Similarly, correspondent lock volume for PFSI's account was up 25% from the prior quarter. Continue with Recommended Cookies, Your email address will not be published. **According to Inside Mortgage Finance ranking of Top 25 Primary Mortgage Servicers by dollar amount for Q4 2022. Sign Up. David Spector: Thank you, Isaac. His storied career in mortgage banking spanned more than four decades. In loans serviced**. The company also recently announced a quarterly dividend, which was paid on Friday, February 24th. PennyMac Financial Services, Inc. (NYSE:PFSI) Q4 2022 Earnings Call Transcript February 2, 2023. PFSI's Board of Directors also declared a fourth quarter cash dividend of $0.20 per share. The good news is, this powerful new force can help you make a lot of money even in a bear market. $3.6M on March 1, 2023. 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. David M. Walker is a Senior Managing Director and Chief Risk Officer at PennyMac. Segment revenue was $9.9 million, down 4% from the prior quarter. As we continue to add significant volumes of servicing to our portfolio at current market rates, we will continue to build significant refinance opportunities in the future for our consumer direct division if mortgage rates decline. Pennymac Financial Services, Inc. annonce que Doug Jones s'est joint More than 15 years ago we founded PennyMac with an unwavering focus on enterprise risk management and doing the right thing for our customers. *Based on results from Inside Mortgage Finance 12M ended 12/31/22. These results include a non-recurring tax rate change which negatively impacted earnings per share by $0.22. (I received his email on June 22, 2013) Figure 3: Loansafe.org member (register first - for free) "oneofsubstance" (4-23-2012) . Prior to joining PennyMac Financial, Mr. Spector was co-head of global residential mortgages for Morgan Stanley, a global financial services firm, based . Pennymac is a home mortgage lender. Duration: 19 minutes. See David A Spector's compensation, career history, education, & memberships. Legal battle erupts between Black Knight, PennyMac over allegations of Biography of David Spector - The Official Board Because of his dedication, he has achieved great achievements. Please. Acquisitions for PFSI's 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. In PFSI's Investment Management segment, net assets under management were $2 billion at quarter end, down slightly from the prior quarter due to PMT's financial performance. Finally, our Investment Management segment delivered pretax income of $1.2 million, down from $1.6 million in the prior quarter. Verified contact information for David Spector - Chairman & Chief Executive Officer, PennyMac Loan Services, LLC including email address, phone number and personality insights that will make your sales and marketing efforts much more effective. 51% were conventional loans and 49% were government-insured or guaranteed loans. Ratings from 281 employees, gives David Spector an approval rating of 56%. Thank you. PENNYMAC - National Home Mortgage Lender As we have demonstrated with our 2022 performance, we believe mortgage banking companies with large servicing portfolios and diversified business models like PennyMac Financial are better positioned to offset the decline in origination profitability that has resulted from lower volumes. The firm engages in the production and servicing of U.S. residential mortgage loans. 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. 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 . David Spector Email & Phone Number Chief Investment Officer @ PennyMac Loan Services, LLC. Isaac Garden: Good afternoon, and welcome to the Fourth Quarter and Full Year 2022 Earnings Discussion for PennyMac Financial Services, Inc. The Servicing segment recorded pretax income of $76 million, down from pretax income of $145 million in the prior quarter and $126 million in the fourth quarter of 2021. Operator: This concludes PennyMac Financial Services, Inc.'s fourth quarter earnings discussion. With his passion and vision, Stan led and . repurchased 1.1 million shares of PFSI common stock at an average price of $46.99 for an approximate cost of $51 million. Locations. On average, they predict the company's stock price to reach $69.50 in the next twelve months. 6 Wall Street analysts have issued twelve-month target prices for PennyMac Financial Services' shares. Overall production was solid in the fourth quarter with total production volumes down only 12% from the prior quarter, while industry volumes were down 34%, according to Inside Mortgage Finance. While overall delinquency rates increased from the prior quarter, they remain consistent with our expectations for a primarily government-insured or guaranteed portfolio. Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. For the full year, PFSI achieved a return on equity of 14%, driving continued growth in book value per share, which ended 2022 at $69.44. Donald White who sold 1,630 units worth 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. So while PFSIs 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. Revenue per fallout-adjusted lock in the fourth quarter was 21 basis points, down from 24 basis points in the prior quarter, driven primarily by PFSIs purchase of lower margin conventional loans from PMT. For the fourth quarter only, Pennymac was ranked #2. On Slide 7 of our earnings presentation, you can see PennyMac's total production over the most recent three quarters against average mortgage rates. Were Hedge Funds Right About PennyMac Financial Services Inc (PFSI)? PennyMac Financial Services, Inc. (NYSE:PFSI) CEO David Spector Sells These results include a non-recurring tax rate . Operator: This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. 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. This led to servicing portfolio growth of 8% for the year to more than $550 billion in UPB with nearly 2.3 million customers. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. David Spector email address & phone number | Penny Mac Chief Investment Additionally, higher short-term rates have driven strong earnings on custodial balances. See 5 answers. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. Since then, we have grown responsibly and profitably into one of the largest residential mortgage producers and servicers in the country with an industry-leading correspondent production business, and a growing presence in the direct lending channels. Thus far, we have received very positive feedback on the new portal, garnering the attention of top brokers in the channel who are looking to expand their relationship with PennyMac. Management segment, net assets under management were $2 billion at quarter end, down slightly from the prior quarter due to PMT's financial performance. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. David Spector: Thank you, Isaac. Finally, Barclays boosted their price target on shares of PennyMac Financial Services from $58.00 to $69.00 and gave the stock an equal weight rating in a research report on Friday, February 3rd. Thank you. David A. Spector (updated October 5, 2014) Page 14 of 15 . PennyMac's results were published this month. Most recently he exercised 57,707 units of PMT stock worth $928,506 on 23 February 2022. In total, David Spector has made about 51 transactions over 8 years of their time at Pennymac Financial Services, Inc. PennyMac Financial Services, Inc. (PFSI) Westlake Village, CA. This suggests a possible upside of 14.0% from the stock's current price. For any questions, please visit our website at pfsi.pennymac.com, or call our Investor Relations department at 8182644907. Contacts. Pennymac - Contacts, Employees, Board Members, Advisors & Alumni Importantly, the $650 million of Ginnie Mae MSR term notes due in August 2023 also contain an optional extension at PFSI's discretion. We initially share this idea in October 2018 and the stock already returned more than 150%. The most active traders at the company are Chairman & Chief Executive Officer. The ex-dividend date of this dividend was Monday, February 13th. 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%. In order to protect the value of our MSR asset we utilize a comprehensive hedging strategy. Top PennyMac Loan Services, LLC Employees Dan Perotti Chief Financial Officer. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, decreased by $1 million. PFSI PennyMac Financial Services: David Spector CEO: Sell: 15,000 shares @ $60.80: $912,000.00: 2/27/2023: $61.42: PFSI PennyMac Financial Services: David Spector CEO: Sell: 26,169 shares @ $60.64 . Earnings on custodial balances and deposits and other income increased $17 million. 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. In his role as President of. We estimate that over the past 12 months we represented approximately 15% of the channel overall. Repurchase levels were down meaningfully from the third quarter as we prefer to maintain flexibility to address potential risks and opportunities in the evolving market environment. As David discussed earlier, these acquisition and origination volumes continue to drive the organic growth of our servicing portfolio. Mortgage lender Pennymac Financial Services has laid off an additional 32 employees in July. About. The fourth quarter included non-recurring tax items, which resulted in an effective tax rate of 44.4% versus 27.1% in the prior quarter. Edit Contacts Section. Pennymac Financial Services, Inc's most recent insider trade came on March 2, 2023 by The fourth quarter included non-recurring tax items, which resulted in an effective tax rate of 44.4% versus 27.1% in the prior quarter. . 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. Warren Buffett took 25% of all returns in excess of 6 percent. Anne McCallion, Director, More than 15 years ago we founded PennyMac with an unwavering focus on enterprise risk management and doing the right thing for our customers. 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 non-GAAP measures that have been reconciled to their GAAP equivalent in our earnings presentation. 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. And it means its going to be harder than ever to hold onto any money you make. Sorry, no results has been found matching your query. Purchase loans accounted for 93% of total correspondent acquisitions during the quarter. We still like this investment. David Spector received compensation valued at about $12,375,328 in 2020 after becoming Chairman & CEO. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. Dan PerottiDavid SpectorDoug JonesEarnings Call TranscriptIsaac GardenNYSE:PFSIQ4 2022Yahoo FinanceShow moreShow less, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. According to Black Knight, despite PennyMac's "two most senior executives" stating earlier this year that they looked forward to continuing to work together, PennyMac was not only secretly . We have a long history of successfully developing and deploying innovative mortgage technology, which has resulted in an extremely flexible and scalable platform as evidenced by our ability to rapidly right-size our cost structure. David Spector: Thank you, Dan. Search Contacts. How many employees does PENNYMAC have? 1-3 weeks you should receive an email or phone call back. Their PFSI share price forecasts range from $60.00 to $82.00. PennyMac Financial Services, Inc. announced today that Doug Jones, President and Chief Mortgage Banking Officer, joined its Board of Directors effective March 1, 2023. PennyMac Financial Services, Inc. Announces Doug Jones Joined Its Board 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. As I briefly mentioned earlier, our servicing portfolio growth can be attributed to the large volume of loans we produce every quarter, as we retain the MSRs on nearly all of our mortgage loan production. As you will see on Slide 12, we provide a breakdown of the revenue contribution from each of PFSI's loan production channels, net of loan origination expenses, including the fulfillment fees received from PMT for the conventional correspondent loans it retains. Preparing David profile View David's Email & Phone . 51% were conventional loans and 49% were government-insured or guaranteed loans. Transcript : PennyMac Financial Services, Inc. Presents at Barclays David Spector - Chairman and Chief . Revenue per fallout-adjusted lock for PFSIs 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. On Slide 16, you can see the fair value of our MSR increased by $83 million in the fourth quarter, driven by lower than expected realized prepayment speeds as well as expectations for lower prepayment activity in the future. This strategy is designed to moderate the impact of interest rate changes on the fair value of our MSR asset and also considers productionrelated income. Finally, I believe this management team is the best in the industry and Id like to thank them all for their various contributions to PFSIs strong performance in 2022. David A. Spector - Salary David Spector | ZoomInfo Thus far, we have received very positive feedback on the new portal, garnering the attention of top brokers in the channel who are looking to expand their relationship with PennyMac. Revenue per fallout-adjusted lock in the fourth quarter was 21 basis points, down from 24 basis points in the prior quarter, driven primarily by PFSI's purchase of lower margin conventional loans from PMT. We see several investors trying to strike it rich in options market by risking their entire savings. 1 email found 1 phone number . Mr. Spector PMT stock SEC Form 4 insiders trading. Purchase loans were 85% of total originations. On Slide 7 of our earnings presentation, you can see PennyMacs total production over the most recent three quarters against average mortgage rates. 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. Quarterly operating expenses in the fourth quarter were down 44% from average 2021 levels. I believe he will not only run again next year, but could win a 2nd Presidential term and by a LANDSLIDE. Get Directions. Our servicing portfolio ended the year at $552 billion in unpaid principal balance as additions from loan production continued to exceed prepayment activity. With Skype, With mortgage interest rates currently still above 6%, the most recent third-party forecasts for 2023 originations range from $1.6 trillion to $1.9 trillion, down meaningfully from 2022. 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. PENNYMAC FINANCIAL SERVICES, INC. : Entry into a Material Definitive 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. PennyMac Financial Services, Inc. (NYSE:PFSI) Q4 2022 Earnings Call Transcript February 2, 2023. 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. Production revenue margins were lower across all three channels. 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. An example of data being processed may be a unique identifier stored in a cookie. With mortgage interest rates currently still above 6%, the most recent third-party forecasts for 2023 originations range from $1.6 trillion to $1.9 trillion, down meaningfully from 2022. David A. Spector (updated October 5, 2014) Page 1 of 15 . For example S&P 500 Index returned 43.4% in 1958. David Spector owns about 650,183 units of Pennymac Financial Services, Inc common stock. Pennymac has 10 current employee profiles, including President and Chief Executive Officer David Spector. Thus far, we have received very positive feedback on the new portal, garnering the attention of top brokers in the channel who are looking to expand their relationship with PennyMac. David Spector: Thank you, Dan. We estimate the committed pipeline at January 31st was $700 million. Pretax income excluding valuation-related items for the servicing segment was $79 million, up from the prior quarter as higher realization of MSR cash flows, interest expense, and lower EBO-related income was more than offset by higher loan servicing revenue, higher earnings on custodial balances and deposits, and lower operating expenses. Our servicing business provides ongoing cash flow to support business operations and produces low cost leads to our consumer direct business in the future. . Summary. We estimate broker originations in January totaled $500 million and locks totaled $800 million. Additionally, higher short-term rates have driven strong earnings on custodial balances. And I'm pleased to be joined by PennyMac Financial Services CEO,. David Spector's largest sale order was 59,634 units , worth over PennyMac Financial Services' profit sags but beats analyst estimates As we continue to add significant volumes of servicing to our portfolio at current market rates, we will continue to build significant refinance opportunities in the future for our consumer direct division if mortgage rates decline. Detailed company description & address for PennyMac Mortgage Investment Trust. Hedging losses totaled $73 million, primarily driven by hedge costs and higher interest rates. Includes PMT loan acquisitions, for which PFSI earns a fulfillment fee upon loan funding. Finally, Senvest Management LLC grew its stake in shares of PennyMac Financial Services by 12.6% in the 4th quarter. On Slide 7 of our earnings presentation, you can see PennyMacs total production over the most recent three quarters against average mortgage rates. Repurchase levels were down meaningfully from the third quarter as we prefer to maintain flexibility to address potential risks and opportunities in the evolving market environment. 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. Servicing advances outstanding for PFSIs MSR portfolio increased to $520 million at year end from $397 million at September 30th due to seasonal property tax payments. Now I'll turn it over to Doug Jones, PennyMac's President and Chief Mortgage Banking Officer, who will review our market share trends and fourth quarter mortgage banking results. We estimate that over the past 12 months we represented approximately 15% of the channel overall. Potential PennyMac Mortgage Investment Trust shareholders may wish to note that the Chairman of the Board & CEO, David Spector, recently bought US$274k worth of stock, paying US$13.71 for each share. Sherman Oaks, California, United States View. He currently serves as a senior advisor to TPG Capital, a global private investment firm, and . Total production, including acquisitions made by PMT, was $109 billion in UPB. So, how did Warren Buffett manage to generate high returns and beat the market? Warren Buffett has been investing and compounding for at least 65 years. PFSI's Board of Directors also declared a fourth quarter cash dividend of $0.20 per share. Ill now turn it over to Dan who will review PFSIs financial results for the quarter. The estimated net worth of David A. Spector is at least $27.68 million as of February 27th, 2023. Operating revenues increased from the prior quarter as loan servicing fees grew by $9 million primarily due to growth in our servicing portfolio. An investor who invested $10,000 in Warren Buffetts hedge fund at the beginning of 1957 saw his capital turn into $103,000 before fees and $64,100 after fees (this means Warren Buffett made more than $36,000 in fees from this investor). Again, we implemented meaningful expense savings and capacity reductions early and throughout 2022 given the anticipated significant decline in the overall market, and we took additional actions in the fourth quarter. Isaac Garden: Good afternoon, and welcome to the Fourth Quarter and Full Year 2022 Earnings Discussion for PennyMac Financial Services, Inc. United States. Though profitability was down from last year, our strong financial performance enabled us to continue returning capital to shareholders while simultaneously positioning the company for success in the future. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. Linked companies : PennyMac Financial Services, Inc. - PennyMac Mortgage Investment Trust. These results include a non-recurring tax rate change which negatively impacted earnings per share by $0.22. Net assets under management totaled $2 billion as of December 31st, down 3% from September 30th. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer will provide greater detail later on in this discussion. As David mentioned earlier PFSIs net income was $38 million or diluted earnings per share of $0.71. 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. 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. We have a long history of successfully developing and deploying innovative mortgage technology, which has resulted in an extremely flexible and scalable platform as evidenced by our ability to rapidly right-size our cost structure. The CEO score provides an understanding of how employees feel about the CEO's leadership style and effectiveness at PennyMac Loan Services, LLC. As Chairman and Chief Executive Officer at PennyMac Financial Services, Inc., David A. Spector made $13,575,224 in total compensation. PennyMac | Better Business Bureau Profile Collection of Different Signatures of David Spector-2 PDF Pennymac lays off 236 workers after upping tech, marketing investments. Twitter; LinkedIn; . As I briefly mentioned earlier, our servicing portfolio growth can be attributed to the large volume of loans we produce every quarter, as we retain the MSRs on nearly all of our mortgage loan production. David Spector Sells 26,169 Shares of PennyMac Financial Services, Inc If Warren Buffetts hedge fund didnt generate any outperformance (i.e. Despite elevated levels of competition currently, we believe PennyMac is well-positioned for market share growth in the channel over time given our strong capital position, operational excellence and the exit of channel participants. The increase in the effective tax rate was primarily driven by an increase in the provision tax rate, which increased from 26.5% to 26.85% for 2022. 94 others named David . The growth of our servicing portfolio continues to differentiate PFSI from its competition, serving as an increasingly important asset, which I will discuss later on. Lately, his popularity is flying in the sky. PennyMac Financial Services, Inc. (NYSE:PFSI) Q4 2022 Earnings Call PennyMac Financial Services, Inc. (NYSE:PFSI) Q4 2022 Earnings Conference Call February 2, 2023 5:30 PM ET, Isaac Garden - Vice President, Investor Relations, David Spector - Chairman & Chief Executive Officer, Dan Perotti - Senior Managing Director & Chief Financial Officer. Quarterly operating expenses in the fourth quarter were down 44% from average 2021 levels. Our multi-channel approach to mortgage production provides the flexibility to adapt to different market conditions and drives organic growth of our servicing portfolio.