New Penn Financial LLC has acquired Stenton Mortgage, a retail mortgage banking company located in Plymouth Meeting, Pa., and the assets of Universal Trust Mortgage, a 12-year-old retail mortgage broker in Columbia, Md.
With these two acquisitions, both of which specialize in Federal Housing Administration (FHA) mortgage loans, New Penn Financial says it has expanded its capacity of originating FHA mortgage loans to serve the unmet demand of this market because of the disruption in the mortgage industry.
‘While other mortgage companies are shutting down or reducing operations, New Penn Financial has increased to almost 100 employees – with additional growth planned over the next several months,’ says Jerry Schiano, president and CEO. ‘Additionally, we believe FHA's share of mortgages will continue to grow at a dramatic pace and, with our FHA expertise and increased loan origination capacity, we are well positioned to meet this growing demand while remaining committed to offering the right long-term product to each of our customers.’
Source: New Penn Financial