New Penn Financial Establishes New Correspondent Channel
September 6, 2011
September 2011 - Nationwide mortgage lender New Penn Financial, LLC announces the launch of its correspondent business channel that will buy non agency loans from approved clients.
Approved correspondents can offer New Penn's innovative non-agency portfolio loan products to their customers. The loans' expanded guidelines enable more borrowers to qualify for financing - for example, those seeking jumbo loans or second homebuyers. These loans provide more flexibility in loan qualification, loan amounts and other criteria, and include specialized programs for real estate investors and foreign nationals.
Jerry Schiano, New Penn's President and CEO, said, "We're pleased to offer approved clients the opportunity to serve more customers by offering our unique portfolio programs."
Bob Wexler, head of New Penn's Correspondent Division, stated, "There are limited options today for Correspondent lenders to originate high quality loans that do not fit Agency standards. New Penn's proprietary loan programs fill a major gap in today's market and the Correspondent channel helps us reach more of these borrowers."
New Penn recently hired Karey Geddes as Vice President of Sales for the newly formed Correspondent division. Ms. Geddes has over 20 years of experience in Correspondent Lending. Ms. Geddes served as Senior Vice President at BANC of Manhattan Capital, Partner at The Winter Group and Vice President at Credit Suisse First Boston prior to joining New Penn. Mr. Wexler added "We have built a team of very seasoned people with deep expertise in Correspondent lending."
The Company is now accepting business from qualified Correspondent candidates who are interested in expanding their product line and offering New Penn's non-agency loans to their customers. To become an approved Correspondent for New Penn's non-agency programs, lenders can go to www.newpenncorrespondent.com, which features a streamlined online approval process.