New Penn Financial Expands Smart Loan Series to its Retail Lending Network
May 17, 2018
Plymouth Meeting, PA (May 17, 2018) — National mortgage lender New Penn Financial (New Penn) today announced the expansion of its Smart Loan Series, a line of non-QM, non-agency loan products that provide a smooth lending experience for highly qualified borrowers who fall outside the specific requirements of traditional mortgage loans.
The Smart series of products, which launched in February 2018 to New Penn’s wholesale channel, has been extremely well received by broker clients and their borrowers, and has exceeded expectations. New Penn is now pleased to be offering the Smart series to its Retail Lending channels and will be launching in its Correspondent Lending division by the end of the month.
The product suite is geared toward investors, self-employed borrowers, and borrowers requiring solutions to non-traditional loan scenarios. The series includes four distinct product offerings to meet the varied needs of specific borrowers:
- SmartEdge, for borrowers qualifying full doc with loan amounts up to $3 million
- SmartTrac, for borrowers qualifying full doc with recent derogatory credit events
- SmartSelf, for self-employed borrowers qualifying using 12-24 month personal or business bank statements
- SmartVest, for experienced real estate investors with complex finances and/or multiple financed properties qualifying based on the cash-flow of the investment property
“The Smart Series reflects our commitment to offering a wide breadth of products that reaches a variety of deserving consumers,” said Kevin Harrigan, President and CEO of New Penn Financial.
Headquartered in Plymouth Meeting, PA, with offices across the United States, New Penn Financial specializes in finding the right loan for every borrower. The lender offers a wide range of mortgage products that help make the dream of home ownership attainable.
“With our Smart series, we’re able to provide solutions to high-quality borrowers that other lenders may be overlooking,” said Mark LeBrett, SVP & Non-QM Product Manager of New Penn Financial. “Our experienced sales force working together with our dedicated underwriting and operations staff provides quick and efficient loan processing and a collaborative lending experience.”