PennyMac engages full service mortgage production platform from LendingSpace
PennyMac is expanding its relationship with LendingSpace to use the technology firm's full service mortgage production platform. LendingSpace's Enterprise Lending System will manage PennyMac's continued steady growth in mortgage volume, LendingSpace said Tuesday. PennyMac began using LendingSpace products in 2009. Enterprise Lending System software enables several different technology platforms to accommodate different stages of loan production. The system includes a loan origination system, a point-of-sale application, a broker portal for desktop origination submission, a third-party application management system and an aggregate lead management system to track leads from third-party sources. LendingSpace's program accommodates origination for conventional loans, Federal Housing Administration loans, Veterans Affairs loans and reverse mortgages. The fluidity of the platform is what PennyMac finds attractive. "The mortgage loan origination system is comprehensive, flexible, secure and very cost-effective," said Farzad Abolfathi, chief technology officer at PennyMac. "The system's ability to customize and scale the platform ensures that this is a long-term solution that won't be outgrown." LendingSpace noted that clients pay a fee per file for use of its product, but only on "transactions that go successfully to funding." The company is based in Fulton, Md. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.