Ellie Mae has announced that PennyMac Loan Services LLC, a subsidiary of PennyMac Financial Services, will leverage Ellie Mae’s Encompass Digital Lending Platform to support its correspondent business. This move expands PennyMac’s long standing relationship with Ellie Mae’s Encompass platform, allowing PennyMac to eventually consolidate its consumer direct, broker direct and correspondent businesses on a single platform.
Based on a successful partnership dating back to 2008, PennyMac recently reached out to Ellie Mae to inquire about expanding that relationship. Ellie Mae’s commitment to innovation, automation and value-added business solutions allowed it to meet PennyMac’s timeline and align with PennyMac’s business model.
“Ellie Mae shares our vision for world-class customer service, and in creating a differentiated experience for all of our clients,” said Doug Jones, PennyMac Loan Services president. “We believe in partnering with companies that offer the very best technology and client service, and Ellie Mae’s commitment to modern technology and practical business solutions were critical to our decision. In the near term, we are thrilled to leverage Ellie Mae’s next generation Encompass Digital Lending Platform within our correspondent lending channel.”
Jonathan Corr, president and CEO of Ellie Mae, said: “We have valued our relationship with an industry leader like PennyMac, which has always been at the forefront of innovation. We are excited to expand the relationship by providing a single platform to support all of PennyMac’s lending channels and to continue progressing our shared vision of intelligent automation to drive further efficiencies and value for PennyMac and its clients.”