The company now has access to the secondary mortgage market and FHA-insured mortgages
Residential mortgage lender Newfi Lending has been approved by Fannie Mae as a “seller/servicer,” and has also been named by the Federal Housing Authority (FHA) as a "Full-Eagle" mortgagee.
"We are pleased to receive these approvals from Fannie Mae and FHA Full-Eagle, which demonstrate our commitment to building our capabilities across the lending spectrum," said Steve Abreu, CEO of Newfi Lending. "These relationships greatly enhance our offering as we expand the Newfi brand nationwide."
Fannie Mae's seller/servicer approval gives Newfi access to more opportunities in the secondary mortgage market, as it is now allowed to to directly sell and service Fannie Mae loans.
For the FHA lending program, Newfi was designated as a “nonsupervised mortgagee” – the official category for non-bank lenders. The approval allows Newfi to originate, underwrite, close, endorse, service, purchase, hold, or sell FHA-insured mortgages. FHA mortgage loans allow borrowers with limited cash or credit to qualify for a mortgage on their primary residence.
The lender is a portfolio company of global equity firm Warburg Pincus. Newfi started in 2014 and is now operating in nine states: Arizona, California, Colorado, Florida, Oregon, Pennsylvania, New Jersey, Utah, and Washington. It has received licensing approval for an additional seven states and plans to operate in more than 20 states by early 2018.
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"We are pleased to receive these approvals from Fannie Mae and FHA Full-Eagle, which demonstrate our commitment to building our capabilities across the lending spectrum," said Steve Abreu, CEO of Newfi Lending. "These relationships greatly enhance our offering as we expand the Newfi brand nationwide."
Fannie Mae's seller/servicer approval gives Newfi access to more opportunities in the secondary mortgage market, as it is now allowed to to directly sell and service Fannie Mae loans.
For the FHA lending program, Newfi was designated as a “nonsupervised mortgagee” – the official category for non-bank lenders. The approval allows Newfi to originate, underwrite, close, endorse, service, purchase, hold, or sell FHA-insured mortgages. FHA mortgage loans allow borrowers with limited cash or credit to qualify for a mortgage on their primary residence.
The lender is a portfolio company of global equity firm Warburg Pincus. Newfi started in 2014 and is now operating in nine states: Arizona, California, Colorado, Florida, Oregon, Pennsylvania, New Jersey, Utah, and Washington. It has received licensing approval for an additional seven states and plans to operate in more than 20 states by early 2018.
Related stories:
More borrowers are finding their lenders online
Newfi Lending partners with Tavant to transform mortgage process
