New Penn Financial, a mortgage lender that is owned by Shellpoint Partners, announced Monday that it is expanding into Nevada by launching Synergy Home Mortgage.
Synergy Home Mortgage will be based in Reno, and is licensed to operate thought the state of Nevada.
Synergy is also a joint venture between New Penn and local real estate firms Dickson Realty and Ferrari-Lund Real Estate. The company will focus on partnering with local Realtors and real estate agents to “provide a complete line of residential mortgage products” for homebuyers in northern Nevada.
Synergy will operate under New Penn’s Shelter Mortgage subsidiary, which New Penn acquired back in 2014. Shelter now has more than 25 joint venture and partner relationships in more than 30 states.
“New Penn Financial and Shelter Mortgage are excited to grow the JV space and committed to expanding across the US by partnering with real estate offices who want to provide a full-service offering to their local client base,” Corey Caster, CEO of Shelter Mortgage, said. “We’re excited for this partnership with Dickson Realty and Ferrari-Lund, who have the number one and number two market share in Washoe County.”
The new joint venture will be led by Dereck Bowlen, who will serve Synergy Home Mortgage’s branch manager.
“Our loan officers are based right here in Reno, and they are readily available for face-to-face meetings with clients and to answer questions, address issues, and move buyers smoothly through the mortgage process,” Bowlen said. “Through our partnership with New Penn, we’re able to provide competitive pricing and low fees, which means more purchasing power for Realtors and their clients.”
The partnership is the latest move for New Penn, which is set to be acquired by New Residential Investment Corp.
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.
Shellpoint is the parent company of several subsidiaries, New Penn, Shellpoint Mortgage Servicing, Avenue 365, a title and settlement services provider, and eStreet, an appraisal management company.