New Penn Financial, a mortgage lender that is owned by Shellpoint Partners, announced recently that it promoted Kevin Harrigan to president.

Harrigan joined New Penn in 2013 and most recently served as the company’s chief operating officer.

In his new role, Harrigan will lead New Penn’s daily operations and will join New Penn CEO Jerry Schiano and Shellpoint Partners co-CEO Bruce Williams on New Penn’s executive management committee.

According to the company, Shellpoint’s looming acquisition by New Residential Investment Corp. provided the impetus for Harrigan’s promotion.

Late last year, New Residential announced that it planned to acquire Shellpoint, which owned in part by Lewis Ranieri’s Ranieri Partners, in a $190 million deal.

Ranieri, considered to be the father of mortgage securitization, helped found Shellpoint in 2010, and still serves on the company’s board of directors.

Shellpoint is the parent company of several subsidiaries, Penn, Shellpoint Mortgage Servicing, Avenue 365, a title and settlement services provider, and eStreet, an appraisal management company.

Williams said that the New Residential deal allows New Penn to grow its business, adding that the company sees Harrigan as the person to lead that growth.

“Kevin’s promotion to President of New Penn was a natural next step on the path of leadership progression,” Williams said.

“The recent agreement to acquire Shellpoint by New Residential Investment Corp. creates opportunities for meaningful growth in our family of companies,” Williams added. “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.”

Harrigan brings more than 30 years of senior management experience in financial services and mortgage banking to his new role, including positions with Avantor Capital, Bank of America, and KeyCorp.

“I’m thrilled to work alongside Bruce and Jerry as part of the New Penn leadership team, and I’m eager to help New Penn move successfully through our next stage of growth and development,” Harrigan said. “This is an exciting time for our organization, and I look forward to a promising future as we join the (New Residential) family.”



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