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. As the CEO of PennyMac Financial Services, Inc., Mr. Spector earned a total compensation package of $13,575,224.00 in 2021. PennyMac Financial again delivered outstanding financial performance in the second quarter, driven by continued strong production and core servicing results partially offset by net MSR fair value declines. If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh. 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. Ready to apply or complete your application? 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. You can see the results of our hedging strategy in the full year view on slide 19. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. 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. PennyMac founder Stanford Kurland dies - National Mortgage News What was David Spectors latest transaction? 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 David Spector - PennyMac Mortgage Insider Transactions - TipRanks.com At PennyMac, our commitment to our customers doesnt end at closing. Copyright 2023 Surperformance. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. David A. Spector is also on the board of 7 other companies. The company's services span its main function of loan production and loan servicing which includes the recovery of loans and other related charges. President & CEO David Spector sold 30,000 shares of PFSI stock on 01/12/2021 at the average price of $57.43. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. Learn More on PennyMac Financial Services' active insiders. David Spector Net Worth, Biography, and Insider Trading Pennymac Westlake Village, CA office. 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. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . The slides that accompany this discussion are available on PennyMac Financials website at ir.pennymacfinancial.com. 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 January, our consumer direct originations totaled $3.1 billion in UPB and locks totaled $4.4 billion. Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. This expertise and experience has served us well, enhancing our ability to help many borrowers affected by the COVID-19 pandemic. While Stan had retired from day-to-day responsibilities at PennyMac, he remained a trusted advisor and dear friend. These returns have led to a 29% compounded annual growth rate in our book value per share since our IPO. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets. Production revenue margins remain elevated, especially with PFSIs growth in consumer and broker direct volumes. Being one of the Find contact details for 700 million professionals. Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. Thank you, Dan. 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. 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. Net income was $204 million or diluted earnings per share of $2.94, representing an annualized return on equity of 23%. Finally, Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 33.5% during the 4th quarter. Biography of David Spector - The Official Board Susquehanna Fundamental Investments LLC raised its position in shares of PennyMac Financial Services by 24.8% during the 4th quarter. Thank you. Equal Housing Opportunity 2023 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. As our production mix continues to shift towards direct lending, production expenses as a percentage of fallout adjusted locks are expected to trend higher. Ultimately, we believe for these reasons, PennyMac will continue its market share growth as a channel leader. The company reported a net income of $1 billion in 2021, down from a record of $1.6 billion in the previous year. 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. Please disable your ad-blocker and refresh. Pennymac Financial Services Inc (PFSI) President & CEO David Spector This was all done while the vast majority of our employees were working from home for most of the year. Net income in the fourth quarter was the second highest in the history of the company. This financial performance is driven by the balanced business model in mortgage banking that we have built over the last 13 years. PennyMac Financial Services Inc provides mortgage loans to customers in the United States. 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. 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. Book value per share grew 5% to $54.49 at June 30. Net assets under management totaled $2.3 billion as of June 30, down slightly from March 31 and up 5% from June 30, 2020. PennyMac Financial's owned portfolio reported a prepayment speed of 28.3% in the second quarter, down from 32.6% in the prior quarter. PennyMac Financial Services, Inc. (NYSE:PFSI) CEO Sells $912,000.00 in The opportunity to grow these newer channels is exciting and provides PFSI a multi-channel, diversified and profitable production segment that will further grow the servicing portfolio with high quality assets. 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. In the last year, insiders at the real estate investment trust sold shares 23 times. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 18.5 million shares or approximately 24% of PFSI's common shares outstanding. Massachusetts Mortgage Lender License # MC35953. 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. Meet our Smart Portfolio. GuruFocus has detected 8 Warning Signs with PFSI. 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. PennyMac. Prognosis explores health, wellness, and the ways in which modern science is allowing us to live better - in both the long term, and day-to-day, Londons Investment Appeal Is Unraveling as Arm Heads to the US, Climate Change Is Launching a MutantSeed Space Race, British Parents Turn to Home Equity to Help Young Buy Property, Sorry, Fed, Most US Mortgage Rates Were Locked in During Pandemic Lows, Fed Says MoreRate Hikes Are Needed to Curb Inflation, Italys CDP Is Nearing Offer for Telecom Italia Network, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, US-Sanctioned Huawei Makes a Show of Force at Mobile Conference, In Blacklisting Inspur, US Targets Partner Used by Intel and IBM, The UK Is Using Drones to Prosecute Small-Boat Migrant Smugglers, Philippine governor, 5 others killed in brazen attack, An Emboldened Rishi Sunak Gets Ready to Fight His Own Party Over Taxes, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61, The Exhibit Reality TV Show PittingArtist Against ArtistIs No Masterpiece, Matt HancockWhatsApp LeakExposes theNeed for Covid Justice, Brexit Might Have Been Prevented With Deals Like This, Video Roundup: Opinions Must-See Footage of the Week, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, No Major Offer Expected on Childcare in UK Budget, Biden Gives Medal of Honor to Trailblazing Special Forces Member, UK Braces for Rare Weather Event That Risks Late-Winter Freeze, Panic Over Metals for EVs Goes All the Way to Automakers C-Suites, What Do You Want to See in a Covid Memorial?