Pennymac unveils a brand new tech platform for agents

Pennymac executives say their objective is to turn into a “dominant participant” in wholesale. On Thursday, the publicly traded multichannel lender introduced a brand new generation platform for agents known as “POWER+,” a key step towards producing extra dealer trade.

“The platform used to be designed and advanced the use of direct dealer comments, which formed our workflow and capability,” stated Kim Nichols, senior managing director of Pennymac TPO. “Pennymac TPO is tech ahead and human targeted – our folks power what we do. We lend a hand agents prevail and develop their trade, whilst supporting their consumers’ homeownership aspirations – it’s a human trade, and we don’t put out of your mind that.”

The platform, which mixes proprietary equipment together with vendor-supplied answers, gives an enhanced guided workflow this is “intuitive and considerably accelerates loan processing time at each and every step,” the corporate stated in a remark Thursday.

Pennymac stated its new platform lets in agents to finish mortgage setup, lock and expose in a question of mins, which reduces processing time from mortgage advent to credit score submission by means of up to 40%, in keeping with Pennymac. The POWER+ platform’s equipment additionally make sure that URLA accuracy prior to submission, the California-based company stated.

The customized price display screen allows agents to simply accept, upload and edit charges at once onto a display screen that resembles a mortgage estimate. “Agents may have extra keep watch over with the solution to self-serve the use of Pennymac’s default charges or settling on the platform’s dynamic seek function to drag in charges from over 25,000 agreement provider suppliers around the nation,” the corporate stated in a press remark.

In an interview with HousingWire on Wednesday, Nichols famous that agents even have get right of entry to to a variety of consumer groups and a devoted technical beef up staff at Pennymac to verify a easy procedure, versus a choice middle.

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Tracie Hunter, the corporate’s senior managing director of manufacturing trade generation, added that the platform allows agents to regulate and observe third-party actions and lets in debtors to make use of a hybrid e-closing procedure.

To turn into a dominant participant with agents, Pennymac, which is the biggest correspondent lender within the nation, has some paintings to do.

In its 2nd quarter effects, Pennymac Monetary disclosed that it had locked $2.2 billion in originations in the course of the dealer channel in the second one quarter of 2022. In all, it laid declare to two.2% of marketshare within the dealer channel in the second one quarter, which used to be a decline from the second one quarter of 2021.

The channel chief, United Wholesale Loan, originated about $30 billion in the second one quarter of 2022 and holds greater than one-third marketplace percentage within the dealer area. A number of different lenders, together with Rocket Professional TPO, Homepoint, NewRez/Caliber and loanDepot, outpaced Pennymac within the dealer area throughout the primary part of the 12 months.

However there are glaring alternatives to develop – loanDepot bowed out of the channel after reporting a $223 million loss in the second one quarter, and Homepoint stated it’s content material to get smaller as origination alternatives turn into extra uncommon in a emerging charge setting.