Shellpoint Partners Completes Resurgent Mortgage Servicing Acquisition – Servicing Division to Operate as Shellpoint Mortgage Servicing, a Division of New Penn Financial

Business Wire

NEW YORK--(BUSINESS WIRE)--

Shellpoint Partners LLC (“Shellpoint”), a leading residential mortgage finance company, announced today that its wholly owned subsidiary, New Penn Financial, LLC (“New Penn”) finalized the acquisition of Resurgent Mortgage Servicing, which will now operate as Shellpoint Mortgage Servicing (“SMS”).

“The acquisition of the mortgage servicing business from Resurgent Capital Services marks a significant milestone for Shellpoint as we implement our strategy to deliver financing solutions for homeowners in an evolving residential mortgage lending market,” said Bruce Williams, Co-CEO of Shellpoint. “SMS will provide a quality experience for New Penn’s customers, while continuing its industry leading special servicing business focused on maximizing performance and returns for our third party clients.”

“The acquisition by Shellpoint creates financial stability and the opportunity to better serve our clients and borrowers,” said Jack Navarro, President and CEO of SMS. “We look forward to supporting New Penn’s origination capabilities and continuing to enhance our capabilities for our third-party special servicing clients.”

Jerry Schiano, President and CEO of New Penn stated, “The addition of a highly regarded servicer focused on providing a customer-friendly borrower experience will enhance our continued commitment to providing innovative homeownership solutions.”

About Shellpoint Mortgage Servicing

SMS, a division of New Penn, is a leading residential mortgage servicer and special servicer. SMS is rated ABOVE AVERAGE by S&P for primary residential and special servicing, RPS3/RSS3 (Rating Watch Positive) by Fitch Ratings for primary residential and special servicing, and is an approved DBRS residential mortgage servicer. For more information, please see the SMS website at www.shellpointmtg.com.

About Shellpoint Partners LLC

Shellpoint is a specialty finance company focused on the U.S. residential mortgage market. It provides a wide variety of both lending and servicing solutions to its clients via its wholly-owned operating platforms, New Penn and SMS. For more information, please see Shellpoint’s website at www.shellpointllc.com.

About New Penn Financial, LLC

New Penn is a market-leading residential mortgage originator focused on providing the widest variety of mortgage solutions at the best price to its borrowers to help them achieve their goal of homeownership. Based in Plymouth Meeting, PA, New Penn is currently licensed as a mortgage originator in 48 states (including the District of Columbia). For more information please see New Penn’s website at www.newpennfinancial.com.

Safe Harbor Statement

Certain statements in this release and in any of Shellpoint’, New Penn’s or SMS’s’ public documents referred to herein, contain or incorporate by reference “forward-looking” statements. Statements that are not historical fact are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “project,” “estimate,” “forecast,” “objective,” “plan,” “goal,” “apparent” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on Shellpoint’, New Penn’s and SMS’s current beliefs, intentions and expectations; however, forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results, performance or achievements, to differ materially from those reflected in the statements made or incorporated in this release. Thus, these forward-looking statements are not guarantees of future performance and should not be relied upon as predictions of future events. The risks and uncertainties referred to above include, but are not limited to, future economic and business conditions; the effects of competition from other mortgage lenders; current uncertainty in implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, including its implementing legislation and regulations, and other legislative and regulatory changes that impact the business, operations or governance of mortgage originators and/or securitizers; and Shellpoint’s, New Penn’s and SMS’s ability to comply with the complexity of the various federal, state and local laws that govern its businesses; changes in regulations, mandates or the occurrence of other events that impact the business, operation or prospects of government-sponsored entities or government agencies such as the Federal Housing Administration or the Veterans Administration and/or Shellpoint’s or New Penn’s ability to sell mortgage loans to such entities or agencies or SMS’s ability to service such mortgage loans.

Contact:
Shellpoint Mortgage Servicing
James Harrington, 212-850-7705
or
Shellpoint Partners LLC
Eric Kaplan, 212-850-7788

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