Westlake Village, California –(Business Wire)–PennyMac Financial Services, Inc. (NYSE: PFSI) (Pennymac) today announced the launch of its next-generation brokerage technology platform, POWER+, by Pennymac TPO. Brokers can now take control of the mortgage process faster, delivering a superior experience for their clients and referral partners.
“With the introduction of POWER+, we are deepening our commitment to wholesale and supporting brokers in a huge way. It starts with the voice of our partners, which will continue to drive future improvements as well as our Where the technology is headed. “The platform was designed and developed using direct broker feedback, which shapes our workflow and functionality. Pennymac TPO puts technology first and people first – our people drive what we do. We help brokers succeed and grow their businesses while supporting their clients’ home buying aspirations – it’s a human business and we won’t forget that. ”
POWER+ provides an enhanced guided workflow that is intuitive and significantly speeds up mortgage processing time at every step. This allows brokers to complete loan setup, locking and disclosure in minutes. Additionally, it reduces the processing time from loan creation to credit submission by up to 40%. The platform’s robust contextual verification capabilities ensure the accuracy of the Uniform Residential Loan Application (URLA) prior to submission. As a result, the loan process is more efficient, precise, manageable and convenient.
“Working with our brokerage partners and Pennymac’s technical experts, we designed POWER+ to feature features that enhance the overall client experience,” said Lior Ofir, Senior Managing Director and Chief Information Officer, Pennymac. “This advanced technology provides precision and speed while using data to drive digital workflows with greater efficiency and cost-effectiveness. We are also leveraging cloud-native technology building blocks to modernize brokerage mortgage operations.”
Pennymac’s unique custom fee screen enables brokers to accept, add and edit fees directly on the same screen that looks exactly like the loan estimate. Brokers will have more control, with the option to use Pennymac’s default fees for self-service, or the platform’s dynamic search feature to collect fees from more than 25,000 settlement service providers nationwide. These combined features allow brokers to provide accurate fees to borrowers.
POWER+ also provides the ability to manage and monitor third-party activity. The platform’s settlement agent fee collaboration tool allows brokers, settlement agents and Pennymac to balance final settlement disclosures in a traceable system. Real-time communication with all parties during the balancing process increases transparency, eliminates back-and-forth emails and speeds up the closing process.
With POWER+, borrowers have the option to use a hybrid electronic checkout process, which means borrowers only need to sign a few key documents in person at checkout and review and electronically sign all other documents before checkout – using a smartphone, tablet or computer. This gives borrowers more time to review important documents without time constraints. Combined with Pennymac’s pre-financing process, this makes closing faster and more efficient.
Pennymac entered the wholesale space in 2018 and has quickly become a top wholesale lender, offering competitively priced solutions across multiple categories, backed by a promise of unparalleled service levels. Pennymac has a solid reputation for hiring some of the best and brightest minds in the mortgage industry while providing a top-notch experience for brokerage clients. From start to finish, Pennymac is committed to reaffirming the trust and quality of the home loan experience.
To learn more, join Pennymac at the NAMB National in Las Vegas, where Pennymac President and Chief Mortgage Banking Officer Doug Jones and Kim Nichols will take the stage on October 8, 2022 to talk about “Powering the Next Steps for the TPO.” During the conference, participating mortgage brokers will be the first to experience POWER+. For more details on POWER+, visit http://tpo.pennymac.com/powerplus.
About PennyMac Financial Services
PennyMac Financial Services, Inc. is a professional financial services firm focused on the production and servicing of U.S. mortgages and investment management related to the U.S. mortgage market. Founded in 2008, the company is recognized as a leader in the residential mortgage industry in the United States, with more than 4,800 employees nationwide. For the 12 months ended June 30, 2022, PennyMac Financial’s outstanding principal balance on new originating loans totaled $166 billion, making it the fourth-largest mortgage lender in the United States. With a total outstanding principal balance of $527 billion as of June 30, 2022, PennyMac Financial ranks as the nation’s top ten mortgage servicer. Additional information about PennyMac Financial Services, Inc. Available at ir.pennymacfinancial.com.