New Loan From New Penn Financial Ups The Ante In The Jumbo Mortgage Market
November 5, 2012
PLYMOUTH MEETING, PA - National mortgage lender New Penn Financial, LLC today announced the addition of its Shellpoint Select jumbo mortgage to the company's product portfolio.
Backed by the financial strength of parent company Shellpoint Partners, New Penn Financial has recognized the void left by many lenders who abandoned jumbo products as well as the need in the marketplace for very competitive rates and fast turnaround times. The new mortgage delivers those benefits to qualified borrowers across the country who want to finance more expensive homes.
The Shellpoint Select is a fixed-rate jumbo loan available for both the purchase and refinance of owner-occupied homes. The loan features:
- Competitive fixed-rates with 30- and 15-year terms
- A streamlined process
- Faster turn-around times
- Up to $1 million loan amounts
"While remaining one of the few lenders in the country to offer jumbo loans, we enhanced what has driven our success, namely, very competitive rates, a fast loan process and responsive customer service," said New Penn President and CEO Jerry Schiano. "One of our mantras is to serve the needs of more borrowers, and the niche jumbo market is another way we achieve this goal."
Shellpoint Partners intends to securitize the prime-quality, non-agency loans originated by New Penn in the private capital market, and has filed with the Securities and Exchange Commission in this regard. Shellpoint's Co-CEO, Bruce Williams, said, "The return of private capital should provide an enormous boost to the U.S. housing market."
About New Penn Financial
New Penn Financial has become a leading 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 47 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 over 30 branch offices nationwide. New Penn is a Shellpoint Partners company. Shellpoint is a well-capitalized specialty