Mortgage technology company Vesta has raised $30 million in Series B funding, with three of its lender customers — Pennymac, New American Funding, and nbkc bank — participating in the round as the company expands its AI-powered loan origination system (LOS).
The investment brings Vesta's total funding to $85 million and follows reported efficiency gains at Pennymac, which reduced operational origination costs by 25% and improved LO productivity by approximately 50% after replacing its previous LOS with Vesta. Both improvements came before the lender activated AI agents.
Vesta said lenders using or transitioning to its platform originate more than $100 billion annually.
"The mortgage industry has spent years adding technology on top of a manual process, and cost to originate has gone up, not down," said Jensen Szakaly, managing director of mortgage fulfillment at Pennymac.
"We think the large majority of routine production work should be automated over time, and getting there requires a system built for that rather than one retrofitted for it," Szakaly added.
Pennymac Bringing Vesta To Broker Channel
Pennymac initially deployed Vesta in its consumer-direct business, where the lender reported significant improvements in loan processing and originator productivity.
Time spent locking a loan fell from 62 minutes to 30 minutes, while average end-to-end processing time dropped from 14.5 hours to 11 hours. Pennymac estimated those improvements saved approximately 240,000 hours in 2025.
Now, the lender is bringing the technology to its wholesale business. During its July earnings call, Chairman and CEO David Spector said Pennymac was beginning to transition Vesta into its broker-direct channel, with the goal of extending those efficiencies to mortgage brokers.
Pennymac is also expanding its use of AI. As of July, automated workflows or AI agents were handling approximately 25% of the 150 origination tasks the company had identified, with a target of 80% by the end of 2027.
Spector said loans using autonomous AI agents had seen a 40% to 80% reduction in the time between application and conditional approval across major loan programs.
AI Agents Handling Tens Of Thousands Of Tasks Daily
Vesta said approximately 40% of tasks completed on its platform are now handled by AI agents and automated workflows, including document review, underwriting decisions, condition clearing, and closing-package reviews.
Unlike standalone AI tools, Vesta's agents operate within the same LOS used by loan officers, processors, and underwriters, recording their decisions and escalating matters requiring human review.
"Vesta is the only LOS where people and AI agents work the same file in the same system," said Mike Yu, Vesta's co-founder and CEO.
Kevin Morgan, Vesta's head of marketing, told NMP that the company's AI agents are completing tens of thousands of tasks daily.
Vesta plans to use the funding for product development and market expansion. The company has also moved further into Non-QM lending, with Verus Mortgage Capital announcing in July that it was transitioning its operations to Vesta's platform.
