New Penn Financial has expanded its partnership with LoanScorecard and is now using LoanScorecard’s automated underwriting system (AUS) for its correspondent division’s SMART series products, thus growing New Penn’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, LoanScorecard says in a release.
“We gained incredible efficiency running AUS for all non-agency loans over the past couple of years,” says Dena Kwaschyn, chief fulfillment officer for New Penn. “This continues to significantly benefit our underwriting assessment, workflow and turn times.”
Lisa Schreiber, senior vice president of the correspondent division at New Penn, says “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,” Schreiber adds.