PennyMac Financial Services

Servicing kept the lender profitable in the third quarter as production volume plunged and management accelerated a $160 million cost-reduction plan

Twelve lenders are now selected for a program that removes a key USDA preclosing approval step

More than 50 lenders are offering $845,000, $847,440, or $850,000 before FHFA acts, but investor execution and lender overlays determine which borrowers can use them

The AI-powered LOS provider secures new funding after Pennymac reported a 25% reduction in operational origination costs, with plans to expand the technology into its broker-direct channel

The rollout gives brokers and correspondent lenders another major outlet for VantageScore 4.0

Former CrossCountry and Pennymac executive takes newly created role overseeing capital markets and investment strategy