Importantly, the $650 million of Ginnie Mae MSR term notes due in August 2023 also contain an optional extension at PFSI's discretion. Dan Perotti: Thanks, Doug. I am pleased to report that we ended the quarter with a servicing portfolio of $552 billion, or approximately 4.1% of all residential mortgage debt in the U.S. Prepayment speeds have slowed meaningfully given higher mortgage rates. David Spector - Chairman and Chief . 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. 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. Public asset : 66,368,555 USD. David Spector Net Worth (2022) | wallmine NZ David Spector Sells 26,169 Shares of PennyMac Financial Services, Inc Pennymac is a home mortgage lender. David Spector net worth, bio and Pennymac Financial Services, Inc 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. Executive Management. PennyMac founder and chairman dies from COVID-19 To get here required a long and winding route. 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. 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. We estimate broker originations in January totaled $500 million and locks totaled $800 million. 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. Their PFSI share price forecasts range from $60.00 to $82.00. Sign Up. 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. The firm has a fifty day simple moving average of $62.72 and a two-hundred day simple moving average of $56.17. Pennymac Financial Services Inc (PFSI) President & CEO David Spector Thank you. In a few years, he will reach at another point to reach and will achieve many popularities. David Spector's email & phone | 's Chairman & Chief Executive Officer 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. 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. We're all familiar with the general email addresses like customerservice@SomeBusiness.com or info@SmallNon-Profit.org. David Spector Thank you, Dan. 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. These results include a non-recurring tax rate . David A. Spector (updated October 5, 2014) Page 14 of 15 . David Spector Net Worth, Biography, and Insider Trading Visit Website. 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. This includes $24 million in gains realized related to the timing of revenue and loan origination expense recognition, hedging, pricing & execution changes, and other items. 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. David Spector: Thank you, Dan. Turning to consumer direct, we estimate we accounted for approximately 1.2% of total originations in the channel over the last 12 months. We estimate the committed pipeline at January 31st was $700 million. Quarterly operating expenses in the fourth quarter were down 44% from average 2021 levels. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Operating expenses as a percentage of average servicing portfolio UPB decreased. 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. For any questions, please visit our website at pfsi.pennymac.com, or call our Investor Relations department at 8182644907. David A. Spector - Biography - MarketScreener PDF Collection of Different Signatures, Purported to be of - LawsInFlorida 10 stocks we like better than PennyMac Mortgage . 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. In January, we estimate that correspondent acquisitions totaled $6.8 billion and locks totaled $6.1 billion. Of this total $0 was received as a salary, $0 was received as a bonus, $0 was received in stock options, $999,981 was awarded as stock and $0 came from other types of compensation. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. to generate high returns in the 20% to 30% range. (866) 549-3583. Originations in our broker direct channel totaled $1.1 billion and locks totaled $2 billion, also down meaningfully from the prior quarter, reflecting a smaller market, seasonal impacts and the continuation of intense competition from channel leaders. The CEO score provides an understanding of how employees feel about the CEO's leadership style and effectiveness at PennyMac Loan Services, LLC. Thank you. In addition, the board of directors at PennyMac Financial . This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. In order to protect the value of our MSR asset we utilize a comprehensive hedging strategy. 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. Salary: . Similarly, prepayment speeds in PennyMac Financial's 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. Because of his unique activities, he has risen to the status of one of the worlds wealthiest individuals. Production revenue margins were lower across all three channels. We estimate the committed pipeline at January 31st was $800 million. About. Turning to consumer direct, we estimate we accounted for approximately 1.2% of total originations in the channel over the last 12 months. 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. Our multi-channel approach to mortgage production provides the flexibility to adapt to different market conditions and drives organic growth of our servicing portfolio. Turning to consumer direct, we estimate we accounted for approximately 1.2% of total originations in the channel over the last 12 months. On Slide 7 of our earnings presentation, you can see PennyMacs total production over the most recent three quarters against average mortgage rates. David Spector's largest purchase order was 40,735 units , worth over United States. This net worth estimate does not reflect any other assets that Mr. Spector may own. "In fact, the . Reply STOP to unsubscribe. 5+ . The company earned $129.2 million between April and June, down from $173.6 million in the prior quarter and $204 . Anne McCallion, Director, We encourage investors with any questions to reach out to our Investor Relations team by email or phone. Biography of David Spector - The Official Board 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. 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. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. In addition to his many sources of revenue, he also has other qualities that have propelled him to the top of a prominent list of celebrities in such a short . David Spector. 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. As Chairman and Chief Executive Officer at PennyMac Financial Services, Inc., David A. Spector made $13,575,224 in total compensation. PennyMac Loan Services, LLC CEO David Spector At a Glance. and Farhad Nanji, Director On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. 1 email found 1 phone number . How and When to Use Email Forwarders or Aliases a bonus of $6,400,000 , Operating revenues increased from the prior quarter as loan servicing fees grew by $9 million primarily due to growth in our servicing portfolio. We encourage investors with any questions to reach out to our Investor Relations team by email or phone. 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. 2201 W Plano Pkwy STE 300. 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%. With rates at current levels, we expect a continued meaningful contribution to overall servicing profitability. We estimate originations in our consumer direct channel in January totaled $300 million, and locks totaled $700 million. 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. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. Servicing and sub-servicing revenues, the majority of which are cash, totaled more than $1.2 billion in 2022. More than 15 years ago we founded PennyMac with an unwavering focus on enterprise risk management and doing the right thing for our customers. Earnings on custodial balances and deposits and other income increased $17 million. 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. Donald White who sold 1,630 units worth . Pennymac Financial Services, Inc's most recent insider trade came on March 2, 2023 by 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. As a key part of our balanced business model, our large and growing servicing portfolio provides significant value to the company. PENNYMAC Careers and Employment | Indeed.com View David Spector's email address (d*****@pennym***.com) and phone number. 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.