The mortgage industry headed into 2022 after strong performance in consecutive years. Interest rates were at or near historic lows, house prices showed strong appreciation and market participants set records for volume and profitability. 2022 still offers great opportunities for the industry, but it also signals a turning point.
Pennymac has long been a leading partner in the mortgage industry. The company has grown steadily since its inception in 2008 and has demonstrated profitability in varying market conditions, becoming the country’s top correspondent investor and 6th largest wholesale lender. Pennymac has enjoyed sustained success in the mortgage space and aims to help its partners build that same greatness on a platform that combines values, vision and execution to remain stable regardless of market changes.
New name, same values
Pennymac has changed the name of its wholesale division from PennyMac Broker Direct to Pennymac TPO. For Pennymac, the rebranding is more than a name change – it signals a deeper commitment to its wholesale partners and investment in the wholesale channel.
“Our name change to Pennymac TPO is a sign that we are increasing our investments in talent, technology, products and services – all designed to support our wholesale partners on their journey to success,” said Kim Nichols, Director Senior General at Pennymac.
Pennymac understands how important it is for its wholesale partners to have a strong, stable partner they can count on to meet their business needs, regardless of market conditions.
“We are invested in their success,” Nichols said.
In addition to the rebrand, Pennymac also announced the launch of POWER+, its next-generation platform that will provide partners with even greater speed, control and communication throughout the lending process. These enhancements will roll out to the broker channel first with a later phase bringing greater services and capabilities to the non-delegated correspondent segment.
The next-generation technology is the culmination of extensive work with its partners, vendors, service providers (i.e. title and review) and other industry experts.
As part of the development process, Pennymac hosted town hall meetings with key partners and gathered extensive feedback from various users including loan officers, processors and broker owners. The company has meticulously recorded customer feedback regarding difficulties encountered in the loan process and has also made efforts to eliminate weak points.
“We also wanted to understand what aspects of our current technology and processes our partners love,” Nichols said.
The result is new features that will streamline the entire loan process, from loan origination to submission, clearing terms and communication in credit review, and more control and speed all throughout the process. There will be paid collaboration live in the portal to ensure that all information is real-time and accurate to avoid wasting time trying to coordinate multiple parties before a close.
Additionally, POWER+ will provide live access to people who can provide solutions and expertise when Pennymac partners need it.
“Beyond a streamlined lending experience, what really stood out was how much our partners appreciate having direct access to our employees at any stage of the process,” Nichols said. “The new POWER+ is technology plus people. Technology fuels our partnerships. Our people bring real-time communication, knowledge and passion. »
In addition to delivering speed, control and more transparency, POWER+ aims to free Pennymac partners to focus on delivering great service and growing their business with trusted partners. The platform eliminates unnecessary tasks, routine tasks have been consolidated to minimize touchpoints, and steps that once took minutes will now take seconds, according to Nichols.
Pennymac knows its partners are competing in a tight buying market. Its goal is to free them up to grow their business rather than spending time processing loans.
“We know that technology, workflow and people can make the difference in whether brokers close a loan or get the next deal. The broker’s brand reputation depends on the trust of all parties and a great experience,” said Nichols. “POWER+ will set our brokers up for success so they can focus on growing their business and enhancing their brand.”
The place where the borrower is served is important. Quality of service is a direct reflection on the non-delegated broker or lender.
As one of the only wholesale lenders that retains all of its TPO services, many wholesale partners bring their customers to Pennymac for this very reason. They know that Pennymac will take good care of their customers after closing.
As a result, the borrower will not be subject to the ability to make transfers and the administrative burden and hassle that comes with it – resetting passwords, restoring automatic payment, reconciling escrows, and browsing a new service portal.
“Our customers are so relieved when they hear we’ll be keeping the service, because we’re one of the few in the channel to do so for the full term of the loan,” Nichols said. “Additionally, for Pennymac refinances or purchases from Pennymac, we have the ability to lock in deposits for their clients, which dramatically reduces the time to close in many cases.”
Partnership with Pennymac
Pennymac believes its job is to make its partners look great in the eyes of their customers and referral partners, and to support the business goals of its business partners. As a leader in origination on behalf of third parties, correspondent and wholesaler, the company is committed to being a long-term partner for its clients throughout their professional career.
Nichols added, “As one of the most prominent and respected players in the mortgage business, we are uniquely positioned to help our partners achieve a new level of success with a superior customer experience, consistent execution, excellent technology and access to some of the most talented and committed professionals in the industry.