New Penn Financial, which is now owned by New Residential Investment Corp., will soon have a new name that borrows from its new parent company.
Back in July, New Residential completed its $190 million acquisition of Shellpoint Partners, which is the parent company of several subsidiaries, including New Penn, Shellpoint Mortgage Servicing, title and settlement services provider Avenue 365, and eStreet, an appraisal management company.
And beginning early next year, New Penn will be rebranding and will take on the name NewRez.
“The NewRez name and the decision to rebrand reflect New Penn’s close alignment with its parent company, as well as the combined organization’s commitment to bringing value to its customer relationships and strategic partnerships,” the company said in a release.
According to New Penn, since the acquisition, the lender has already used the additional capital and backing from New Residential to expand on its loan offerings and improve its lending technology.
In a release, the company said that it only expects those expansions and improvements to continue under its new name.
“We are very excited to announce the rebrand and for the growth opportunities it signals,” said Kevin Harrigan, president and chief executive officer of New Penn.
“NewRez combines the strength and experience of the New Penn and New Residential brands under one umbrella, and we look forward to the benefits we will collectively bring to borrowers through our wholesale, correspondent lending, direct-to-consumer, and joint venture/retail business channels,” Harrigan added.
The company did not provide a specific timeline for when it will officially change names, simply stating that the name change will take effect in “early 2019.”