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Pennymac Financial Services Inc. announced on Monday that it has taken a long-term minority equity stake in Vesta Innovations Inc. as part of an effort to modernize the mortgage process.
The investment is part of a partnership between the two companies, also announced on Monday, which aims to streamline mortgage applications and enhance the customer experience.
As part of the collaboration, Pennymac has become the first major mortgage client to go live on Vesta’s platform.
“Our partnership with Vesta is a great example of how Pennymac continues to lead the industry through innovation,” said Doug Jones, Pennymac’s president and chief mortgage banking officer. “Investing in and integrating Vesta’s platform will further strengthen our technology ecosystem, allowing us to deliver an even faster, more intuitive mortgage experience for customers.
“Early results are very promising, with an increase in efficiency and improvement in our customer experience. This collaboration sets a new standard for the industry as a whole and truly elevates the customer journey.”
Vesta’s cloud-based loan origination system has been rolled out in Pennymac’s consumer direct channel, with plans to extend the technology across the company’s multichannel production platform, including its correspondent and third-party origination groups.
“Pennymac is a great partner and a tech-forward leader in the mortgage industry,” said Mike Yu, co-founder and CEO at Vesta. “Like us, they firmly believe that the industry needs state-of-the-art technology that supports a more operationally efficient lending process and Vesta delivers.
“Our modern platform helps lenders reduce costs, improve loan quality, and deliver a superior customer experience. Our collaboration with a market leader like Pennymac will set a new standard, driving a new era of lending and elevating the entire mortgage process for the industry as a whole.”
