New Penn Financial Launches LoanScorecard's Portfolio Underwriter

New Penn Correspondent Division Increases Speed and Capacity Through AUS Automation

IRVINE, October 15, 2018 – LoanScorecardTM, the leading provider of non-agency automated underwriting systems (AUS), today announced its expanded partnership with New Penn Financial, LLC (New Penn), launching AUS for the Correspondent Division’s SMART series products, growing the lender’s presence in the non-QM market.

New Penn’s National Correspondent Division offers a proprietary line of non-QM products, including bank statement and asset programs, investor opportunities and expanded condo solutions geared towards unique and underserved borrower needs. The launch of LoanScorecard’s AUS technology, Portfolio Underwriter®, builds on New Penn's goal to support its third party partners in “expanding capacity with speed and ease” to boost their volumes and aid in recruitment and retention efforts.

“We gained incredible efficiency running AUS for all non-agency loans over the past couple of years,” said Dena Kwaschyn, New Penn’s Chief Fulfillment Officer. “This continues to significantly benefit our underwriting assessment, workflow, and turn times.”

Lisa Schreiber, SVP Correspondent Division at New Penn said, “Extending the same technology to our correspondents upfront, before selling a loan, offers increased transparency in our processes. The ability to provide quick access, and the deepening of our partners’ understanding of our SMART product benefits, are key goals of our planned expansion. We’ll all grow together.”

New Penn’s Correspondent Lending growth plans are aimed to transform the division into a leading national player, with non-QM representing a significant portion of production.

“As non-QM aggressively grows in demand, forward-looking lenders like New Penn and its correspondents are capitalizing on this window of opportunity to become market leaders,” said Ben Wu, executive director at Loan Scorecard. “Our partnership naturally progresses alongside this rise in non-QM, as New Penn leverages our AUS across its lending operations, increasing production and scalability.”

About LoanScorecard

LoanScorecard is a leading provider of non-agency AUS, loan pricing solutions and borrower point-of-sale designed to meet today's regulatory challenges and capitalize on current market opportunities. LoanScorecard helps institutions address CFPB regulations through its QM Findings, the industry's first qualified mortgage (QM) engine, which has rendered more than 5 million QM findings reports to-date and supports banks and credit unions preparing for the upcoming impacts of CECL.

For more information, visit loanscorecard.com or call 800-617-0892.

For press inquiries, please contact:
Jessica Ruiz-Krout
Campbell Lewis Communications
212.995.8058
jessica@campbelllewis.com

  

Related blog or press release articles

New Penn Boosts LoanScorecard Tool

Asset-Backed Alert

New Penn Financial is expanding its use of technology that helps it buy home...

Read

New Penn Launches LoanScorecard's Portfolio Underwriter

National Mortgage Professional Magazine

LoanScorecard has announced its expanded partnership with ...

Read

MBANow and Digital Mortgage

MBANow: LoanScorecard's Ben Wu

Ben Wu, Executive Director for LoanScorecard, stops by MBANow to...

Read

Let’s discuss how we can further your mortgage business.

Start the Conversation