MReport November 2022

TheMReport — News and strategies for the evolving mortgage marketplace.

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10 | M R EP O RT MTECH entities can harness to weather the storm." LoanPASS is a next-generation product and pricing engine that was designed from the ground up to swiftly configure and house any type of loan product along with ease of pricing changes. The immense flexibility and control that LoanPASS gives lending enti- ties to self-manage loan programs on-the-fly is lauded by users as a game-changing tool that provides a unique competitive advantage. LoanPASS' open APIs allow for quick, simple, and cost-effective integrations between disparate systems. "Each of our digital lending platforms reside in the cloud and are delivered using a low-cost SaaS delivery model, creating a maintenance free and low-cost interface," said Wes Yuan, CEO of LendingPad. "During turbulent times where mortgage lenders are facing strong headwinds, this integration arms mutual clients with the business-critical technol- ogy that they need to effectively hold the line for the now and also scale in the future." LendingPad is currently in use by direct lenders, credit unions, banks and originators. The company's turnkey solution can be custom-configured to a lender's specific business needs and automates multiple lending channels. The 100% web-based architecture allows for swift, easy, and cost-effective implementations that provide robust functionality to support lending organizations of all types and sizes. NextGen Broker Tech Delivered PENNYMAC TPO INTRODUCES POWER+ P ennyMac Financial Servic- es has launched POWER+ by Pennymac TPO, its next generation broker technol- ogy platform. Brokers will now have more speed and control over the mortgage process to de- liver an exceptional experience to their customers and referral partners. "We're deepening our commit- ment to wholesale and supporting brokers in an immense way with the introduction of POWER+. It started with the voice of our part- ners, which continues to power future enhancements, as well as the direction of our technology," said Kim Nichols, Senior Managing Director of Pennymac TPO. "The platform was designed and devel- oped using direct broker feedback, which shaped our workflow and functionality. Pennymac TPO is tech forward and human fo- cused—our people drive what we do. We help brokers succeed and grow their business, while sup- porting their customers' homeown- ership aspirations—it's a human business, and we don't forget that." POWER+ offers an enhanced guided workflow that is intuitive and significantly speeds up mort- gage processing time at every step. This allows brokers to complete loan setup, lock, and disclose in a matter of minutes. Additionally, it reduces processing time from loan creation to credit submission by as much as 40%. The platform's contextual validation capabilities ensure Uniform Residential Loan Application (URLA) accuracy before submission. "In collaboration with our broker partners and Pennymac's technical experts, we designed POWER+ to have functionality that will boost the overall client experience," said Lior Ofir, Senior Managing Director and CIO of Pennymac. "This advanced technology delivers precision and speed, while using data to drive digital workflows with more efficiency and greater cost- effectiveness. We're also leveraging cloud-native technology building blocks to modernize the mortgage business for brokers." Pennymac's custom fee screen enables brokers to accept, add, and edit fees directly onto a screen that looks exactly like a loan estimate. Brokers will have more control with the option to self-serve using Pennymac's default fees or selecting the platform's dynamic search feature to pull in fees from more than 25,000 settlement service provid- ers across the country. POWER+ also offers the ability to manage and monitor third-party activities. The platform's settlement agent fee collaboration tool allows brokers, settlement agents, and Pennymac to balance the final closing disclosure in a traceable system. Real-time communication with all parties in the balancing process improves transparency, eliminates back-and-forth emails, and speeds up the closing process. Through POWER+, borrowers can opt to use a hybrid e-closing process, which means borrow- ers only have to wet-sign a few critical documents in person at the closing table, with all other documents reviewed and e-signed in advance of their closing ap- pointment—using a smartphone, tablet, or computer. This gives borrowers more time to review important documents without time constraints. Combined with Pennymac's pre-funding process, this makes closing quicker and more efficient.

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