Correspondent

As 2025 approaches, some lenders are already scaling operations, hiring talent, and preparing for the next cycle, despite ongoing market uncertainty, write leaders from Pennymac.

The correspondent giant says it has over 4,400 approved brokers, and technology rivaling channel leaders Rocket Pro TPO and United Wholesale Mortgage.

The company's mortgage operations posted a $24 million pretax profit thanks to servicing, while loan production saw a loss.

The company has been making investments in correspondent originations and servicing and “reverse” loans used by borrowers age 62 and up to withdraw home equity.

Loans bought on the secondary market have become increasingly important as borrower demand has ebbed and companies have sought to obtain mortgages through additional outlets to maintain production levels.

First quarter volume was up 3% among eight depositories that reported so far, compared with models that predicted industry-wide drops as large as 13%.

The former No. 2 at Countrywide had been battling brain cancer prior to passing away from the coronavirus.

The software will aim to take advantage of the anticipated volume growth in this particular type of origination.

The company is following in the footsteps of Michigan-based rivals Rocket Cos. and United Wholesale Mortgage.

The problem in the sector boils down to a lack of portability of data, whether it’s digital or contained in documents, that can be trusted between parties, LoanLogics Chief Product Officer Dave Parker argues.