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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. 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%. In total, loan acquisition and origination volumes were $61 billion in the second 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. 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. The origination market continues to be strong on a historical basis as mortgage rates have recently returned to near record lows. Years in Business: 14. Business Started: 3/25/2008. Finally, transactions like these provide meaningful savings to PennyMac Financial over the life of the loan while providing the opportunity for redelivery in the future. 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. 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. Pricing margins in the channel decreased sharply, reflecting intense levels of competition between channel leaders. 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. The direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. 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. Finally, Barclays lifted their price objective on PennyMac Financial Services from $58.00 to $69.00 and gave the company an equal weight rating in a report on Friday, February 3rd. 3043 Townsgate Rd Ste 200, Westlake Village, CA 91361-3027. January 25, 2021, 12:31 p.m. EST 1 Min Read. This outstanding income generated excess capital that we redeployed into increased levels of production, share repurchases, reduction of debt, and increased servicing activity. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. Net income was $204 million or diluted earnings per share of $2.94, representing an annualized return on equity of 23%. The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. Other restrictions apply. His leadership helped lay the foundation for PennyMacs long term success which included building and developing a deep management team that carries on his legacy. Arizona Mortgage Banker License # 0911088. A number of research firms recently issued reports on PFSI. During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. The price of the stock has increased by 0.03% since. Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. The Production segment includes mortgage loan origination, acquisition, and sale activities. 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. The direct lending channels continued to have an outsized impact on PFSIs production earnings in the fourth quarter. Equal Housing Opportunity 2023 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. 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. View detailed PFSI description & address. 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. We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. Ready to apply or complete your application? GuruFocus has detected 8 Warning Signs with PFSI. Thank you. No cash balance or cash flow is included in the calculation. 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%. 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. Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. 292 Pennymac reviews in Los Angeles, CA. Learn More on PennyMac Financial Services' active insiders. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. And with that, I would like to turn it back to David for some closing remarks. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. Our correspondent mix percentage was essentially unchanged from the previous quarter, as 35% of the acquisitions were government loans and 65% were conventional loans. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. Thank you. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. 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. 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. The stock was sold at an average price of $58.12, for a total value of $741,030.00. Co-op loans not available. Please disable your ad-blocker and refresh. 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. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. NMLS ID # 35953. The barriers to entry for these businesses that require scale for success provide PFSI a strategic advantage over our competitors. He currently serves as a senior advisor to TPG Capital, a global private investment firm, and . Servicing advances outstanding were approximately $454 million at December 31, up from $346 million at September 30, primarily associated with seasonal tax payments. Download the Pennymac Mobile app from the App Store. The most recent insider tranaction occured on March, 1st when insider Steven Richard Bailey sold 13,604 shares worth more than $825,762.80. In order to protect the value of our MSR asset we utilize a comprehensive hedging strategy. 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. PennyMac. PennyMac Financial's owned portfolio reported a prepayment speed of 28.3% in the second quarter, down from 32.6% in the prior quarter. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. What was David Spector's most profitable transaction? David A. Spector is a businessperson who has been the head of 9 different companies. Main Telephone (818) 224-7442 Primary Address 3043 Townsgate Road Suite 200 Westlake Village, CA 91361 USA Fiscal Close December Founded 2008 Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. Thank you, David. Similar Profiles. 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. The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. Revenue per fallout-adjusted lock was 343 basis points in the quarter, a decrease from the first quarter. For any questions, please visit our website at ir.pennymacfinancial.com, or call our Investor Relations department at 8182644907. They sold a total of 398,609 shares worth more than $22,789,635.48. This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. This net worth estimate does not reflect any other assets that Mr. Spector may own. Stanford Kurland. The price of the stock has decreased by 4.44% since. Book value per share grew 5% to $54.49 at June 30. All rights reserved. In January, our broker direct originations totaled $1.4 billion in UPB, and locks totaled $2.1 billion. This grew our servicing portfolio to over $426 billion in UPB even with elevated prepayment speeds. Susquehanna Fundamental Investments LLC raised its position in shares of PennyMac Financial Services by 24.8% during the 4th quarter. As our production mix continues to shift towards direct lending, production expenses as a percentage of fallout adjusted locks are expected to trend higher. Thank you, Isaac. What is the average return per transaction made by David Spector? 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 investment management segment delivered pretax income of $4.1 million, up from $1.4 million in the prior quarter as a result of incentive fees earned and down from $4.7 million in the second quarter of 2020. Similarly, lock volume totaled $4.5 billion, down 21%. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. 2 job at Countrywide Financial to founding the pair of publicly traded companies known as PennyMac, has died at 68. David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. Our phased approach to returning to our offices extends beyond simply ensuring that PennyMacers return to a safe working environment, but also takes mindful consideration for the challenges faced by our employees related to issues such as dependent care and schooling. Changes in these assumptions may have a material impact on the backtested returns presented. Servicing advances outstanding decreased to approximately $424 million at June 30 from $437 million at March 31. The history of PennyMac Financial was borne out of the Great Financial Crisis, with a desire to help distressed borrowers. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. We have made significant investments to scale our end-to-end mortgage fulfillment process while we expect the substantial investments in technology we have made to continually improve the customer experience over time. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . However, margins in this channel remain attractive. Hedging and related gains totaled $91 million. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Posted by Defense World Staff on Mar 3rd, 2023. Is this happening to you frequently? 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.