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 the company’s LoanHD platform to accelerate loan quality reviews and loan file deliveries to investors, the company LoanLogics announced in a release.

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, the release stated.

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.

Ben Sizemore, PenFed's senior vice president of mortgage transformation, indicated that by automating a substantial number of tasks and streamlining loan deliveries, the expectation is 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 in the release. "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. 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.

The company also said LoanHD 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.

"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," Sizemore said.

LoanLogics CEO Brian Fitzpatrick is very optimistic about this partnership.

"We're honored to be working with the team at PenFed to grow its mortgage volume," he said. "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."