Last month, Green Tree Servicing announced its exit from the wholesale lending business.
This month New Penn Financial hired many of those staffers to increase its wholesale operations.
In fact, the move nearly doubles the size of the New Penn wholesale sales force.
The addition includes three regional sales executives and nearly 30 account executives from Green Tree Servicing.
With the addition of the new team members, New Penn’s wholesale division now counts close to 70 sales executives across the country.
"We saw an opportunity to bolster our wholesale sales team and went after it," said Brian Simon, chief operating officer with New Penn Financial. "These individuals will nicely complement our existing team and enable us to significantly expand our market share while offering our products to more customers across the country."
Since 2008, New Penn has funded over $14 billion in loans and provided mortgages for borrowers on more than 60,000 loans.
"New Penn’s relationship with Shellpoint Partners provides the company with a unique advantage in the mortgage industry: a substantial capital base," the company said in an email. "By acting as both a portfolio lender and a conduit lender, New Penn offers its partners the flexibility and dependability they need to remain competitive in today's lending environment."