Nationwide mortgage lender New Penn Financial LLC has announced the launch of its correspondent business channel that will buy non-agency loans from approved clients. Approved correspondents can offer New Penn’s 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, president and chief executive officer of New Penn Financial LLC, said, “We’re pleased to offer approved clients the opportunity to serve more customers by offering our unique portfolio programs.”
New Penn recently hired Karey Geddes as VP of sales for the newly formed Correspondent Division. Geddes has more than 20 years of experience in correspondent lending, and has served as senior vice president at BANC of Manhattan Capital, a partner at The Winter Group and VP at Credit Suisse First Boston prior to joining New Penn.
“There are limited options today for correspondent lenders to originate high quality loans that do not fit agency standards," said Bob Wexler, head of New Penn’s Correspondent Division. "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.”