National mortgage lender New Penn Financial LLC has announced the acquisition of Shelter Mortgage Company, a full-service mortgage lender headquartered in Milwaukee, Wis. Founded in 1984, Shelter Mortgage has built its business through a partnership-based model, by developing strong relationships with real estate agents, builders, and relocation companies and focusing on purchase money loans. Upon completion of the acquisition, Shelter Mortgage and its subsidiaries will become a wholly owned subsidiary of New Penn Financial/Shellpoint Partners LLC.
By joining forces with Shelter Mortgage Company, its joint venture partners, and the Shelter Lending Services entities, New Penn Financial significantly expands its share of the mortgage market and doubles the size of its retail channel.
“The acquisition of Shelter Mortgage reinforces our position as a leader in the mortgage lending market,” said Jerry Schiano, president and CEO of New Penn Financial. “Their long history of building significant relationships with referral sources makes Shelter Mortgage a perfect complement to New Penn’s focus, financial strength, and diversity of products.”
“We are extremely excited to become part of the New Penn family of companies and recognize the immediate value the relationship will bring, beginning with the diverse mix of Agency and Non-Agency products we’ll now be able to offer,” said Shelter Mortgage Company CEO Marc McManus, who will continue his leadership role in the new organization.
Shellpoint Partners, the specialty finance firm that owns New Penn Financial, LLC, continues to strengthen its mortgage-focused platform with the acquisition of Shelter Mortgage.
“Shelter Mortgage represents a strategic addition to our comprehensive family of mortgage-based companies,” said Bruce Williams, Co-CEO of Shellpoint Partners LLC. “This partnership immediately adds significant scale to our retail platform and further distinguishes our position as a leader in the industry.”