Pennymac Makes Verification Efficiencies In Advance Of Market Return
Truework has been a highly valued and agile partner for our organization. As competitors in the market significantly increased their fees, Truework proactively offered cost-effective solutions through their innovative credentials product. This strategic partnership has been instrumental in achieving substantial cost reductions, enhancing our customer experience, and streamlining operational efficiency. We are confident in Truework's continued growth and market penetration.
Problem
With high mortgage rates and increasing home prices over the last few years, Pennymac recognized the challenges that came with a stagnant housing market. They took this opportunity to reassess their loan origination processes and identify areas of improvement that would prepare them for when demand eventually increased.
Looking at their internal processes, they recognized that one area to focus on was improving how verifications were run for their consumer direct loans. Their current vendor was expensive and didn’t provide complete and accurate reports, leading to a heavy reliance on internal teams to finish the work—increasing the all-in costs to verify an individual for a loan application. It was a snowballing issue that, left unattended, could lead to heavy operational strain when loan volume began increasing again.
Pennymac sought a way to improve efficiency and cost. At the same time, they wanted a verification process that was reliable, consistent, and predictable, especially during times of market volatility.
Solution
Pennymac selected Truework for its ability to automatically orchestrate all major verification methods with a single platform, delivering more complete and higher quality verification reports than the previous vendor. By optimizing their in-house verification waterfall with Truework, Pennymac removed redundancies that were time consuming for their teams. Most importantly, they consolidated disparate verification processes.
Pennymac leverages Truework for the following verification methods in an automated waterfall:
- Instant verifications
- Credentials (borrower-authorized) verifications
- Smart Outreach verifications
- Third-party provider verifications
As a result, they’ve seen significant cost and time savings, alongside gaining a reliable partner in verifications.
20%
cost savings across entire verifications process
14k+
hours saved for loan fulfillment teams
5+
processes simplified to a single end-to-end verification process
Looking to the Future
Pennymac continues to look for ways to improve how their teams originate loans. As a forward thinking organization, Pennymac is poised to recapture loan volume efficiently and proactively, with innovation partners like Truework to help along the way.
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About Pennymac
Founded in 2008, Pennymac has earned the position as one of the most respected lenders within the mortgage industry. As one of the top lenders in the country today, Pennymac has helped nearly 5 million lifetime homeowners achieve and sustain their aspirations of home. Pennymac is guided by the company’s core values of being Accountable, Reliable and Ethical in all business practices. Pennymac is committed to making positive contributions and promoting long-term sustainable growth and environmental stewardship. The organization has been recognized for various notable awards, including: Newsweek America’s 100 Most Loved Workplaces, Forbes 2023 Financial All-Stars, 2024 Military Friendly Employer, Mortgage Women's Magazine 2023 Top Employer for Women, NMP Magazine’s 2023 Best Military Lender. For more information please visit PENNYMAC.COM.
