PLYMOUTH MEETING, Pa.--(BUSINESS WIRE)--National mortgage lender New Penn Financial, LLC (“New Penn”) today announced that the company will be rebranded as NewRez at the beginning of 2019. New Penn was acquired by New Residential Investment Corp. (NYSE: NRZ; “New Residential”) in July of this year.
The NewRez name and the decision to rebrand reflect New Penn’s close alignment with its parent company, as well as the combined organization’s commitment to bringing value to its customer relationships and strategic partnerships. Since the acquisition, New Penn has leveraged additional capital and corporate backing from New Residential to grow and to expand New Penn’s product innovation capabilities. The company has continued to develop flexible loan products such as the SMART Series line, which create more opportunities for qualified borrowers to purchase or refinance homes. During the year New Penn has also invested significantly in technology designed to streamline the loan approval process and improve the overall customer experience.
“We are very excited to announce the rebrand and for the growth opportunities it signals,” said Kevin Harrigan, President and Chief Executive Officer of New Penn. “NewRez combines the strength and experience of the New Penn and New Residential brands under one umbrella, and we look forward to the benefits we will collectively bring to borrowers through our Wholesale, Correspondent Lending, Direct-to-Consumer, and Joint Venture/Retail business channels.”
“The new brand represents a combination of our company’s successful history and the bright future ahead,” added David Haggert, Chief Marketing Officer. “More information on the rebrand will be communicated in the coming weeks, including the transition timeline and details of the new brand and logo.”
About New Penn Financial
New Penn Financial® is a leading nationwide lender that brings expertise, extremely competitive rates on a broad portfolio of mortgage products, and exceptional customer service under one roof. Founded in 2008 and licensed in 49 states, the company and its reputation have grown 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, including a network of joint venture partners. New Penn is a Shellpoint Partners company and part of the New Residential Investment Corp. family. More information is available at newpennfinancial.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to statements regarding creating more opportunities for qualified borrowers to purchase or refinance homes; technology investments that may improve and streamline the loan approval process and overall customer experience; and future benefits to New Penn’s Wholesale, Correspondent Lending, Direct-to-Consumer, and Joint Venture/Retail business channels. They represent management’s current expectations regarding future events and are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those described in the forward-looking statements. Accordingly, you should not place undue reliance on any forward-looking statements contained herein. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Cautionary Statements Regarding Forward Looking Statements,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in New Residential’s annual and quarterly reports filed with the Securities and Exchange Commission, which are available on New Residential’s website (www.newresi.com). Forward-looking statements contained herein speak only as of the date of this press release, and New Residential expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in New Residential's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
