An up-and-coming lender is entering the correspondent channel.
New Penn Financial LLC opened for business in May 2008.
By 2010, annual originations at the Plymouth Meeting, Pa.-based firm exceeded $1 billion.
This past June New Penn was acquired by Shellpoint Partners LLC — a company affiliated with mortgage-backed securities legend Lewis S. Ranieri.
Since then, New Penn has launched portfolio programs that provide financing for borrowers who don’t qualify for agency loans, investor properties and jumbo programs. It lends in 42 states.
On Thursday, the lender plans to announce the launch of a non-agency correspondent business unit.
It will buy jumbo mortgages and loans secured by second homes through the channel. Also on the menu are specialized programs for real estate investors and foreign nationals.
Bob Wexler is heading up the new correspondent division.
Companies interested in becoming an approved New Penn correspondent are being directed to www.GoNewPenn.com to apply through a streamlined online approval process.
