LendingSpace Expands Relationship with PennyMac

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Enterprise Lending System Provides an End-to-End SaaS Solution for the Multiplatform Mortgage Company

Our relationship with PennyMac began in 2009, when the company chose to deploy the Point-of-Sale component of LendingSpace's suite of products

LendingSpace, a leading provider of mortgage technology solutions, announced today that Private National Mortgage Acceptance Company, LLC ("PennyMac"), a specialty financial services firm, has selected the LendingSpace Enterprise Lending System as the technology platform to manage its continued steady growth in mortgage production. Founded in 2008, PennyMac operates a retail lending division through one of its subsidiaries, PennyMac Loan Services, LLC, and manages, through another subsidiary, a mortgage conduit that purchases jumbo, FHA and agency mortgages from stand alone mortgage companies and community banks (GoPennyMac.com).

"Our relationship with PennyMac began in 2009, when the company chose to deploy the Point-of-Sale component of LendingSpace's suite of products," said Ravi Varma, CEO of LendingSpace. "PennyMac's decision to move forward with the implementation of our full Enterprise Lending System speaks to their satisfaction with our software-as-a-service and to their desire for a more holistic technology solution. For more than a decade, LendingSpace has earned the trust and loyalty of our clients, based on components such as Lead Management, with its advanced assignment and distribution capabilities, and Point-of-Sale, an integrated lead registration module that includes CRM and deal structuring functionality."

"We look forward to realizing the additional benefits of employing the complete LendingSpace system to manage our retail and correspondent operations," said Stan Kurland, PennyMac Chairman and CEO, "We view LendingSpace as a responsive business partner with deep experience in the mortgage space, offering a platform that brings the best of current technology with strong process controls."

LendingSpace represents unparalleled value. In addition to offering a full suite of components with all the tools needed to originate conventional, FHA, VA and reverse mortgages, the company takes a "when you win, we win" approach to pricing. Clients pay a fee-per-file for the use of LendingSpace on only those transactions that go successfully to funding.

"LendingSpace has delivered on its philosophy of making loan originations and processing easier, faster and more economical," said Scott D. Anderson, PennyMac's Chief Mortgage Operations Officer, adding, "The LendingSpace team has a deep understanding of loan origination processing, as well as the needs of mortgage professionals. Clearly, the LendingSpace approach aligns our interests with our technology provider.

"In an era of unprecedented regulatory change, it is imperative that lenders leverage technology to achieve transparency and compliance throughout the loan origination process," Anderson continued. "Lending Space offers a robust compliance module that gives us the ability to view real-time data and store historical data, so we can maintain a robust Quality Control environment."

"The mortgage loan origination system is comprehensive, flexible, secure and very cost-effective. And, they deliver more standard features than other technology providers," said Farzad Abolfathi, PennyMac's Chief Technology Officer. "The system's ability to customize and scale the platform ensures that this is a long-term solution that won't be outgrown. These are among the many advantages that spurred our decision to deploy this robust offering."

The LendingSpace Enterprise Lending System is an end-to-end SaaS solution with standard-offering features and components that include Lead Management, Point of Sale, Automated Decisioning, Loan Origination System, LendingXchg and Vendor Management, Customer Portals, Compliance, Document Management and Imaging, Secondary Marketing, and Enterprise Reporting. For a free demonstration of LendingSpace's features and capabilities, lenders can call toll-free, 800-995-2341.

About LendingSpace
LendingSpace, a privately held technology company, is a leading provider of state-of-the-art, comprehensive mortgage loan origination management solutions, serving the needs of banks, mortgage companies and other lending institutions through its innovative Software as a Service paradigm. Founded in 1999, LendingSpace has a global development staff of more than 80 focused exclusively on mortgage technology solutions and the unique needs of mortgage professionals. The company is located in Fulton, Maryland. http://www.lendingspace.com.

Name Debra Kaufmann
Email dkaufmann(at)collingwoodllc(dot)com
Phone 202.626.9724

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