Thank you Isaac. PennyMac Financial Services, Inc. (PFSI) CEO David Spector on Q4 2020 With that, I will turn the call over to Andy Chang, Senior Managing Director and Chief Operating Officer, who will go through some of the initiatives we are focused on to position us for future success in the years to come. This website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. As you can see on slide seven of our presentation, PennyMac maintained its leadership position in the correspondent channel, and we estimate that we currently represent approximately 18% of the channel overall. I am incredibly thankful and proud of the over 6,000 PennyMac employees who managed through the challenges of the pandemic to deliver these extraordinary results. Wells Fargo & Company raised PennyMac Financial Services from an equal weight rating to an overweight rating and lifted their price objective for the company from $54.00 to $75.00 in a report on Tuesday, December 6th. PennyMac Financial Services, Inc. Announces Doug Jones Joined Its Board North Carolina Permit No. Government loan acquisitions in the quarter totaled $16.2 billion, down 7% from the prior quarter and up 47% from the second quarter of 2020. Over the years, PennyMac Financial has proven its ability to generate profits and value across various market environments, resulting in attractive returns on equity, with an average ROE of 24% over our last 7 plus years as a public company. Stanford Kurland, who founded and served as Chairman of PennyMac Financial Services Inc., Westlake Village, Calif., following a multi-decade career at Countrywide Financial Corp., passed away on Jan. 25. Mr. Spector earned a salary of $1,000,000.00, stock awards of $2,537,435.00, options awards of $1,101,254.00, non-equity compensation of $8,864,938.00, and other compensation of $71,597.00. Production segment pretax income was $244.4 million, down 33% from the prior quarter and 55% from the second quarter of 2020. On slide 14, you can see the fair value of our MSR decreased by $251 million in the second quarter and included $196 million in fair value losses as a result of higher expectations for prepayment activity in the future driven by lower mortgage rates and a flatter yield curve, as well as an additional $55 million in other valuation declines. In order to protect the value of our MSR asset we utilize a comprehensive hedging strategy. How do I contact David A. Spector? If you need the payment address, click here. PennyMac Financial Services can also be reached via phone at (818) 224-7442 and via email at pfsi_ir@pnmac.com. Our balanced business model is a key strategic advantage for PFSI, which has consistently delivered outstanding returns across different environments, producing a 33% return on equity for the first half of 2021. The committed pipeline at January 31 was $7.9 billion. Information on this page was last updated on 3/1/2023. PennyMac | Better Business Bureau Profile Importantly, and as Doug Jones, Senior Managing Director and Chief Mortgage Banking Officer, will expand on in his section of the presentation, we sold $3.4 billion in UPB of early buyout loans to third-party whole loan investors, thus reducing the risk associated with holding these loans and increasing our capital efficiency. The barriers to entry for these businesses that require scale for success provide PFSI a strategic advantage over our competitors. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. "I am delighted to announce Doug Jones' election to our. We estimate that our market share in the channel has increased meaningfully since last year, and we now account for approximately 1.3% of total originations in the channel. (business & personal). Having difficulty making payments? As you can see in greater detail on slide 21, EBO loan-related revenue increased significantly to $233.3 million as a result of continued loss mitigation activity with borrowers emerging from forbearance while related expenses were modest as most of the loans bought out returned to performing status immediately. So, from our home to yours, thank you! A free inside look at company reviews and salaries posted anonymously by employees. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. PennyMac Financial Services, Inc. Announces Doug Jones Joined Its Board We have also seen a large group of borrowers that reperform and exit forbearance on their own. Ready to apply or complete your application? Importantly, PennyMac retains the servicing rights and carries an option to repurchase these government-insured loans in the event they become eligible for redelivery into Ginnie Mae securities. Payoff-related expense, which includes interest shortfall and recording and release fees related to prepayments, remains elevated and increased by $8.3 million quarteroverquarter. Learn More on PennyMac Financial Services' active insiders. Importantly, we continued to repurchase stock, with 2.6 million shares of PFSI's common stock bought back during the quarter for an approximate cost of $155 million. A number of research firms recently issued reports on PFSI. These businesses are foundational to PFSI and not easily replicated. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europes Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX, Chairman/CEO, Pennymac Mortgage Investment. The Servicing segment offers servicing of originated mortgage loans and execution and management of early buyout transactions. 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 . Pennymac Financial Services, Inc. annonce que Doug Jones s'est joint I will cover each segment's results and then briefly review our forbearance and servicing advance trends. For more information, review Pennymac's state licenses and important notices. Get a breakdown of the different strategies based on detected insider trading activity. And I'm pleased to be joined by PennyMac Financial Services CEO,. Co-op loans not available. These transactions provide PennyMac the additional capacity and liquidity to efficiently execute loss mitigation strategies as sales of these loans to third parties also eliminate the potential for associated margin calls. View detailed PFSI description & address. You can see the results of our hedging strategy in the full year view on slide 19. Please take a moment to watch a special video from our President and CEO, David Spector. Please disable your ad-blocker and refresh. While Stan had retired from day-to-day responsibilities at PennyMac, he remained a trusted advisor and dear friend. David Spector - Chief Investment Officer at Pennymac Loan Services, Llc In January, our correspondent acquisitions remained strong, with $17.9 billion in UPB of acquisitions and lock volume of $17.8 billion. For the total servicing portfolio, we facilitated approximately 291,000 forbearance plans for our customers, with over 90% of those enrolled through our automated channels. And for the month of July, we repurchased an additional 2.5 million shares for an approximate cost of $151 million. During the last ninety days, David A. Spector has sold $2,498,888.16 in shares of PennyMac Financial Services stock. In total, these strong acquisition and origination volumes continue to drive the organic growth of our servicing portfolio despite elevated prepayment activity. So while refinance origination volumes are expected to decline significantly over the next several years as a result of higher interest rates, we believe the outlook for PennyMac Financial remained strong, given our large profitable and growing servicing business, our position as one of the largest producers of purchase money loans in the U.S. and the continued expansion of our direct lending businesses. Fourth quarter performance was very strong across loan production and servicing and we continue to see the strength of our balanced business model in our results. PennyMac CEO David Spector to serve as chairmen of its mortgage REIT, financial services 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. David is based out of Agoura Hills, California, United States and works in the Financial Services industry. Despite these currently elevated levels of competition, we continue to see opportunity in the channel over the long term and remain committed to providing our broker partners and the customers they serve a superior mortgage experience. Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. While the Pennymac workforce stays home to help flatten the curve, we know first responders, medical staff, delivery drivers, our essential workers and more, are out there heroically providing for those in need. Thank you. Actual performance may differ significantly from backtested performance. No P&I advances are outstanding as prepayment activity continued to sufficiently cover remittance obligations. Finally, transactions like these provide meaningful savings to PennyMac Financial over the life of the loan while providing the opportunity for redelivery in the future. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. This hedging strategy is designed to moderate the impact of interest rate changes on the fair value of our MSR asset and also considers production-related income. 18.5 million shares or approximately 24% of PFSI's common shares outstanding. Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. David Spector is currently Chairman of the Board, President and Chief Executive Officer at PennyMac - View - PennyMac org chart
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