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National Lender Touts $1 in Closing Costs

New Penn offering program for limited time

May 31, 2011

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

A Pennsylvania-based mortgage lender is pulling all the stops.

For a limited time, prospective borrowers can get into a home loan for just $1 in closing costs at fixed rates as low as 4.25 percent.

The mortgage banker offering the program, New Penn Financial LLC, says consumers can potentially save thousands of dollars by avoiding fees for origination, underwriting and title insurance. Customers also won't pay appraisal fees or points.

The three-year-old company likely earns its fees in the secondary mortgage market, where loans are bought and sold long after the original loan closing. Mortgage rates have fallen during the past month to the lowest point this year -- making it easier for companies like New Penn to earn higher fees in the secondary market without raising rates.

Headquartered in Plymouth Meeting, Pa., New Penn says it operates in 43 states from regional offices across the country.

The firm, which has previously advertised on Mortgage Daily's business-to-business news section, claims to offer "some of the lowest mortgage rates available." Its loan programs include fixed-rate loans, adjustable-rate mortgages, or 'ARMs,' and government-insured mortgages. It also offers jumbo financing for loans in excess of the $417,000 conforming limit.

New Penn Founder, President and Chief Executive Officer Jerry Schiano says response to the recently launched program has been "strong."

"And response is coming from refinance customers, too," Schiano added, "many of whom are paying down mortgages above 5 percent."

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