david spector pennymac email david spector pennymac email

January 25, 2021, 12:31 p.m. EST 1 Min Read. View open jobs at this location. As you can see on slide seven of our presentation, PennyMac maintained its leadership position in the correspondent channel, and we estimate that we currently represent approximately 18% of the channel overall. The expertise of our deep management team, combined with the technology investments we have made, support PennyMac's growth strategy in a changing mortgage market. PennyMac Financial Services, Inc. has a 12-month low of $38.53 and a 12-month high of $73.79. Approve of CEO. 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. PennyMac Financial Services Inc provides mortgage loans to customers in the United States. 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. Thank you. The PFSI's owned servicing portfolio, which consists primarily of Ginnie Mae MSRs, had a 60 day delinquency rate of 6.7%, down from 8.6% at the end of the prior quarter. January 25, 2021. 47.206 (3) & (4). What is David Spector's role in PennyMac Mortgage? Revenue per fallout-adjusted lock was 71 basis points, down from 140 basis points in the prior quarter. David Spector's role in PennyMac Mortgage is Chairman & CEO, Director. Lastly, originations in our broker direct channel totaled $4 billion in UPB, down 22% from the prior quarter. The shares were sold at an average price of $60.64, for a transaction totalling $1,586,888.16. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. As the CEO of PennyMac Financial Services, Inc., Mr. Spector earned a total compensation package of $13,575,224.00 in 2021. Segment revenue was $13.5 million, up 41% from the first quarter and 28% from June 30, 2020. Our higher-margin consumer direct lending channel continued to expand, producing record locked and funded volumes during the quarter, which we estimate has resulted in a significant increase in market share. 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. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. Click here to check it out. 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 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. GuruFocus has detected 5 severe warning signs with PennyMac Financial Services Inc. . The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. While margins across channels have come in lower from the third quarter, we saw the shift in Government correspondent margins come in the most towards more normalized levels. In order to protect the value of our MSR asset, we utilize a comprehensive hedging strategy. 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. T. Rowe Price Investment Management Inc. now owns 4,992,531 shares of the real estate investment trusts stock worth $282,877,000 after purchasing an additional 256,717 shares during the last quarter. Please note all regulatory considerations regarding the presentation of fees must be taken into account. Please. 119504607, 119505929, 119506567, 119506570, 119507419. Thanks, Doug. Ill now turn it over to Dan Perotti, Senior Managing Director and Chief Financial Officer to speak to the financial results for the quarter. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . Learn More on PennyMac Financial Services' active insiders. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. Now I'll turn it over to Doug, who will discuss our mortgage banking businesses. Enter your email to receive our newsletter. As you can see on page 11 of our slide presentation, correspondent acquisition volumes totaled $56.9 billion in UPB in the fourth quarter, up 28% from the prior quarter and 53% from the fourth quarter of 2019. 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. 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. 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. Net assets under management totaled $2.3 billion as of June 30, down slightly from March 31 and up 5% from June 30, 2020. For more information, review Pennymac's state licenses and important notices. The price of the stock has decreased by 14.5% since. Learn More on PennyMac Financial Services' active insiders. A free inside look at company reviews and salaries posted anonymously by employees. Information on this page was last updated on 3/1/2023. So while refinance origination volumes are expected to decline significantly over the next several years as a result of higher interest rates, we believe the outlook for PennyMac Financial remained strong, given our large profitable and growing servicing business, our position as one of the largest producers of purchase money loans in the U.S. and the continued expansion of our direct lending businesses. During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. In the last year, insiders at the real estate investment trust sold shares 23 times. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. The percentage of loans in forbearance decreased to 7.8% at December 31 from 10.1% at September 30 as new forbearance plans implemented since September 30 were more than offset by borrowers in forbearance plans at September 30 who have since exited. Our large production volumes fuel the organic growth of our servicing portfolio, leading to a larger recurring stream of earnings. This website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. Additionally, we believe FHFA's elimination of the adverse market refinance fee has resulted in a larger population of loans that would benefit from a refinance at today's lower rates, further supporting the origination market. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $69.50. Ultimately, we believe for these reasons, PennyMac will continue its market share growth as a channel leader. Follow them so you never miss a recommendation. Earnings per share grew 328% for the year with net income up 319%. Our balanced business with our large and growing servicing portfolio also becomes an increasingly important component of our earnings as interest rates increase, and we believe this provides a competitive advantage relative to others when the industry's origination volumes return to more normalized levels. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. Revenue per fallout adjusted lock for PFSIs own account was 217 basis points in the fourth quarter, down slightly from 236 basis points in the third quarter. PennyMac Financial Services' insider roster includes Anne Mccallion (Director), Farhad Nanji (Director), and David Spector (CEO). This net worth estimate does not reflect any other assets that Mr. Spector may own. While many of these employees aided in our record production growth and increased servicing activities due to COVID, these hires were consistent with PFSIs long-term strategy. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. In total, these strong acquisition and origination volumes continue to drive the organic growth of our servicing portfolio despite elevated prepayment activity. Before I turn this over to Andy, I want to take a moment to say all of us at PennyMac are very grateful for the many kind thoughts and tributes we have received since announcing the sad passing of Stan Kurland, our founder and Chairman. As you can see on the selected operational metrics on slide 13, PennyMac Financials owned portfolio reported a prepayment speed of 32.5% in the fourth quarter, up from 29.7% in the prior quarter. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets. Government correspondent locks were $15.7 billion, down 8% from the prior quarter and up 21% from the second quarter of 2020. Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. Download the Pennymac Mobile app from the App Store. The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. As we continue to grow our leadership positions in the direct origination channels, this growth will drive the earnings from PennyMac Financial's production segment. Pretax income excluding valuation-related items for the servicing segment was $234.3 million, up 30% from the prior quarter and 499% from the fourth quarter of 2019. Learn More about insider trades at PennyMac Financial Services. And we believe the role of a well capitalized correspondent aggregator like PennyMac will be increasingly important over time. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. 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.