Pennymac renames broker division

PennyMac Financial Services and PennyMac Mortgage Real Estate Investment Trust have announced a rebranding of the broader organization and the renaming of its third-party origination business.

The two affiliates, collectively referred to as Pennymac, have begun using a modernized version of the company’s roofline logo in conjunction with that name. In addition, the former PennyMac Broker Direct unit — which will be operating with upgraded automation and a renewed commitment to servicing retention — has been renamed Pennymac TPO.

Pennymac chose to rebrand its mortgage broker division because its previous name “didn’t reflect the growing focus and support we have for the emerging banker segment we serve within our non-delegated correspondent program,” said Kim Nichols, senior managing director, Pennymac TPO, in an email.

Closed-loan sellers who underwrite using their own guidelines before submitting a mortgage for sale, rather than their investor’s specifications, will continue to work with a separate unit called Pennymac Correspondent.

“While we share the same operating philosophy across our production channels, the needs of our TPO partners are very different,” Nichols said. “We pulled our non-delegated correspondent under the wholesale channel awhile back so that we could ensure focus and prioritization for these partners whose needs are very similar to those of our broker partners.”

The upgrade to the POWER loan portal, referred to as POWER+, will involve a redesign aimed at improving the platform’s functionality.

“People are the plus,” Nichols said. “We had focus sessions with key partners and extracted detailed feedback from various users, such as loan officers, processors and broker owners. We also meticulously logged client feedback about challenges in the loan process. We boiled their needs down to three main focus areas: speed, efficiency and communication.”

Pennymac TPO is also specifically recommitting to servicing retention as part of the channel rebrand because third-party originators have shown a preference for it, Nichols said.

“It gives them peace of mind knowing that Pennymac will care for their clients after closing and that borrowers will not be subjected to the potential of multiple servicing transfers,” she said.

Administrative tasks that consumers have to undergo when servicing changes hands, such as having to reset passwords for online accounts or learn how to use new platforms, are concerns for consumers that third-party originators would rather avoid, said Nichols.

“Our partners don’t want to put their borrowers through the hassle,” she said.

Ultimately, PennyMac’s goal in reaffirming its commitment related to servicing retention, improving its technology and rebranding is to attract a range of third-party originators to a loan channel that’s expected to be increasingly competitive.

“If our clients want to remain a broker and simply grow their brokerage, we can help with that. If they want to transition or migrate into the correspondent channel — first in the non-delegated space, then ultimately grow into the delegated correspondent channel — we can help guide the way,” Nichols said. “We offer a continuum of support and partnership from the start-up mortgage broker through the transition of potentially becoming a scaled mortgage banker.”