PennyMac Financial Services, Inc. (NYSE:PFSI - Get Rating) CEO David Spector sold 15,000 shares of the company's stock in a transaction dated Monday, February 27th.The stock was sold at an average price of $60.80, for a total value of $912,000.00. In order to protect the value of our MSR asset we utilize a comprehensive hedging strategy. 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. The CEO score provides an understanding of how employees feel about the CEO's leadership style and effectiveness at PennyMac Loan Services, LLC. Email this Business. Visit Website. David Spector's profile - email address, phone number, address and contact information | get free emails&phones for business contacts. to generate high returns in the 20% to 30% range. PennyMac widened its leadership position in correspondent lending as our strong capital position and consistent commitment to the channel provides our partners with the stability and support they need to successfully navigate the challenging mortgage market. 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 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. 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. The firm engages in the production and servicing of U.S. residential mortgage loans. We stand ready and able to absorb the volumes left by Wells Fargo's exit and remain committed to being a strong capital partner for independent mortgage companies throughout the country. To that end, for the full year 2022, we returned over $460 million to stockholders through stock repurchases and dividends, and opportunistically raised $500 million in five-year term notes secured by Ginnie Mae MSRs at attractive rates. These results include a non-recurring tax rate . Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. 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. 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. Thank you, Isaac. Our multi-channel approach to mortgage production provides the flexibility to adapt to different market conditions and drives organic growth of our servicing portfolio. Currently, he occupies the position of Chairman at PNMAC Mortgage Opportunity Fund LLC, Chairman of . PENNYMAC has 5,001 to 10,000 employees. 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 . Share Show more sharing options. Importantly, the $650 million of Ginnie Mae MSR term notes due in August 2023 also contain an optional extension at PFSIs discretion. Realization of MSR cash flows increased by $7 million driven by higher average MSR values during the quarter. 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. . The firm has a fifty day simple moving average of $62.72 and a two-hundred day simple moving average of $56.17. stock awards of $1,688,936 , No principal and interest advances are currently outstanding, as prepayment activity continues to sufficiently cover remittance obligations. We estimate that over the past 12 months we represented approximately 15% of the channel overall. Similarly, correspondent lock volume for PFSIs account was up 25% from 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. Job Department. And I'm pleased to be joined by PennyMac Financial Services CEO,. The ex-dividend date of this dividend was Monday, February 13th. David A. Spector (updated October 5, 2014) Page 13 of 15 Here is Information from the SEC website (www.sec.gov): David Spector, Director, Officer: President and COO, PennyMac Mortgage Investment Trust (PMT) Corporate Offices: PennyMac, 6101 Condor Drive, Moorpark, CA 93021 (818) 224-7442. Price T Rowe Associates Inc. MD now owns 4,940,575 shares of the real estate investment trusts stock valued at $215,953,000 after buying an additional 422,092 shares during the last quarter. You can enter your email below to get our FREE report. See David A Spector's compensation, career history, education, & memberships. As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . 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. Ill now turn it over to Dan who will review PFSIs financial results for the quarter. Track performance, allocation, dividends, and risks . To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Thank you. If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. Chief Credit Officer. Thanks, Doug. Their PFSI share price forecasts range from $60.00 to $82.00. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Log in . secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. | 3 Mrz 2023. Hedging losses totaled $73 million, primarily driven by hedge costs and higher interest rates. Operating revenues increased from the prior quarter as loan servicing fees grew by $9 million primarily due to growth in our servicing portfolio. While many industry participants have taken the appropriate steps to reduce capacity, it has been happening slowly and we believe overcapacity still remains. 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. Warren Buffett has been investing and compounding for at least 65 years. 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. PFSIs Board of Directors also declared a fourth quarter cash dividend of $0.20 per share. I am Barclays' consumer finance analyst, Mark DeVries. Prior to joining PennyMac Financial, Mr. Spector was co-head of global residential mortgages for Morgan Stanley, a global financial services firm, based . An example of data being processed may be a unique identifier stored in a cookie. Alethea Espino. Mr. David Spector, President/CEO; . Dan Perotti, PFSIs Senior Managing Director and Chief Financial Officer will provide greater detail later on in this discussion. We stand ready and able to absorb the volumes left by Wells Fargos exit and remain committed to being a strong capital partner for independent mortgage companies throughout the country. However, he will become a special advisor to David Spector, chairman and chief . We estimate the committed pipeline at January 31st was $800 million. 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. Doug Jones: Thanks, David. 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. Our servicing business provides ongoing cash flow to support business operations and produces low cost leads to our consumer direct business in the future. 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. While we respected Wells Fargo as a competitor in the correspondent channel, we believe their exit from the channel creates additional opportunities for PennyMac, particularly in the community bank and credit union sector of the market where they previously had a strong presence. 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. View David Spector's business profile as Chairman & Chief Executive Officer at PennyMac Mortgage Investment Trust. Were Hedge Funds Right About PennyMac Financial Services Inc (PFSI)? 1 email found 1 phone number . 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. Email; Show more sharing options. Read more. PFSIs owned servicing portfolio, which consists primarily of Ginnie Mae MSRs, had a 60-day plus delinquency rate of 3.8%, up from 3.5% at the end of the prior quarter, while our subserviced portfolio, consisting primarily of conventional loans, reported a 60-day plus delinquency rate of 0.6%, up from 0.5% at September 30th. While PennyMac Financial is not insulated from the challenges presented by today's mortgage market, I believe we are the best-positioned in the industry to continue executing with our balanced business model in 2023.