New Penn Correspondent Division Increases Speed and Capacity Through AUS Automation
IRVINE, Calif., Oct. 15, 2018 (GLOBE NEWSWIRE) -- LoanScorecard®, the leading provider of non-agency automated underwriting systems (AUS), today announced its expanded partnership with New Penn Financial, LLC (New Penn), launching AUS for the Correspondent Division’s SMART series products, growing the lender’s presence in the non-QM market.
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, SVP 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.”
New Penn’s Correspondent Lending growth plans are aimed to transform the division into a leading national player, with non-QM representing a significant portion of production.
“As non-QM aggressively grows in demand, forward-looking lenders like New Penn and its correspondents are capitalizing on this window of opportunity to become market leaders,” said Ben Wu, executive director at Loan Scorecard. “Our partnership naturally progresses alongside this rise in non-QM, as New Penn leverages our AUS across its lending operations, increasing production and scalability.”
About New Penn Financial
New Penn Financial® is a leading nationwide lender that brings expertise, extremely competitive rates on a broad portfolio of mortgage products, and exceptional customer service under one roof. Founded in 2008 and licensed in 49 states, the company and its reputation have grown under the guidance of a management team with years of experience in the mortgage industry. New Penn is headquartered in Plymouth Meeting, Pennsylvania and operates offices nationwide, including a network of JV partners. New Penn is a Shellpoint Partners company and now part of the New Residential Investment Corp. family. More information on the Correspondent Lending Division is available at newpenncorrespondent.com.
About Loan Scorecard
LoanScorecard® is the leading provider of non-agency automated underwriting, loan-loss solutions and borrower point-of-sale designed to meet today's regulatory challenges and capitalize on market opportunities. LoanScorecard helps institutions address CFPB regulations, compliance, fair-lending, and supports banks and credit unions preparing for the upcoming impacts of CECL. For more information, visit loanscorecard.com or call 800-617-0892.
Campbell Lewis Communications