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M R EP O RT | 7 MTECH this digital point-of-sale solution into other FirstBank verticals." FirstBank, headquartered in Nashville, can now provide a differentiated borrower experience through an integration of data-driven processes and personalized journeys with a suite of portals and companion mobile applications. Using FinXperience, lenders are able to grow origination volumes by 2.5 times, improve pull-through rates by 25 percent, cut down origination costs by 35 percent and reduce the average loan close time by 14 days. Hassan Rashid, CRO of Tavant, said, "Launching a new, customer-focused platform provides FirstBank a signifi- cant competitive advantage in an increasingly fierce market. FinXperience, empowers the bank with a design-centric ap- proach and enables a seamless, device-agnostic experience to meet evolving customer expectations. This initiative will accel- erate FirstBank's digital transformation journey and further im- prove the overall home buying experience for their customers, while optimizing existing business processes and functions." FirstBank joins Tavant's growing customer base which originates one out of every four loans in the U.S. The Tavant VΞLOX suite of products solves the most complex lender and borrower challenges, while maximizing data-driven processes. Empowering Lenders and Investors PENNYMAC LOAN SERVICES PARTNERS WITH ELLIE MAE FOR CORRESPONDENT LENDING. E llie Mae, a cloud-based platform provider for the mortgage finance industry, announced that Penny- Mac Loan Services LLC, a subsidiary of PennyMac Financial Services, Inc., 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 corre- spondent businesses on a single platform. "Ellie Mae shares our vision for world-class customer ser- vice, and in creating a differentiated experience for all of our clients," said Doug Jones, President, PennyMac Loan Services. "We believe in partnering with companies that offer the very best technology and client service, and Ellie Mae's commit- ment 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 de- livers a true digital mortgage experience across the entire loan origination workflow, for every channel, every loan transac- tion, 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 provid- ing 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." FROM THE SOURCE READ THIS "TRILLION DOLLAR COACH: THE LEADERSHIP PLAYBOOK OF SILICON VALLEY'S BILL CAMPBELL" by Eric Schmidt, Jonathan Rosenberg, Alan Eagle Bill Campbell mentored some of Silicon Valley's most successful entrepreneurs, helping create more than a trillion dollars in market value. Campbell played a vital role in Google, Apple, and Intuit developing relationships with Steve Jobs, Larry Page, and Eric Schmidt. In this book, leaders from Google share their experiences and how Campbell's principles help create higher performing, faster- moving cultures, teams, and companies. SHARE THIS POCKETSUITE PocketSuite assists entrepreneurs with managing their business. The app lets you schedule client appointments, com- municate via SMS and email, send invoices, and even process payments from your phone. Scheduled ap- pointments also sync up to your phone's calendar. PocketSuite offers low-payment processing fees. The app is available on iOS only and is free. TWEET THIS #INTERESTRATES The Federal Reserve cut interest rates for the third time this year, and its most recent cut in October lowered the benchmark to between 1.5% and 1.75%. The Fed had not cut interest rates in a decade before this year. Stay on top of the latest news develop- ments and what this means for the industry as we approach the Fed's first meeting of 2020. WATCH THIS ARE YOU A 'YIMBY'? Kim Hart, Managing Editor of AXIOS, recently appeared on CNBC to discuss the YIMBY ("yes, in my back- yard") movement, which is calling for the use of higher-density zoning within metropolitan areas. Many argue that higher-density zoning, especially in California markets, could help push back against ongoing affordability concerns. Visit CNBC.com and search "Kim Hart" to view the video.