NEW YORK, JUNE ‐‐ Shellpoint Partners LLC, a specialty finance
company, announced today thatit has completed the acquisition of
New Penn Financial, LLC, a leading originator of FHA/VA and Agency
Conforming loans, based in Plymouth Meeting, Pennsylvania.
Founded in 2008, New Penn has developed a substantial presence
in the marketplace through three lending divisions- Call Centers,
Financial Services (serving brokers and community banks), and a
traditional Retail unit. New Penn has 24 offices and over 400
employees. In 2010, New Penn originated $1.2 billion in
mortgages.
In addition to its current product line, New Penn will expand
mortgage originations to creditworthy borrowers who do not fit the
government agencies' underwriting criteria - for example, those
seeking jumbo loans or second homebuyers and investors. "As the
housing market recovers, the private sector will need to assume a
larger role in mortgage originations," said Bruce Williams, Co ‐CEO
of Shellpoint. "There are a significant number of
creditworthyborrowers who cannot get credit because they don't meet
the criteria of the government agencies. There is a significant
opportunity for a well capitalized specialty finance companythat is
not burdened with a legacy loan portfolio."
Mr. Williams said Shellpoint will own the loans created by New
Penn and use them to create securities, some of which will be held
in Shellpoint's portfolio, thereby complying with the government's
policy of "keeping skin in the game."
Shellpoint is a joint venture between management and Ranieri
Partners, a leading private investment firm focused on financial
services opportunities. In addition to Williams, Shellpoint's
management team includes co‐CEO Saul Sanders and Chief Investment
Officer, BobMagee. Jerry Schiano will also join Shellpoint's
management team while retaining his position as CEO of New
Penn.
Schiano looks forward to what the new organization will bring to
the market. "Shellpoint's capital and ability to develop
proprietary products will greatly expand the options that we can
bring to our borrowers in all of our business channels." The
Company plans to expand its national presence through both organic
growth and selective acquisition, with specific focus on
traditional retail opportunities.
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