New Penn Unveils Fixed-Rate Jumbo Loan, Destined for MBS
New Penn Financial, a fast-growing nonbank with ties to MBS co-inventor Lewis Ranieri, this week unveiled a new jumbo loan that will likely wind up in MBS issued by its affiliate, Shellpoint Partners.
The product is fixed-rate with terms of 15 and 30 years. The lender is promising its partners “faster turn-around” times and will originate loans of up to $1 million.
A few weeks back Shellpoint filed a shelf registration with the Securities and Exchange Commission, marking its entry into the private label MBS market.
Shellpoint will securitize FHA- and VA-backed mortgages but will not include Fannie Mae and Freddie Mac loans in its MBS. Nonperforming mortgages also will be avoided, according to its initial shelf registration.
Ranieri is chairman of Shellpoint's board. The company has an ownership stake in New Penn, which is based in Plymouth Meeting, Pa.