While overall delinquency rates increased from the prior quarter, they remain consistent with our expectations for a primarily government-insured or guaranteed portfolio. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. Warren Buffett took 25% of all returns in excess of 6 percent. PennyMac Financial Services Inc., a national mortgage lender and servicer, announced Thursday that Doug Jones has joined its board of directors. UBS Group AG Reduces Stock Holdings in Builders FirstSource, Inc. Boothbay Fund Management LLC Has $299,000 Stock Holdings in GMS Inc. Find contact's direct phone number, email address, work history, and more. Their PFSI share price forecasts range from $60.00 to $82.00. Billionaire Leon Cooperman Is Buying These 5 Stocks. Duration: 19 minutes. That would have been 9.35% in hedge fund fees. 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. Email; Show more sharing options. 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. PennyMac Mortgage Investment . So while PFSIs ROE is projected to trend towards its pre-COVID range during 2023, I remain confident in our ability to continue delivering strong financial performance as the market returns to more normalized conditions over time. The company also recently announced a quarterly dividend, which was paid on Friday, February 24th. 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. PennyMac Financial Services, Inc. has a 12 month low of $38.53 and a 12 month high of $73.79. As we have demonstrated with our 2022 performance, we believe mortgage banking companies with large servicing portfolios and diversified business models like PennyMac Financial are better positioned to offset the decline in origination profitability that has resulted from lower volumes. Originations in our broker direct channel totaled $1.1 billion and locks totaled $2 billion, also down meaningfully from the prior quarter, reflecting a smaller market, seasonal impacts and the continuation of intense competition from channel leaders. We estimate that over the past 12 months we represented approximately 15% of the channel overall. These results include a non-recurring tax rate change which negatively impacted earnings per share by $0.22. Management segment, net assets under management were $2 billion at quarter end, down slightly from the prior quarter due to PMT's financial performance. Top PennyMac Loan Services, LLC Employees Dan Perotti Chief Financial Officer. The consent submitted will only be used for data processing originating from this website. Quarterly operating expenses in the fourth quarter were down 44% from average 2021 levels. The Production segment includes mortgage loan origination, acquisition, and sale activities. David Spector usually trades in March, with the busiest year in 2021. With mortgage interest rates currently still above 6%, the most recent third-party forecasts for 2023 originations range from $1.6 trillion to $1.9 trillion, down meaningfully from 2022. For any questions, please visit our website at pfsi.pennymac.com, or call our Investor Relations department at 8182644907. Isaac Garden: Good afternoon, and welcome to the Fourth Quarter and Full Year 2022 Earnings Discussion for PennyMac Financial Services, Inc. In the fourth quarter, PennyMac Financial delivered net income of $38 million, or $0.71 in earnings per share. Mr. David Spector, President/CEO; . Executive Management. 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. The stock was sold at an average price of $60.80, for a total value of $912,000.00. PennyMac Financial Services, Inc. (NYSE:PFSI) Q4 2022 Earnings Call Transcript February 2, 2023. Additionally, higher short-term rates have driven strong earnings on custodial balances. Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz-Dashboard klicken. . Servicing income, certain secondary market gains, layoffs and other cost-cutting did more to offset the impact of the marketwide originations slump at PennyMac Financial Services than analysts expected, but its second-quarter earnings still fell relative to comparable prior periods. An example of data being processed may be a unique identifier stored in a cookie. More than 15 years ago we founded PennyMac with an unwavering focus on enterprise risk management and doing the right thing for our customers. PennyMac Financial Services, Inc. (NYSE:PFSI) Q4 2022 Earnings Call Transcript, 12 Top Performing Energy Stocks in January, How to Best Use Insider Monkey to Increase Your Returns, 6 Things You Didn't Know About Hedge Funds. Before their time at Countrywide Bank, David was a Vice President at Citibank, NA from . PFSIs owned servicing portfolio, which consists primarily of Ginnie Mae MSRs, had a 60-day plus delinquency rate of 3.8%, up from 3.5% at the end of the prior quarter, while our subserviced portfolio, consisting primarily of conventional loans, reported a 60-day plus delinquency rate of 0.6%, up from 0.5% at September 30th. President & CEO of Pennymac Financial Services Inc (30-Year Financial, Insider Trades) David Spector (insider trades) sold 30,000 shares of PFSI on 01/12/2021 at an average price of $57.43 a share. Because of his dedication, he has achieved great achievements. And it means its going to be harder than ever to hold onto any money you make. Get Directions. Our servicing business provides ongoing cash flow to support business operations and produces low cost leads to our consumer direct business in the future. His storied career in mortgage banking spanned more than four decades. The most active traders at the company are Thus far, we have received very positive feedback on the new portal, garnering the attention of top brokers in the channel who are looking to expand their relationship with PennyMac. . Thank you. Purchase loans were 85% of total originations. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, decreased by $1 million. How many employees does PENNYMAC have? In a few years, he will reach at another point to reach and will achieve many popularities. The layoffs come as Pennymac ups its investment in technology and marketing to help it do more business directly with . We estimate the committed pipeline at January 31st was $700 million. Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. Following the sale, the chief executive officer now directly owns 450,604 shares in the company, valued at approximately $27,396,723.20. PennyMac Financial Services, Inc operates as a holding company. Get our editors daily picks straight in your inbox! 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. So while PFSI's ROE is projected to trend towards its pre-COVID range during 2023, I remain confident in our ability to continue delivering strong financial performance as the market returns to more normalized conditions over time. Hedging losses totaled $73 million, primarily driven by hedge costs and higher interest rates. Close extra sharing options. Share Show more sharing options. Institutional investors own 67.03% of the companys stock. With rates at current levels, we expect a continued meaningful contribution to overall servicing profitability. These results include a non-recurring tax rate change which negatively impacted earnings per share by $0.22. The impact of this tax rate change was negative $0.22 in earnings per share. Total correspondent loan acquisition volume in the fourth quarter was $20.8 billion. With rates at current levels, we expect a continued meaningful contribution to overall servicing profitability. The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. Of this total $1,000,000 was received as a salary, $8,864,938 was received as a bonus, $1,101,254 was received in stock options, $2,537,435 was awarded as stock and $71,597 came from other types of compensation. 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. Salary: . 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. Acquisitions for PFSIs own account totaled $14 billion, up 15% from the prior quarter due to the acquisition of certain conventional loans from PMT in addition to government loans during the quarter. 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. In fact, for the full year PFSI produced net income of $476 million, which drove book value per share up 16% from year end 2021. Search our database of over 100 million company and executive profiles. 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. Total Compensation for Fiscal Year Ending in 2021: $13,575,224. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. While we believe the majority of expense management activities have been completed, we remain disciplined, continuing to rapidly adjust capacity levels relative to the size of the origination market, whether growing or contracting. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. And with that, I would like to turn it back to David for some closing remarks. Repurchase levels were down meaningfully from the third quarter as we prefer to maintain flexibility to address potential risks and opportunities in the evolving market environment. The current estimated net worth of Pennymac Financial Services, Inc's Chairman & CEO, David Spector, is estimated to be about $244.5M . *Based on results from Inside Mortgage Finance 12M ended 12/31/22. While many industry participants have taken the appropriate steps to reduce capacity, it has been happening slowly and we believe overcapacity still remains. You can get rich by returning 20% per year and compounding that for several years. Our multi-channel approach to mortgage production provides the flexibility to adapt to different market conditions and drives organic growth of our servicing portfolio. Continue with Recommended Cookies, Your email address will not be published. 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. And I'm pleased to be joined by PennyMac Financial Services CEO,. Operating revenues increased from the prior quarter as loan servicing fees grew by $9 million primarily due to growth in our servicing portfolio. We estimate the committed pipeline at January 31st was $800 million. 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. It operates through the following segments: Production, Servicing, and Investment Management. stock awards of $1,688,936 , 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. Source: https://www.sec.gov/Archives/edgar/data/1745916/000119312521116436/d112997ddef14a.htm. Operator: This concludes PennyMac Financial Services, Inc.'s fourth quarter earnings discussion. Our multi-channel approach to mortgage production provides the flexibility to adapt to different market conditions and drives organic growth of our servicing portfolio. 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. (I received his email on June 22, 2013) Figure 3: Loansafe.org member (register first - for free) "oneofsubstance" (4-23-2012) . David Spector Pennymac is one of the richest people amongst the celebrity around the globe. Despite elevated levels of competition currently, we believe PennyMac is well-positioned for market share growth in the channel over time given our strong capital position, operational excellence and the exit of channel participants. Email forwarders (aliases) provide a consistent email address even though the person handling the inquiry changes. Thank you, Isaac. 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. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. Similarly, prepayment speeds in PennyMac Financial's 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. . David Spector. Purchase loans accounted for 93% of total correspondent acquisitions during the quarter. Importantly, the $650 million of Ginnie Mae MSR term notes due in August 2023 also contain an optional extension at PFSIs discretion. We encourage investors with any questions to reach out to our investor relations team by email or phone. 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. 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. Ratings from 281 employees, gives David Spector an approval rating of 56%. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever.
Dallin H Oaks Conference Talks,
Disgaea 5 Fun Weapons,
Sunday Service Choir Tour 2022,
Jerry Thompson Obituary Vonore Tn,
Articles D
While overall delinquency rates increased from the prior quarter, they remain consistent with our expectations for a primarily government-insured or guaranteed portfolio. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. Warren Buffett took 25% of all returns in excess of 6 percent. PennyMac Financial Services Inc., a national mortgage lender and servicer, announced Thursday that Doug Jones has joined its board of directors. UBS Group AG Reduces Stock Holdings in Builders FirstSource, Inc. Boothbay Fund Management LLC Has $299,000 Stock Holdings in GMS Inc. Find contact's direct phone number, email address, work history, and more. Their PFSI share price forecasts range from $60.00 to $82.00. Billionaire Leon Cooperman Is Buying These 5 Stocks. Duration: 19 minutes. That would have been 9.35% in hedge fund fees. 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. Email; Show more sharing options. 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. PennyMac Mortgage Investment . So while PFSIs ROE is projected to trend towards its pre-COVID range during 2023, I remain confident in our ability to continue delivering strong financial performance as the market returns to more normalized conditions over time. The company also recently announced a quarterly dividend, which was paid on Friday, February 24th. 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. PennyMac Financial Services, Inc. has a 12 month low of $38.53 and a 12 month high of $73.79. As we have demonstrated with our 2022 performance, we believe mortgage banking companies with large servicing portfolios and diversified business models like PennyMac Financial are better positioned to offset the decline in origination profitability that has resulted from lower volumes. Originations in our broker direct channel totaled $1.1 billion and locks totaled $2 billion, also down meaningfully from the prior quarter, reflecting a smaller market, seasonal impacts and the continuation of intense competition from channel leaders. We estimate that over the past 12 months we represented approximately 15% of the channel overall. These results include a non-recurring tax rate change which negatively impacted earnings per share by $0.22. Management segment, net assets under management were $2 billion at quarter end, down slightly from the prior quarter due to PMT's financial performance. Top PennyMac Loan Services, LLC Employees Dan Perotti Chief Financial Officer. The consent submitted will only be used for data processing originating from this website. Quarterly operating expenses in the fourth quarter were down 44% from average 2021 levels. The Production segment includes mortgage loan origination, acquisition, and sale activities. David Spector usually trades in March, with the busiest year in 2021. With mortgage interest rates currently still above 6%, the most recent third-party forecasts for 2023 originations range from $1.6 trillion to $1.9 trillion, down meaningfully from 2022. For any questions, please visit our website at pfsi.pennymac.com, or call our Investor Relations department at 8182644907. Isaac Garden: Good afternoon, and welcome to the Fourth Quarter and Full Year 2022 Earnings Discussion for PennyMac Financial Services, Inc. In the fourth quarter, PennyMac Financial delivered net income of $38 million, or $0.71 in earnings per share. Mr. David Spector, President/CEO; . Executive Management. 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. The stock was sold at an average price of $60.80, for a total value of $912,000.00. PennyMac Financial Services, Inc. (NYSE:PFSI) Q4 2022 Earnings Call Transcript February 2, 2023. Additionally, higher short-term rates have driven strong earnings on custodial balances. Sie knnen Ihre Einstellungen jederzeit ndern, indem Sie auf unseren Websites und Apps auf den Link Datenschutz-Dashboard klicken. . Servicing income, certain secondary market gains, layoffs and other cost-cutting did more to offset the impact of the marketwide originations slump at PennyMac Financial Services than analysts expected, but its second-quarter earnings still fell relative to comparable prior periods. An example of data being processed may be a unique identifier stored in a cookie. More than 15 years ago we founded PennyMac with an unwavering focus on enterprise risk management and doing the right thing for our customers. PennyMac Financial Services, Inc. (NYSE:PFSI) Q4 2022 Earnings Call Transcript, 12 Top Performing Energy Stocks in January, How to Best Use Insider Monkey to Increase Your Returns, 6 Things You Didn't Know About Hedge Funds. Before their time at Countrywide Bank, David was a Vice President at Citibank, NA from . PFSIs owned servicing portfolio, which consists primarily of Ginnie Mae MSRs, had a 60-day plus delinquency rate of 3.8%, up from 3.5% at the end of the prior quarter, while our subserviced portfolio, consisting primarily of conventional loans, reported a 60-day plus delinquency rate of 0.6%, up from 0.5% at September 30th. President & CEO of Pennymac Financial Services Inc (30-Year Financial, Insider Trades) David Spector (insider trades) sold 30,000 shares of PFSI on 01/12/2021 at an average price of $57.43 a share. Because of his dedication, he has achieved great achievements. And it means its going to be harder than ever to hold onto any money you make. Get Directions. Our servicing business provides ongoing cash flow to support business operations and produces low cost leads to our consumer direct business in the future. His storied career in mortgage banking spanned more than four decades. The most active traders at the company are Thus far, we have received very positive feedback on the new portal, garnering the attention of top brokers in the channel who are looking to expand their relationship with PennyMac. . Thank you. Purchase loans were 85% of total originations. Payoff-related expenses, which include interest shortfall and recording and release fees related to prepayments, decreased by $1 million. How many employees does PENNYMAC have? In a few years, he will reach at another point to reach and will achieve many popularities. The layoffs come as Pennymac ups its investment in technology and marketing to help it do more business directly with . We estimate the committed pipeline at January 31st was $700 million. Klicken Sie auf Alle ablehnen, wenn Sie nicht mchten, dass wir und unsere Partner Cookies und personenbezogene Daten fr diese zustzlichen Zwecke verwenden. Following the sale, the chief executive officer now directly owns 450,604 shares in the company, valued at approximately $27,396,723.20. PennyMac Financial Services, Inc operates as a holding company. Get our editors daily picks straight in your inbox! 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. So while PFSI's ROE is projected to trend towards its pre-COVID range during 2023, I remain confident in our ability to continue delivering strong financial performance as the market returns to more normalized conditions over time. Hedging losses totaled $73 million, primarily driven by hedge costs and higher interest rates. Close extra sharing options. Share Show more sharing options. Institutional investors own 67.03% of the companys stock. With rates at current levels, we expect a continued meaningful contribution to overall servicing profitability. These results include a non-recurring tax rate change which negatively impacted earnings per share by $0.22. The impact of this tax rate change was negative $0.22 in earnings per share. Total correspondent loan acquisition volume in the fourth quarter was $20.8 billion. With rates at current levels, we expect a continued meaningful contribution to overall servicing profitability. The shares were sold at an average price of $60.80, for a total transaction of $912,000.00. Of this total $1,000,000 was received as a salary, $8,864,938 was received as a bonus, $1,101,254 was received in stock options, $2,537,435 was awarded as stock and $71,597 came from other types of compensation. 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. Salary: . 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. Acquisitions for PFSIs own account totaled $14 billion, up 15% from the prior quarter due to the acquisition of certain conventional loans from PMT in addition to government loans during the quarter. 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. In fact, for the full year PFSI produced net income of $476 million, which drove book value per share up 16% from year end 2021. Search our database of over 100 million company and executive profiles. 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. Total Compensation for Fiscal Year Ending in 2021: $13,575,224. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. While we believe the majority of expense management activities have been completed, we remain disciplined, continuing to rapidly adjust capacity levels relative to the size of the origination market, whether growing or contracting. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. And with that, I would like to turn it back to David for some closing remarks. Repurchase levels were down meaningfully from the third quarter as we prefer to maintain flexibility to address potential risks and opportunities in the evolving market environment. The current estimated net worth of Pennymac Financial Services, Inc's Chairman & CEO, David Spector, is estimated to be about $244.5M . *Based on results from Inside Mortgage Finance 12M ended 12/31/22. While many industry participants have taken the appropriate steps to reduce capacity, it has been happening slowly and we believe overcapacity still remains. You can get rich by returning 20% per year and compounding that for several years. Our multi-channel approach to mortgage production provides the flexibility to adapt to different market conditions and drives organic growth of our servicing portfolio. Continue with Recommended Cookies, Your email address will not be published. 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. And I'm pleased to be joined by PennyMac Financial Services CEO,. Operating revenues increased from the prior quarter as loan servicing fees grew by $9 million primarily due to growth in our servicing portfolio. We estimate the committed pipeline at January 31st was $800 million. 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. It operates through the following segments: Production, Servicing, and Investment Management. stock awards of $1,688,936 , 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. Source: https://www.sec.gov/Archives/edgar/data/1745916/000119312521116436/d112997ddef14a.htm. Operator: This concludes PennyMac Financial Services, Inc.'s fourth quarter earnings discussion. Our multi-channel approach to mortgage production provides the flexibility to adapt to different market conditions and drives organic growth of our servicing portfolio. 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. (I received his email on June 22, 2013) Figure 3: Loansafe.org member (register first - for free) "oneofsubstance" (4-23-2012) . David Spector Pennymac is one of the richest people amongst the celebrity around the globe. Despite elevated levels of competition currently, we believe PennyMac is well-positioned for market share growth in the channel over time given our strong capital position, operational excellence and the exit of channel participants. Email forwarders (aliases) provide a consistent email address even though the person handling the inquiry changes. Thank you, Isaac. 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. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. This concludes PennyMac Financial Services, Inc.s fourth quarter earnings discussion. Similarly, prepayment speeds in PennyMac Financial's 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. . David Spector. Purchase loans accounted for 93% of total correspondent acquisitions during the quarter. Importantly, the $650 million of Ginnie Mae MSR term notes due in August 2023 also contain an optional extension at PFSIs discretion. We encourage investors with any questions to reach out to our investor relations team by email or phone. 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. 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. Ratings from 281 employees, gives David Spector an approval rating of 56%. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. Dallin H Oaks Conference Talks,
Disgaea 5 Fun Weapons,
Sunday Service Choir Tour 2022,
Jerry Thompson Obituary Vonore Tn,
Articles D
Informativa Utilizziamo i nostri cookies di terzi, per migliorare la tua esperienza d'acquisto analizzando la navigazione dell'utente sul nostro sito web. Se continuerai a navigare, accetterai l'uso di tali cookies. Per ulteriori informazioni, ti preghiamo di leggere la nostra pre stretched braiding hair beauty supply.