PFSIs owned servicing portfolio, which consists primarily of Ginnie Mae MSRs, had a 60 day plus delinquency rate of 10.2%, down from 11.4% at the end of the prior quarter, while our subserviced portfolio, primarily consisting of conventional loans, reported a 60 plus day delinquency rate of 2.7%, down from 3.7% at September 30 as borrowers continue to emerge from forbearance plans. Good afternoon and welcome to the Second Quarter 2021 Earnings Discussion for PennyMac Financial Services, Inc. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. This balanced business helps generate strong results across a variety of market and rate environments. If you have additional questions or would like to speak with a Pennymac representative, please call (800) 777-4001. We have also seen a large group of borrowers that reperform and exit forbearance on their own. 119504607, 119505929, 119506567, 119506570, 119507419. Finally, Maverick Capital Ltd. raised its position in shares of PennyMac Financial Services by 33.5% during the 4th quarter. Advances are expected to continue increasing over the next 6 to 12 months. Net assets under management totaled $2.3 billion as of December 31, up 1% from September 30. In July, originations for our consumer direct channel totaled $3.5 billion and locks totaled $5.5 billion. 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. Good morning and thank you for joining us. David Spector's role in PennyMac Mortgage is Chairman & CEO, Director. Book value per share grew 5% to $54.49 at June 30. Operating revenue decreased $2 million from the prior quarter driven by declines in earnings on custodial balances. We are also increasing the use of online closings and automation. In our broker direct channel, we are focused on further reducing the length of our loan origination cycle via workflow enhancements and upgrades to our broker portal, POWER. Thank you. PennyMac Financial Services, Inc. (NYSE:PFSI Get Rating) CEO David Spector sold 26,169 shares of the firms stock in a transaction dated Wednesday, March 1st. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. 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 Production revenue margins declined from the prior quarter and revenue per fallout-adjusted lock for PFSI's own account was 154 basis points in the second quarter, down from 176 basis points in the first quarter of 2021. The decrease from the prior quarter was primarily driven by a $76 million decrease in EBO loan-related revenue. The firm engages in the production and servicing of U.S. residential mortgage loans. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. 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. Lastly, I would like to touch on the trends we are seeing related to forbearance and loss mitigation. 130 Westlake Village, CA, 91362 Get Directions. The number of approved brokers totaled 1,574, up 11% over the end of the third quarter. 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. 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. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. This growth will be crucial in further expanding our direct lending channels and supporting our growing servicing infrastructure. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. 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. The Servicing segment offers servicing of originated mortgage loans and execution and management of early buyout transactions. Insiders at PennyMac Financial Services own 18.0% of the company. PennyMac Financial Servicess payout ratio is 9.54%. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. 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. No cash balance or cash flow is included in the calculation. While many of these employees aided in our record production growth and increased servicing activities due to COVID, these hires were consistent with PFSIs long-term strategy. 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 . NMLS ID # 35953. We were quick to step up and aid borrowers as the COVID-19 pandemic spread across the U.S., affecting many of our customers. Meet our Smart Portfolio. 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. The Investment Management segment consists of sourcing, performing diligence, bidding and closing investment asset acquisitions, managing correspondent production activities and managing the acquired assets. This hiring mostly occurred in three key areas, servicing, direct lending and fulfillment services. A number of research firms recently issued reports on PFSI. Rhode Island Licensed Lender # 20092600LL, Loan Broker, and Third Party Loan Servicer. The price of the stock has decreased by 4.44% since. 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. Earnings per share grew 328% for the year with net income up 319%. Please disable your ad-blocker and refresh. Im proud of the actions we have taken and the dedicated management team across the company that has helped put these plans into action. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, remained elevated but decreased slightly quarter-over-quarter. Item 1.01 Entry into a Material Definitive Agreement. 67.03% of the stock is currently owned by institutional investors and hedge funds. Servicing advances outstanding were approximately $454 million at December 31, up from $346 million at September 30, primarily associated with seasonal tax payments. Ready to apply or complete your application? | 3 Mrz 2023. 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. Finally, broker direct originations totaled $4.5 billion in UPB in the fourth quarter, up 28% from the prior quarter and 215% percent from the fourth quarter of 2019. David Spector joined PennyMac in 2008. Please note all regulatory considerations regarding the presentation of fees must be taken into account. 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. And while we believe the mortgage market will continue to change from a competitive and regulatory perspective, the infrastructure and risk management disciplines that distinguish PennyMac from others in the industry position us well. For any questions, please visit our website at ir.pennymacfinancial.com or call our Investor Relations department at 818-264-4907. These increases were primarily driven by continued loss mitigation activities related to COVID-19. Learn More on David A. Spector's trading history. For more information, review Pennymac's state licenses and important notices. What was David Spectors latest transaction? 47.206 (3) & (4). Production segment pretax income was $572.6 million, down 7% from the prior quarter and up 182% from the fourth quarter of 2019, driven by continued growth in direct lending and strong performance across all channels. Posted by Defense World Staff on Mar 3rd, 2023. 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. Thank you, Dan. 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. This website may include combined information from PennyMac Financial Services, Inc. ("PFSI") and PennyMac Mortgage Investment Trust ("PMT") collectively Pennymac. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the companys stock. The PFSI's owned servicing portfolio, which consists primarily of Ginnie Mae MSRs, had a 60 day delinquency rate of 6.7%, down from 8.6% at the end of the prior quarter. You can see the results of our hedging strategy in the full year view on slide 19. Years in Business: 14. Business Started: 3/25/2008. million verified professionals across 35 million companies. The committed pipeline at January 31 was $3 billion. Get notified the next time David A. Spector buys or sells PennyMac Financial Services stock. The barriers to entry for these businesses that require scale for success provide PFSI a strategic advantage over our competitors. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. PennyMac TPO Contact Information Principal Mr. David Spector, President/CEO Customer Contact Mr. David Spector, President/CEO Additional Contact Information Phone Numbers (702). 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. Revenue per fallout adjusted lock for PFSIs own account was 217 basis points in the fourth quarter, down slightly from 236 basis points in the third quarter. Margins in our consumer direct channel still remain elevated relative to historical levels. Following the transaction, the chief executive officer now directly owns 650,183 shares in the company, valued at approximately $39,427,097.12. PennyMac Financial Services Inc provides mortgage loans to customers in the United States. This brings the total repurchases year-to-date to approximately $600 million. 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. 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. 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US, View View open jobs at this location. In January, our broker direct originations totaled $1.4 billion in UPB, and locks totaled $2.1 billion. PennyMac Financial Services Inc has a market cap of $4.16 billion; its shares were traded at around $57.450000 with a P/E ratio of 3.36 and P/S ratio of 1.35. Operating expenses were also down quarter-over-quarter as the prior quarter included seasonal accruals of compensation related expenses. Isaac Garden - Investor Relations. PennyMac Financial Services, Inc. (NYSE:PFSI) Q2 2021 Earnings Conference Call August 5, 2021 5:05 PM ET, Isaac Garden - Vice President, Investor Relations, David Spector - Chairman & Chief Executive Officer, Andy Chang - Senior Managing Director & Chief Operating Officer, Doug Jones - President & Chief Mortgage Banking Officer, Dan Perotti - Senior Managing Director & Chief Financial Officer. Pennymac's servicing portfolio grew to $518 billion in unpaid balance, up 2% from Dec. 31, 2021, and 16% from March 31, 2021, led by production volumes which more than offset prepayment activity,. Strong production volumes across all 3 channels continue to drive the growth of our servicing portfolio despite the elevated level of prepayments. The return on the trade was 60.70%. The average return per transaction made by David Spector is 3.50%. The TipRanks Smart Score performance is based on backtested results. Dans son rle . Senior Managing Director and Chief Financial Officer, will discuss our financial performance in more detail later on in his discussion. Our Investment Management segment delivered pretax income of $2.6 million, down from $3.3 million in the prior quarter and down from $5.2 million in the fourth quarter of 2019. Director, 10% Owner Stanford L Kurland sold 31,000 shares of PFSI stock on 01/07/2021 at the average price of $60.12. Warning! 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. Learn More on PennyMac Financial Services' active insiders. The percentage of loans in forbearance decreased to 4.9% at June 30 from 6.3% at March 31, as borrowers in forbearance plans at March 31 who have since exited more than offset new forbearance plans. 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. No P&I advances have been made to date, as prepayment activity continued to sufficiently cover remittance obligations. Hedge funds and other institutional investors have recently modified their holdings of the stock. Looking at the consumer direct channel in the center column, we originated $8 billion in UPB of loans, up 27% from the prior quarter and 113% from the fourth quarter of 2019. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. The estimated net worth of David A. Spector is at least $40.95 million as of March 1st, 2023. PennyMac Financial Services, Inc operates as a holding company. The price of the stock has increased by 0.03% since. Thanks, Andy. Conventional correspondent acquisitions, for which PFSI earns a fulfillment fee from PMT, totaled $38 billion in UPB, up 39% from the prior quarter and 85% from the fourth quarter of 2019. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. This expertise and experience has served us well, enhancing our ability to help many borrowers affected by the COVID-19 pandemic. How do I contact David A. Spector? View David Spector's email address (d*****@pennym***.com) and phone number. 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. Finally, Barclays lifted their price objective on PennyMac Financial Services from $58.00 to $69.00 and gave the company an equal weight rating in a report on Friday, February 3rd. In order to protect the value of our MSR asset we utilize a comprehensive hedging strategy. We also repurchased approximately 1.6 million shares of PFSIs common stock, at an approximate cost of $89.3 million. 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. 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. In total, these strong acquisition and origination volumes continue to drive the organic growth of our servicing portfolio despite elevated prepayment activity. 33% of correspondent acquisitions were government loans and 67% were conventional loans. Chart Data in Insider Trading History Table. This financial performance is driven by the balanced business model in mortgage banking that we have built over the last 13 years. Jeffrey W. Martin Sells 10,413 Shares of Sempra (NYSE:SRE) Stock, Robert Brian Mitchell Sells 38,000 Shares of Globe Life Inc. (NYSE:GL) Stock, 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. 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. Tower Research Capital LLC TRC Increases Position in ABB Ltd (NYSE:ABB), Tower Research Capital LLC TRC Has $254,000 Holdings in Daqo New Energy Corp. (NYSE:DQ), ABB Ltd (NYSE:ABB) Shares Bought by Tower Research Capital LLC TRC, Tower Research Capital LLC TRC Increases Stake in Centrus Energy Corp. (NYSEAMERICAN:LEU), Tower Research Capital LLC TRC Boosts Stock Position in Centrus Energy Corp. (NYSEAMERICAN:LEU), UBS Group AG Increases Position in Northern Oil and Gas, Inc. (NYSE:NOG), Tower Research Capital LLC TRC Sells 3,797 Shares of Daqo New Energy Corp. (NYSE:DQ), Tower Research Capital LLC TRC Lowers Stake in Invesco Defensive Equity ETF (NYSEARCA:DEF), Tower Research Capital LLC TRC Acquires 94,572 Shares of Geron Co. (NASDAQ:GERN), Tower Research Capital LLC TRC Has $255,000 Stake in Geron Co. (NASDAQ:GERN), Gentherm Incorporated (NASDAQ:THRM) Stock Position Increased by Tower Research Capital LLC TRC, Tower Research Capital LLC TRC Sells 1,356 Shares of iShares Dow Jones U.S. ETF (NYSEARCA:IYY), Tower Research Capital LLC TRC Sells 4,212 Shares of Chesapeake Utilities Co. (NYSE:CPK), Tower Research Capital LLC TRC Has $260,000 Stock Position in Veradigm Inc. (NASDAQ:MDRX), Tower Research Capital LLC TRC Sells 2,680 Shares of The Toronto-Dominion Bank (NYSE:TD), Veradigm Inc. (NASDAQ:MDRX) Shares Bought by Tower Research Capital LLC TRC, UBS Group AG Has $3.26 Million Stock Holdings in Delek Logistics Partners, LP (NYSE:DKL), Tower Research Capital LLC TRC Decreases Stake in Westamerica Bancorporation (NASDAQ:WABC), Tower Research Capital LLC TRC Grows Stock Holdings in Barnes Group Inc. (NYSE:B), Woodside Energy Group Ltd (OTCMKTS:WOPEY) Shares Sold by UBS Group AG. With PFSIs historical focus on purchase market originations combined with our large and growing servicing portfolio, we believe we are well-positioned to successfully grow share in all three of our production channels, driving an increase in our overall market position. The corporate mailing address for Mr. Spector and other PennyMac Financial Services executives is 3043 TOWNSGATE ROAD, WESTLAKE VILLAGE CA, 91361. In the last year, insiders at the real estate investment trust sold shares 23 times. 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. 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. 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. The firm engages in the production and servicing of U.S. residential mortgage loans. His family and PennyMac, which announced his passing, said he died from complications . Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. 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. In total, loan acquisition and origination volumes were $61 billion in the second quarter. If you have an ad-blocker enabled you may be blocked from proceeding. And I'm pleased to be joined by PennyMac Financial Services CEO,. Contact our customer service team with any inquiries by sending us a message through the Message Center by simply logging in to your account. The committed pipeline at January 31 was $7.9 billion. Search over 700 Pretax income excluding valuation-related items for the servicing segment was $234.3 million, up 30% from the prior quarter and 499% from the fourth quarter of 2019. Net assets under management were down slightly quarter-over-quarter to $2.3 billion. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. Learn More on PennyMac Financial Services' active insiders. A free inside look at company reviews and salaries posted anonymously by employees. 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. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. Hedging and related gains totaled $91 million. David A Spector, Pennymac Mortgage Investment: Profile and Biography - Bloomberg Markets Markets Trafigura's Nickel Nemesis Was Already Notorious in Metal Circles The Week Your Saturday UK. On Monday, February 27th, David Spector sold 15,000 shares of PennyMac Financial Services stock. The opportunity to grow these newer channels is exciting and provides PFSI a multi-channel, diversified and profitable production segment that will further grow the servicing portfolio with high quality assets. 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. David served as President and Chief Investment Officer and President and Chief Operating Officer for PennyMac. Stockholders of record on Tuesday, February 14th were given a dividend of $0.20 per share. It operates through the following segments: Production, Servicing, and Investment Management. DO NOT SEND PAYMENTS TO THIS ADDRESS. Before we begin, let me remind you that our discussion contains forward-looking statements that are subject to risks identified on slide two 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. The ongoing success can be attributed to the increased application of data analytics, our growing servicing portfolio and the investments we have made in the loan fulfillment and sales process. 292 Pennymac reviews in Los Angeles, CA. Origination volumes totaled $10.7 billion in UPB, while interest rate lock commitments totaled $14.1 billion. Presenter SpeechMark DeVries Hello. As David mentioned earlier, we sold $3.4 billion in UPB of EBO loans to third-party whole loan investors, up significantly from last quarter. In July, our correspondent acquisitions were $15 billion in UPB and locks were $12.8 billion. While our employee base grew by 60% during the year, our production volumes grew by 67% and our earnings increased by 328%. 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. PennyMac Financial Services' insider roster includes Anne Mccallion (Director), Farhad Nanji (Director), and David Spector (CEO). PennyMac Mortgage Investment Trust (NYSE:PMT) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ETCompany Participants. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.46. David Spector. 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. Since the start of 2020, we have repurchased approximately 13% of the PFSI shares that were outstanding at the beginning of 2020. Stanford Kurland. Pennymac Westlake Village, CA office. the financials in more detail later on in this discussion. Head over to our Expert Center to see a list of the, Invest Like a Pro with Unique Data & Simplifed Tools, See the Hottest Stocks Based on Insider Trading >. If you need the payment address, click here. For any questions, please visit our website at ir.pennymacfinancial.com, or call our Investor Relations department at 8182644907. These record volumes resulted in the growth of our servicing portfolio to $427 billion in UPB, despite extraordinary levels of prepayment activity. The business also recently declared a quarterly dividend, which was paid on Friday, February 24th. The percentage of profitable transactions made by David Spector is 44%. 18.5 million shares or approximately 24% of PFSI's common shares outstanding. Government correspondent locks were $19.7 billion in UPB, down 2% from the prior quarter and up 22% from the fourth quarter of 2019. 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. We also remain very active repurchasing shares driven by our medium-term expectations for PFSI's return on equity. 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. 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. Government loan acquisitions in the quarter totaled $18.9 billion in UPB, up 11% from the prior quarter and up 14% from the fourth quarter of 2019. During 2020 we added over 2,000 employees to the PennyMac team to expand our workforce to more than 6,000. 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 technology based digital marketing platform, coupled with dedicated loan officers and an efficient operating processes, gives PennyMac a strong foundation for continued growth. Thank you, Isaac. The Servicing segment recorded pretax income of $42 million, down from pretax income of $111.7 million in the prior quarter and up from a pretax loss of $5.1 million in the fourth quarter of 2019. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. 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. 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. Thank you. Hedging and other gains of over $943 million largely offset an MSR fair value decrease of over $1.1 billion. PennyMac. President & CEO David Spector sold 30,000 shares of PFSI stock on 01/12/2021 at the average price of $57.43. If so, please call us at 866.545.9070. (business & personal). Arizona Mortgage Banker License # 0911088. 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.
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