PennyMac Financial Services, Inc. Live with VantageScore 4.0 Across All Three Production Channels

Continued investment in next-generation lending technology aimed at lowering costs and expanding access to homeownership

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--PennyMac Financial Services, Inc. (NYSE: PFSI) (Pennymac or the company), one of America’s leading U.S. mortgage lenders and servicers, today announced it has completed deployment of VantageScore® 4.0 across its entire production platform, including consumer direct, broker direct, and correspondent channels.

"We intend to be at the vanguard of credit score modernization because we firmly believe it will lower costs and support homeownership across America," said David Spector, Chairman and CEO of Pennymac. "This was studied and debated in Washington for the better part of a decade. FHFA and FHA moved it from talk to action, put firm dates on the calendar, and released the data the market needed to validate this model independently. That took resolve, and we applaud them for it. Anything worth doing is hard, and this is worth doing."

The deployment follows April 2026 announcements from the Federal Housing Finance Agency (FHFA) and the Department of Housing and Urban Development (HUD) that opened the conventional and FHA markets to credit score competition for the first time in decades. Where older models evaluate a borrower using a single snapshot of a credit file, next-generation models such as VantageScore® 4.0 incorporate trended data, looking at how a borrower has managed credit over up to 24 months rather than at one moment in time.

Because Pennymac operates at scale in all three production channels, the deployment extends the new model to borrowers who come to the company directly, borrowers working with independent mortgage brokers, and borrowers served by the community lenders, credit unions, and regional banks that sell loans to Pennymac's correspondent business. As the largest correspondent aggregator in the market, Pennymac expects access in that channel to pull industry adoption forward across hundreds of smaller lenders.

Mr. Spector added, “We are grateful to FHFA Director Pulte and HUD Secretary Turner for moving this forward. Credit scoring has never had a competitive market, and borrowers have paid for that through their closing costs. Markets with more than one credible option tend to produce better products at a lower cost, and credit scoring should be no different. Each provider now has a reason to improve predictive accuracy, extend coverage, and compete on price, and lenders have a basis for comparison they have not had before. Borrowers should feel the benefits of that competition directly.”

About PennyMac Financial Services, Inc.

PennyMac Financial Services, Inc. (NYSE: PFSI) is a national financial services firm focused on the production and servicing of U.S. mortgage loans and the management of mortgage-related investments. Founded in 2008 and headquartered in Westlake Village, California, it is one of the nation's largest mortgage producers and servicers, and one of the few lenders operating at scale across all three production channels. The company combines advanced technology with significant operational scale to serve home buyers, existing homeowners, and its institutional partners nationwide. Additional information about PennyMac Financial Services, Inc. is available at pfsi.pennymac.com.