SOURCE: LoanScoreCard


April 27, 2016 10:00 ET

New Penn Financial Selects LoanScoreCard's Automated Underwriting Engine for Its Jumbo Production

IRVINE, CA--(Marketwired - April 27, 2016) -  LoanScoreCard, a leading provider of automated underwriting and compliance solutions, announced today that New Penn Financial, Plymouth Meeting, Penn., a leading national lender, has selected LoanScoreCard's custom underwriting engine, Custom AUS, for its non-agency loans.

LoanScoreCard's Custom AUS is an automated underwriting solution that allows lenders to customize credit decisioning and safely originate compliant assets. The system delivers an underwriting decision and provides an assessment report that includes a breakdown of every rule applied and whether the loan passed or failed a particular guideline -- creating an audit trail for underwriting and ability-to-repay decisions. It also accommodates third-party origination programs and helps ensure consistent, transparent application of credit policy.

Founded in 2008, New Penn Financial is a ShellPoint Partners Company and is licensed in 48 states. The company offers a full line of mortgage finance products including government, conforming, jumbo, non-QM and HARP loans. In 2015, New Penn originated over $7 billion.

"LoanScoreCard's Custom AUS will help us underwrite our jumbo, non-agency loans in a timely and efficient manner," said Terri Merlino, chief credit officer at New Penn. "Underwriting these loans manually meant that just one loan could take hours. We needed a solution that could keep up with the increased volume and demand, and free up our underwriters' time to focus on the more complex transactions."

"LoanScoreCard's Custom AUS is designed to increase efficiency and accelerate the origination and investment processes," said Ben Wu, executive director at LoanScoreCard. "At the same time, it helps assure compliance and creates an auditable trail of the steps that went into the underwriting and ability to repay decisions."

About New Penn Financial
New Penn Financial has become a leading nationwide lender by bringing expertise, extremely competitive rates on a broad portfolio of mortgage products, and exceptional customer service under one roof. Founded in 2008, and licensed in 48 states, the company and its reputation have grown rapidly under the guidance of a management team with years of experience in the mortgage industry. New Penn is headquartered in Plymouth Meeting, Pennsylvania and operates offices nationwide. New Penn is a Shellpoint Partners company. More information is available at

About LoanScoreCard
LoanScoreCard is a leading provider of automated underwriting and compliance solutions, designed to meet today's regulatory challenges. LoanScoreCard provides easy-to-read Findings Reports that clearly demonstrate how a given loan meets current underwriting and compliance guidelines so that all necessary documentation is retained with the file to support lending decisions in an investor review, regulatory audit or potential claim. Our proprietary AUS engine can also be custom-tailored to capture your own particular underwriting guidelines to ensure that every loan originated adheres to the loan programs you have defined. As the industry's first engine for QM Findings, LoanScoreCard helps financial institutions address CFPB regulations regarding Ability-to-Repay and Qualified Mortgages, having rendered more than 3 million QM Findings Reports to date. Distinguished as the first vendor to integrate with FHA TOTAL Scorecard, LoanScoreCard offers FHA decisions at a fraction of the traditional cost. For more information, visit or call 800-617-0892.

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