The parent of New Penn Financial LLC is acquiring a mortgage servicer that will operate as New Penn’s servicing arm.
Word of the planned acquisition came in a news release Tuesday from New Penn’s parent, Shellpoint Partners LLC.
Plymouth Meeting, Pa.-based New Penn already maintains a mortgage servicing portfolio that was reported at $4.5 billion as of Dec. 31, 2012.
But the acquisition of Resurgent Mortgage Servicing will add another $7.7 billion as of Aug. 31 to the portfolio. In addition, Resurgent’s servicing portfolio of agency, non-agency loans and investor loans is expected to reach $13 billion by the end of the year.
Resurgent already services New Penn’s residential loans.
Resurgent Capital Services is the seller in the deal, which is expected to close by Dec. 31.
Upon the closing of the transaction, which is subject to regulatory approval, the acquired business will operate as Shellpoint Mortgage Servicing and be a division of New Penn.
“The new entity will also continue RMS’s core business: high touch mortgage servicing for its third party client base of financial services organizations,” the announcement said.
Resurgent employs 225 people in Greenville, S.C., and Houston. Once the acquisition is complete, New Penn’s staffing will exceed 1,300 employees.
New Penn previously reported that its headcount was 1,300 as of May 15.
Terms of the deal weren’t disclosed.
