The predominant outcome has been through loan modifications to the borrowers to aid in their recovery. Revenue per fallout-adjusted government lock in the second quarter was 30 basis points, down from 37 basis points in the prior quarter. Purchase lock volume for the quarter was also a record $744 million, up from $514 million in the prior quarter and $505 million in the second quarter of 2020. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. Since trades have not actually been executed, results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity, and may not reflect the impact that certain economic or market factors may have had on the decision-making process. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . Currently, he occupies the position of Chairman at PNMAC Mortgage Opportunity Fund LLC, Chairman of PNMAC Mortgage Opportunity Fund LP, Chairman-Trustees Board & CEO at PennyMac Mortgage Investment Trust, Chief Executive Officer for PennyMac Corp. (a subsidiary of PennyMac Mortgage Investment Trust) and Chairman & Chief Executive Officer for PennyMac Financial Services, Inc., Chairman & Chief Executive Officer for PNMAC Holdings, Inc., Chief Executive Officer of PNMAC Capital Management LLC, President & Chief Executive Officer for Private National Mortgage Acceptance Co. LLC and Chief Executive Officer for PennyMac Loan Services LLC (which are all subsidiaries of PennyMac Financial Services, Inc.). PennyMac TPO Contact Information Principal Mr. David Spector, President/CEO Customer Contact Mr. David Spector, President/CEO Additional Contact Information Phone Numbers (702). TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. The committed pipeline at July 31 was $7.2 billion. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. Government correspondent locks were $15.7 billion, down 8% from the prior quarter and up 21% from the second quarter of 2020. 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 company reported a net income of $1 billion in 2021, down from a record of $1.6 billion in the previous year. With the large and growing servicing portfolio and an industry leading correspondent production group, PFSI is an established leader with a growing presence across all facets of mortgage banking. The committed pipeline at January 31 was $3 billion. Being one of the Find contact details for 700 million professionals. Please disable your ad-blocker and refresh. Pretax income, excluding valuation-related items for the servicing segment, was $174.4 million, down 33% from the prior quarter and up 101% from the second quarter of 2020. The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. We issued $650 million in an inaugural senior unsecured note offering, raised funding capacity with our banking partners, and enhanced our existing Ginnie Mae MSR financing structure to include servicing advances. David Spector's most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. 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. We continue to invest in people, systems and processes across our businesses, laying the groundwork that would allow us to achieve the medium-term goals we outlined in our recent Investor Day. 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%. Chart Data in Insider Trading History Table. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. 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. Please disable your ad-blocker and refresh. Advances are expected to continue increasing over the next 6 to 12 months. David A. Spector has been President and Chief Executive Officer of PennyMac Financial Services, Inc. (NYSE: PFSI) since January 2017, and he has been a member of PennyMac Financials board of directors since the companys formation in January 2008. And with that, I would like to turn it back to David for some closing remarks. While such a market would be smaller than 2020, it would represent a large origination market by historical standards. 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 return on the trade was 60.70%. Recent economic forecasts for 2021 originations range from $3.6 trillion to $4.2 trillion, while average forecast for 2022 originations remained strong at $2.7 trillion. We are growing our best-in class tools and solutions we provide our brokers with to further enhance their self-service capabilities. PennyMac Financial delivered another outstanding quarter of operational and financial performance, despite the increased volatility in the mortgage market. The history of PennyMac Financial was borne out of the Great Financial Crisis, with a desire to help distressed borrowers. David Spectors most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. 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. Get notified the next time David A. Spector buys or sells PennyMac Financial Services stock. 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. Before I turn this over to Andy, I want to take a moment to say all of us at PennyMac are very grateful for the many kind thoughts and tributes we have received since announcing the sad passing of Stan Kurland, our founder and Chairman. PennyMac is a mortgage lender and servicer headquartered in Westlake Village, California. As a management team, we are committed to putting the health and safety of our team members at the heart of our decisions. Thank you. State of Wyoming raised its position in shares of PennyMac Financial Services by 9.3% during the 4th quarter. Thank you, Dan. And finally, PFSIs Board of Directors approved an increase to its stock repurchase authorization from $500 million to $1 billion of outstanding common stock. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. David A. Spector is a businessperson who has been the head of 9 different companies. Our direct lending channels have an outsized impact on production segment earnings, as Dan will discuss later. The TipRanks Smart Score performance is based on backtested results. This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. These strong production volumes again led to servicing portfolio growth despite continued elevated prepayment activity. Up to 5 PennyMac Financial Services, Inc. (NYSE:NYSE:PFSI) Q2 2021 Earnings Conference Call August 5, 2021 5:05 PM ETCompany ParticipantsIsaac Garden - Vice President, Investor RelationsDavid. And as our production mix continues to shift toward direct lending, production expenses as a percentage of fallout-adjusted locks are expected to trend higher. Previously, Mr. Spector served as PennyMac Financials President and Chief Operating Officer. Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. T. Rowe Price Investment Management Inc. now owns 4,992,531 shares of the real estate investment trusts stock worth $282,877,000 after purchasing an additional 256,717 shares during the last quarter. Approve of CEO. The slides that accompany this discussion are available on PennyMac Financial's website at ir.pennymacfinancial.com. Backtested results are calculated by the retroactive application of a model constructed on the basis of historical data and based on assumptions integral to the model which may or may not be testable and are subject to losses. General assumptions include: XYZ firm would have been able to purchase the securities recommended by the model and the markets were sufficiently liquid to permit all trading. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Thank you. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. Please. Thank you, David. 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. PennyMac Financial Services can also be reached via phone at (818) 224-7442 and via email at [emailprotected] Learn More on David A. Spector's contact information. Licensed by the N.J. Department of Banking and Insurance. (03-2023). Net assets under management were down slightly quarter-over-quarter to $2.3 billion. If you're not automatically redirected, please click here. Equal Housing Opportunity 2023 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. 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 profitably through volatile market environments. If so, please call us at 866.545.9070. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. We believe this represents approximately 13% of the total brokers and non-delegated sellers active in the market today, providing continued room for growth and expansion within the channel in the future. Get contact details including emails and phone numbers This is not a commitment to lend. | 3 Mrz 2023. His family and PennyMac, which announced his passing, said he died from complications . Tower Research Capital LLC TRC Increases Stake in Centrus Energy Corp. Tower Research Capital LLC TRC Boosts Stock Position in Centrus Energy Corp. UBS Group AG Increases Position in Northern Oil and Gas, Inc. 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