New Penn Financial Launches Non-Agency Portfolio Programs
July 1, 2011
July 2011 - New Penn Financial, LLC, a nationwide lender, has introduced a portfolio of new mortgage programs designed to fill the gap where Agency and Government programs end.
New Penn's Core Product Series is designed for borrowers with strong credit, significant reserves and disposable income, but who still fall outside Fannie/Freddie/FHA guidelines. The Core products are available up to 85% LTV without mortgage insurance and loan amounts up to $2 million at lower LTVs.
The company's Plus Product Series targets the needs of four niche markets: investors, foreign nationals, those with credit blemishes and those who will rehab a home they intend to live in.
New Penn's President and CEO, Jerry Schiano, said, "Our capital strength and ability to develop proprietary products will greatly expand the options for borrowers in all of our business channels."
Bob Wexler, Vice President of New Penn's Financial Services Division, said, "New Penn is a well-capitalized portfolio lender uniquely positioned to differentiate itself from the pack. These new products enable us to bring innovative non-agency programs to our bank, credit union and broker partners."
New Penn's wholesale platform targets banks and credit unions, providing them access to niche mortgage programs not typically held on their balance sheets.
"There is a large segment of credit-worthy borrowers who cannot qualify for financing due to overly restrictive Agency and Government guidelines," said Mr. Wexler. "We're a portfolio lender focused on developing products that reach this underserved population." In a market where private capital is scarce, New Penn is leading the way with the announcement of these programs.
About New Penn Financial: New Penn Financial has become a 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 42 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 24 branch offices nationwide. New Penn is a Shellpoint Partners company. Shellpoint is a well-capitalized specialty finance company led by a veteran management team.