PennyMac Financial Services Inc. today announced the launch of POWER+ by Pennymac TPO, describing it as its “next-generation broker technology platform.”
Brokers now have more speed and control over the mortgage process to deliver an exceptional experience to their customers and referral partners, the company said.
“We’re deepening our commitment to wholesale and supporting brokers in an immense way with the introduction of POWER+,” said Kim Nichols, Senior Managing Director of Pennymac TPO. “It started with the voice of our partners, which continues to power future enhancements, as well as the direction of our technology.”
Nichols said the platform was designed and developed using direct broker feedback, “which shaped our workflow and functionality. Pennymac TPO is tech forward and human focused — our people drive what we do.”
According to Pennymac, POWER+ offers an enhanced guided workflow that is “intuitive” and significantly speeds up mortgage processing time. “This allows brokers to complete loan setup, lock, and disclose in a matter of minutes,” it said.
It reduces processing time from loan creation to credit submission by as much as 40%, Pennymac said.
“The platform’s robust contextual validation capabilities ensure Uniform Residential Loan Application (URLA) accuracy before submission,” it said. “As a result, the loan process is more efficient, precise, manageable and convenient.”
Lior Ofir, Pennymac’s senior managing director and chief information officer, said collaboration among the company’s technical experts and broker partners resulted in a design for POWER+ that has “functionality that will boost the overall client experience.”
“This advanced technology delivers precision and speed, while using data to drive digital workflows with more efficiency and greater cost-effectiveness,” Ofir said. “We’re also leveraging cloud-native technology building blocks to modernize the mortgage business for brokers.”
Pennymac’s custom fee screen enables brokers to accept, add, and edit fees directly onto a screen that looks exactly like a loan estimate. Brokers have more control, with the option to self-serve using Pennymac’s default fees or selecting the platform’s dynamic search feature to pull in fees from over 25,000 settlement service providers across the country, the company said. These combined features allow brokers to deliver fee accuracy to their borrowers, it said.
POWER+ also offers the ability to manage and monitor third-party activities. The platform’s settlement agent fee collaboration tool allows brokers, settlement agents, and Pennymac to balance the final closing disclosure in a traceable system. Real-time communication with all parties in the balancing process improves transparency, eliminates back-and-forth emails, and speeds the closing process, the company said.
With POWER+, borrowers can opt to use a hybrid e-closing process, which means they only have to “wet-sign” a few critical documents in person at the closing table, with all other documents reviewed and e-signed in advance — using a smartphone, tablet, or computer — giving borrowers more time to review important documents. Combined with Pennymac’s pre-funding process, this makes closing quicker and more efficient.
PennyMac Financial Services Inc., doing business as Pennymac, is a specialty financial services firm focused on the production and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market. Founded in 2008, it entered the wholesale market in 2018 and employs over 4,800 people nationwide.
