On Slide 7 of our earnings presentation, you can see PennyMacs total production over the most recent three quarters against average mortgage rates. Purchases 3,191 Shares of Globe Life Inc. (NYSE:GL), Get a free copy of the StockNews.com research report on PennyMac Financial Services (PFSI), Hormel Hits 2-Year Low, And The Dip Gets Bought, Heres Why Ross Could Soon Be Hitting All Time Highs. In addition, the board of directors at PennyMac Financial . We encourage investors with any questions to reach out to our Investor Relations team by email or phone. While PennyMac Financial is not insulated from the challenges presented by todays mortgage market, I believe we are the best-positioned in the industry to continue executing with our balanced business model in 2023. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. and Farhad Nanji, Director Share Excel . This includes $24 million in gains realized related to the timing of revenue and loan origination expense recognition, hedging, pricing & execution changes, and other items. Use our Premium/VIP Service to contact David Spector by email now. Thanks, Doug. Prior to joining PennyMac Financial, Mr. Spector was co-head of global residential mortgages for Morgan Stanley, a global financial services firm, based . According to Black Knight, despite PennyMac's "two most senior executives" stating earlier this year that they looked forward to continuing to work together, PennyMac was not only secretly . Call participants: David Spector . Product | Founder. The consent submitted will only be used for data processing originating from this website. As a key part of our balanced business model, our large and growing servicing portfolio provides significant value to the company. Company profile for PennyMac Financial Services Inc. including key executives, insider trading, ownership, revenue and average growth rates. In order to protect the value of our MSR asset we utilize a comprehensive hedging strategy. We estimate the committed pipeline at January 31st was $800 million. PFSI PennyMac Financial Services: David Spector CEO: Sell: 15,000 shares @ $60.80: $912,000.00: 2/27/2023: $61.42: PFSI PennyMac Financial Services: David Spector CEO: Sell: 26,169 shares @ $60.64 . Track performance, allocation, dividends, and risks . Find contact's direct phone number, email address, work history, and more. PennyMac Financial Services, Inc. has a 12 month low of $38.53 and a 12 month high of $73.79. Since then, we have grown responsibly and profitably into one of the largest residential mortgage producers and servicers in the country with an industry-leading correspondent production business, and a growing presence in the direct lending channels. Ratings from 281 employees, gives David Spector an approval rating of 56%. While 2022 was a challenging year for the mortgage industry due to the rapid and significant increase in interest rates, our operating discipline combined with the meaningful actions we took throughout the year to right-size our business for a smaller origination market, led to strong financial performance. If you have questions about your subscription, feel free to contact our U.S. based support team via email at [email protected] or leave us a . As I briefly mentioned earlier, our servicing portfolio growth can be attributed to the large volume of loans we produce every quarter, as we retain the MSRs on nearly all of our mortgage loan production. 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. Earnings on custodial balances and deposits and other income increased $17 million. We see several investors trying to strike it rich in options market by risking their entire savings. 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. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. Chairman & Chief Executive Officer. Additionally, higher short-term rates have driven strong earnings on custodial balances. Finally, given the scale we have achieved, we have begun offering our customers, homeowners and title insurance through joint ventures, which we expect will provide recurring fee income over time as the businesses grow. Wells Fargo & Company upgraded PennyMac Financial Services from an equal weight rating to an overweight rating and raised their price objective for the stock from $54.00 to $75.00 in a research report on Tuesday, December 6th. Isaac Garden: Good afternoon, and welcome to the Fourth Quarter and Full Year 2022 Earnings Discussion for PennyMac Financial Services, Inc. Currently, he occupies the position of Chairman at PNMAC Mortgage Opportunity Fund LLC, Chairman of . The ex-dividend date of this dividend was Monday, February 13th. David Spector's profile - email address, phone number, address and contact information | get free emails&phones for business contacts. 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. A number of research firms recently weighed in on PFSI. Total correspondent loan acquisition volume in the fourth quarter was $20.8 billion. Turning to consumer direct, we estimate we accounted for approximately 1.2% of total originations in the channel over the last 12 months. David Spector. The company's net income for the fourth quarter was gained on revenue of $340 million and boosted by servicing earnings. Edit Contacts Section. That would have been 9.35% in hedge fund fees. Contribute. It operates through the following segments: Production, Servicing, and Investment Management. Finally, Senvest Management LLC grew its stake in shares of PennyMac Financial Services by 12.6% in the 4th quarter. 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. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, decreased by $1 million. Chang (pictured), who has been with PennyMac since 2008, will step down from his roles at the end of the year. He currently serves as a senior advisor to TPG Capital, a global private investment firm, and . Segment revenue was $9.9 million, down 4% from the prior quarter. Isaac Garden: Good afternoon, and welcome to the Fourth Quarter and Full Year 2022 Earnings Discussion for PennyMac Financial Services, Inc. Similarly, prepayment speeds in PennyMac Financials subserviced portfolio, which includes mostly Fannie Mae and Freddie Mac mortgage servicing rights owned by PMT were 4.4%, down from 6.9% in the prior quarter. Similarly, correspondent lock volume for PFSIs account was up 25% from the prior quarter. Senvest Management LLC now owns 2,509,575 shares of the real estate investment trusts stock worth $142,193,000 after acquiring an additional 281,289 shares in the last quarter. Overall production was solid in the fourth quarter with total production volumes down only 12% from the prior quarter, while industry volumes were down 34%, according to Inside Mortgage Finance. Top PennyMac Loan Services, LLC Employees Dan Perotti Chief Financial Officer. David Spector owns about 650,183 units of Pennymac Financial Services, Inc common stock. Doug Jones: Thanks, David. Please disable your ad-blocker and refresh. 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. However, he will become a special advisor to David Spector, chairman and chief . PFSI's Board of Directors also declared a fourth quarter cash dividend of $0.20 per share. The growth of our servicing portfolio continues to differentiate PFSI from its competition, serving as an increasingly important asset, which I will discuss later on. The stock was sold at an average price of $58.12, for a total transaction of $741,030.00. With rates at current levels, we expect a continued meaningful contribution to overall servicing profitability. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. The growth of our servicing portfolio continues to differentiate PFSI from its competition, serving as an increasingly important asset, which I will discuss later on. Twitter; LinkedIn; . Total production, including acquisitions made by PMT, was $109 billion in UPB. Boothbay Fund Management LLC Purchases Shares of 4,711 Graco Inc. UBS Group AG Reduces Stock Holdings in Builders FirstSource, Inc. (NYSE:BLDR), Boothbay Fund Management LLC Has $299,000 Stock Holdings in GMS Inc. (NYSE:GMS), Alphabet Inc. (NASDAQ:GOOG) Shares Bought by Capital Square LLC, Jeereddi Investments LP Increases Position in Alphabet Inc. (NASDAQ:GOOG), Boothbay Fund Management LLC Buys Shares of 4,680 Sonoco Products (NYSE:SON), Boothbay Fund Management LLC Purchases Shares of 4,711 Graco Inc. (NYSE:GGG), MML Investors Services LLC Buys 3,360 Shares of Wolfspeed, Inc. (NYSE:WOLF), Boothbay Fund Management LLC Takes Position in Loews Co. (NYSE:L), Boothbay Fund Management LLC Sells 9,611 Shares of Portillos Inc. (NASDAQ:PTLO), MML Investors Services LLC Sells 139 Shares of Extra Space Storage Inc. (NYSE:EXR), Lazard Asset Management LLC Has $308,000 Stake in Marqeta, Inc. (NASDAQ:MQ), Lazard Asset Management LLC Has $329,000 Position in The Williams Companies, Inc. (NYSE:WMB), Boothbay Fund Management LLC Invests $267,000 in Synaptics Incorporated (NASDAQ:SYNA), 7,728 Shares in SEI Investments (NASDAQ:SEIC) Acquired by Ergoteles LLC, Lazard Asset Management LLC Trims Stake in iQIYI, Inc. (NASDAQ:IQ), 2,549 Shares in Hess Co. (NYSE:HES) Acquired by Boothbay Fund Management LLC, The Interpublic Group of Companies, Inc. (NYSE:IPG) Shares Sold by Lazard Asset Management LLC, Boothbay Fund Management LLC Acquires 38,651 Shares of Consolidated Communications Holdings, Inc. (NASDAQ:CNSL), Boothbay Fund Management LLC Takes $260,000 Position in Advanced Drainage Systems, Inc. (NYSE:WMS), Boothbay Fund Management LLC Takes $288,000 Position in ShotSpotter, Inc. (NASDAQ:SSTI). Visit Website. David Spector: Thank you, Dan. The firm engages in the production and servicing of U.S. residential mortgage loans. In the same report you can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12-24 months. As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . Thank you, Dan. As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. Our multi-channel approach to mortgage production provides the flexibility to adapt to different market conditions and drives organic growth of our servicing portfolio. Operating expenses as a percentage of average servicing portfolio UPB decreased. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. In PFSIs Investment Management segment, net assets under management were $2 billion at quarter end, down slightly from the prior quarter due to PMTs financial performance. | 3 Mrz 2023. Regarding the $650 million of Ginnie Mae MSR term notes originally due February 2023, we exercised our option to extend the maturity for 2 years. As Chairman and Chief Executive Officer at PennyMac Financial Services, Inc., David A. Spector made $13,575,224 in total compensation. 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. Revenue per fallout-adjusted lock was 56 basis points, down from 70 basis points in the prior quarter, although we have seen margins in this channel improve thus far in the first quarter. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. Our servicing business provides ongoing cash flow to support business operations and produces low cost leads to our consumer direct business in the future. David Spector's largest purchase order was, As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of, David Spector received compensation valued at about, The vast majority of their compensation came in the form of, Pennymac Financial Services, Inc's most recent insider trade came on March 2, 2023 by Warren Buffett has been investing and compounding for at least 65 years. Even as interest rates increased, the UPB of our production volume on a quarterly basis consistently represented 4% to 5% of the total servicing portfolio balance. The layoffs come as Pennymac ups its investment in technology and marketing to help it do more business directly with . Operating expenses as a percentage of average servicing portfolio UPB decreased. I am Barclays' consumer finance analyst, Mark DeVries. The good news is, this powerful new force can help you make a lot of money even in a bear market. Most recently he sold 12,750 units of PMT stock worth $741,030 on 12 December 2022.. Search Contacts. Your email address will not be published. . Jeereddi Investments LP Increases Position in Alphabet Inc. Boothbay Fund Management LLC Buys Shares of 4,680 Sonoco Products. In a few years, he will reach at another point to reach and will achieve many popularities. Conventional acquisitions for PMTs account totaled $6.8 billion, down from $10.2 billion in the prior quarter, as a result of the previously mentioned sales to PFSI. Duration: 19 minutes. Please. 2201 W Plano Pkwy STE 300. No principal and interest advances are currently outstanding, as prepayment activity continues to sufficiently cover remittance obligations. David served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac. Warren Buffett took 25% of all returns in excess of 6 percent. Source: https://www.sec.gov/Archives/edgar/data/1745916/000119312521116436/d112997ddef14a.htm. PENNYMAC has 5,001 to 10,000 employees. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Though profitability was down from last year, our strong financial performance enabled us to continue returning capital to shareholders while simultaneously positioning the company for success in the future. While PennyMac Financial is not insulated from the challenges presented by today's mortgage market, I believe we are the best-positioned in the industry to continue executing with our balanced business model in 2023. Production revenue margins were lower across all three channels. In January, we estimate that correspondent acquisitions totaled $6.8 billion and locks totaled $6.1 billion. PennyMac Financials owned servicing portfolio reported a prepayment speed of 5.4% in the fourth quarter, down from 9% in the prior quarter. We encourage investors with any questions to reach out to our investor relations team by email or phone. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. This net worth estimate does not reflect any other assets that Mr. Spector may own. And with that, I would like to turn it back to David for some closing remarks. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, decreased by $1 million. Text WORK to 235246 to opt in to mobile messages from the AFL-CIO. Servicing and sub-servicing revenues, the majority of which are cash, totaled more than $1.2 billion in 2022. This is the California-based company's third round of layoffs this year, as Pennymac had a workforce reduction of 236 employees in March and cut another 207 staff members in May. Quarterly operating expenses in the fourth quarter were down 44% from average 2021 levels. 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. Good morning and thank you for joining us. Bei der Nutzung unserer Websites und Apps verwenden wir, unsere Websites und Apps fr Sie bereitzustellen, Nutzer zu authentifizieren, Sicherheitsmanahmen anzuwenden und Spam und Missbrauch zu verhindern, und, Ihre Nutzung unserer Websites und Apps zu messen, personalisierte Werbung und Inhalte auf der Grundlage von Interessenprofilen anzuzeigen, die Effektivitt von personalisierten Anzeigen und Inhalten zu messen, sowie, unsere Produkte und Dienstleistungen zu entwickeln und zu verbessern. Get Directions. With Skype, David has made over 67 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. Total correspondent loan acquisition volume in the fourth quarter was $20.8 billion. 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. The UPB of completed modifications was $2.3 billion, down slightly from the prior quarter while EBO loan volumes remained low. With rates at current levels, we expect a continued meaningful contribution to overall servicing profitability. Purchase loans were 85% of total originations. Their PFSI share price forecasts range from $60.00 to $82.00. PennyMac Financial's owned servicing portfolio reported a prepayment speed of 5.4% in the fourth quarter, down from 9% in the prior quarter. We're all familiar with the general email addresses like
[email protected] or
[email protected]. Contact Information. In order to protect the value of our MSR asset we utilize a comprehensive hedging strategy. Donald White who sold 1,630 units worth Log in . 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. Quarterly operating expenses in the fourth quarter were down 44% from average 2021 levels. 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. PennyMac Financial Services, Inc. announced today that Doug Jones, President and Chief Mortgage Banking Officer, joined its Board of Directors effective March 1, 2023. David has made over 64 trades of the Pennymac Mortgage Investment Trust stock since 2013, according to the Form 4 filled with the SEC. Purchase loans were 85% of total originations. Again, we implemented meaningful expense savings and capacity reductions early and throughout 2022 given the anticipated significant decline in the overall market, and we took additional actions in the fourth quarter. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, decreased by $1 million. "While production activity fell in 2022 our servicing earnings were strong," PennyMac Chairman and Chief Executive David Spector said in a statement. Revenue per fallout-adjusted lock for PFSI's own account was 55 basis points in the fourth quarter, down from 99 basis points in the prior quarter driven by lower volumes in Consumer Direct and lower overall margins. 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. Finally, our Investment Management segment delivered pretax income of $1.2 million, down from $1.6 million in the prior quarter. MFN Partners Management LP now owns 4,531,792 shares of the real estate investment trusts stock worth $241,091,000 after acquiring an additional 556,274 shares during the last quarter. Headquarters 3043 Townsgate Rd Ste 200 . Total production, including acquisitions made by PMT, was $109 billion in UPB. Loan servicing followed at 4.1% and broker direct channel trailed at 2.2%. Earnings on custodial balances and deposits and other income increased $17 million. This information is according to proxy statements filed for the 2021 . PennyMac Financial Services, Inc. (NYSE:PFSI - Get Rating) CEO David Spector sold 15,000 shares of the company's stock in a transaction dated Monday, February 27th.The stock was sold at an average price of $60.80, for a total value of $912,000.00. Back then they werent called hedge funds, they were called partnerships. Good afternoon, and welcome to the Fourth Quarter and Full Year 2022 Earnings Discussion for PennyMac Financial Services, Inc. Revenue per fallout-adjusted lock in the fourth quarter was 21 basis points, down from 24 basis points in the prior quarter, driven primarily by PFSI's purchase of lower margin conventional loans from PMT. Mr. Spector owns 450,604 shares of PennyMac Financial Services stock worth more than $27,676,098 as of March 1st. Includes PMT loan acquisitions, for which PFSI earns a fulfillment fee upon loan funding. Net assets under management totaled $2 billion as of December 31st, down 3% from September 30th. Dan Perotti, PFSI's Senior Managing Director and Chief Financial Officer will provide greater detail later on in this discussion. Finally, I believe this management team is the best in the industry and Id like to thank them all for their various contributions to PFSIs strong performance in 2022. 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. This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. David A. Spector (updated October 5, 2014) Page 14 of 15 . 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. In January, we estimate that correspondent acquisitions totaled $6.8 billion and locks totaled $6.1 billion. Search Crunchbase . 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. The increase in tax rate resulted in the repricing of PFSI's net deferred tax liability, which was the primary driver of a non-recurring tax expense of approximately $11.9 million in the quarter. 51% were conventional loans and 49% were government-insured or guaranteed loans. 2014 - 2016. PennyMac widened its leadership position in correspondent lending as our strong capital position and consistent commitment to the channel provides our partners with the stability and support they need to successfully navigate the challenging mortgage market. Before we begin, let me remind you that our discussion contains forwardlooking statements that are subject to risks identified on Slide 2 that could cause our actual results to differ materially, as well as non-GAAP measures that have been reconciled to their GAAP equivalent in our earnings presentation. For any questions, please visit our website at pfsi.pennymac.com, or call our Investor Relations department at 8182644907. We estimate the committed pipeline at January 31st was $800 million. As David discussed earlier, these acquisition and origination volumes continue to drive the organic growth of our servicing portfolio. In this role, David was responsible for credit risk management and residential mortgage lending. 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. The slides that accompany this discussion are available on PennyMac Financial's website at pfsi.pennymac.com. Overall production was solid in the fourth quarter with total production volumes down only 12% from the prior quarter, while industry volumes were down 34%, according to Inside Mortgage Finance. David Spector Thank you, Dan. The fourth quarter included non-recurring tax items, which resulted in an effective tax rate of 44.4% versus 27.1% in the prior quarter. While the Pennymac workforce stays home to help flatten the curve, we know first responders,. While PennyMac Financial is not insulated from the challenges presented by todays mortgage market, I believe we are the best-positioned in the industry to continue executing with our balanced business model in 2023. Manage Settings 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. We estimate that over the past 12 months we represented approximately 15% of the channel overall. Dan Perotti: Thanks, Doug. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. Our multi-channel approach to mortgage production provides the flexibility to adapt to different market conditions and drives organic growth of our servicing portfolio. For any questions, please visit our website at pfsi.pennymac.com, or call our Investor Relations department at 8182644907. The shares were sold at an average price of $60.64, for a total value of $1,586,888.16. As David mentioned earlier, we remain focused on managing expenses in the current market environment, and although fallout adjusted locks were up 11% from the prior quarter, production expenses net of loan origination expense were down 13%. Servicing and sub-servicing revenues, the majority of which are cash, totaled more than $1.2 billion in 2022. Since then, we have become one of the largest mortgage producers and servicers in the country, while also providing strong returns to our stakeholders. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. $856.66K on November 2, 2022. Thank you. As you will see on Slide 12, 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 the conventional correspondent loans it retains. We and our partners use cookies to Store and/or access information on a device. Purchase lock volume for the quarter of $681 million was 40% of total locks, compared to $1.37 billion, or 36% in the prior quarter. In a free sample issue of our monthly newsletter we analyzed Warren Buffetts stock picks covering the 1999-2017 period and identified the best performing stocks in Warren Buffetts portfolio. Importantly, the $650 million of Ginnie Mae MSR term notes due in August 2023 also contain an optional extension at PFSIs discretion. We expect EBO revenues to remain low in the coming quarters as lower overall volumes and redelivery gains are expected to be limited due to the higher interest rate environment. 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. The largest trade he's ever made was exercising 77,902 units of Pennymac Mortgage Investment Trust stock on 2 April 2018 . The Production segment includes mortgage loan origination, acquisition, and sale activities. More than 15 years ago we founded PennyMac with an unwavering focus on enterprise risk management and doing the right thing for our customers. Active Calabasas, CA Chairman for Pennymac Corp. (818)224-7442. In January, we estimate that correspondent acquisitions totaled $6.8 billion and locks totaled $6.1 billion. Now I'd like to begin by introducing David Spector, PennyMac Financial's Chairman and Chief Executive Officer who will review the Company's fourth quarter and full-year 2022 results. Regarding the $650 million of Ginnie Mae MSR term notes originally due February 2023, we exercised our option to extend the maturity for 2 years. Production segment pretax income was negative $9 million. Alphabet Inc. Shares Bought by Capital Square LLC. 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. . Isaac Garden - Investor Relations. We stand ready and able to absorb the volumes left by Wells Fargos exit and remain committed to being a strong capital partner for independent mortgage companies throughout the country. We estimate that in 2022 we represented approximately 2% of the origination volume in the channel. We initially share this idea in October 2018 and the stock already returned more than 150%. Get David Spector's email address (d*****@comcast.net) and phone number (443562..) at RocketReach.