New Penn Financial LLC has announced the addition of its Shellpoint Select jumbo mortgage to the company’s product portfolio. Backed by the financial strength of parent company Shellpoint Partners, New Penn Financial has recognized the void left by many lenders who abandoned jumbo products, as well as the need in the marketplace for very competitive rates and fast turnaround times. The new mortgage delivers those benefits to qualified borrowers across the country who want to finance more expensive homes.
Shellpoint Select is a fixed-rate jumbo mortgage available for both the purchase and refinance of owner-occupied homes. The loan features: Competitive fixed-rates with 30- and 15-year terms; a streamlined process; faster turn-around times; and up to $1 million loan amounts.
“While remaining one of the few lenders in the country to offer jumbo loans, we enhanced what has driven our success, namely, very competitive rates, a fast loan process and responsive customer service,” said New Penn President and CEO Jerry Schiano. “One of our mantras is to serve the needs of more borrowers, and the niche jumbo market is another way we achieve this goal.”
Shellpoint Partners intends to securitize the prime-quality, non-agency loans originated by New Penn in the private capital market, and has filed with the Securities and Exchange Commission (SEC) in this regard.
“The return of private capital should provide an enormous boost to the U.S. housing market,” said Shellpoint Co-CEO Bruce Williams.