Newfi Lending gets approved by Fannie Mae and FHA
Newfi Lending, a technology-enabled residential mortgage lender, is now approved by Fannie Mae as a seller/subservicer and by the Federal Housing Administration as a "Full Eagle" Mortgagee.
These new designations allow the company to independently fund, own and service loans by Fannie Mae and the FHA.
"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, in a press release. "These relationships greatly enhance our offering as we expand the Newfi brand nationwide."
Through the FHA lending program, Newfi has earned the title of "Nonsupervised Mortgagee," the official category for nonbank lenders, which allows the company to "originate, underwrite, close, endorse, service, purchase, hold, or sell FHA-insured mortgages," according to the Federal Housing Administration.
In July 2017, Newfi Lending reached $1 billion in mortgage originations, 24 months after launching its lending operations in April 2015. The $1 billion in loan volume was a result of the company's direct-to-consumer and wholesale lending operations.
Newfi has experienced significant growth in 2017, according to the company, and currently operates in the following nine states: Arizona, California, Colorado, Florida, Oregon, Pennsylvania, New Jersey, Utah and Washington. The multichannel mortgage lender also has licensing approval for an additional seven states and plans on operating in over 20 states by early next year.
Newfi was founded in 2014 by industry veterans and is a portfolio company of New York-based private equity firm Warburg Pincus.