Doug Jones: Thanks, David. Search our database of over 100 million company and executive profiles. David Spector: Thank you, Isaac. *Based on results from Inside Mortgage Finance 12M ended 12/31/22. 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 . In the same report you can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12-24 months. Share Show more sharing options. In his role as President of PennyMac Financial, Mr. Jones is responsible for all business activities relating to the company's loan production and servicing . Email this Business. Save my name, email, and website in this browser for the next time I comment. Executive Management. Production revenue margins were lower across all three channels. However, he will become a special advisor to David Spector, chairman and chief . See David A Spector's compensation, career history, education, & memberships. PennyMac, Homepoint and other lenders announce new leaders | National How and When to Use Email Forwarders or Aliases See also 12 Top Performing Energy Stocks in Januaryand 25 Countries with Most Billionaires. Servicing and sub-servicing revenues, the majority of which are cash, totaled more than $1.2 billion in 2022. View David Spector's business profile as Chairman & Chief Executive Officer at PennyMac Mortgage Investment Trust. S&P 500 Index lost 10.8% in 1957, so Buffetts investors actually thrilled to beat the market by 20.1 percentage points in 1957. PennyMac Made $38M Profit in Q4 - San Fernando Valley Business Journal . Production segment pretax income was negative $9 million. 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. 1-3 weeks you should receive an email or phone call back. WESTLAKE VILLAGE, Calif., March 02, 2023--PennyMac Financial Services, Inc. (NYSE: PFSI) announced today that Doug Jones, President and Chief Mortgage Banking Officer, joined its Board of . With rates at current levels, we expect a continued meaningful contribution to overall servicing profitability. Our servicing portfolio ended the year at $552 billion in unpaid principal balance as additions from loan production continued to exceed prepayment activity. Back then they werent called hedge funds, they were called partnerships. Now Id like to begin by introducing David Spector, PennyMac Financials Chairman and Chief Executive Officer who will review the Companys fourth quarter and full-year 2022 results. Servicing and sub-servicing revenues, the majority of which are cash, totaled more than $1.2 billion in 2022. Operator: This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. You can enter your email below to get our FREE report. 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. Text WORK to 235246 to opt in to mobile messages from the AFL-CIO. 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. 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. That means much bigger government. As David discussed earlier, these acquisition and origination volumes continue to drive the organic growth of our servicing portfolio. MFN Partners Management LP now owns 4,531,792 shares of the real estate investment trusts stock worth $241,091,000 after acquiring an additional 556,274 shares during the last quarter. Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. Purchase loans were 85% of total originations. 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. While overall delinquency rates increased from the prior quarter, they remain consistent with our expectations for a primarily government-insured or guaranteed portfolio. 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. Since then, we have become one of the largest mortgage producers and servicers in the country, while also providing strong returns to our stakeholders. 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 served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac. Operating revenues increased from the prior quarter as loan servicing fees grew by $9 million primarily due to growth in our servicing portfolio. (866) 549-3583. Conventional acquisitions for PMTs account totaled $6.8 billion, down from $10.2 billion in the prior quarter, as a result of the previously mentioned sales to PFSI. 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. Source: https://www.sec.gov/Archives/edgar/data/1745916/000119312521116436/d112997ddef14a.htm. We estimate the committed pipeline at January 31st was $700 million. Net assets under management totaled $2 billion as of December 31st, down 3% from September 30th. For any questions, please visit our website at pfsi.pennymac.com, or call our Investor Relations department at 8182644907. The increase in tax rate resulted in the repricing of PFSIs net deferred tax liability, which was the primary driver of a non-recurring tax expense of approximately $11.9 million in the quarter. How many employees does PENNYMAC have? . 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. In this role, David was responsible for credit risk management and residential mortgage lending. stock awards of $1,688,936 , Currently, he occupies the position of Chairman at PNMAC Mortgage Opportunity Fund LLC, Chairman of . Most recently he sold 12,750 units of PMT stock worth $741,030 on 12 December 2022.. PennyMac Financials owned servicing portfolio reported a prepayment speed of 5.4% in the fourth quarter, down from 9% in the prior quarter. 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. Last quarter, we completed the roll out of POWER+, our next generation technology platform providing brokers with the tools they need to successfully grow their businesses and convert leads into loans. 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. And with that, I would like to turn it back to David for some closing remarks. PennyMac Mortgage Investment Trust (PMT) Q1 2021 Earnings Call Jones brings more than 25 years of financial services industry experience to PennyMac Financial Services. Isaac Garden: Good afternoon, and welcome to the Fourth Quarter and Full Year 2022 Earnings Discussion for PennyMac Financial Services, Inc. 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. David Spector: Thank you, Isaac. The stock was sold at an average price of $58.12, for a total transaction of $741,030.00. 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. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer will provide greater detail later on in this discussion. 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. Presenter SpeechMark DeVries Hello. . David Spector - Chairman for Pennymac Corp. Email; Show more sharing options. PennyMac Financial's owned servicing portfolio reported a prepayment speed of 5.4% in the fourth quarter, down from 9% in the prior quarter. We expect EBO revenues to remain low in the coming quarters as lower overall volumes and redelivery gains are expected to be limited due to the higher interest rate environment. Legal battle erupts between Black Knight, PennyMac over allegations of More than 15 years ago, we founded PennyMac with a vision to help revitalize the mortgage market and become a trusted partner in home ownership. David Spector net worth, bio and Pennymac Financial Services, Inc David Spector Net Worth (2022) | wallmine NZ Summary. You can get rich by returning 20% per year and compounding that for several years. As David mentioned earlier PFSI's net income was $38 million or diluted earnings per share of $0.71. Warren Buffett took 25% of all returns in excess of 6 percent. Additionally, higher short-term rates have driven strong earnings on custodial balances. Locations. We still like this investment. Our multi-channel approach to mortgage production provides the flexibility to adapt to different market conditions and drives organic growth of our servicing portfolio. 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. Ratings from 281 employees, gives David Spector an approval rating of 56%. Now I'd like to begin by introducing David Spector, PennyMac Financial's Chairman and Chief Executive Officer who will review the Company's fourth quarter and full-year 2022 results. Anne McCallion, Director, 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. (NYSE:PFSI) Q4 2022 Earnings Call Transcript, 12 Top Performing Energy Stocks in January, How to Best Use Insider Monkey to Increase Your Returns, 6 Things You Didn't Know About Hedge Funds. Dimensional Fund Advisors LP now owns 783,884 shares of the real estate investment trusts stock valued at $41,703,000 after acquiring an additional 379,161 shares in the last quarter. More than 15 years ago, we founded PennyMac with a vision to help revitalize the mortgage market and become a trusted partner in home ownership. JMP Securities downgraded shares of PennyMac Financial Services from an outperform rating to a market perform rating in a research report on Wednesday, January 18th. We estimate originations in our consumer direct channel in January totaled $300 million, and locks totaled $700 million. other compensation of $82,229 . 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. 51% were conventional loans and 49% were government-insured or guaranteed loans. Active Calabasas, CA Chairman for Pennymac Corp. (818)224-7442. 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. For any questions, please visit our website at pfsi.pennymac.com, or call our Investor Relations department at 8182644907. 5. 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. 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. PennyMac has laid off a total of 475 employees since March 1st. In January, we estimate that correspondent acquisitions totaled $6.8 billion and locks totaled $6.1 billion. Dan Perotti, PFSIs Senior Managing Director and Chief Financial Officer will provide greater detail later on in this discussion. We estimate the committed pipeline at January 31st was $700 million. Pennymac lays off 236 after boosting tech, marketing spend Finally, given the scale we have achieved, we have begun offering our customers, homeowners and title insurance through joint ventures, which we expect will provide recurring fee income over time as the businesses grow. 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. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. Salary: . We expect EBO revenues to remain low in the coming quarters as lower overall volumes and redelivery gains are expected to be limited due to the higher interest rate environment. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. 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