Brown Deer-based Shelter Mortgage Co. has been acquired by New Penn Financial LLC.
Shelter Mortgage, a full-service mortgage lender, was founded in 1984. It uses a partnership based model, working together with realtors, builders and relocation companies.
The acquisition will expand Plymouth Meeting, Penn.-based New Penn’s mortgage market share and retail channel. New Penn is owned by specialty finance firm Shellpoint Partners.
Once the acquisition is complete, Shelter Mortgage will become a subsidiary of New Penn Financial/Shellpoint Partners LLC. Marc McManus, chief executive officer of Shelter Mortgage, will continue his leadership role in the combined firm.
“We are extremely excited to become part of the New Penn family of companies and recognize the immediate value the relationship will bring, beginning with the diverse mix of agency and non-agency products we’ll now be able to offer,” McManus said.
“The acquisition of Shelter Mortgage reinforces our position as a leader in the mortgage lending market,” said Jerry Schiano, president and CEO of New Penn Financial. “Their long history of building significant relationships with referral sources makes Shelter Mortgage a perfect complement to New Penn’s focus, financial strength, and diversity of products.”