Pennymac’s CEO David Spector doesn’t agree with limiting mortgage broker choice. The company’s executive believes brokers should be free to work with any wholesale lender they choose.
“It’s really unfortunate that we’re in a situation where brokers are having to choose who they’re going to be aligned with at the expense of somebody else,” Spector said. “I look at what’s going on in the marketplace and I’m just trying to help brokers not become loan officers beholden to one broker or direct lender.”
Spector argues Pennymac’s infrastructure and technology make it a worthy opponent to United Wholesale Mortgage and Rocket Pro, and with time the CEO sees his company taking the number one slot in the wholesale space.
In differentiating itself from competitors, Spector claims that unlike UWM and Rocket, Pennymac does not sell the servicing of brokers and instead keeps these loans in-house.
“The retention of servicing is vitally important because the broker cares about their customer and the fact that the customer has a loan closed and the servicing immediately transfers, creates a little bit of disruption that brokers will avoid with Pennymac,” he said.
The CEO said that, going forward, Pennymac will be more vocal in marketing itself to both borrowers and prospective mortgage broker partners. One of the first steps the company has taken to raise its public profile is sponsoring the 2026 and 2028 U.S. Olympic and Paralympic teams.
Read on for more insights from National Mortgage News’ interview with Pennymac’s executive.
