The most recent insider tranaction occured on March, 1st when insider Steven Richard Bailey sold 13,604 shares worth more than $825,762.80. Book value per share grew 5% to $54.49 at June 30. These strong production volumes again led to servicing portfolio growth despite continued elevated prepayment activity. PennyMac Financial delivered another outstanding quarter of operational and financial performance, despite the increased volatility in the mortgage market. The dividend yield of PennyMac Financial Services Inc stocks is 0.93%. As we outlined in our Investor Day, we see additional opportunities resulting from changes to the GSE's preferred stock purchase agreement. 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. However, margins in this channel remain attractive. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. We have used our cloud-based technology systems to aid in scaling our businesses to the market and supported that growth with strategic hiring of employees. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. The committed pipeline at July 31 was $7.2 billion. The stock was sold at an average price of $60.80, for a total value of $912,000.00. (business & personal). The history of PennyMac Financial was borne out of the Great Financial Crisis, with a desire to help distressed borrowers. 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. How do I contact David A. Spector? 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. 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. "I am delighted to announce Doug Jones' election to our. | 3 Mrz 2023. The return on the trade was 60.70%. This hedging strategy is designed to moderate the impact of interest rate changes on the fair value of our MSR asset and also considers production-related income. Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. 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. 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What is the percentage of profitable transactions made by David Spector? Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. Our goal is to be a trusted financial partner that you can count on as long as you own your home. Arizona Mortgage Banker License # 0911088. And, we continue to enhance our MAC portal, thus improving the ability for borrowers to self-service throughout the entire origination process. We have also seen a large group of borrowers that reperform and exit forbearance on their own. PennyMac Financial's owned portfolio reported a prepayment speed of 28.3% in the second quarter, down from 32.6% in the prior quarter. 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. These increases were primarily driven by continued loss mitigation activities related to COVID-19. PennyMac is a mortgage lender and servicer headquartered in Westlake Village, California. What was David Spector's most profitable transaction? Enter your email address below to get our daily insider buying and selling report. This outstanding income generated excess capital that we redeployed into increased levels of production, share repurchases, reduction of debt, and increased servicing activity. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. Jeffrey W. Martin Sells 10,413 Shares of Sempra (NYSE:SRE) Stock, Robert Brian Mitchell Sells 38,000 Shares of Globe Life Inc. (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 consumer direct lending division produced record origination and lock volumes again despite a smaller origination market in the second quarter. PennyMac Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only. 67.03% of the stock is currently owned by institutional investors and hedge funds. 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. 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. Pennymac Westlake Village, CA office. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. 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. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. 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. These valuation declines were primarily driven by significant levels of prepayment activity and early buyouts. Information on this page was last updated on 3/1/2023. With the large and growing servicing portfolio and an industry leading correspondent production group, PFSI is an established leader with a growing presence across all facets of mortgage banking. Similarly, lock volume totaled $4.5 billion, down 21%. Thanks, Andy. In total, loan acquisition and origination volumes were $61 billion in the second quarter. With that, I will turn the call over to Andy Chang, Senior Managing Director and Chief Operating Officer, who will go through some of the initiatives we are focused on to position us for future success in the years to come. The return on the trade was 60.70%. The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. Head over to our Expert Center to see a list of the, Invest Like a Pro with Unique Data & Simplifed Tools, See the Hottest Stocks Based on Insider Trading >. PennyMac Financial Services Inc provides mortgage loans to customers in the United States. The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. This chart shows David Spector's buying and selling at PennyMac Financial Services by year and by quarter. PFSI's Board of Directors also declared a second quarter cash dividend of $0.20 per share. 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. David is based out of Agoura Hills, California, United States and works in the Financial Services industry. The price of the stock has decreased by 4.44% since. I will review each segments results and then we will touch on our forbearance and servicing advance trends. Please take a moment to watch a special video from our President and CEO, David Spector. 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. I will cover each segment's results and then briefly review our forbearance and servicing advance trends. The price of the stock has decreased by 14.5% since. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. 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. While margins across channels have come in lower from the third quarter, we saw the shift in Government correspondent margins come in the most towards more normalized levels. Up to 5 PennyMac Financial reported strong earnings in the fourth quarter driven by core production and servicing results. 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. 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 . Pennymac's state licenses and important notices. 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. Learn More on David A. Spector's trading history. 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. While our employee base grew by 60% during the year, our production volumes grew by 67% and our earnings increased by 328%. 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. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View David Spector is currently Chairman of the Board, President and Chief Executive Officer at PennyMac - View - PennyMac org chart 33% of correspondent acquisitions were government loans and 67% were conventional loans. 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.