New Penn Financial Acquires Shelter Mortgage
PLYMOUTH MEETING, PA (September 3, 2014) – National mortgage lender New Penn Financial, LLC today announced its acquisition of Shelter Mortgage Company, a full-service mortgage lender headquartered in Milwaukee, WI.
Founded in 1984, Shelter Mortgage Company has built its business through a partnership-based model, by developing strong relationships with realtors, builders, and relocation companies and focusing on purchase money loans. Upon completion of the acquisition, Shelter Mortgage and its subsidiaries will become a wholly owned subsidiary of New Penn Financial/Shellpoint Partners, LLC.
By joining forces with Shelter Mortgage Company, its joint venture partners, and the Shelter Lending Services entities, New Penn Financial significantly expands its share of the mortgage market and doubles the size of its retail channel.
"The acquisition of Shelter Mortgage reinforces our position as a leader in the mortgage lending market," said Jerry Schiano, President and CEO of New Penn Financial. "Their long history of building significant relationships with referral sources makes Shelter Mortgage a perfect complement to New Penn’s focus, financial strength, and diversity of products."
"We are extremely excited to become part of the New Penn family of companies and recognize the immediate value the relationship will bring, beginning with the diverse mix of Agency and Non-Agency products we’ll now be able to offer," said Shelter Mortgage Company CEO Marc McManus, who will continue his leadership role in the new organization.
Shellpoint Partners, the specialty finance firm that owns New Penn Financial, LLC, continues to strengthen its mortgage-focused platform with the acquisition of Shelter Mortgage.
"Shelter Mortgage represents a strategic addition to our comprehensive family of mortgage-based companies," said Bruce Williams, Co-CEO of Shellpoint Partners LLC. "This partnership immediately adds significant scale to our retail platform and further distinguishes our position as a leader in the industry."
About New Penn Financial
New Penn Financial has become a leading nationwide lender by bringing expertise, extremely competitive rates on a broad portfolio of mortgage products, and exceptional customer service under one roof. Founded in 2008, and licensed in 48 states, the company and its reputation have grown rapidly 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. New Penn is a Shellpoint Partners company.
About Shelter Mortgage Company
Shelter Mortgage is a leading retail residential mortgage originator predominantly focused on conforming purchase money loans generated through relationships with realtors, builders, and relocation companies. Founded in 1984 as a subsidiary of a community bank, Shelter has more than 120 loan officers located across the country and is licensed to originate loans in 30 states. Shelter has built a strong platform via its differentiated, partnership-based origination model, focus on purchase money originations, and a compliance-oriented culture.
About Shellpoint Partners LLC
Shellpoint is a specialty finance company focused on the U.S. residential mortgage market. One of its primary goals is to provide additional options and liquidity to quality borrowers who do not fit the existing underwriting criteria for Agency or government-backed mortgages. Shellpoint hopes that providing these additional options and liquidity will help the housing market recover through the return of private capital and the expansion of access to mortgage credit for such borrowers. As an RMBS issuer and industry participant, Shellpoint is also committed to helping define the new market standards and practices that will support the growth of a healthy and responsible RMBS market.