New Penn Financial LLC, a fast-growing lender with ties to MBS co-inventor Lew Ranieri, has hired Brian Simon as its new chief operating officer.
Simon, who departed a few months ago as CEO from another fast-growing lender, Caliber Funding, is being given the task of making sure the nonbank lender focuses on “optimizing operations and systems,” according to a press statement issued by the firm.
When Simon left Caliber the privately held lender had been operating at a residential run-rate of almost $500 million a month—ten-times its volume of a year ago. No reason was given for his departure.
Headquartered in Plymouth Meeting, Pa., New Penn Financial is a wholly owned subsidiary of Shellpoint Partners.
Ranieri founded Shellpoint and raised $100 million for the company through his firm, Ranieri Partners. The executive managers at Shellpoint include Bruce Williams and Saul Sanders, who used to head C-BASS.