July 2011 - New Penn Financial, LLC, a
nationwide lender, has introduced a portfolio of new mortgage
programs designed to fill the gap where Agency and Government
programs end.
New Penn's Core Product Series is
designed for borrowers with strong credit, significant reserves and
disposable income, but who still fall outside Fannie/Freddie/FHA
guidelines. The Core products are available up to 85% LTV without
mortgage insurance and loan amounts up to $2 million at lower
LTVs.
The company's Plus Product Series targets the needs of
four niche markets: investors, foreign nationals, those with credit
blemishes and those who will rehab a home they intend to live
in.
New Penn's President and CEO, Jerry Schiano,
said, "Our capital strength and ability to develop proprietary
products will greatly expand the options for borrowers in all of
our business channels."
Bob Wexler, Vice President of New Penn's
Financial Services Division, said, "New Penn is a well-capitalized
portfolio lender uniquely positioned to differentiate itself from
the pack. These new products enable us to bring innovative
non-agency programs to our bank, credit union and broker
partners."
New Penn's wholesale platform targets banks and
credit unions, providing them access to niche mortgage programs not
typically held on their balance sheets.
"There is a large segment of credit-worthy
borrowers who cannot qualify for financing due to overly
restrictive Agency and Government guidelines," said Mr. Wexler.
"We're a portfolio lender focused on developing products that reach
this underserved population." In a market where private
capital is scarce, New Penn is leading the way with the
announcement of these programs.
About New Penn Financial: New
Penn Financial has become a nationwide lender by bringing
expertise, extremely competitive rates on a broad portfolio of
mortgage products, and exceptional customer service under one roof.
Founded in 2008, and licensed in 42 states, the company and its
reputation have grown rapidly under the guidance of a management
team with years of experience in the mortgage industry. New Penn is
headquartered in Plymouth Meeting, Pennsylvania and operates 24
branch offices nationwide. New Penn is a Shellpoint Partners
company. Shellpoint is a well-capitalized specialty finance company
led by a veteran management team. More information is available at
www.GoNewPenn.com (for
brokers and community banks) and www.newpennfinancial.com (for consumers).
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