New Penn Financial LLC, which itself is being acquired with its parent company, has picked up a correspondent lending operation.
The parent of Plymouth Meeting, Pennsylvania-based New Penn, Shellpoint Partners LLC, is being acquired.
In an announcement late last year, Shellpoint said it has agreed to be acquired by New Residential Investment Corp. for $190 million.
That deal is expected to close in the first half of this year.
On Monday, New Penn said it has acquired Envoy Correspondent Lending, a five-year-old business.
“Finding a partner that shares our values in quality and client service was extremely important to us in building out this division,” New Penn’s President Kevin Harrigan said in the statement. “The Envoy team has demonstrated consistent business growth and earned a solid industry reputation and a loyal client base. We’re thrilled to join with an organization that is already excelling in this space.”
The acquired business is now known as New
Penn Financial National Correspondent Lending Division.
New Penn noted that its wholesale and emerging bank lending group will continue to be operated as part of its third-party origination division.
