New Penn Financial LLC, a nationwide lender and wholly-owned subsidiary of Shellpoint Partners LLC, 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 Mae, Freddie Mac and Federal Housing Administration (FHA) guidelines. The Core products are available up to 85 percent loan-to-value ratio (LTV) without mortgage insurance and loan amounts up to $2 million at lower LTVs.

Shellpoint Partners LLC is a joint venture between management and Ranieri Partners, a leading private investment firm focused on financial services opportunities led by real estate industry and Wall Street veteran Lewis S. Ranieri, considered the "Father of Mortgage-Backed Securities (MBS)." 

New Penn’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.

“Our capital strength and ability to develop proprietary products will greatly expand the options for borrowers in all of our business channels," said New Penn Financial LLC President and Chief Executive Officer Jerry Schiano. 

New Penn’s wholesale platform targets banks and credit unions, providing them access to niche mortgage programs not typically held on their balance sheets.

“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,” said Bob Wexler, VP of New Penn's Financial Services Division. “There is a large segment of credit-worthy borrowers who cannot qualify for financing due to overly restrictive Agency and Government guidelines. We’re a portfolio lender focused on developing products that reach this underserved population.”