New Penn Financial Launches Mini Correspondent Program

Share Article

Program enables small to mid-size clients to close and fund their own loan production.

News Image
We’re pleased to support the nationwide mortgage community with services that fulfill their requirements for mortgage revenue with reduced risk.

Leading nationwide lender New Penn Financial, LLC (New Penn) today launched its mini correspondent program which enables clients such as mortgage bankers, community banks and credit unions to expand their mortgage businesses while limiting risk and maintaining their brand credibility.

Under the program, mini correspondent clients originate loans, submit them to New Penn for underwriting and clear-to-close issuance, complete the closing/funding process and sell the loans back to New Penn.

The client remains the lender of record and is responsible for disclosures, closing and funding, while New Penn provides the loan decision. Smaller institutions thus can price mortgages competitively, serve borrowers directly, brand loans/documents as their own and limit risk. Additionally, lenders can:

  •     Bank or broker loans based on warehouse or funding limitations
  •     Offer New Pen’s proprietary loan programs
  •     Control the closing/doc draw process through approved vendors
  •     Extend purchasing days beyond lock expiration dates
  •     Attain greater price flexibility

Brian Simon, COO, said, “This new program adds the third leg to our successful correspondent and broker/wholesale business channels. We’re pleased to support the nationwide mortgage community with services that fulfill their requirements for mortgage revenue with reduced risk. We’re here to help these businesses grow.”

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 46 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 50 branch offices nationwide. New Penn is a Shellpoint Partners company. More information is available at http://www.gonewpenn.com.

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Vince Powers
vwp@powersbc.com
610-937-1960
Email >
Visit website