We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. The estimated net worth of David A. Spector is at least $40.95 million as of March 1st, 2023. The firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. the financials in more detail later on in this discussion. Stockholders of record on Tuesday, February 14th were given a dividend of $0.20 per share. These strong production volumes again led to servicing portfolio growth despite continued elevated prepayment activity. 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. What is the percentage of profitable transactions made by David Spector? As you will see on slide 20, we provide a breakdown of the revenue contribution from each of PFSIs loan production channels, net of loan origination expenses, including the fulfillment fees received from PMT for conventional correspondent loans. Im proud of the actions we have taken and the dedicated management team across the company that has helped put these plans into action. 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. PennyMac Financial delivered strong fourth quarter results, marking the end to a record year. Pricing margins in the channel decreased sharply, reflecting intense levels of competition between channel leaders. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. Hedging and other gains of over $943 million largely offset an MSR fair value decrease of over $1.1 billion. million verified professionals across 35 million companies. 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,. As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . 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. Thanks, Andy. 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 operations. However, margins in this channel remain attractive. Over the years, PennyMac Financial has proven its ability to generate profits and value across various market environments, resulting in attractive returns on equity, with an average ROE of 24% over our last 7 plus years as a public company. Our direct lending channels, which include both our consumer direct lending and broker direct lending, have experienced faster growth and are becoming much more significant contributors to PFSIs earnings profile. Meet our Smart Portfolio. 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. 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. Learn More about insider trades at PennyMac Financial Services. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. Dan Perotti , PFSIs Senior Managing Director and Chief Financial Officer will discuss the financials in more detail later on in this discussion. Following the transaction, the chief executive officer now directly owns 650,183 shares in the company, valued at approximately $39,427,097.12. 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. 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. 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. Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. Find the best performing Analyst in each sector. Production revenue margins remain elevated, especially with PFSIs growth in consumer and broker direct volumes. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. If you have additional questions or would like to speak with a Pennymac representative, please call (800) 777-4001. For the complete insider trading history of PFSI, click here. In our broker direct channel, we are focused on further reducing the length of our loan origination cycle via workflow enhancements and upgrades to our broker portal, POWER. Thank you. Hedge funds and other institutional investors have recently modified their holdings of the stock. Revenue per fallout-adjusted lock was 343 basis points in the quarter, a decrease from the first quarter. January 25, 2021. Dans son rle . 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. 47.206 (3) & (4). Mr. Spector owns 650,183 shares of PennyMac Financial Services stock worth more than $40,948,525 as of March 4th. 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. Having difficulty making payments? approve of David Spector's performance Founded 2008 Company size 5,001 to 10,000 Revenue $1B to $5B (USD) Industry Banking & Lending Headquarters Westlake Village, CA Link PENNYMAC website Pennymac (NMLS #35953) is a top national mortgage lender with over 4 million lifetime customers. Sign up for a free account. Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. The return on the trade was 60.70%. 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. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Download the Pennymac Mobile app from the App Store. 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. T. Rowe Price Investment Management Inc. raised its position in shares of PennyMac Financial Services by 5.4% during the 4th quarter. What is the average return per transaction made by David Spector? The committed pipeline at July 31 was $7.2 billion. January 25, 2021, 12:31 p.m. EST 1 Min Read. The TipRanks Smart Score performance is based on backtested results. 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. View detailed PFSI description & address. And the committed pipeline at July 31 was $1.9 billion. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. Search over 700 Currently, he occupies the position of Chairman at PNMAC Mortgage Opportunity Fund LLC, Chairman of PNMAC Mortgage Opportunity Fund LP, Chairman-Trustees Board & CEO at PennyMac Mortgage Investment Trust, Chief Executive Officer for PennyMac Corp. (a subsidiary of PennyMac Mortgage Investment Trust) and Chairman & Chief Executive Officer for PennyMac Financial Services, Inc., Chairman & Chief Executive Officer for PNMAC Holdings, Inc., Chief Executive Officer of PNMAC Capital Management LLC, President & Chief Executive Officer for Private National Mortgage Acceptance Co. LLC and Chief Executive Officer for PennyMac Loan Services LLC (which are all subsidiaries of PennyMac Financial Services, Inc.). 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. 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. Thank you. Net assets under management totaled $2.3 billion as of June 30, down slightly from March 31 and up 5% from June 30, 2020. 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. The ex-dividend date was Monday, February 13th. In January, our broker direct originations totaled $1.4 billion in UPB, and locks totaled $2.1 billion. Please. 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. 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. 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. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. While Stan had retired from day-to-day responsibilities at PennyMac, he remained a trusted advisor and dear friend. Speaker: David Spector - Chairman and Chief Executive Officer Thank you Isaac. 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. 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%. If so, please call us at 866.545.9070. Similarly, lock volume totaled $4.5 billion, down 21%. President & CEO David Spector sold 30,000 shares of PFSI stock on 01/12/2021 at the average price of $57.43. Approve of CEO. This website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. 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. 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. While 2020 was a record, we have a long track record of strong performance. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. 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. In total, loan acquisition and origination volumes were $61 billion in the second quarter. While such a market would be smaller than 2020, it would represent a large origination market by historical standards. 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. 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. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. Please disable your ad-blocker and refresh. Schonfeld Strategic Advisors LLC raised its position in shares of PennyMac Financial Services by 822.2% during the 4th quarter. NMLS ID # 35953. Susquehanna Fundamental Investments LLC now owns 85,385 shares of the real estate investment trusts stock worth $4,838,000 after purchasing an additional 16,980 shares during the last quarter. Thank you, Isaac. This concludes PennyMac Financial Services, Inc.'s second quarter earnings discussion. Learn More on David A. Spector's salary. Purchase lock volume for the quarter was also a record $744 million, up from $514 million in the prior quarter and $505 million in the second quarter of 2020. Mr. Kurland was 68. The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. 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. 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. Learn More about David A. Spector's net worth. Thank you. David Spectors most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. 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. Government correspondent locks were $15.7 billion, down 8% from the prior quarter and up 21% from the second quarter of 2020. For any questions, please visit our website at ir.pennymacfinancial.com, or call our Investor Relations department at 8182644907. In the last year, insiders at the real estate investment trust sold shares 23 times. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. The slides that accompany this discussion are available on PennyMac Financials website at ir.pennymacfinancial.com. 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 brings the total repurchases year-to-date to approximately $600 million. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. Thank you, Dan. David A. Spector is a businessperson who has been the head of 9 different companies. 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. Our direct lending channels have an outsized impact on production segment earnings, as Dan will discuss later. PennyMac Financial delivered another outstanding quarter of operational and financial performance, despite the increased volatility in the mortgage market. David A. Spector is also on the board of 7 other companies. Net income in the fourth quarter was the second highest in the history of the company. 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. 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. 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. What is David Spector's role in PennyMac Mortgage? Earnings per share grew 328% for the year with net income up 319%. Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . Thank you, David. The price of the stock has decreased by 14.5% since. For any questions, please visit our website at ir.pennymacfinancial.com or call our Investor Relations department at 818-264-4907. The stock was sold at an average price of $60.80, for a total value of $912,000.00. The percentage of profitable transactions made by David Spector is 44%. The company reported a net income of $1 billion in 2021, down from a record of $1.6 billion in the previous year. 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. Segment revenue was $13.5 million, up 41% from the first quarter and 28% from June 30, 2020. 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. 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. Changes in these assumptions may have a material impact on the backtested returns presented. Get a breakdown of the different strategies based on detected insider trading activity. Net income in the fourth quarter was the second highest in the history of. David Spector - Chairman and Chief . Please disable your ad-blocker and refresh. PennyMac Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only. No representations and warranties are made as to the reasonableness of the assumptions. No cash balance or cash flow is included in the calculation. No P&I advances are outstanding as prepayment activity continued to sufficiently cover remittance obligations. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. So while refinance origination volumes are expected to decline significantly over the next several years as a result of higher interest rates, we believe the outlook for PennyMac Financial remained strong, given our large profitable and growing servicing business, our position as one of the largest producers of purchase money loans in the U.S. and the continued expansion of our direct lending businesses. Advances are expected to continue increasing over the next 6 to 12 months. 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 While the Pennymac workforce stays home to help flatten the curve, we know first responders, medical staff, delivery drivers, our essential workers and more, are out there heroically providing for those in need. The barriers to entry for these businesses that require scale for success provide PFSI a strategic advantage over our competitors. Licensed Mortgage Banker-NYS Department of Financial Services. 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. Pennymac Cares | Thank You from President & CEO, David Spector 108,081 views Apr 21, 2020 Right now, we realize the importance of home like never before. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. 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. View open jobs at this location. the company. This information is provided for illustrative purposes only. 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. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. These record volumes resulted in the growth of our servicing portfolio to $427 billion in UPB, despite extraordinary levels of prepayment activity. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. The scale we have achieved in our correspondent business, combined with our low-cost structure and operational excellence in the channel, allow us to operate profitably through volatile market environments. David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. 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. For licensing information, go to: www.nmlsconsumeraccess.org. 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. Headquarters. Consumer and broker direct represented 20% of fallout adjusted lock volume in the fourth quarter but accounted for over 70% of segment pretax income.