Manage Settings That means much bigger government. While overall delinquency rates increased from the prior quarter, they remain consistent with our expectations for a primarily government-insured or guaranteed portfolio. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. PennyMac Financial Services, Inc. (NYSE:PFSI) CEO Sells $912,000.00 in **According to Inside Mortgage Finance ranking of Top 25 Primary Mortgage Servicers by dollar amount for Q4 2022. Search Crunchbase . You can get rich by returning 20% per year and compounding that for several years. David Spector Thank you, Dan. David Spector's largest purchase order was 40,735 units , worth over Pennymac Financial Services, Inc's most recent insider trade came on March 2, 2023 by Hedging losses totaled $73 million, primarily driven by hedge costs and higher interest rates. Ill now turn it over to Dan who will review PFSIs financial results for the quarter. Prior to joining PennyMac Financial, Mr. Spector was co-head of global residential mortgages for Morgan Stanley, a global financial services firm, based . Thank you. While PennyMac Financial is not insulated from the challenges presented by todays mortgage market, I believe we are the best-positioned in the industry to continue executing with our balanced business model in 2023. David Spector's largest purchase order was, As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of, David Spector received compensation valued at about, The vast majority of their compensation came in the form of, Pennymac Financial Services, Inc's most recent insider trade came on March 2, 2023 by Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, decreased by $1 million. No principal and interest advances are currently outstanding, as prepayment activity continues to sufficiently cover remittance obligations. 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. 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. This suggests a possible upside of 14.0% from the stock's current price. PennyMac Made $38M Profit in Q4 - San Fernando Valley Business Journal The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. That would have been 9.35% in hedge fund fees. Overview. 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%. Dans son rle . Additionally, higher short-term rates have driven strong earnings on custodial balances. David Spector - Chief Investment Officer - Penny Mac | LinkedIn Insider Trades Daily Newsletter for 3/2/2023 | InsiderTrades.com Duration: 19 minutes. Weitere Informationen ber die Verwendung Ihrer personenbezogenen Daten finden Sie in unserer Datenschutzerklrung und unserer Cookie-Richtlinie. We estimate broker originations in January totaled $500 million and locks totaled $800 million. Thank you. COVID-19 has robbed us of a great leader, mentor and friend," said David Spector, president and CEO of PennyMac Mortgage Investment Trust. David Spector Net Worth, Biography, and Insider Trading Pennymac - Contacts, Employees, Board Members, Advisors & Alumni Dan PerottiDavid SpectorDoug JonesEarnings Call TranscriptIsaac GardenNYSE:PFSIQ4 2022Yahoo FinanceShow moreShow less, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. 5. Doug Jones Joins PennyMac Financial Services Board - NMP On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Operating revenues increased from the prior quarter as loan servicing fees grew by $9 million primarily due to growth in our servicing portfolio. Please. Wells Fargo & Company upgraded PennyMac Financial Services from an equal weight rating to an overweight rating and raised their price objective for the stock from $54.00 to $75.00 in a research report on Tuesday, December 6th. These results include a non-recurring tax rate . 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. 5 MLS prospects to keep an eye on this season. 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. Pennymac has 10 current employee profiles, including President and Chief Executive Officer David Spector. 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. 10550 W Charleston Blvd STE A. Las Vegas, NV 89135-1012. PennyMac Financial Services, Inc operates as a holding company. 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. Trade Alert: The Chairman of the Board & CEO Of PennyMac Mortgage 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. In the last 8 years at Pennymac Financial Services, Inc, David Spector has sold an estimated value of $51.14M worth. Total correspondent loan acquisition volume in the fourth quarter was $20.8 billion. $3.6M on March 1, 2023. 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. Track performance, allocation, dividends, and risks . We encourage investors with any questions to reach out to our investor relations team by email or phone. Finally, I believe this management team is the best in the industry and I'd like to thank them all for their various contributions to PFSI's strong performance in 2022. For example S&P 500 Index returned 43.4% in 1958. 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. PFSI's 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. This led to servicing portfolio growth of 8% for the year to more than $550 billion in UPB with nearly 2.3 million customers. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. View David A Spector's profile for company associations, background information, and partnerships. Contribute. 94 others named David . With rates at current levels, we expect a continued meaningful contribution to overall servicing profitability. PFSI | PennyMac Financial Services Inc. Company Profile & Executives - WSJ David Spector: Thank you, Isaac. The largest trade he's ever made was exercising 77,902 units of Pennymac Mortgage Investment Trust stock on 2 April 2018 . Revenue per fallout-adjusted lock in the fourth quarter was 21 basis points, down from 24 basis points in the prior quarter, driven primarily by PFSIs purchase of lower margin conventional loans from PMT. The increase in the effective tax rate was primarily driven by an increase in the provision tax rate, which increased from 26.5% to 26.85% for 2022. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. Production segment pretax income was negative $9 million. 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. Chief Credit Officer. Revenue per fallout-adjusted lock for PFSI's 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. PFSI's Board of Directors also declared a fourth quarter cash dividend of $0.20 per share. Doug Jones: Thanks, David. 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. David Spector Net Worth (2022) | wallmine The most active traders at the company are On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. David Spector. Man Who Predicted Lehman Crash Makes New Warning, 12 Top Performing Energy Stocks in January. Production segment pretax income was negative $9 million. 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%. So while PFSI's ROE is projected to trend towards its pre-COVID range during 2023, I remain confident in our ability to continue delivering strong financial performance as the market returns to more normalized conditions over time. David Spector - Chairman for Pennymac Corp. Receive News & Ratings for PennyMac Financial Services Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PennyMac Financial Services and related companies with MarketBeat.com's FREE daily email newsletter. PennyMac Mortgage Investment Trust (PMT) Q3 2022 Earnings Call We initially share this idea in October 2018 and the stock already returned more than 150%. With rates at current levels, we expect a continued meaningful contribution to overall servicing profitability. 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. Average of 2,121 Customer Reviews. Visit Website. 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. 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. Insider Selling: PennyMac Financial Services, Inc. (NYSE:PFSI) CEO This strategy is designed to moderate the impact of interest rate changes on the fair value of our MSR asset and also considers productionrelated income. Our servicing business provides ongoing cash flow to support business operations and produces low cost leads to our consumer direct business in the future. A number of research firms recently weighed in on PFSI. The UPB of completed modifications was $2.3 billion, down slightly from the prior quarter while EBO loan volumes remained low. Production revenue margins were lower across all three channels. Were Hedge Funds Right About PennyMac Financial Services Inc (PFSI)? An example of data being processed may be a unique identifier stored in a cookie. So while PFSIs ROE is projected to trend towards its pre-COVID range during 2023, I remain confident in our ability to continue delivering strong financial performance as the market returns to more normalized conditions over time. Close extra sharing options. Goldman Sachs Group Inc. grew its holdings in PennyMac Financial Services by 322.3% during the first quarter. The good news is, this powerful new force can help you make a lot of money even in a bear market. PennyMac Financial Services, Inc. (NYSE:PFSI) Q4 2022 Earnings Call