PennyMac Financial Services has launched Power+ by Pennymac TPO, its broker technology platform. Brokers will now have more speed and control over the mortgage process to assist customers and referral partners.
“We’re deepening our commitment to wholesale and supporting brokers in an immense way with the introduction of Power+. It started with the voice of our partners, which continues to power future enhancements, as well as the direction of our technology,” said Kim Nichols, senior managing director of Pennymac TPO. “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. We help brokers succeed and grow their business, while supporting their customers’ homeownership aspirations — it’s a human business, and we don’t forget that.”
Power+ offers an enhanced guided workflow that is intuitive and significantly speeds up mortgage processing time at every step. This allows brokers to complete loan setup, lock and disclose in a matter of minutes. Additionally, it reduces processing time from loan creation to credit submission by as much as 40%. The platform’s robust contextual validation capabilities ensure Uniform Residential Loan Application (URLA) accuracy before submission. As a result, the loan process is more efficient, precise, manageable and convenient, the company said.
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 will 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. These combined features allow brokers to deliver fee accuracy to their borrowers.
Power+ also offers the ability to manage and monitor third-party activities.