The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. David Spectors most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. We achieved record production across all channels, with increased market penetration in our higher margin direct lending channels. 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. The firm has a 50 day moving average of $62.72 and a 200-day moving average of $56.17. Thank you Isaac. Since the start of 2020, we have repurchased approximately 13% of the PFSI shares that were outstanding at the beginning of 2020. Item 1.01 Entry into a Material Definitive Agreement. Please take a moment to watch a special video from our President and CEO, David Spector. 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. David A. Spector has been President and Chief Executive Officer of PennyMac Financial Services, Inc. (NYSE: PFSI) since January 2017, and he has been a member of PennyMac Financials board of directors since the companys formation in January 2008. 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. 47.206 (3) & (4). Learn More on David A. Spector's salary. 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. 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. Learn More about David A. Spector's net worth. Backtested performance is developed with the benefit of hindsight and has inherent limitations. We also remain very active repurchasing shares driven by our medium-term expectations for PFSI's return on equity. 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. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. 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. No P&I advances have been made to date, 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. And the committed pipeline at July 31 was $1.9 billion. 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%. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. 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. 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. Copyright 2023 Surperformance. Learn More on PennyMac Financial Services' active insiders. 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. Earnings per share grew 328% for the year with net income up 319%. 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. We encourage investors with any questions to reach out to our Investor Relations team by e-mail or phone. Importantly, PennyMac retains the servicing rights and carries an option to repurchase these government-insured loans in the event they become eligible for redelivery into Ginnie Mae securities. For the complete insider trading history of PFSI, click here. Thank you. You will be contacted by a representative that will help answer any inquiries you have. For more information, review Pennymac's state licenses and important notices. His family and PennyMac, which announced his passing, said he died from complications . Dan Perotti , PFSIs Senior Managing Director and Chief Financial Officer will discuss the financials in more detail later on in this discussion. PennyMac. Please disable your ad-blocker and refresh. Segment revenue was $13.5 million, up 41% from the first quarter and 28% from June 30, 2020. Thank you. 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. 67.03% of the stock is currently owned by institutional investors and hedge funds. 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. 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. PennyMac Loan Services, LLC PO Box 950002 Fort Worth, TX 76155-9802, PennyMac Loan Services, LLC PO Box 5133 Thousand Oaks, CA 91359-5133, 3043 Townsgate Rd, Suite 200 Westlake Village, CA 91361 818.224.7442. Tower Research Capital LLC TRC Increases Stake in Centrus Energy Corp. Tower Research Capital LLC TRC Boosts Stock Position in Centrus Energy Corp. UBS Group AG Increases Position in Northern Oil and Gas, Inc. Tower Research Capital LLC TRC Increases Position in ABB Ltd (NYSE:ABB), Tower Research Capital LLC TRC Has $254,000 Holdings in Daqo New Energy Corp. (NYSE:DQ), ABB Ltd (NYSE:ABB) Shares Bought by Tower Research Capital LLC TRC, Tower Research Capital LLC TRC Increases Stake in Centrus Energy Corp. (NYSEAMERICAN:LEU), Tower Research Capital LLC TRC Boosts Stock Position in Centrus Energy Corp. (NYSEAMERICAN:LEU), UBS Group AG Increases Position in Northern Oil and Gas, Inc. (NYSE:NOG), Tower Research Capital LLC TRC Sells 3,797 Shares of Daqo New Energy Corp. (NYSE:DQ), Tower Research Capital LLC TRC Lowers Stake in Invesco Defensive Equity ETF (NYSEARCA:DEF), Tower Research Capital LLC TRC Acquires 94,572 Shares of Geron Co. (NASDAQ:GERN), Tower Research Capital LLC TRC Has $255,000 Stake in Geron Co. (NASDAQ:GERN), Gentherm Incorporated (NASDAQ:THRM) Stock Position Increased by Tower Research Capital LLC TRC, Tower Research Capital LLC TRC Sells 1,356 Shares of iShares Dow Jones U.S. ETF (NYSEARCA:IYY), Tower Research Capital LLC TRC Sells 4,212 Shares of Chesapeake Utilities Co. (NYSE:CPK), Tower Research Capital LLC TRC Has $260,000 Stock Position in Veradigm Inc. (NASDAQ:MDRX), Tower Research Capital LLC TRC Sells 2,680 Shares of The Toronto-Dominion Bank (NYSE:TD), Veradigm Inc. (NASDAQ:MDRX) Shares Bought by Tower Research Capital LLC TRC, UBS Group AG Has $3.26 Million Stock Holdings in Delek Logistics Partners, LP (NYSE:DKL), Tower Research Capital LLC TRC Decreases Stake in Westamerica Bancorporation (NASDAQ:WABC), Tower Research Capital LLC TRC Grows Stock Holdings in Barnes Group Inc. (NYSE:B), Woodside Energy Group Ltd (OTCMKTS:WOPEY) Shares Sold by UBS Group AG. Our consumer direct lending division produced record origination and lock volumes again despite a smaller origination market in the second quarter. PennyMac Financial Services Inc., a national mortgage lender and servicer, announced Thursday that Doug Jones has joined its board of directors. Headquarters. We continue to originate record levels of volumes in this channel as a result of our large and growing servicing portfolio, efficient and low-cost infrastructure, advanced modeling and analytics, and the growth in sales and fulfillment capacity. The shares were sold at an average price of $60.64, for a transaction totalling $1,586,888.16. 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. 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. We built our correspondent business into the largest in the U.S. over the last decade while at the same time growing our servicing portfolio, primarily organically. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. 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. Thank you. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 7.36 and a beta of 1.49. In January, our broker direct originations totaled $1.4 billion in UPB, and locks totaled $2.1 billion. 119504607, 119505929, 119506567, 119506570, 119507419. Thank you, Isaac. The company's services span its main function of loan production and loan servicing which includes the recovery of loans and other related charges. 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. 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. 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. This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. 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. No P&I advances are outstanding as prepayment activity continued to sufficiently cover remittance obligations. North Carolina Permit No. President & CEO David Spector sold 30,000 shares of PFSI stock on 01/12/2021 at the average price of $57.43. 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. Backtested results are calculated by the retroactive application of a model constructed on the basis of historical data and based on assumptions integral to the model which may or may not be testable and are subject to losses. 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. View David Spector's email address (d*****@pennym***.com) and phone number. 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. Thanks, Doug. Isaac Garden - Investor Relations. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. 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. Pricing margins in the channel decreased sharply, reflecting intense levels of competition between channel leaders. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. 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 with that, I would like to turn it back to David for some closing remarks. Production segment pretax income was $244.4 million, down 33% from the prior quarter and 55% from the second quarter of 2020. Consumer and broker direct represented 20% of fallout adjusted lock volume in the fourth quarter but accounted for over 70% of segment pretax income. David A. Spector is also on the board of 7 other companies. Similarly, lock volume totaled $4.5 billion, down 21%. 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. 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. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. 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. The firm engages in the production and servicing of U.S. residential mortgage loans. 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. Operating revenue decreased $2 million from the prior quarter driven by declines in earnings on custodial balances. And I'm pleased to be joined by PennyMac Financial Services CEO,. Net assets under management totaled $2.3 billion as of December 31, up 1% from September 30. Right now, we realize the importance of home like never before. Roles that David Spector holds in companies, The most profitable trade made by David Spector, List of latest transactions for each holding click on a transaction to see David Spector's performance on stock. Ready to apply or complete your application? Additionally, PFSI's Board of Directors approved an increase to its stock repurchase authorization from $1 billion to $2 billion. #PennymacCaresVisit PENNYMAC.COM for details about how were assisting our family of customers during the COVID-19 crisis. 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 . The price of the stock has decreased by 4.44% since. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 12/23/2020 at the average price of $67.19. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. 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. Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. Book value per share grew 5% to $54.49 at June 30. PennyMac Financial Services, Inc operates as a holding company. I will review each segments results and then we will touch on our forbearance and servicing advance trends. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. Thanks, Andy. Years in Business: 14. Business Started: 3/25/2008. Receive News & Ratings for PennyMac Financial Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PennyMac Financial Services and related companies with MarketBeat.com's FREE daily email newsletter. NMLS ID # 35953. Thank you, David. The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. 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. Equal Housing Opportunity 2023 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. Up to 5 See what top analysts say about your stocks. Giving consideration to the pretax income from our record production, you can see that our hedging strategies were very successful at mitigating the impact of interest rate changes and MSR fair value losses on our income in 2020. For the total servicing portfolio, we facilitated approximately 291,000 forbearance plans for our customers, with over 90% of those enrolled through our automated channels. If you have an ad-blocker enabled you may be blocked from proceeding. If you need the payment address, click here. The committed pipeline at January 31 was $7.9 billion. The firm engages in the production and servicing of U.S. residential mortgage loans. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. What is David Spector's role in PennyMac Mortgage? Our large, organically built servicing portfolio provides a counter-balance to our production activity. In the fourth quarter, the pretax income was $234.1 million, a 31% decrease from . PennyMac Financial Services Inc has a market cap of $4.16 billion; its shares were traded at around $57.450000 with a P/E ratio of 3.36 and P/S ratio of 1.35. Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. Thank you. And we believe the role of a well capitalized correspondent aggregator like PennyMac will be increasingly important over time. The stock was sold at an average price of $58.12, for a total value of $741,030.00. Good afternoon, and welcome to the Fourth Quarter and Full-Year 2020 Earnings discussion for PennyMac Financial Services, Inc. This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. Recent economic forecasts for 2021 originations range from $3.6 trillion to $4.2 trillion, while average forecast for 2022 originations remained strong at $2.7 trillion. 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. 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.

Colombia Travel Requirements 2022, Ron's Rv Sales Port Royal Pa, 3 Arena Covid Restrictions, Homes For Rent Near Lineville, Al, Fire Service Long Service And Good Conduct Medal Eligibility, Articles D