Items Tagged with 'New Penn Financial'

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  • 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.
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  • New Penn Financial rolls out non-agency loans for condos

    Allows larger portion of commercial space, fewer pre-sale requirements, more
    New Penn Financial is expanding on its financing options for condominiums. The lender announced this week that it is rolling out non-agency loans for condos. The new loan product, called SmartCondo, is the newest loan in the lender’s SMART Series, a collection of non-agency loans that provide a variety of options for “highly qualified borrowers.”
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  • New Residential completes $190M acquisition of Lewis Ranieri’s Shellpoint Partners

    Shellpoint is the parent company of New Penn Financial and others
    New Residential Investment Corp.’s acquisition of Shellpoint Partners, a mortgage vehicle that is owned in part by Lewis Ranieri’s Ranieri Partners, is now complete. The companies announced this week that the $190 million deal, which was first announced in November 2017, is now finalized.
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  • New Penn Financial acquiring Envoy Mortgage’s correspondent lending division

    New Penn continues growth
    New Penn Financial’s growth in the wake of its parent company being acquired by New Residential Investment Corp. is set to continue, as the lender announced Monday that it is acquiring the correspondent lending division of Envoy Mortgage. Late last year, New Residential announced that it planned to acquire Shellpoint Partners, which owns New Penn, in a $190 million deal.
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  • Freddie Mac sells $22.4 million NPLs to minority, woman-owned business

    Majority of loans in loss mitigation or foreclosure
    Freddie Mac announced it sold $22.4 million in deeply non-performing loans to VRMTG ACQ, a minority, woman-owned business. Freddie Mac explained the loans in the pool have been delinquent for an average of more than two years, and are therefore more likely to have been evaluated for or are in various stages of loss mitigation.
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  • New Penn Financial expands into Nevada with launch of Synergy Home Mortgage

    Launches joint venture with Reno real estate agencies
    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 is a joint venture between New Penn and local real estate firms Dickson Realty and Ferrari-Lund Real Estate.
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