The acquisition of a mortgage servicing firm by New Penn Financial LLC is increasing the company’s servicing portfolio by around $13 billion.
Shellpoint Partners LLC, parent of the Plymouth Meeting, Pa.-based lender, announced in October that it had struck a deal to acquire Resurgent Mortgage Servicing.
At the time, Resurgent serviced around $7.7 billion in agency, non-agency and investor loans. Resurgent’s portfolio was expected to reach $13 billion by the end of 2013.
On Monday, Shellpoint announced that New Penn has finalized the acquisition of Resurgent.
The acquired business will now operate as Shellpoint Mortgage Servicing.
“The addition of a highly regarded servicer focused on providing a customer-friendly borrower experience will enhance our continued commitment to providing innovative homeownership solutions,” New Penn President and Chief Executive Officer Jerry Schiano said in the announcement.
Shellpoint Partners Co-CEO Bruce Williams called the acquisition “a significant milestone.”
Jack Navarro is the president and CEO of Shellpoint Mortgage Servicing.
