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47.206 (3) & (4). PennyMac Loan Services, LLC | Better Business Bureau Profile This balanced business helps generate strong results across a variety of market and rate environments. Copyright 2023 Surperformance. It operates through the following segments: Production, Servicing, and Investment Management. 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. The average return per transaction made by David Spector is 3.50%. While such a market would be smaller than 2020, it would represent a large origination market by historical standards. David Spector President and Chief Executive Officer Lior Ofir Senior Managing Director & Chief Information Officer Stanford L. Kurland Executive Chairman Amir Pirnia SVP Engineering 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%. I'll now turn it over to Dan, who will speak to the financial results for the quarter. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. The price of the stock has decreased by 4.44% since. Importantly, we continued to repurchase stock, with 2.6 million shares of PFSI's common stock bought back during the quarter for an approximate cost of $155 million. The opportunity to grow these newer channels is exciting and provides PFSI a multi-channel, diversified and profitable production segment that will further grow the servicing portfolio with high quality assets. And we believe the role of a well capitalized correspondent aggregator like PennyMac will be increasingly important over time. Thank you. We are also increasing the use of online closings and automation. All rights reserved. This net worth estimate does not reflect any other assets that Mr. Spector may own. PFSI's Board of Directors also declared a second quarter cash dividend of $0.20 per share. As Andy described earlier, all of this record production feeds our servicing portfolio, which at December 31, 2020 totaled $426.8 billion in UPB, up 6% from the end of the third quarter and up 16% over the end of 2019. If you have an ad-blocker enabled you may be blocked from proceeding. Net assets under management totaled $2.3 billion as of June 30, down slightly from March 31 and up 5% from June 30, 2020. During the last ninety days, David A. Spector has sold $2,498,888.16 in shares of PennyMac Financial Services stock. Thank you. At PennyMac, our commitment to our customers doesnt end at closing. David Spector. This hedging strategy is designed to moderate the impact of interest rate changes on the fair value of our MSR asset and also considers production-related income. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. Revenue per fallout-adjusted government lock in the second quarter was 30 basis points, down from 37 basis points in the prior quarter. 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. Certain assumptions have been made for modeling purposes and are unlikely to be realized. For any questions, please visit our website at ir.pennymacfinancial.com or call our Investor Relations department at 818-264-4907. Similarly, lock volume totaled $4.5 billion, down 21%. PennyMac. Learn More on David A. Spector's salary. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. PennyMac | Better Business Bureau Profile David A. Spector is a businessperson who has been the head of 9 different companies. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. The stock was sold at an average price of $60.64, for a total value of $1,586,888.16. 2023-03-02 | NYSE:PFSI | Press Release | PennyMac Financial Services Inc. Thank you, Isaac. This brings the total repurchases year-to-date to approximately $600 million. 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. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets. Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. 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. 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. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. Direct lending locks were up 13% from the prior quarter, total correspondent lock volume was up 9% and the servicing portfolio was up 6% from the end of the third quarter. 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. Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. 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. PENNYMAC Careers and Employment | Indeed.com In our broker direct channel, we are focused on further reducing the length of our loan origination cycle via workflow enhancements and upgrades to our broker portal, POWER. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. Biography of David Spector - The Official Board Similar Profiles. Purchase lock volume for the quarter was also a record $744 million, up from $514 million in the prior quarter and $505 million in the second quarter of 2020. 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. The company's services span its main function of loan production and loan servicing which includes the recovery of loans and other related charges. Servicing advances outstanding were approximately $454 million at December 31, up from $346 million at September 30, primarily associated with seasonal tax payments. While our employee base grew by 60% during the year, our production volumes grew by 67% and our earnings increased by 328%. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. Net income was $204 million or diluted earnings per share of $2.94, representing an annualized return on equity of 23%. Posted by Defense World Staff on Mar 3rd, 2023. We achieved record production across all channels, with increased market penetration in our higher margin direct lending channels. 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 direct lending channels continued to have an outsized impact on PFSIs production earnings in the fourth quarter. 33% of correspondent acquisitions were government loans and 67% were conventional loans. Pennymac Westlake Village, CA Office | Glassdoor David A. Spector - Biography - MarketScreener.com And with that, I would like to turn it back to David for some closing remarks. Net assets under management were down slightly quarter-over-quarter to $2.3 billion. We believe PennyMac Financial's business model with production from the correspondent, consumer direct and broker direct channels contributes to PennyMac Financial's profitability across different production environments. 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. 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. Russia's war on Ukraine latest: Putin casts war as battle for nation's survival, India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Elon Musk recruits team to develop OpenAI rival - The Information, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon, French media billionaire Niel fails with bid for TNT television frequence - Arcom, Private National Mortgage Acceptance Co. LLC. President & CEO David Spector sold 30,000 shares of PFSI stock on 01/12/2021 at the average price of $57.43. Our consumer direct lending division produced record origination and lock volumes again despite a smaller origination market in the second quarter. If so, please call us at 866.545.9070. Operating revenue decreased $2 million from the prior quarter driven by declines in earnings on custodial balances. 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. 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. And since the beginning of 2020, we have now repurchased over 18.5 million shares or approximately 24% of PFSI's common shares outstanding. The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. Fourth quarter performance was very strong across loan production and servicing and we continue to see the strength of our balanced business model in our results. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. David Spector Email Address Found 7 email address listings: @pennymacfinancial.com @countrywide.com @pennymacusa.com @pnmac.com @yahoo.com +2 more David Spector Phone Number Found 6 phone numbers: 818-292-XXXX 818-324-XXXX 818-224-XXXX 818-332-XXXX 212-761-XXXX +1 more View David's Email & Phone (It's Free) 5 free lookups per month.