LoanScorecard has announced its expanded partnership with New Penn Financial, launching AUS for the Correspondent Division’s SMART series products. New Penn’s National Correspondent Division offers a proprietary line of non-QM products, including bank statement and asset programs, investor opportunities and expanded condo solutions geared towards unique and underserved borrower needs. The launch of LoanScorecard’s AUS technology, Portfolio Underwriter, builds on New Penn’s goal to support its third-party partners in “expanding capacity with speed and ease” to boost their volumes and aid in recruitment and retention efforts.
“We gained incredible efficiency running AUS for all non-agency loans over the past couple of years,” said Dena Kwaschyn, New Penn’s Chief Fulfillment Officer. “This continues to significantly benefit our underwriting assessment, workflow, and turn times.”
Lisa Schreiber, Senior Vice President of the Correspondent Division at New Penn said, “Extending the same technology to our correspondents upfront, before selling a loan, offers increased transparency in our processes. The ability to provide quick access, and the deepening of our partners’ understanding of our SMART product benefits, are key goals of our planned expansion. We’ll all grow together.”