Approval allows Newfi to fund and service FNMA & FHA-insured loans
EMERYVILLE, Calif., December 4th, 2017 – Newfi Lending, a technology-enabled residential mortgage lender and portfolio company of Warburg Pincus, today announced that it has been named by Fannie Mae as an approved Seller/Servicer, and also been approved by the Federal Housing Authority (FHA) as a “Full-Eagle” Mortgagee. These two approvals allow Newfi to independently fund, own, and service Fannie Mae & FHA loans.
Fannie Mae, formally known as the Federal National Mortgage Association (FNMA), is a government-sponsored business that helps Americans enjoy the benefits of homeownership by purchasing and guaranteeing large blocks of home loans from the secondary mortgage market. Fannie Mae’s Seller/Servicer approval allows Newfi Lending to directly sell and service Fannie Mae loans.
In the FHA Lending Program, Newfi has been designated a “Nonsupervised Mortgagee,” which is the official approval category for non-bank lenders. According to the FHA, this approval allows Newfi Lending 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.
“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.”
Newfi Lending has experienced significant growth in 2017 and is now operating in 9 states: Arizona, California, Colorado, Florida, Oregon, Pennsylvania, New Jersey, Utah, and Washington. The company has received licensing approval for an additional 7 states and plans to operate in over 20 states by early 2018.
About Newfi Lending
Founded in 2014 by industry veterans, Newfi Lending is a national mortgage lender reshaping the borrowing experience through a combination of proprietary technology and product innovation. Newfi delivers a more efficient and transparent process resulting in lower costs and higher levels of customer satisfaction and trust. For more information, visit www.newfilending.com.
About Warburg Pincus
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $44 billion in private equity assets under management. The firm’s active portfolio of more than 150 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 16 private equity funds, which have invested more than $60 billion in over 800 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Hong Kong, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai and Singapore. For more information please visit www.warburgpincus.com.
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