaction? This financial performance is driven by the balanced business model in mortgage banking that we have built over the last 13 years. Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. 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. Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. Similarly, lock volume totaled $4.5 billion, down 21%. We encourage investors with any questions to reach out to our Investor Relations team by e-mail or phone. 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. And with that, I would like to turn it back to David for some closing remarks. Our goal is to be a trusted financial partner that you can count on as long as you own your home. 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. GuruFocus has detected 8 Warning Signs with PFSI. 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. 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. 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. With that, I will now turn the call over to Andy Chang, Senior Managing Director and Chief Operating Officer, who will review the mortgage origination landscape and the drivers of profitability for PFSI going forward. In the fourth quarter, the pretax income was $234.1 million, a 31% decrease from . 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. David A Spector, Pennymac Mortgage Investment: Profile and Biography 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. 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. 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. David Spector - Chief Investment Officer - Penny Mac | LinkedIn David Spector President and Chief Executive Officer Lior Ofir Senior Managing Director & Chief Information Officer Stanford L. Kurland Executive Chairman Amir Pirnia SVP Engineering David A. Spector is also on the board of 7 other companies. Learn More about David A. Spector's net worth. DO NOT SEND PAYMENTS TO THIS ADDRESS. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. 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. For any questions, please visit our website at ir.pennymacfinancial.com, or call our Investor Relations department at 8182644907. 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 . 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. In July, our correspondent acquisitions were $15 billion in UPB and locks were $12.8 billion. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. David Spector latest transaction was an Uninformative Buy of . During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. 292 Pennymac reviews in Los Angeles, CA. Pennymac Westlake Village, CA Office | Glassdoor Learn More about David A. Spector's net worth. Thank you. Ready to apply or complete your application? Follow them so you never miss a recommendation. Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. President & CEO of Pennymac Financial Services Inc ( 30-Year Financial, Insider Trades) David Spector ( insider trades) sold 30,000 shares of PFSI on 01/12/2021 at an average price of $57.43. As we continue to grow our leadership positions in the direct origination channels, this growth will drive the earnings from PennyMac Financial's production segment. Learn More about insider trades at PennyMac Financial Services. Additionally, PFSI's Board of Directors approved an increase to its stock repurchase authorization from $1 billion to $2 billion. If you have an ad-blocker enabled you may be blocked from proceeding. If you're not automatically redirected, please click here. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . With PFSIs historical focus on purchase market originations combined with our large and growing servicing portfolio, we believe we are well-positioned to successfully grow share in all three of our production channels, driving an increase in our overall market position. Hedging and other gains of over $943 million largely offset an MSR fair value decrease of over $1.1 billion. Thank you. No cash balance or cash flow is included in the calculation. The total sale was $1.7 million. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. While such a market would be smaller than 2020, it would represent a large origination market by historical standards. What is David Spector's role in PennyMac Mortgage? Since the start of 2020, we have repurchased approximately 13% of the PFSI shares that were outstanding at the beginning of 2020. 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. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. 3043 Townsgate Rd Ste 200, Westlake Village, CA 91361-3027. No P&I advances are outstanding as prepayment activity continued to sufficiently cover remittance obligations. {{ userNotificationState.getAlertCount('bell') }}. I will review each segments results and then we will touch on our forbearance and servicing advance trends. David served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. If you have additional questions or would like to speak with a Pennymac representative, please call (800) 777-4001. 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. We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. Importantly, we continued to repurchase stock, with 2.6 million shares of PFSI's common stock bought back during the quarter for an approximate cost of $155 million. Pretax income, excluding valuation-related items for the servicing segment, was $174.4 million, down 33% from the prior quarter and up 101% from the second quarter of 2020. We also repurchased approximately 1.6 million shares of PFSIs common stock, at an approximate cost of $89.3 million. The estimated net worth of David A. Spector is at least $40.95 million as of March 1st, 2023. Please disable your ad-blocker and refresh. Thank you. Thanks, Andy. David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. 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. Within our consumer direct lending channel, initiatives include enhancing our lead generation capabilities and use of data analytics, in addition to increasing the use of digital marketing to drive non-portfolio originations. 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. PennyMac Financial Servicess payout ratio is 9.54%. And I'm pleased to be joined by PennyMac Financial Services CEO,. Mr. Spector owns 650,183 shares of PennyMac Financial Services stock worth more than $40,948,525 as of March 4th. Production revenue margins remain elevated, especially with PFSIs growth in consumer and broker direct volumes. (business & personal). Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. President & CEO of Pennymac Financial Services Inc (30-Year Financial, Insider Trades) David Spector (insider trades) sold 30,000 shares of PFSI on 01/12/2021 at an average price of $57.43 a share. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. And the committed pipeline at July 31 was $1.9 billion. PennyMac Financial Services, Inc. (PFSI) CEO David Spector on Q4 2020 While the Pennymac workforce stays. Is this happening to you frequently? Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. 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. What is the average return per transaction made by David Spector? As we look at 2021 we believe the market environment provides PFSI a good opportunity for continued elevated financial performance. David Spector | ZoomInfo 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. Thank you, Dan. 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. He currently serves as a senior advisor to TPG Capital, a global private investment firm, and . 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.