Pennymac Financial Services is putting more muscle behind their wholesale operation, Pennymac TPO, announcing on Thursday the launch of a new broker platform dubbed "POWER+".
The loan portal will speed up mortgage processing time by as much as 40%, thanks in part to built-in validation that ensures a loan application is accurate prior to submission, the California-based multichannel lender claims.
Features in the portal also include a custom fee screen where brokers can add and edit fees. Additionally, they have the option of using Pennymac's default fees or fees aggregated from over 25,00 settlement service providers across the country, the lender said.
In January, Pennymac
The roll-out of "Power+" is an extension of the lender's rebranding efforts and its "commitment to wholesale and supporting brokers in an immense way," the company said in a statement.
Pennymac entered the wholesale space in 2018 and has been aiming to grow the channel ever since. In the
As mortgage interest rates have risen, one of the largest lenders in the segment, United Wholesale Mortgage, has touted an
David Spector, chief executive officer of Pennymac, said during the company's second quarter
During the initial planning phase of the PennyMac platform, the lender had "focus sessions with key partners and extracted detailed feedback from various users, such as loan officers, processors and broker owners," said Kim Nichols, senior managing director at Pennymac TPO in early January.
"We also meticulously logged client feedback about challenges in the loan process. We boiled their needs down to three main focus areas: speed, efficiency and communication," she said.
The platform also enables real-time communication with all parties, eliminating back-and-forth emails and speeding up the closing process.
On the borrower side, Power+ allows homebuyers to opt for a hybrid e-closing. With that option, borrowers only have to wet-sign a few critical documents in person.
