PenFed Selects LoanLogics' LoanHD® platform for Correspondent Division

Regtech solution expected to support increase monthly loan volume through advanced automation

Trevose, PA | November 13, 2018 LoanLogics, a recognized leader in loan quality technology for mortgage manufacturing and loan acquisition, announced that PenFed, one of the nation's largest credit unions, has selected LoanLogics' LoanHD® platform to accelerate loan quality reviews and loan file deliveries to investors. One of the most widely used regtech solutions in the mortgage industry, LoanHD enables real-time, highly automated mortgage quality assurance and control that improves productivity compared to manual internal audits and third-party audit services.

PenFed, a federal credit union with 1.7 million members and $23.5 billion in assets, chose LoanLogics to help them increase their capacity for growth in their correspondent lending business, according to Ben Sizemore, PenFed's senior vice president of mortgage transformation. By automating a substantial number of tasks and streamlining loan deliveries, Sizemore expects LoanHD will enable a significant expansion of the credit union's monthly loan volume as their business grows.

"PenFed has always been committed to using technology to operate more efficiently, which makes LoanLogics the perfect partner to scale our mortgage business," Sizemore said. "We anticipate LoanHD will enable us to increase our loan throughput by automating processes and continue to deliver our loan document packages to meet investor and regulatory requirements," he said. "LoanHD also meets our standards for robust quality controls that enable us to lower operating costs."

LoanHD automatically harvests data from loan documents and third-party sources and automates virtually every quality control task, providing a "red light, green light" approach to loan manufacturing and acquisition that reduces the cost of compliance at every stage. It includes a library of customizable business rules and checklist-driven auditing processes that encompass pre-underwriting, pre-funding and post closing reviews, due diligence and loan boarding as well as specialized audits for HMDA, TRID and other regulatory and agency requirements.

Sizemore said LoanLogics' reputation as a regtech leader in the mortgage industry made the decision to choose LoanHD easy. "The company's superior technology and expertise allow us to quickly and simply enhance automation for our correspondent and third party channels, increasing our efficiency for the delivery of high quality services for our members."

"We're honored to be working with the team at PenFed to grow its mortgage volume," said LoanLogics CEO, Brian Fitzpatrick. "By verifying and validating loan data prior to loan review, regtech solutions like LoanHD can significantly automate audit tasks and lower costs which deliver huge benefit to credit unions and their members. We look forward to helping PenFed gain greater efficiencies and control loan quality for years to come."

About LoanLogicsLoanLogics was founded in 2005 to improve the transparency and accuracy of the mortgage process and improve the quality of loans. Its Regtech capabilities help dozens of residential mortgage lenders, servicers, insurers and investors validate compliance, improve profitability and manage risk during the manufacture, sale and servicing of loan assets. LoanLogics is listed on Deloitte's 2017 Technology Fast 500™ and HousingWire's 2018 HW TECH100, and it has received multiple awards for its corporate culture, executive leadership and women executives. To learn more, visit www.loanlogics.com

Media Contact Mike Murray
Strategic Vantage Marketing & Public Relations
(240) 498-0863
MikeMurray@StrategicVantage.com

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