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. PFSI's Board of Directors also declared a fourth quarter cash dividend of $0.20 per share. Turning to consumer direct, we estimate we accounted for approximately 1.2% of total originations in the channel over the last 12 months. var _Hasync=_Hasync||[];_Hasync.push(['Histats.start','1,4553220,4,511,95,18,00000000']);_Hasync.push(['Histats.fasi','1']);_Hasync.push(['Histats.track_hits','']);(function(){var hs=document.createElement('script');hs.type='text/javascript';hs.async=true;hs.src=('//s10.histats.com/js15_as.js');(document.getElementsByTagName('head')[0]||document.getElementsByTagName('body')[0]).appendChild(hs);})(); David Spector Pennymac is an individual who has become a celebrity by his charismatic works. The stock was sold at an average price of $60.80, for a total value of $912,000.00. | 3 Mrz 2023. So while PFSI's ROE is projected to trend towards its pre-COVID range during 2023, I remain confident in our ability to continue delivering strong financial performance as the market returns to more normalized conditions over time. As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . Thanks, Doug. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. More than 15 years ago, we founded PennyMac with a vision to help revitalize the mortgage market and become a trusted partner in home ownership. 10 stocks we like better than PennyMac Mortgage . Similarly, prepayment speeds in PennyMac Financials subserviced portfolio, which includes mostly Fannie Mae and Freddie Mac mortgage servicing rights owned by PMT were 4.4%, down from 6.9% in the prior quarter. Our servicing business provides ongoing cash flow to support business operations and produces low cost leads to our consumer direct business in the future. 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 . We estimate the committed pipeline at January 31st was $800 million. Hedging losses totaled $73 million, primarily driven by hedge costs and higher interest rates. The slides that accompany this discussion are available on PennyMac Financials website at pfsi.pennymac.com. Preparing David profile View David's Email & Phone . Visit Website. Turning to consumer direct, we estimate we accounted for approximately 1.2% of total originations in the channel over the last 12 months. Now Ill turn it over to Doug Jones, PennyMacs President and Chief Mortgage Banking Officer, who will review our market share trends and fourth quarter mortgage banking results. In fact, for the full year PFSI produced net income of $476 million, which drove book value per share up 16% from year end 2021. Revenue per fallout-adjusted lock was 56 basis points, down from 70 basis points in the prior quarter, although we have seen margins in this channel improve thus far in the first quarter. We estimate that over the past 12 months we represented approximately 15% of the channel overall. Origination volumes for the fourth quarter were $1.1 billion and interest rate lock commitments were $1.7 billion, down meaningfully from last quarter due to seasonal impacts and declining refinance volumes. Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz-Dashboard klicken. The vast majority of their compensation came in the form of Revenue per fallout-adjusted lock was 56 basis points, down from 70 basis points in the prior quarter, although we have seen margins in this channel improve thus far in the first quarter. PennyMac Financial Services, Inc. (NYSE:PFSI) Q4 2022 Earnings Call Transcript February 2, 2023. Segment revenue was $9.9 million, down 4% from the prior quarter. **According to Inside Mortgage Finance ranking of Top 25 Primary Mortgage Servicers by dollar amount for Q4 2022. $3.6M on March 1, 2023. The consent submitted will only be used for data processing originating from this website. Following the sale, the chief executive officer now directly owns 450,604 shares in the company, valued at approximately $27,396,723.20. Acquisitions for PFSIs own account totaled $14 billion, up 15% from the prior quarter due to the acquisition of certain conventional loans from PMT in addition to government loans during the quarter. Though 2023 is expected to be another challenging year for the mortgage industry, I remain confident in PennyMac Financials ability to continue executing given its balanced business model and long history of generating stockholder value through different mortgage market cycles and environments. Regarding the $650 million of Ginnie Mae MSR term notes originally due February 2023, we exercised our option to extend the maturity for 2 years. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. David Spector's largest purchase order was, As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of, David Spector received compensation valued at about, The vast majority of their compensation came in the form of, Pennymac Financial Services, Inc's most recent insider trade came on March 2, 2023 by Turning to consumer direct, we estimate we accounted for approximately 1.2% of total originations in the channel over the last 12 months. PennyMac Financial Services, Inc. a annonc que Doug Jones, prsident et directeur des services hypothcaires, a rejoint son conseil d'administration compter du 1er mars 2023. Margins in this channel were down slightly with revenue per fallout adjusted lock of 358 basis points versus 366 basis points in the third quarter. Servicing income, certain secondary market gains, layoffs and other cost-cutting did more to offset the impact of the marketwide originations slump at PennyMac Financial Services than analysts expected, but its second-quarter earnings still fell relative to comparable prior periods. His storied career in mortgage banking spanned more than four decades. While the Pennymac workforce stays home to help flatten the curve, we know first responders,. 1 email found 1 phone number . David Spector: Thank you, Isaac. While we believe the majority of expense management activities have been completed, we remain disciplined, continuing to rapidly adjust capacity levels relative to the size of the origination market, whether growing or contracting. Origination volumes for the fourth quarter were $1.1 billion and interest rate lock commitments were $1.7 billion, down meaningfully from last quarter due to seasonal impacts and declining refinance volumes. (866) 549-3583. 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. Revenue per fallout-adjusted lock for PFSI's own account was 55 basis points in the fourth quarter, down from 99 basis points in the prior quarter driven by lower volumes in Consumer Direct and lower overall margins. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. 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 efficiently through the volatile market environment, even as other participants have exited or retreated from the channel. | March 2, 2023 While 2022 was a challenging year for the mortgage industry due to the rapid and significant increase in interest rates, our operating discipline combined with the meaningful actions we took throughout the year to right-size our business for a smaller origination market, led to strong financial performance. Finally, given the scale we have achieved, we have begun offering our customers, homeowners and title insurance through joint ventures, which we expect will provide recurring fee income over time as the businesses grow. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Even as interest rates increased, the UPB of our production volume on a quarterly basis consistently represented 4% to 5% of the total servicing portfolio balance. We estimate originations in our consumer direct channel in January totaled $300 million, and locks totaled $700 million. Their PFSI share price forecasts range from $60.00 to $82.00. Share Excel . In January, we estimate that correspondent acquisitions totaled $6.8 billion and locks totaled $6.1 billion. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. With his passion and vision, Stan led and . Dan PerottiDavid SpectorDoug JonesEarnings Call TranscriptIsaac GardenNYSE:PFSIQ4 2022Yahoo FinanceShow moreShow less, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. You can get rich by returning 20% per year and compounding that for several years. We estimate the committed pipeline at January 31st was $800 million. On Slide 7 of our earnings presentation, you can see PennyMac's total production over the most recent three quarters against average mortgage rates. David M. Walker is a Senior Managing Director and Chief Risk Officer at PennyMac. While PennyMac Financial is not insulated from the challenges presented by todays mortgage market, I believe we are the best-positioned in the industry to continue executing with our balanced business model in 2023. David is based out of Agoura Hills, California, United States and works in the Financial Services industry. 5+ . $856.66K on November 2, 2022. Insider trading is most common in March, with the busiest year in 2020. Our servicing business provides ongoing cash flow to support business operations and produces low cost leads to our consumer direct business in the future. The UPB of completed modifications was $2.3 billion, down slightly from the prior quarter while EBO loan volumes remained low. 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. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. 6 Wall Street analysts have issued twelve-month target prices for PennyMac Financial Services' shares. In the last 8 years at Pennymac Financial Services, Inc, David Spector has sold an estimated value of $51.14M worth. In addition to his many sources of revenue, he also has other qualities that have propelled him to the top of a prominent list of celebrities in such a short . Investors of record on Tuesday, February 14th were issued a $0.20 dividend. This information is according to proxy statements filed for the 2021 . Thank you. Contact Information. In fact, for the full year PFSI produced net income of $476 million, which drove book value per share up 16% from year end 2021. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, decreased by $1 million. 5 MLS prospects to keep an eye on this season. Our multi-channel approach to mortgage production provides the flexibility to adapt to different market conditions and drives organic growth of our servicing portfolio. While 2022 was a challenging year for the mortgage industry due to the rapid and significant increase in interest rates, our operating discipline combined with the meaningful actions we took throughout the year to right-size our business for a smaller origination market, led to strong financial performance. Servicing and sub-servicing revenues, the majority of which are cash, totaled more than $1.2 billion in 2022. He launched his hedge fund in 1956 with $105,100 in seed capital. As David mentioned earlier, we remain focused on managing expenses in the current market environment, and although fallout adjusted locks were up 11% from the prior quarter, production expenses net of loan origination expense were down 13%. As David mentioned earlier, we remain focused on managing expenses in the current market environment, and although fallout adjusted locks were up 11% from the prior quarter, production expenses net of loan origination expense were down 13%. Email forwarders (aliases) provide a consistent email address even though the person handling the inquiry changes. Mr. Spector PMT stock SEC Form 4 insiders trading. Donald White who sold, In the last 8 years, insiders at Pennymac Financial Services, Inc have sold an estimated value of, https://www.sec.gov/Archives/edgar/data/1745916/000119312521116436/d112997ddef14a.htm, Mailing address is C/o Pennymac, 6101 Condor Drive Upper Level Moorpark CA 93021 CA. Call participants: David Spector . We estimate the committed pipeline at January 31st was $700 million. Servicing and sub-servicing revenues, the majority of which are cash, totaled more than $1.2 billion in 2022. Good afternoon, and welcome to the Fourth Quarter and Full Year 2022 Earnings Discussion for PennyMac Financial Services, Inc. See 5 answers. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. Conventional acquisitions for PMTs account totaled $6.8 billion, down from $10.2 billion in the prior quarter, as a result of the previously mentioned sales to PFSI. PennyMac Mortgage Investment Trust (NYSE:PMT) Q3 2022 Results Conference Call October 27, 2022 5:00 PM ETCompany Participants.