PennyMac Loan Services LLC, a Moorpark, Calif.-based subsidiary of PennyMac Financial Services Inc., has signed a five-year extension for Black Knight Financial Services' LoanSphere LendingSpace loan origination system (LOS) to support its correspondent aggregation operations.
PennyMac will also use Black Knight's indexing services to sort and categorize all scanned loan-related documents into online folders so that PennyMac's loan professionals can quickly and easily find any necessary information.
Jerry Halbrook, president of Black Knight's origination technologies division, says this platform is ‘specifically designed to deliver all the functionality needed to effectively support the loan review and purchase process,’ as lenders increasingly focus on the correspondent market.
‘PennyMac is realizing the benefits of using multiple Black Knight technologies to support its operations across the loan lifecycle to improve efficiencies and reduce risk,’ Halbrook adds.
