Based on 7 ratings, David Spector ranks right below Stonegate Mortgage's CEO, James Smith. As Chairman and Chief Executive Officer and Trustee at PennyMac Mortgage Investment Trust, David A. Spector made $999,981 in total compensation. Purchase loans accounted for 93% of total correspondent acquisitions during the quarter. Email this Business. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer will provide greater detail later on in this discussion. And it means its going to be harder than ever to hold onto any money you make. Pretax income excluding valuation-related items for the servicing segment was $79 million, up from the prior quarter as higher realization of MSR cash flows, interest expense, and lower EBO-related income was more than offset by higher loan servicing revenue, higher earnings on custodial balances and deposits, and lower operating expenses. David Spector Net Worth, Biography, and Insider Trading David Spector Email & Phone Number Chief Investment Officer @ PennyMac Loan Services, LLC. As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . Get Email Updates. Since then, we have become one of the largest mortgage producers and servicers in the country, while also providing strong returns to our stakeholders. 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. Operating revenues increased from the prior quarter as loan servicing fees grew by $9 million primarily due to growth in our servicing portfolio. 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. David A. Spector - Biography - MarketScreener 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. It operates through the following segments: Production, Servicing, and Investment Management. PennyMac Financial Services, Inc. (NYSE:PFSI Get Rating) CEO David Spector sold 15,000 shares of the businesss stock in a transaction on Monday, February 27th. Sorry, no results has been found matching your query. For example S&P 500 Index returned 43.4% in 1958. This led to servicing portfolio growth of 8% for the year to more than $550 billion in UPB with nearly 2.3 million customers. $98.81K . Jeereddi Investments LP Increases Position in Alphabet Inc. Boothbay Fund Management LLC Buys Shares of 4,680 Sonoco Products. Prior to joining PennyMac Financial, Mr. Spector was co-head of global residential mortgages for Morgan Stanley, a global financial services firm, based . In PFSIs Investment Management segment, net assets under management were $2 billion at quarter end, down slightly from the prior quarter due to PMTs financial performance. An example of data being processed may be a unique identifier stored in a cookie. While overall delinquency rates increased from the prior quarter, they remain consistent with our expectations for a primarily government-insured or guaranteed portfolio. 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. We estimate the committed pipeline at January 31st was $700 million. We encourage investors with any questions to reach out to our Investor Relations team by email or phone. 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. Billionaire Leon Cooperman Is Buying These 5 Stocks. The current estimated net worth of Pennymac Financial Services, Inc's Chairman & CEO, David Spector, is estimated to be about $244.5M . Conventional acquisitions for PMT's account totaled $6.8 billion, down from $10.2 billion in the prior quarter, as a result of the previously mentioned sales to PFSI. Email forwarders (aliases) provide a consistent email address even though the person handling the inquiry changes. These results include a non-recurring tax rate . This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. 1 email found 1 phone number . PennyMac Mortgage Investment Trust (PMT) Q3 2022 Earnings Call Share Show more sharing options. You can get rich by returning 20% per year and compounding that for several years. Net assets under management totaled $2 billion as of December 31st, down 3% from September 30th. No principal and interest advances are currently outstanding, as prepayment activity continues to sufficiently cover remittance obligations. 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. David A Spector is Chairman/CEO at Pennymac Mortgage Investment. Get 5 free searches. 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. 6 Wall Street analysts have issued twelve-month target prices for PennyMac Financial Services' shares. As we continue to add significant volumes of servicing to our portfolio at current market rates, we will continue to build significant refinance opportunities in the future for our consumer direct division if mortgage rates decline. Thank you. 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. David A. Spector (updated October 5, 2014) Page 14 of 15 . As you will see on Slide 12, we provide a breakdown of the revenue contribution from each of PFSIs loan production channels, net of loan origination expenses, including the fulfillment fees received from PMT for the conventional correspondent loans it retains. Call participants: David Spector . The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. 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. 10 stocks we like better than PennyMac Mortgage . Our proprietary servicing technology provides us with significant operational scale and workflow efficiencies that enable us to adapt quickly to forthcoming market conditions and regulations while also providing quality service to our customers. 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. PennyMac Financial Services, Inc. (NYSE:PFSI) Q4 2022 Earnings Conference Call February 2, 2023 5:30 PM ET, Isaac Garden - Vice President, Investor Relations, David Spector - Chairman & Chief Executive Officer, Dan Perotti - Senior Managing Director & Chief Financial Officer. 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. Doug Jones: Thanks, David. As David mentioned earlier PFSIs net income was $38 million or diluted earnings per share of $0.71. David Spector also recently made the following trade(s): NYSE:PFSI opened at $61.78 on Friday. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. Our servicing portfolio ended the year at $552 billion in unpaid principal balance as additions from loan production continued to exceed prepayment activity. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. The CEO score provides an understanding of how employees feel about the CEO's leadership style and effectiveness at PennyMac Loan Services, LLC. Turning to consumer direct, we estimate we accounted for approximately 1.2% of total originations in the channel over the last 12 months. Connections. Thank you. David Spector's email & phone | 's Chairman & Chief Executive Officer Their PFSI share price forecasts range from $60.00 to $82.00. Quarterly operating expenses in the fourth quarter were down 44% from average 2021 levels. PDF Collection of Different Signatures, Purported to be of - LawsInFlorida PennyMac Financial Services, Inc. announced today that Doug Jones, President and Chief Mortgage Banking Officer, joined its Board of Directors effective March 1, 2023. Finally, Barclays boosted their price target on shares of PennyMac Financial Services from $58.00 to $69.00 and gave the stock an equal weight rating in a research report on Friday, February 3rd. View David Spector's email address (d*****@pennym***.com) and phone number. We estimate broker originations in January totaled $500 million and locks totaled $800 million. We estimate that in 2022 we represented approximately 2% of the origination volume in the channel. Finally, our Investment Management segment delivered pretax income of $1.2 million, down from $1.6 million in the prior quarter. . A number of hedge funds and other institutional investors have recently bought and sold shares of PFSI. COVID-19 has robbed us of a great leader, mentor and friend," said David Spector, President and CEO of PennyMac.
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