Lender Price has announced that PennyMac Broker Direct has been added to their Marketplace pricing engine. PennyMac Loan Services LLC, a wholly-owned subsidiary of PennyMac Financial Services Inc., is a multi-channel national lender headquartered in Westlake Village, Calif.
The Lender Price Marketplace pricing engine user base has grown five-fold since May 2019, becoming a go-to resource for mortgage brokers to search prevailing pricing from multiple wholesale lenders. The addition of PennyMac increases the total number of wholesale lender partners to 27.
“We are aggressively growing our Broker Direct Channel and believe that brokers can leverage our Perfect Rate, Perfect Term and other granular pricing structures to grow their business” said Kim Nichols, managing director at PennyMac. “The Lender Price Marketplace is a valuable tool for brokers and we see this partnership as an opportunity to increase our visibility to brokers who could benefit from partnering with PennyMac.”
Lender Price distributes the Marketplace pricing engine through a partnership with the National Association of Mortgage Brokers (NAMB). Together, Lender Price and NAMB offer the Marketplace to all of its members at no cost.
“We’re extremely pleased to partner with PennyMac,” said Dawar Alimi, chief executive officer and founder of Lender Price. “In just the past seven months, we’ve grown our user base by 500 percent and have added numerous lenders to the Marketplace. This demonstrates the demand that mortgage brokers have for a convenient way to find loan products and lenders such as PennyMac that want to reach out to a broader customer base.”