PennyMac selects Ellie Mae's Next Generation Encompass Digital Lending Platform for Correspondent Channel
PennyMac leveraging Encompass for unified approach across all lending channels
PLEASANTON, Calif. – Nov. 11, 2019 – Ellie Mae®, the leading cloud-based platform provider for the mortgage finance industry, today announced that PennyMac Loan Services LLC, a subsidiary of PennyMac Financial Services, Inc. (NYSE: PFSI) and currently the largest correspondent aggregator in the United States, will leverage Ellie Mae’s next generation Encompass™ Digital Lending Platform to support its correspondent business. This move expands PennyMac’s long standing relationship with Ellie Mae’s Encompass platform, allowing PennyMac to eventually consolidate its consumer direct, broker direct and correspondent businesses on a single platform.
PennyMac has long trusted Ellie Mae to deliver innovative technological solutions to support its tremendous growth. Based on a successful partnership dating back to 2008, PennyMac recently reached out to Ellie Mae to inquire about expanding that relationship. Ellie Mae’s commitment to innovation, automation and value-added business solutions allowed it to meet PennyMac’s timeline and align with PennyMac’s business model.
“Ellie Mae shares our vision for world-class customer service, and in creating a differentiated experience for all of our clients,” said Doug Jones, PennyMac Loan Services’ President. “We believe in partnering with companies that offer the very best technology and client service, and Ellie Mae’s commitment to modern technology and practical business solutions were critical to our decision. In the near term, we are thrilled to leverage Ellie Mae’s next generation Encompass Digital Lending Platform within our correspondent lending channel.”
The Encompass Digital Lending Platform empowers lenders and investors to engage homebuyers and efficiently originate, close, sell and purchase loans that maximize ROI across their business, all from a single system of record. The platform delivers a true digital mortgage experience across the entire loan origination workflow, for every channel, every loan transaction and every customer type.
“We have valued our relationship with an industry leader like PennyMac, which has always been at the forefront of innovation,” said Jonathan Corr, president and CEO of Ellie Mae. “We are excited to expand the relationship by providing a single platform to support all of PennyMac’s lending channels and to continue progressing our shared vision of intelligent automation to drive further efficiencies and value for PennyMac and its clients.”
For more information on the Encompass Digital Lending Platform, visit https://www.elliemae.com/encompass/encompass-digital-lending-platform
About Ellie Mae
Ellie Mae is the leading cloud-based platform provider for the mortgage finance industry. Ellie Mae’s technology solutions enable lenders to originate more loans, reduce origination costs, and shorten the time to close, all while ensuring the highest levels of compliance, quality and efficiency. Visit EllieMae.com or call 877.355.4362 to learn more.
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. Additional information about PennyMac Financial Services, Inc. is available at ir.pennymacfinancial.com.
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