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. And with that, I would like to turn it back to David for some closing remarks. No cash balance or cash flow is included in the calculation. This concludes PennyMac Financial Services, Inc.'s second quarter earnings discussion. David Spector Net Worth, Biography, and Insider Trading 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. 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. Transcript : PennyMac Financial Services, Inc. Presents at Barclays Production revenue margins declined from the prior quarter and revenue per fallout-adjusted lock for PFSI's own account was 154 basis points in the second quarter, down from 176 basis points in the first quarter of 2021. Learn More on David A. Spector's trading history. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $69.50. The TipRanks Smart Score performance is based on backtested results. Lastly, originations in our broker direct channel totaled $4 billion in UPB, down 22% from the prior quarter. 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 slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. Being one of the Find contact details for 700 million professionals. PennyMac Mortgage Investment Trust (PMT) CEO David Spector on Q1 2021 These technology investments are critical drivers to the growth of our direct lending businesses. 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. 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 PennyMac CEO David Spector to serve as chairmen of its mortgage REIT, financial services The CEO of both PennyMac companies, David Spector (pictured), has added the chairman's title, filling the vacancies created by the death of founder Stanford Kurland. The prepayment speeds of PennyMac Financials subserviced portfolio which includes mostly Fannie Mae and Freddie Mac mortgage servicing rights owned by PMT decreased slightly to 38.9% from 39.2%. 292 Pennymac reviews in Los Angeles, CA. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. David Spector | ZoomInfo 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. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. It operates through the following segments: Production, Servicing, and Investment Management. The price of the stock has decreased by 8.12% since. David Spector - Chief Investment Officer - Penny Mac | LinkedIn Thank you. The barriers to entry for these businesses that require scale for success provide PFSI a strategic advantage over our competitors. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. North Carolina Permit No. Major name to depart PennyMac | Mortgage Professional Interest rate lock volume was $5.7 billion in UPB, up 4% from the third quarter and 234% from the fourth quarter of 2019. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Pennymac Reviews in Los Angeles, CA | Glassdoor Now I'd like to begin by introducing David Spector, PennyMac Financial's Chairman and Chief Executive Officer who will review the Company's fourth quarter and full-year 2022 results. Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. 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. David Spector email address & phone number | Penny Mac Chief Investment 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. PennyMac Founder Stanford Kurland Passes Away - MBA Newslink 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. 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. Announces Doug Jones Joined Its Board General assumptions include: XYZ firm would have been able to purchase the securities recommended by the model and the markets were sufficiently liquid to permit all trading. How do I contact David A. Spector? The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. 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. Licensed Mortgage Banker-NYS Department of Financial Services. His family and PennyMac, which announced his passing, said he died from complications . As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . In January, our broker direct originations totaled $1.4 billion in UPB, and locks totaled $2.1 billion. Get notified the next time David A. Spector buys or sells PennyMac Financial Services stock. For the complete insider trading history of PFSI, click here. PennyMac Financial Services, Inc. has a 12-month low of $38.53 and a 12-month high of $73.79. 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. 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. Similar Profiles. Isaac Garden - Investor Relations. Contact our customer service team with any inquiries by sending us a message through the Message Center by simply logging in to your account. This is not a commitment to lend. While our employee base grew by 60% during the year, our production volumes grew by 67% and our earnings increased by 328%. In total, loan acquisition and origination volumes were $61 billion in the second quarter. 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. Following the completion of the sale, the chief executive officer now directly owns 650,183 shares of the company's stock, valued at $39,427,097.12. And for the month of July, we repurchased an additional 2.5 million shares for an approximate cost of $151 million. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Please disable your ad-blocker and refresh. 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Susquehanna Fundamental Investments LLC raised its position in shares of PennyMac Financial Services by 24.8% during the 4th quarter. the company. David works at Pennymac Loan Services, Llc as Chief Investment Officer. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.46. Declining interest rates generally produce strong earnings in our production segment, while rising rates will generally produce strong earnings in our servicing segment as prepayments decline and the value of the MSR increases. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. Please note all regulatory considerations regarding the presentation of fees must be taken into account. Stockholders of record on Tuesday, February 14th were given a dividend of $0.20 per share. This brings the total repurchases year-to-date to approximately $600 million. BBB File Opened: 2/5/2015. Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. PENNYMAC FINANCIAL SERVICES, INC. : Entry into a Material Definitive Servicing advances outstanding were approximately $454 million at December 31, up from $346 million at September 30, primarily associated with seasonal tax payments. {{ userNotificationState.getAlertCount('bell') }}. The price of the stock has decreased by 4.44% since. PennyMac remained the largest correspondent aggregator in the U.S. in the fourth quarter. Following the transaction, the chief executive officer now directly owns 650,183 shares in the company, valued at approximately $39,427,097.12. Posted by Defense World Staff on Mar 3rd, 2023. Since the start of 2020, we have repurchased approximately 13% of the PFSI shares that were outstanding at the beginning of 2020. 119504607, 119505929, 119506567, 119506570, 119507419. Some products may not be available in all states. If you're not automatically redirected, please click here. Government correspondent locks were $15.7 billion, down 8% from the prior quarter and up 21% from the second quarter of 2020. PennyMac Financial Services Inc., a national mortgage lender and servicer, announced Thursday that Doug Jones has joined its board of directors. PFSI's Investment Management segment delivered increased profitability as a result of incentive fees earned based on PMT's profitability over the last 4 quarters. David Spector net worth, bio and Pennymac Financial Services, Inc The Production segment includes mortgage loan origination, acquisition, and sale activities. For licensing information, go to: www.nmlsconsumeraccess.org. 2023-03-02 | NYSE:PFSI | Press Release | PennyMac Financial Services Inc. Revenue per fallout-adjusted lock was 343 basis points in the quarter, a decrease from the first quarter. T. Rowe Price Investment Management Inc. now owns 4,992,531 shares of the real estate investment trusts stock worth $282,877,000 after purchasing an additional 256,717 shares during the last quarter. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. the financials in more detail later on in this discussion. Good morning and thank you for joining us. David Spectors most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. We quickly developed a plan to deal with the COVID-19 pandemic and the various work from home orders across the nation. PennyMac is a mortgage lender and servicer headquartered in Westlake Village, California. The company's services span its main function of loan production and loan servicing which includes the recovery of loans and other related charges. Lastly, we encourage investors with any questions to reach out to our Investor Relations team by email or phone. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. 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. PENNYMAC Careers and Employment | Indeed.com For more information, review Pennymac's state licenses and important notices. Pennymac's state licenses and important notices. The prepayment speeds of PennyMac Financial's sub-service portfolio, which includes mostly Fannie Mae and Freddie Mac mortgage servicing rights owned by PMT, decreased to 24.7% from 35.1%. Thanks, Doug. Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. 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. Pennymac - Contacts, Employees, Board Members, Advisors & Alumni Operating revenue decreased $2 million from the prior quarter driven by declines in earnings on custodial balances. 10 Ratings. This was all done while the vast majority of our employees were working from home for most of the year. 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. For any questions, please visit our website at ir.pennymacfinancial.com or call our Investor Relations department at 818-264-4907. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. In the fourth quarter, the pretax income was $234.1 million, a 31% decrease from . 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. Hedge funds and other institutional investors have recently modified their holdings of the stock. 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. Our goal is to be a trusted financial partner that you can count on as long as you own your home. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . 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. 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. David Spector - Chairman and Chief . 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. Pennymac Cares | Thank You from President & CEO, David Spector Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. The percentage of loans in forbearance decreased to 7.8% at December 31 from 10.1% at September 30 as new forbearance plans implemented since September 30 were more than offset by borrowers in forbearance plans at September 30 who have since exited. Our correspondent mix percentage was essentially unchanged from the previous quarter, as 35% of the acquisitions were government loans and 65% were conventional loans. 67.03% of the stock is currently owned by institutional investors and hedge funds. 18.5 million shares or approximately 24% of PFSI's common shares outstanding. PennyMac. All loan programs subject to borrowers meeting appropriate underwriting conditions. Book value per share grew 5% to $54.49 at June 30. However, he will become a special advisor to David Spector, chairman and chief . All of these activities allowed us to not only fund record volumes of loans, but also effectively deploy capital into technology and operational projects, as well as repurchase a significant amount of our common stock. Thanks, Andy. 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. Backtested performance is not an indicator of future actual results. 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. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 01/07/2021 at the average price of $60.12. 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. These record volumes resulted in the growth of our servicing portfolio to $427 billion in UPB, despite extraordinary levels of prepayment activity. 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. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. Ill now turn it over to Dan Perotti, Senior Managing Director and Chief Financial Officer to speak to the financial results for the quarter. President & CEO David Spector sold 30,000 shares of PFSI stock on 01/12/2021 at the average price of $57.43. 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. Headquarters. David Spector. Get a breakdown of the different strategies based on detected insider trading activity. The slides that accompany this discussion are available on PennyMac Financials website at ir.pennymacfinancial.com. While our servicing group was aiding borrowers, our corporate groups were ensuring our capital and liquidity were protected. million verified professionals across 35 million companies. PennyMac Financial reported strong earnings in the fourth quarter driven by core production and servicing results. 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. 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. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets. Now Ill turn it over to Doug Jones, PFSIs Senior Managing Director and Chief Mortgage Banking Officer to provide you some more details on our mortgage banking businesses. Now I'll turn it over to Doug, who will discuss our mortgage banking businesses. Doug Jones Joins PennyMac Financial Services Board - NMP We saw significant market share growth in the conventional correspondent market this quarter and our leadership position in government loans remains as a result of our consistency, low costs and operational excellence we continue to provide to our correspondents. Series 2023-GTL1 Loan On February 28, 2023, PennyMac Financial Services, Inc. (the "Company"), through two of its indirect, wholly owned subsidiaries, PNMAC GMSR ISSUER TRUST ("Issuer Trust") and PennyMac Loan Services, LLC ("PLS"), entered into a syndicated series of term notes (the "Series 2023-GTL1 Loan"), as part of the structured . This outstanding income generated excess capital that we redeployed into increased levels of production, share repurchases, reduction of debt, and increased servicing activity. The predominant outcome has been through loan modifications to the borrowers to aid in their recovery. In July, our correspondent acquisitions were $15 billion in UPB and locks were $12.8 billion. And since the beginning of 2020, we have now repurchased over 18.5 million shares or approximately 24% of PFSI's common shares outstanding. Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. 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.). PennyMac founder Stanford Kurland dies - National Mortgage News 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 costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. What is the average return per transaction made by David Spector? Thank you. 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. 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. Backtested performance is developed with the benefit of hindsight and has inherent limitations. What was David Spectors latest transaction? David Spector Sells 26,169 Shares of PennyMac Financial Services, Inc Learn More on David A. Spector's contact information. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. 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. 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. Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 12/23/2020 at the average price of $67.19. We are also increasing the use of online closings and automation.