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New Penn Originates Over $1 Billion

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Residential originations exceeded $1 billion this year at New Penn Financial LLC — which projects a “significant increase” in hirings next year.

The Plymouth Meeting, Pa.-based lender was organized nearly three years ago by Jerry Schiano — who raised the capital for the venture.

The mortgage industry veteran, who nearly a decade earlier founded Wilmington Finance Inc., told Mortgage Daily at the time that he hoped 2009 originations would exceed $400 million.

But Schiano was way off base.

New Penn originated $929 million last year.

This year’s production is coming in at $1.132 billion.

In 2008, Schiano said that most of the business was generated through direct mail and Internet leads — though an effort was made to grow affinity relationships.

But New Penn sold the affinity business to Quicken Loans Inc. in late 2009. However, a new affinity group was launched in the first quarter of this year, and it is in the process of “re-staffing.”

Next year, the company will overcome a drop in refinance business by expanding its traditional retail presence and community bank channel. It also targets mortgage brokers.

Supporting the $1 billion production milestone were 289 employees as of Sept. 30. New Penn finished 2009 with 233 people.

“We project a significant increase in headcount for 2011,” a spokesman said in a statement today. “The size of the increase depends on market factors.”

New Penn acquired Stenton Mortgage in June 2008 and Columbia, Md.-based Universal Trust in September 2008.

Its branch count has gone from seven on Dec. 31, 2009, to 14 as of the end of this year.

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