New Penn Financial LLC, a subsidiary of residential mortgage origination and investment company Shellpoint Partners LLC, has acquired Resurgent Mortgage Servicing (RMS) from Resurgent Capital Services (RCS).
RMS is currently the servicer of New Penn's residential mortgage loans. Upon completion of the acquisition, which is expected to occur before the end of the year, RMS will be re-branded as Shellpoint Mortgage Servicing, operating as a division of and servicer for New Penn.
RMS will continue to service the mortgage portfolios owned by affiliates of RCS. As of Aug. 31, Resurgent's servicing portfolio was $7.7 billion and is projected to reach $13 billion by 2014.
Resurgent currently employs approximately 225 servicing professionals at its Greenville, S.C., and Houston offices. With the addition of RMS, New Penn's operating businesses will employ over 1,300 mortgage professionals in 45 offices in 21 states. Resurgent will continue to be based in Greenville and Houston and operate under its existing management team.