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PennyMac Expands Use of ICE Mortgage Technology Suite with Encompass Investor Connect to Accelerate Correspondent Digitization
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Rhea-AI Summary
ICE Mortgage Technology, part of Intercontinental Exchange (NYSE: ICE), announced a partnership with PennyMac Loan Services LLC (NYSE: PFSI). This integration with Encompass® Investor Connect positions PennyMac as the largest correspondent aggregator on the platform. The collaboration aims to streamline loan delivery, enhancing efficiency and loan quality without added costs to Encompass customers. PennyMac is set to leverage digital solutions for improved loan processing and customer experience.
Positive
Partnership enhances ICE Mortgage Technology and PennyMac's collaboration in automating the mortgage industry.
PennyMac becomes the largest correspondent aggregator on ICE's platform, increasing market presence.
Streamlined loan delivery aims for improved efficiency and quality without additional costs for customers.
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PLEASANTON, Calif.--(BUSINESS WIRE)--
ICE Mortgage TechnologyTM, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today announced its latest partnership with PennyMac Loan Services LLC, a subsidiary of PennyMac Financial Services, Inc. (NYSE: PFSI). The integration with ICE Mortgage Technology’s Encompass® Investor Connect will make PennyMac the largest correspondent aggregator within a network of correspondent investors available on one platform.
The partnership will enable a more streamlined loan delivery, resulting in improved efficiency, loan quality, and speed of funding, all at no additional cost to Encompass customers.
“We are excited to expand our partnership with PennyMac as we both work to help further automate the mortgage industry,” said Parvesh Sahi, Senior Vice President of Business and Client Development at ICE Mortgage Technology. “PennyMac shares our vision to create a seamless digital experience, from concept all the way through loan delivery. By participating in Investor Connect, PennyMac makes it easier for our joint clients to create valuable efficiencies derived from leveraging digital solutions.”
PennyMac is further digitizing loan review and the purchase process by leveraging Encompass Investor Connect’s digital loan delivery. The process also enhances two-way communication to enable sellers to both receive and clear conditions from within their loan pipeline.
“This is another demonstration of PennyMac’s continued commitment to leverage innovative technologies to connect end-to-end processes to improve the loan manufacturing process and customer experience, from borrowers to lenders to correspondent investors,” said Doug Jones, President and Chief Mortgage Banking Officer of PennyMac. “As an investor, we reach our customers where their loans reside, which translates to faster receipt of consistent, better quality loans and allows us, in turn, to review and purchase faster, all leading to more liquidity and opportunity throughout the mortgage process.”
ICE Mortgage Technology combines technology, data, and expertise to automate the entire mortgage process, from consumer engagement through loan registration, and every step and task in between. ICE Mortgage Technology is the leading cloud-based loan origination platform provider for the mortgage industry, with solutions that enable lenders to originate more loans, lower origination costs, and reduce the time to close, all while ensuring the highest levels of compliance, quality, and efficiency. Visit icemortgagetechnology.com or call (877) 355-4362 to learn more.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on February 4, 2021.
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.
Founded in 2008, the company is recognized as a leader in the U.S. residential mortgage industry and employs approximately 6,500 people across the country. For the twelve months ended March 31, 2021, PennyMac Financial’s production of newly originated loans totaled $228 billion in unpaid principal balance, making it the second largest mortgage lender in the nation. As of March 31, 2021, PennyMac Financial serviced loans totaling $449 billion in unpaid principal balance, making it a top ten mortgage servicer in the nation. Additional information about PennyMac Financial Services, Inc. is available at ir.pennymacfinancial.com.
What is the recent partnership between ICE Mortgage Technology and PennyMac Loan Services?
ICE Mortgage Technology partnered with PennyMac Loan Services to enhance loan delivery systems on the Encompass® Investor Connect platform.
How will the ICE Mortgage Technology and PennyMac partnership affect customers?
The partnership aims to improve loan quality and efficiency without additional costs for Encompass customers.
What is the significance of PennyMac becoming the largest correspondent aggregator?
Being the largest correspondent aggregator allows PennyMac increased market presence and access on the ICE platform, enhancing its operational capabilities.
Which companies are involved in the new partnership announcement?
The partnership involves ICE Mortgage Technology, part of Intercontinental Exchange (NYSE: ICE), and PennyMac Loan Services LLC, a subsidiary of PennyMac Financial Services, Inc. (NYSE: PFSI).
