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In January, our correspondent acquisitions remained strong, with $17.9 billion in UPB of acquisitions and lock volume of $17.8 billion. Our direct lending channels have an outsized impact on production segment earnings, as Dan will discuss later. 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. Pennymac has 10 current employee profiles, including President and Chief Executive Officer David Spector. Doug Jones Joins PennyMac Financial Services Board - NMP Mr. Kurland was 68. 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. He currently serves as a senior advisor to TPG Capital, a global private investment firm, and . 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. Finally, Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 33.5% during the 4th quarter. Other restrictions apply. Thank you. We continue to invest in people, systems and processes across our businesses, laying the groundwork that would allow us to achieve the medium-term goals we outlined in our recent Investor Day. Segment revenue was $9.7 million, down from $9.8 million in the prior quarter which included gains related to PMT shares owned by PFSI. Download the Pennymac Mobile app from the App Store. Good morning and thank you for joining us. While Stan had retired from day-to-day responsibilities at PennyMac, he remained a trusted advisor and dear friend. 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. Follow them so you never miss a recommendation. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. Please note all regulatory considerations regarding the presentation of fees must be taken into account. The company's services span its main function of loan production and loan servicing which includes the recovery of loans and other related charges. Backtested performance is developed with the benefit of hindsight and has inherent limitations. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. Information on this page was last updated on 3/1/2023. The return on the trade was 60.70%. This is not a commitment to lend. We also repurchased approximately 1.6 million shares of PFSIs common stock, at an approximate cost of $89.3 million. While our sub-service portfolio, consisting primarily of conventional loans, reported a 60-plus delinquency rate of 1.6%, down from 2.1% at March 31 as borrowers continue to emerge from forbearance plans. Importantly, and as Doug Jones, Senior Managing Director and Chief Mortgage Banking Officer, will expand on in his section of the presentation, we sold $3.4 billion in UPB of early buyout loans to third-party whole loan investors, thus reducing the risk associated with holding these loans and increasing our capital efficiency. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Dan Perotti , PFSIs Senior Managing Director and Chief Financial Officer will discuss the financials in more detail later on in this discussion. Thank you, Dan. BBB File Opened: 2/5/2015. Thank you, David. 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. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. Thank you Isaac. These businesses are foundational to PFSI and not easily replicated. 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. 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. Now I'll turn it over to Doug, who will discuss our mortgage banking businesses. 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%. David A. Spector - Biography - MarketScreener.com A number of research firms recently issued reports on PFSI. The price of the stock has decreased by 14.5% since. The technology based digital marketing platform, coupled with dedicated loan officers and an efficient operating processes, gives PennyMac a strong foundation for continued growth. Book value per share grew 5% to $54.49 at June 30. Please take a moment to watch a special video from our President and CEO, David Spector. In January, our consumer direct originations totaled $3.1 billion in UPB and locks totaled $4.4 billion. 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. This balanced business helps generate strong results across a variety of market and rate environments. Many of these employees were on-boarded virtually and have begun their PennyMac careers working from home. While our employee base grew by 60% during the year, our production volumes grew by 67% and our earnings increased by 328%. For licensing information, go to: www.nmlsconsumeraccess.org. And I'm pleased to be joined by PennyMac Financial Services CEO,. Similarly, lock volume totaled $4.5 billion, down 21%. 2023-03-02 | NYSE:PFSI | Press Release | PennyMac Financial Services Inc. The predominant outcome has been through loan modifications to the borrowers to aid in their recovery. The committed pipeline at January 31 was $7.9 billion. The servicing segment recorded pretax income of $30.9 million, down from pretax income of $141.7 million in the prior quarter and up from a pretax loss of $62.4 million in the second quarter of 2020. Lastly, our broker direct channel continued its impressive growth in both locked and funded volumes as we increase the number of approved brokers and our presence in the channel grows. 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. Production segment pretax income was $244.4 million, down 33% from the prior quarter and 55% from the second quarter of 2020. 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. Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. GuruFocus has detected 8 Warning Signs with PFSI. Looking at the consumer direct channel in the center column, we originated $8 billion in UPB of loans, up 27% from the prior quarter and 113% from the fourth quarter of 2019. Sign up for a free account. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. 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. Net income was $453 million or diluted earnings per share of $5.97 resulting in book value growth per share of 15% to $47.80, up from $41.67 at the end of the prior quarter. 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. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. The shares were sold at an average price of $60.64, for a transaction totalling $1,586,888.16. 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. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 01/07/2021 at the average price of $60.12. These technology investments are critical drivers to the growth of our direct lending businesses. 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. 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. And, we continue to enhance our MAC portal, thus improving the ability for borrowers to self-service throughout the entire origination process. Learn More about David A. Spector's net worth. As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . These record volumes resulted in the growth of our servicing portfolio to $427 billion in UPB, despite extraordinary levels of prepayment activity. 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. These valuation declines were primarily driven by significant levels of prepayment activity and early buyouts. Learn More on David A. Spector's contact information. 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. #PennymacCaresVisit PENNYMAC.COM for details about how were assisting our family of customers during the COVID-19 crisis. Stanford Kurland, who went from being pushed out of the No. Contact our customer service team with any inquiries by sending us a message through the Message Center by simply logging in to your account. Thank you for sharing your valuable opinion. 18.5 million shares or approximately 24% of PFSI's common shares outstanding. PennyMac Financial delivered strong fourth quarter results, marking the end to a record year. PennyMac Financial Services, Inc. (NYSE:PFSI) Q4 2020 Earnings Conference Call February 4, 2021 4:30 PM ET, Isaac Garden - Vice President Investor Relations, David Spector - President and Chief Executive Officer, Doug Jones - Chief Mortgage Banking Officer. Pennymac notches a profitable Q1 due to servicing segment This was all done while the vast majority of our employees were working from home for most of the year. David served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac. Get notified the next time David A. Spector buys or sells PennyMac Financial Services stock. In July, our correspondent acquisitions were $15 billion in UPB and locks were $12.8 billion. Learn More on David A. Spector's trading history. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. He previously served as Chief Correspondent Lending Officer and has been a member of the company's executive management team since 2011. PennyMac Financial Services, Inc. (NYSE:NYSE:PFSI) Q2 2021 Earnings Conference Call August 5, 2021 5:05 PM ETCompany ParticipantsIsaac Garden - Vice President, Investor RelationsDavid. David Spector is currently Chairman of the Board, President and Chief Executive Officer at PennyMac - View - PennyMac org chart Ready to apply or complete your application? PFSIs owned servicing portfolio, which consists primarily of Ginnie Mae MSRs, had a 60 day plus delinquency rate of 10.2%, down from 11.4% at the end of the prior quarter, while our subserviced portfolio, primarily consisting of conventional loans, reported a 60 plus day delinquency rate of 2.7%, down from 3.7% at September 30 as borrowers continue to emerge from forbearance plans. At PennyMac, our commitment to our customers doesnt end at closing. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. 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. 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 >. Thank you. The price of the stock has increased by 0.03% since. free lookups / month. 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. 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. David Spectors most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. 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. PFSI | PennyMac Financial Services Inc. Company Profile & Executives - WSJ Conventional correspondent acquisitions, for which PFSI earns a fulfillment fee from PMT, totaled $38 billion in UPB, up 39% from the prior quarter and 85% from the fourth quarter of 2019.

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