New Penn Financial is now officially NewRez

Lender rebrands to name that borrows from its new parent company

New Penn Financial has rebranded and will be known as NewRez moving forward, the company announced on Monday.

Last month, the mortgage lender announced that it planned to change its name to NewRez to align itself with its new parent company, New Residential Investment Corp.

Back in July, New Residential completed its $190 million acquisition of Shellpoint Partners, which is the parent company of several subsidiaries, including New Penn, Shellpoint Mortgage Servicing, title and settlement services provider Avenue 365, and eStreet, an appraisal management company.

Now, New Penn has taken on the New Residential mantra, of sorts, changing its name to NewRez.

“This rebranding marks the completion of our transition into the New Residential family and the beginning of a bright new chapter for our entire organization,” NewRez President and CEO Kevin Harrigan said.

“The launch of our new name and the unveiling of the NewRez brand is also a perfect opportunity to establish new brand pillars that demonstrate our continued commitment to supporting the dream of home ownership,” Harrigan added.

NewRez is licensed to lend in 49 states and operates multiple lending channels, including wholesale, correspondent lending, direct-to-consumer, retail, and a network of joint venture partners.

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