PennyMac delivers people, process and performance so brokers can build a sustainable business

As the world adjusts to its new normal, mortgage professionals are having to do the same thing. This isn’t an easy task, considering brokers have to adjust while also managing a high volume of clients due to the booming housing market. PennyMac Broker Direct has brought new strength to brokers, as well as emerging bankers in the non-delegated correspondent channel, to help their business thrive.

Brokers who partner with PennyMac not only work with a dedicated and highly experienced Account Executive but also gain access to a highly specialized Broker Operations Manager (BOM), who serves as their single point of contact from start to finish. The BOM delivers a high level of communication, support and pipeline surveillance.

“As much as we all need to scale and automate processes to keep costs in line, above all else, this is a people and relationship business,” said Kim Nichols, senior managing director, executive leader Wholesale Channel. “Our team really gets that; it’s part of our culture and it’s something that truly distinguishes us from the competition.”

PennyMac provides several programs and services to help brokers grow their businesses. For example, PennyMac’s broker portal, POWER, has an easy-to-use pricing scenario tool backed by their sophisticated proprietary pricing engine. Brokers have the ability to lock loans until midnight Pacific time every day through the portal.

Additionally, the company’s mortgage insurance best-ex solution, OptiMIze, automatically delivers the best MI pricing available leveraging PennyMac’s highly competitive negotiated MI rates. Perfect Rate and Perfect Term allow brokers to fine-tune pricing to .001% and customize terms to the exact month for their customers on fixed-rate loans. Brokers also have the ability to net escrows on PennyMac-to-PennyMac refinances, which is a great way to reduce cash to close.

“Brokers really love that we don’t sell our servicing. We make a permanent capital investment in MSRs and have a best-in-class servicing platform,” Nichols added. “We offer great customer service to support their borrowers beyond the closing table. Our broker partners can feel confident that their borrowers will have a smooth post-close experience and are in good hands.”

PennyMac also provides a monthly “POWER Your Business” webinar series to educate brokers on the market landscape and help them stay on top of industry and market trends.

“Since PennyMac doesn’t have a distributed retail channel, we see our broker partners as our reach into local communities with a specific focus on the purchase market,” said Jeff Keeland, executive vice president, Broker Direct Fulfillment.

“Our pre-approval option is a very important tool for our brokers in this current hot purchase market. We also offer priority paths for purchase throughout the loan process. We are working to equip our partners with all the tools, programs and technology that they need to effectively compete with scaled distributed retail lenders in their markets.”

As the fastest-growing lender in the wholesale channel, PennyMac is uniquely positioned to serve as a business partner across the mortgage banking professional continuum. PennyMac can be a long-term partner for brokers and emerging bankers to support their business goals.

“Our experienced, knowledgeable, expert leadership team is second to none. We have a successful track record of building scaled and sustainable businesses,” said Chris Legg, executive vice president, TPO Strategy and Innovation. “We want to share our expertise with our broker partners.”