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Moody : New Penn Rated as Average Originator

09/02/2015 | 08:47am US/Eastern

Sept. 01--When it comes to jumbo and non-QM mortgage production, New Penn Financial LLC is considered to be an average originator.

On originating prime jumbo loans that meet Qualified Mortgage requirements, the Plymouth Meeting, Pennsylvania-based company is considered average.

In addition, New Penn is considered to be an average originator when it comes to non-QM loans.

Moody's Investors Services, which issued the ratings, said it analyzed New Penn's ability to accurately assess borrowers' willingness and ability to repay their loans.

Also factored in was the lender's ability to assess property value, its ability to maintain compliance with laws and regulations, and New Penn's financial strength and support functions.

The report indicated that New Penn continues to increase its jumbo loan originations and expand its market footprint.

"Moody's regards NPF's originator ability as average and its originator stability as average," the report stated. "Areas of NPF's strength include its technology and closing and post-closing process. Areas of NPF's weakness includes financial strength and management strength and staff quality."

New Penn's QM loan performance was rated at above average -- the second-best rating possible out of five.

The performance rating reflects three loans that are 60 days past due and one that was repurchased out of 1,925 jumbo mortgages originated during the 50 months ended Feb. 28, 2015.

Loan performance on non-QM loans is average, according to Moody's.

This reflects no loans that are 60 days delinquent and no repurchases out of 187 non-QM loans closed during the four months through February.


(c)2015 Mortgage Daily

Visit Mortgage Daily at www.mortgagedaily.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

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