Correspondent lending clients of New Penn Financial LLC will now be able to finance borrowers with low credit scores through a new government lending program.
On Monday, the Plymouth Meeting, Pa.-based company said that it is expanding its government lending programs from its wholesale lending division to its correspondent channel.
The programs include loans insured by the Federal Housing Administration and guaranteed by the Department of Veterans Affairs.
Both correspondent partners and mini correspondent clients will benefit.
New Penn noted that the expanded correspondent programs include loans for borrowers with FICO scores as low as 580.
In addition, no-appraisal options are available for streamlined transactions.
New Penn reports that it has originated more than 50,000 loans for $12 billion since it opened in 2008.
In a statement provided after the publication of this story, New Penn indicated that it originated $5.75 billion in residential loans during 2013, increasing from $5.0 billion during 2012.
Headcount, meanwhile, is approximately 1,000 full-time employees.
