PennyMac Mortgage Investment Trust (NYSE:PMT) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ETCompany Participants. #PennymacCaresVisit PENNYMAC.COM for details about how were assisting our family of customers during the COVID-19 crisis. I will review each segments results and then we will touch on our forbearance and servicing advance trends. David Spector is currently Chairman of the Board, President and Chief Executive Officer at PennyMac - View - PennyMac org chart Finally, Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 33.5% during the 4th quarter. View David Spector's email address (d*****@pennym***.com) and phone number. These technology investments are critical drivers to the growth of our direct lending businesses. State of Wyoming now owns 5,512 shares of the real estate investment trusts stock worth $312,000 after purchasing an additional 469 shares during the last quarter. These returns have led to a 29% compounded annual growth rate in our book value per share since our IPO. If so, please call us at 866.545.9070. David Spector - Chairman and Chief . Margins in our consumer direct channel still remain elevated relative to historical levels. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Click here to check it out. approve of David Spector's performance Founded 2008 Company size 5,001 to 10,000 Revenue $1B to $5B (USD) Industry Banking & Lending Headquarters Westlake Village, CA Link PENNYMAC website Pennymac (NMLS #35953) is a top national mortgage lender with over 4 million lifetime customers. Payoff-related expense, which includes interest shortfall and recording and release fees related to prepayments, remains elevated and increased by $8.3 million quarteroverquarter. His leadership helped lay the foundation for PennyMacs long term success which included building and developing a deep management team that carries on his legacy. Our large, organically built servicing portfolio provides a counter-balance to our production activity. Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. As we look at 2021 we believe the market environment provides PFSI a good opportunity for continued elevated financial performance. This concludes PennyMac Financial Services, Inc.'s second quarter earnings discussion. David Spectors most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. 47.206 (3) & (4). PennyMac Financial again delivered outstanding financial performance in the second quarter, driven by continued strong production and core servicing results partially offset by net MSR fair value declines. The business also recently declared a quarterly dividend, which was paid on Friday, February 24th. Pennymac's state licenses and important notices. Our correspondent mix percentage was essentially unchanged from the previous quarter, as 35% of the acquisitions were government loans and 65% were conventional loans. Get notified the next time David A. Spector buys or sells PennyMac Financial Services stock. Our higher-margin consumer direct lending channel continued to expand, producing record locked and funded volumes during the quarter, which we estimate has resulted in a significant increase in market share. The Servicing segment offers servicing of originated mortgage loans and execution and management of early buyout transactions. Some products may not be available in all states. 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. The fair value of our MSR decreased modestly in the fourth quarter, driven by higher-than-expected prepayments, increased projections for short-term prepayments and elevated levels of early buyout activity. PennyMac. The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. As you will see on slide 20, 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 conventional correspondent loans. PFSI's Investment Management segment delivered increased profitability as a result of incentive fees earned based on PMT's profitability over the last 4 quarters. This financial performance is driven by the balanced business model in mortgage banking that we have built over the last 13 years. Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. 119504607, 119505929, 119506567, 119506570, 119507419. | 3 Mrz 2023. Item 1.01 Entry into a Material Definitive Agreement. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $69.50. Stanford Kurland. The return on the trade was 60.70%. Mr. David Spector, CEO Mr. Andrew Chang, CFO Mr. Derek Stark, Chief Legal Officer Additional Contact Information Phone Numbers (800) 777-4001 Other Phone Email Addresses Email this. Schonfeld Strategic Advisors LLC now owns 60,866 shares of the real estate investment trusts stock worth $3,449,000 after purchasing an additional 54,266 shares during the last quarter. Copyright 2023 Surperformance. The total sale was $1.7 million. The expertise of our deep management team, combined with the technology investments we have made, support PennyMac's growth strategy in a changing mortgage market. Revenue per fallout-adjusted lock was 71 basis points, down from 140 basis points in the prior quarter. And finally, PMT, the investment vehicle that PFSI manages was able to largely preserve its book value in 2020 which led to solid results in PFSIs Investment Management segment. 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 operations. David Spector Work Experience and Education Work Experience Chairman & Chief Executive Officer PennyMac Mortgage Investment Trust 2007-2022 Chief Credit Officer Santander Consumer USA 2013-2016 Co-Head of Global Residential Mortgages Morgan Stanley 2005-2008 Global Managing Director, Banking & Markets Bank of America 2004-2010 Education Series 2023-GTL1 Loan On February 28, 2023, PennyMac Financial Services, Inc. (the "Company"), through two of its indirect, wholly owned subsidiaries, PNMAC GMSR ISSUER TRUST ("Issuer Trust") and PennyMac Loan Services, LLC ("PLS"), entered into a syndicated series of term notes (the "Series 2023-GTL1 Loan"), as part of the structured . Giving consideration to the pretax income from our record production, you can see that our hedging strategies were very successful at mitigating the impact of interest rate changes and MSR fair value losses on our income in 2020. Our goal is to be a trusted financial partner that you can count on as long as you own your home. David Spector. While our sub-service portfolio, consisting primarily of conventional loans, reported a 60-plus delinquency rate of 1.6%, down from 2.1% at March 31 as borrowers continue to emerge from forbearance plans. And I'm pleased to be joined by PennyMac Financial Services CEO,. 67.03% of the stock is currently owned by institutional investors and hedge funds. We have made significant investments to scale our end-to-end mortgage fulfillment process while we expect the substantial investments in technology we have made to continually improve the customer experience over time. Production revenue margins remain elevated, especially with PFSIs growth in consumer and broker direct volumes. Speaker: David Spector - Chairman and Chief Executive Officer Thank you Isaac. The committed pipeline at July 31 was $7.2 billion. We have used our cloud-based technology systems to aid in scaling our businesses to the market and supported that growth with strategic hiring of employees. Licensed by the N.J. Department of Banking and Insurance. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 01/07/2021 at the average price of $60.12. In January, our correspondent acquisitions remained strong, with $17.9 billion in UPB of acquisitions and lock volume of $17.8 billion. This hedging strategy is designed to moderate the impact of interest rate changes on the fair value of our MSR asset and also considers productionrelated income. The percentage of profitable transactions made by David Spector is 44%. Arizona Mortgage Banker License # 0911088. Now I'd like to begin by introducing David Spector, PennyMac Financial's Chairman and Chief Executive Officer, who will review the company's second quarter 2021 results. StockNews.com raised PennyMac Financial Services from a sell rating to a hold rating in a report on Saturday, February 11th. Revenue per fallout-adjusted government lock in the second quarter was 30 basis points, down from 37 basis points in the prior quarter. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. He currently serves as a senior advisor to TPG Capital, a global private investment firm, and . The prepayment speeds of PennyMac Financials subserviced portfolio which includes mostly Fannie Mae and Freddie Mac mortgage servicing rights owned by PMT decreased slightly to 38.9% from 39.2%. Most recently, David Spector sold 26,169 shares of the business's stock in a transaction on Wednesday, March 1st. It operates through the following segments: Production, Servicing, and Investment Management. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. Co-op loans not available. What is the percentage of profitable transactions made by David Spector? Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. Our investment management segment delivered pretax income of $4.1 million, up from $1.4 million in the prior quarter as a result of incentive fees earned and down from $4.7 million in the second quarter of 2020.

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