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 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. 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. Company profile for PennyMac Financial Services Inc. including key executives, insider trading, ownership, revenue and average growth rates. 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. Insider trading is most common in March, with the busiest year in 2020. Contacts. David works at Pennymac Loan Services, Llc as Chief Investment Officer. While many industry participants have taken the appropriate steps to reduce capacity, it has been happening slowly and we believe overcapacity still remains. We estimate the committed pipeline at January 31st was $700 million. It operates through the following segments: Production, Servicing, and Investment Management. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Servicing income, certain secondary market gains, layoffs and other cost-cutting did more to offset the impact of the marketwide originations slump at PennyMac Financial Services than analysts expected, but its second-quarter earnings still fell relative to comparable prior periods. We encourage investors with any questions to reach out to our Investor Relations team by email or phone. Thanks, David. The UPB of completed modifications was $2.3 billion, down slightly from the prior quarter while EBO loan volumes remained low. We estimate the committed pipeline at January 31st was $800 million. 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. 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. PennyMac Financial Services, Inc. (NYSE:PFSI) Q4 2022 Earnings Call Transcript February 2, 2023. About. View David Spector's email address (d*****@pennym***.com) and phone number. PennyMac Financial Services, Inc. a annonc que Doug Jones, prsident et directeur des services hypothcaires, a rejoint son conseil d'administration compter du 1er mars 2023. David Spector. Search Crunchbase . Thank you. Companies. The stock has a market capitalization of $3.09 billion, a price-to-earnings ratio of 7.36 and a beta of 1.49. Man Who Predicted Lehman Crash Makes New Warning, 12 Top Performing Energy Stocks in January. This suggests a possible upside of 14.0% from the stock's current price. View David Spector's business profile as Chairman & Chief Executive Officer at PennyMac Mortgage Investment Trust. 6 Wall Street analysts have issued twelve-month target prices for PennyMac Financial Services' shares. other compensation of $82,229 . The stock was sold at an average price of $58.12, for a total transaction of $741,030.00. We estimate that in 2022 we represented approximately 2% of the origination volume in the channel. Thank you, Dan. Total correspondent loan acquisition volume in the fourth quarter was $20.8 billion. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. 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. The firm engages in the production and servicing of U.S. residential mortgage loans. We estimate that over the past 12 months we represented approximately 15% of the channel overall. 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. Total production, including acquisitions made by PMT, was $109 billion in UPB. Though 2023 is expected to be another challenging year for the mortgage industry, I remain confident in PennyMac Financial's ability to continue executing given its balanced business model and long history of generating stockholder value through different mortgage market cycles and environments. Thank you. Pennymac Financial Services, Inc's most recent insider trade came on March 2, 2023 by Sign Up . Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer will provide greater detail later on in this discussion. David Spector: Thank you, Isaac. 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. As David mentioned earlier PFSIs net income was $38 million or diluted earnings per share of $0.71. Please. 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. On Slide 16, you can see the fair value of our MSR increased by $83 million in the fourth quarter, driven by lower than expected realized prepayment speeds as well as expectations for lower prepayment activity in the future. Earnings on custodial balances and deposits and other income increased $17 million. 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. The CEO of both PennyMac companies, David Spector (pictured), has added the chairman's title, filling the vacancies created by the death of founder Stanford Kurland. 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. Operating revenues increased from the prior quarter as loan servicing fees grew by $9 million primarily due to growth in our servicing 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. Thank you. 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. $3.6M on March 1, 2023. Sorry, no results has been found matching your query. Thank you. Track performance, allocation, dividends, and risks . 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. Posted by Defense World Staff on Mar 3rd, 2023. Get Email Updates. Sign Up. We estimate originations in our consumer direct channel in January totaled $300 million, and locks totaled $700 million. 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. Total production, including acquisitions made by PMT, was $109 billion in UPB. Most recently he exercised 57,707 units of PMT stock worth $928,506 on 23 February 2022. An example of data being processed may be a unique identifier stored in a cookie. 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. Doug Jones: Thanks, David. As David mentioned earlier PFSIs net income was $38 million or diluted earnings per share of $0.71. We encourage investors with any questions to reach out to our Investor Relations team by email or phone. We estimate broker originations in January totaled $500 million and locks totaled $800 million. With Skype, COVID-19 has robbed us of a great leader, mentor and friend," said David Spector, President and CEO of PennyMac. Summary. 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. repurchased 1.1 million shares of PFSI common stock at an average price of $46.99 for an approximate cost of $51 million. 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. 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. With rates at current levels, we expect a continued meaningful contribution to overall servicing profitability. Its Time For A Fresh Look At The Kroger Co. West Frasers Earnings Scream Timber, Outlook Says Buy, MarketBeat.com's FREE daily email newsletter. 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. 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. Age : 59. Finally, Senvest Management LLC grew its stake in shares of PennyMac Financial Services by 12.6% in the 4th quarter. 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.