New Penn Financial LLC has announced that it has expanded its guidelines to allow Mini Correspondent and Correspondent partners to accelerate their government loan business. New Penn is launching Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) programs to its Mini Correspondent and Correspondent partners. While these products are currently offered by New Penn’s wholesale division, this is the first time the company is making them available to Mini Correspondent and Correspondent partners. Both standard and streamline products will be available.
“We continue to look for new opportunities to help our clients grow their businesses and meet their borrowers’ varying needs,” said Lisa Schreiber, new Penn's vice president of correspondent lending. “Our unique combination of financial stability and management experience creates an innovative environment that makes our partners at every level more competitive and successful.”
New Penn’s TPO Lending Channel supports Wholesale, Mini Correspondent and Correspondent business in which brokers, emerging bankers and lenders—utilizing New Penn loan products—originate, write and sell loans to New Penn. Through a multi-tiered platform, New Penn can meet the needs of all aspects of the TPO client community. Additionally, New Penn offers Agency and Jumbo portfolio products which expand their clients’ capabilities.
“This is an important milestone for us. We now have expanded guides in all channels and can serve virtually all borrowers and all customers through all three delivery channels,” said Brian Simon, New Penn's senior vice president.
“We are committed to providing quality product solutions for our customers and partners, and look forward to working together to create new opportunities,” Simon added.