New Penn Newsmakers

Some of the latest headlines on New Penn’s products & services, leaders, company growth, and more.

New Penn Financial Launches New SmartCondo Product

National mortgage lender New Penn Financial (New Penn) announced this week the launch of SmartCondo, a new product that provides expanded financing options for condominium properties that do not meet agency guidelines. SmartCondo is the latest addition to New Penn’s proprietary SMART Series, a line of non-agency loan products that provide a variety of options for highly qualified borrowers.

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New Penn Financial Debuts New Piggyback Product

National mortgage lender New Penn Financial (New Penn) announced today the launch of a new piggyback product that provides flexible financing options for highly qualified borrowers. The piggyback, a HELOC transaction, is now available to New Penn’s Wholesale Lending division and will soon be available in the Direct-to-Consumer and Retail Lending business channels.

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New Residential Completes Previously Announced Acquisition of Shellpoint Partners

New Residential Investment Corp. (NYSE:NRZ; together with its subsidiaries, “New Residential” or the “Company”) announced today that it has closed the previously announced acquisition of Shellpoint Partners LLC (“Shellpoint”), a vertically integrated mortgage platform with established origination and servicing capabilities. The acquisition comprises all outstanding equity interests of Shellpoint and all companies within the Shellpoint family, including New Penn Financial, Shellpoint Mortgage Servicing, Avenue 365, and eStreet Appraisal Management Company.

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New Penn Financial Acquires Envoy’s Correspondent Lending Division

National Mortgage lender New Penn Financial (New Penn) today announced its acquisition of the Envoy Correspondent Lending Division. The addition of Envoy Correspondent Lending rounds out the organization’s business channels, which include existing origination channels in Call Center, Joint Venture, Retail, and Wholesale.

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New Residential Announces Agreements to Acquire Shellpoint Partners

New Residential Investment Corp. announced today that it has entered into definitive agreements to acquire Shellpoint Partners LLC, a vertically integrated mortgage platform with established origination and servicing capabilities, for approximately $190 million, subject to certain adjustments, plus potential additional consideration pursuant to a three-year earnout based on the performance of Shellpoint after closing.

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