The round was led by Conversion Capital.
Existing or soon-to-be Vesta users now generate more than $100 billion a year in originations, the company said. Pennymac reported a 25% decrease in operational origination costs and close to 50% efficiency gains for its loan officers after implementing Vesta.
Pennymac's managing director of mortgage fulfillment, Jensen Szakaly, said the large majority of routine production work should be automated over time.
Additional new investors in the funding round were FirstKey Mortgage and Navitas Capital. Other lenders currently on or joining the platform include Inspire Home Loans and Verus Mortgage Capital, a Vesta spokesperson said.