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Tuesday, May 30, 2023

PennyMac Enters Broker Direct Market

PennyMac Financial Services Inc. will offer mortgage brokers access to its Power platform, the company announced Friday. The Westlake Village originator and investor in mortgage loans said the Power platform will give brokers access to data and the ability to manage their deal pipelines. The platform also includes access to mortgage professionals through a dedicated broker call center. The company’s new Broker Direct organization is led by Kimberly Nichols, a veteran mortgage executive. “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,” the company said in a statement. Shares of PennyMac closed Friday up 65 cents, or 2.9 percent, to $23.40 on the New York Stock Exchange.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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