And with that, I would like to turn it back to David for some closing remarks. JMP Securities lowered PennyMac Financial Services from an outperform rating to a market perform rating in a report on Wednesday, January 18th. 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. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. As we continue to grow our leadership positions in the direct origination channels, this growth will drive the earnings from PennyMac Financial's production segment. Being one of the Find contact details for 700 million professionals. At PennyMac, our commitment to our customers doesnt end at closing. Licensed Mortgage Banker-NYS Department of Financial Services. As our production mix continues to shift towards direct lending, production expenses as a percentage of fallout adjusted locks are expected to trend higher. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Segment revenue was $9.7 million, down from $9.8 million in the prior quarter which included gains related to PMT shares owned by PFSI. And we believe the role of a well capitalized correspondent aggregator like PennyMac will be increasingly important over time. 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. If you have an ad-blocker enabled you may be blocked from proceeding. DO NOT SEND PAYMENTS TO THIS ADDRESS. Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. Thank you. Economic forecasts are calling for the mortgage origination market to remain strong in 2021, and while these forecasts vary, they currently average $3.3 trillion. Net income was $204 million or diluted earnings per share of $2.94, representing an annualized return on equity of 23%. Is this happening to you frequently? #PennymacCaresVisit PENNYMAC.COM for details about how were assisting our family of customers during the COVID-19 crisis. 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. And I'm pleased to be joined by PennyMac Financial Services CEO,. 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. The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. PennyMac Financial Services, Inc. (NYSE: PFSI) announced today that Doug Jones, President and Chief Mortgage Banking Officer, joined its Board of Directors effective March 1, 2023. | 3 Mrz 2023. PennyMac remained the largest correspondent aggregator in the U.S. in the fourth quarter. Presenter SpeechMark DeVries Hello. What is David Spector's role in PennyMac Mortgage? As the CEO of PennyMac Financial Services, Inc., Mr. Spector earned a total compensation package of $13,575,224.00 in 2021. Some products may not be available in all states. Dans son rle . The stock was sold at an average price of $60.64, for a total value of $1,586,888.16. 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. We have long-standing partnerships with several EBO loan investors, with a program in place to buy delinquent Ginnie Mae loans out of securitizations and sell them to these third-party investors. These increases were primarily driven by continued loss mitigation activities related to COVID-19. Within our consumer direct lending channel, initiatives include enhancing our lead generation capabilities and use of data analytics, in addition to increasing the use of digital marketing to drive non-portfolio originations. We encourage investors with any questions to reach out to our Investor Relations team by e-mail or phone. He currently serves as a senior advisor to TPG Capital, a global private investment firm, and . The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. Im proud of the actions we have taken and the dedicated management team across the company that has helped put these plans into action. However, he will become a special advisor to David Spector, chairman and chief . Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. The UPB of completed modifications was $6.3 billion, up significantly from $4 billion last quarter and the UPB of EBO loan volume totaled $5 billion, also up significantly from last quarter as a result of the continued focus on loss mitigation activities. 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. The committed pipeline at January 31 was $3 billion. PennyMac is a mortgage lender and servicer headquartered in Westlake Village, California. GuruFocus has detected 5 severe warning signs with PennyMac Financial Services Inc. . This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. If you have additional questions or would like to speak with a Pennymac representative, please call (800) 777-4001. Main Telephone (818) 224-7442 Primary Address 3043 Townsgate Road Suite 200 Westlake Village, CA 91361 USA Fiscal Close December Founded 2008 Direct lending locks were up 13% from the prior quarter, total correspondent lock volume was up 9% and the servicing portfolio was up 6% from the end of the third quarter. The price of the stock has decreased by 8.12% since. For licensing information, go to: www.nmlsconsumeraccess.org. I'll now turn it over to Dan, who will speak to the financial results for the quarter. Advances are expected to continue increasing over the next 6 to 12 months. As you will see on slide 10, we provide a breakdown of the revenue contribution from each of PFSI's loan production channels, net of loan origination expenses, including the fulfillment fees received from PMT for conventional correspondent loans. PennyMac Loan Services, LLC Attention: Correspondence Unit PO Box 514387 Los Angeles, CA 90051-4387, Notice of Error and Information Requests Only. Is this happening to you frequently? Licensed by the N.J. Department of Banking and Insurance. Learn More on David A. Spector's contact information. Hedging and related gains totaled $91 million. Russia's war on Ukraine latest: Putin casts war as battle for nation's survival, India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Elon Musk recruits team to develop OpenAI rival - The Information, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon, French media billionaire Niel fails with bid for TNT television frequence - Arcom, Private National Mortgage Acceptance Co. LLC. PennyMac Financial Services, Inc. (NYSE:NYSE:PFSI) Q4 2020 Earnings Conference Call February 4, 2021 4:30 PM ETCompany ParticipantsIsaac Garden - Vice President Investor RelationsDavid. Net assets under management were down slightly quarter-over-quarter to $2.3 billion. They sold a total of 398,609 shares worth more than $22,789,635.48. In order to protect the value of our MSR asset we utilize a comprehensive hedging strategy. Net income in the fourth quarter was the second highest in the history of the company. In the last year, insiders at the real estate investment trust sold shares 23 times. State of Wyoming raised its position in shares of PennyMac Financial Services by 9.3% during the 4th quarter. Our balanced business with our large and growing servicing portfolio also becomes an increasingly important component of our earnings as interest rates increase, and we believe this provides a competitive advantage relative to others when the industry's origination volumes return to more normalized levels. We estimate we are now represent approximately 2.5% market share in the channel with over 2,000 brokers approved to offer our products, an increase of 11% from March 31, 2021. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. Contact our customer service team with any inquiries by sending us a message through the Message Center by simply logging in to your account. PennyMac TPO Contact Information Principal Mr. David Spector, President/CEO Customer Contact Mr. David Spector, President/CEO Additional Contact Information Phone Numbers (702). This brings the total repurchases year-to-date to approximately $600 million. 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. Earnings per share grew 328% for the year with net income up 319%. David Spector received compensation valued at about $12,375,328 in 2020 after becoming . The return on the trade was 60.70%. While margins across channels have come in lower from the third quarter, we saw the shift in Government correspondent margins come in the most towards more normalized levels. Lastly, our broker direct channel continued its impressive growth in both locked and funded volumes as we increase the number of approved brokers and our presence in the channel grows. You will be contacted by a representative that will help answer any inquiries you have. Payoff-related expense, which includes interest shortfall and recording and release fees related to prepayments, remains elevated and increased by $8.3 million quarteroverquarter.