MReport January 2020

TheMReport — News and strategies for the evolving mortgage marketplace.

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10 | M R EP O RT MTECH announced that PennyMac Broker Direct has been added to their Marketplace pricing engine. PennyMac Loan Services, LLC (a wholly owned subsidiary of PennyMac Financial Services, Inc.), is a multi-channel national lender headquar- tered in Westlake Village, California. The Lender Price Marketplace pricing engine user base has grown five-fold since May 2019. The Marketplace has become a go-to resource for mortgage brokers to search prevailing pricing from multiple wholesale lenders. The addition of PennyMac increases the total number of wholesale lender partners to 27. "We are aggressively growing our Broker Direct Channel and believe that brokers can leverage our Perfect Rate, Perfect Term, and other granular pricing structures to grow their business" said Kim Nichols, Managing Director at PennyMac. "The Lender Price Marketplace is a valuable tool for brokers, and we see this partnership as an opportunity to increase our visibility to brokers who could benefit from partnering with PennyMac." Lender Price distributes the Marketplace pricing engine through a partnership with the National Association of Mortgage Brokers (NAMB), an industry trade group with over 6,000 mortgage broker members. Together, Lender Price and NAMB offer the Marketplace to all of its members at no cost. "We're extremely pleased to partner with PennyMac," said Dawar Alimi, CEO and Founder of Lender Price. "In just the past seven months, we've grown our user base by 500 percent and have added numerous lenders to the Marketplace. This demonstrates the demand that mortgage brokers have for a convenient way to find loan products and lenders such as PennyMac that want to reach out to a broader customer base." Another Front in the Fight Against Closing Scams THE COALITION TO STOP REAL ESTATE WIRE FRAUD HAS JOINED FORCES WITH FIDELITY NATIONAL FINANCIAL TO COMBAT WIRE FRAUD. T he Coalition to Stop Real Estate Wire Fraud has an- nounced that Fidelity National Financial has joined as the Coalition's latest partner in the battle against mortgage closing scams and real estate wire fraud. Founded by the American Land Title Association, the Coalition provides education about the growing threat of these scams and offers tips to help consumers protect their money dur- ing the homebuying process. Real estate wire fraud is a sophisticated scam targeting individuals or companies making or accepting wire trans- fer payments during the homebuying process. As a result, victims unknowingly send wire transfers to the accounts of criminals who are pretending to be real estate and title industry professionals involved in the transaction. FBI data show that in 2018, 11,300 victims in the United States lost nearly $150 million because of real estate wire fraud—a 166% increase in the total money lost compared with 2017. This is just the tip of the iceberg: The FBI estimates that only 12-15% of all wire fraud is reported. "Wire fraud has become a pervasive and immediate threat in the real estate industry," said Randy Quirk, CEO of Fidelity National Financial. "While employing technical safeguards is an important measure for any title company to undertake, the Anywhere. Anytime. Bringing Today's Lending Headlines into Focus, MReport Digital Puts Mortgage Banking News at Your Fingertips Experts you trust. People you know. News you want. MReport is putting essential mortgage market news at your fingertips with our new digital edition, now available online via your smartphone, tablet, or computer. Enjoy the magazine at your desk, and tap into MReport Digital's easily accessible platform anywhere, anytime. Committed to giving originators, servicers, and all lending professionals access to smarter perspectives, MReport believes it's time to think differently about the mortgage industry. Because the American Dream is evolving . . . are you? Subscribe to MReport and MReport Digital now! Call 800.856.8060 or connect with us online at to take advantage of our special introductory offer!

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