PennyMac consolidates lending channels in Ellie Mae's digital platform

by Candyd Mendoza22 Oct 2020

Ellie Mae, now ICE Mortgage Technology, recently announced that PennyMac consolidated its consumer direct, broker direct, and correspondent businesses on the Encompass digital lending platform. 

The firms announced Wednesday that PennyMac completed the transition of its seller community across all its lending channels to Ellie Mae’s cloud-based platform. The move came on the heels of the companies’ announcement last year that PennyMac will use the Encompass platform to support its correspondent business.

"Delivering innovation to benefit our customers through a truly unique experience is what makes Ellie Mae a valuable partner to us," said Doug Jones, president of PennyMac Corp. "Our speed to market and common vision enabled us to pioneer Ellie Mae's next-generation Digital Lending Platform. In less than a year, we're live, giving us a cutting-edge opportunity to support all channel – driving lender technology, supporting industry growth, and most importantly, adding value for our customers."  

"This is only the beginning," said Joe Tyrrell, president of ICE Mortgage Technology. "PennyMac and Ellie Mae share a common vision to continually improve levels of efficiency and intelligent automation to offer a truly digital mortgage experience throughout the entire lending process. Our leading next-generation platform approach has the ability to reshape the industry by providing a single network for every mortgage."