National mortgage lender New Penn Financial has announced that it will be rebranded as NewRez at the beginning of 2019.
The change follows the company’s acquisition by New Residential Investment in July.
“We are very excited to announce the rebrand and for the growth opportunities it signals,” NewPenn President and CEO Kevin Harrigan said. “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.”
The company said the decision to rebrand and the new name reflect its close alignment with New Residential. Since the acquisition, New Penn has leveraged additional capital and corporate backing from its parent to grow and to expand its product innovation capabilities.
Additionally, New Penn has continued to develop flexible loan products such as the SMART Series line. During the year, the company has also invested significantly in technology designed to streamline the loan approval process and improve the overall customer experience.
“The new brand represents a combination of our company’s successful history and the bright future ahead,” Chief Marketing Officer David Haggert said. “More information on the rebrand will be communicated in the coming weeks, including the transition timeline and details of the new brand and logo.”