New Penn Names New President

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MORTGAGE EXPERT
2 · 06 · 18

The new president of New Penn Financial LLC was promoted from within the company. The move comes in the midst of the home lender being acquired.

On Tuesday,
the Plymouth Meeting, Pennsylvania-based company issued a statement indicating that Kevin Harrigan was promoted to president.

Harrigan, who originally joined New Penn in 2013, was promoted from the position of chief operating officer — a role he took on in May 2017.

Back in
April 2017, Amy Brandt left her post as president, originations & corporate technology. She originally took over the position in February 2016. While New Penn had not announced a president since that point, a Bloomberg profile lists the firm’s founder and chief executive officer, Jerry Schiano, as president.

In his new job, Harrigan will lead New Penn’s daily operations. He’ll also joint the executive management committee.

His more than three decades in the financial services industry
included time at Bank of America Corp., CIT Group and Key Corp.

Harrigan takes over a business that originated $6.5 billion in 2017.

Shellpoint Partners LLC, the parent of New Penn, has agreed to be acquired by New Residential Investment Corp. for $190 million, an announcement in December stated. The transaction is expected to be completed in the first half of this year.

Shellpoint Partners Co-CEO Bruce Williams said in today’s statement, “The recent agreement to acquire Shellpoint by New Residential Investment Corp. creates opportunities for meaningful growth in our family of companies. Kevin’s strong business experience, leadership ability, and understanding of the goals of our organization will be a tremendous asset as we navigate this transition and maximize our company’s rising potential.”

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