WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--
PennyMac Financial Services, Inc. (NYSE: PFSI), a leading U.S. mortgage
lender, today announced the launch of its Broker Direct channel,
offering mortgage brokers access to the Company’s state-of-the-art
POWER℠ platform combined with its unique centralized sales, client
engagement services and best-in-class fulfillment capabilities.
“We are excited to announce PennyMac’s entrance into the broker
channel,” said Doug Jones, President of PennyMac Loan Services, LLC, an
indirectly controlled subsidiary of PFSI. “We spent considerable time
evaluating this channel and believe it is the right time for us to
participate. Our new broker channel will provide opportunities to grow
volumes in attractive segments of the market, such as purchase-money and
prime jumbo mortgages. We expect to leverage our leading market position
to successfully grow our Broker Direct platform and achieve a leadership
position over time.”
PennyMac is the fourth-largest producer of newly originated mortgage
loans, according to Inside Mortgage Finance. The broker channel
represents approximately 10% of the total U.S. mortgage originations
market.
Through PennyMac’s POWER℠ platform, brokers will have unprecedentedaccess to data and the ability to proactively manage their
pipelines. By providing detailed, accurate and timely communication to
their customers on every loan, brokers and their loan officers can
provide best-in-class service for their customers and maintain trust
with their referral sources. POWER℠ enables the broker to self-serve for
a variety of functions and seamlessly communicate with PennyMac’s client
engagement team. With its strong market position, PennyMac has the scale
and operational capabilities to deliver process transparency,
consistency and an exceptional customer experience for mortgage brokers
and their clients. The Company’s new Broker Direct organization is led
by Kimberly Nichols, a seasoned mortgage executive who serves as
Managing Director, Direct Lending Channels, for PennyMac.
The POWER℠platform is further enhanced by access to
knowledgeable mortgage professionals through the Company’s dedicated
broker call center. Through PennyMac’s portal, brokers will have access
to the Company’s loan offerings, along with its industry-leading loan
fulfillment capabilities that deliver consistency and accuracy to the
origination process.
For more information about PennyMac Financial and signing up to become a
broker with the Company, please visit the Broker Direct channel website
at www.pennymacbrokerdirect.com.
About PennyMac Financial Services, Inc.
PennyMac Financial Services, Inc. is a specialty financial services firm
with a comprehensive mortgage platform and integrated business focused
on the production and servicing of U.S. mortgage loans and the
management of investments related to the U.S. mortgage market. PennyMac
Financial Services, Inc. trades on the New York Stock Exchange under the
symbol “PFSI.” Additional information about PennyMac Financial Services,
Inc. is available at www.ir.pennymacfinancial.com.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, regarding management’s beliefs, estimates, projections and
assumptions with respect to, among other things, the Company’s financial
results, future operations, business plans and investment strategies, as
well as industry and market conditions, all of which are subject to
change. Words like “believe,” “expect,” “anticipate,” “promise,” “plan,”
and other expressions or words of similar meanings, as well as future or
conditional verbs such as “will,” “would,” “should,” “could,” or “may”
are generally intended to identify forward-looking statements. Actual
results and operations for any future period may vary materially from
those projected herein and from past results discussed herein. Factors
which could cause actual results to differ materially from historical
results or those anticipated include, but are not limited to: the
continually changing federal, state and local laws and regulations
applicable to the highly regulated industry in which we operate;
lawsuits or governmental actions that may result from any noncompliance
with the laws and regulations applicable to our businesses; the mortgage
lending and servicing-related regulations promulgated by the Consumer
Financial Protection Bureau and its enforcement of these regulations;
our dependence on U.S. government-sponsored entities and changes in
their current roles or their guarantees or guidelines; changes to
government mortgage modification programs; the licensing and operational
requirements of states and other jurisdictions applicable to the
Company’s businesses, to which our bank competitors are not subject;
foreclosure delays and changes in foreclosure practices; certain banking
regulations that may limit our business activities; our dependence on
the multifamily and commercial real estate sectors for future
originations of commercial mortgage loans and other commercial real
estate related loans; changes in macroeconomic and U.S. real estate
market conditions; difficulties inherent in growing loan production
volume; difficulties inherent in adjusting the size of our operations to
reflect changes in business levels; purchase opportunities for mortgage
servicing rights and our success in winning bids; changes in prevailing
interest rates; increases in loan delinquencies and defaults; our
reliance on PennyMac Mortgage Investment Trust (NYSE: PMT) as a
significant source of financing for, and revenue related to, our
mortgage banking business; any required additional capital and liquidity
to support business growth that may not be available on acceptable
terms, if at all; our obligation to indemnify third-party purchasers or
repurchase loans if loans that we originate, acquire, service or assist
in the fulfillment of, fail to meet certain criteria or characteristics
or under other circumstances; our obligation to indemnify PMT and the
Investment Funds if its services fail to meet certain criteria or
characteristics or under other circumstances; decreases in the returns
on the assets that we select and manage for our clients, and our
resulting management and incentive fees; the extensive amount of
regulation applicable to our investment management segment; conflicts of
interest in allocating our services and investment opportunities among
us and our advised entities; the effect of public opinion on our
reputation; our recent growth; our ability to effectively identify,
manage, monitor and mitigate financial risks; our initiation of new
business activities or expansion of existing business activities; our
ability to detect misconduct and fraud; and our ability to mitigate
cybersecurity risks and cyber incidents. You should not place undue
reliance on any forward-looking statement and should consider all of the
uncertainties and risks described above, as well as those more fully
discussed in reports and other documents filed by the Company with the
Securities and Exchange Commission from time to time. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements or any other information contained herein,
and the statements made in this press release are current as of the date
of this release only.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180111006162/en/
PennyMac Financial Services, Inc.
Media
Stephen Hagey
(805)
530-5817
or
Investors
Christopher Oltmann
(818)
264-4907
Source: PennyMac Financial Services, Inc.