Plymouth Meeting, Pennsylvania-based New Penn Financial acquired Shelter Mortgage Company, a full-service mortgage lender headquartered in Milwaukee, Wisconsin.
Once the acquisition is complete, Shelter Mortgage and its subsidiaries will become a wholly owned subsidiary of New Penn Financial/Shellpoint Partners.
The partnership expands New Penn’s share of the mortgage market and doubles the size of its retail channel.
"Their long history of building significant relationships with referral sources makes Shelter Mortgage a perfect complement to New Penn’s focus, financial strength, and diversity of products,” said Jerry Schiano, president and CEO of New Penn Financial.
“We are extremely excited to become part of the New Penn family of companies and recognize the immediate value the relationship will bring, beginning with the diverse mix of Agency and Non-Agency products we’ll now be able to offer,” said Shelter Mortgage Company CEO Marc McManus, who will continue to have a leadership role in the new organization.