Pennymac’s 11-year partnership contributes to LoanLogics’ rapid ramp up of IDEA® automated document classification and data extraction
May 23, 2023 – Jacksonville, Florida – LoanLogics, a recognized leader in loan quality technology for mortgage manufacturing and loan acquisition, today announced several document processing milestones achieved in large part through an 11-year relationship with PennyMac Financial Services, Inc. (NYSE: PFSI), PennyMac Mortgage Investment Trust (NYSE: PMT) and their affiliates (collectively “Pennymac”).
LoanLogics currently classifies 660 document types and extracts over 10,000 data elements with 99% extraction accuracy through its IDEA® (Intelligent Data Extraction and Automation) Services. Since Pennymac began using IDEA Services for its correspondent business, LoanLogics has benefited from its high volume of loans sent each month for processing. This rich set of document samples are what feeds IDEA’s machine learning and data extraction algorithms to make them more accurate for more document types. The result is that Pennymac has been able to rapidly ramp up classification, version control and data extraction of loan file documents.
“Over the past decade, LoanLogics has worked with us to set a new standard of performance in our correspondent business,” said Otto Suarez, Managing Director of Mortgage Fulfillment at Pennymac. “We’ve been able to dynamically scale our operations in a constantly changing market.”
Today, LoanLogics supports document processing projects for Pennymac across its correspondent lending, TPO lending, and consumer direct lending businesses. The efficiencies LoanLogics helped Pennymac achieve using nearly 10,000 automated rules and human operator workflows went beyond simple loan boarding to powering internal process improvements, business intelligence and business outcome automation use cases.
“Because of our continuous collaborations to address Pennymac’s growing needs, our own capabilities to serve the mortgage market have grown,” said Terrell Cassada, EVP, Product Architecture and Innovation at LoanLogics. “More and more data can be accurately extracted to feed downstream systems and processes and drive new possibilities to achieve business outcomes. We look forward to many more years of this advantageous relationship.”
Pennymac began a search for technology driven document classification and data extraction in 2011. Since 2012, LoanLogics has been proud to be part of that success, providing technology and services in support of Pennymac’s mortgage document and data automation needs. The relationship has provided mutual benefits, including enabling greater sophistication of LoanLogics’ machine learning and data extraction programs and increasing its document processing capabilities.
“LoanLogics’ document classification and data extraction is accurate, and they always strive to meet our unique needs,” Suarez said.
This year, Pennymac celebrates its 15th anniversary and has successfully helped over 4 million lifetime homeowners across the country achieve their aspirations of homeownership.
Founded in 2005, LoanLogics is a provider of mortgage audit software, income calculation and verification technology, and document processing automation. This data-driven digital technology improves the transparency and accuracy of the mortgage process and improves the quality of loans. The company’s capabilities and audit services help residential mortgage lenders, servicers, insurers and investors validate compliance, improve profitability and manage risk during the manufacture, sale and servicing of loan assets. LoanLogics leverages the latest methodologies in cloud computing and machine learning technology to deliver greater value for our clients. To learn more, visit www.LoanLogics.com.