New Penn Financial LLC will operate under the name NewRez as of 2019.

New Residential said the name change and decision to rebrand are indicative of New Penn’s close alignment with its parent company and deliver value to customers and strategic partnerships. New Residential acquired New Penn, a national lender known for innovative technology, in July.

“NewRez combines the strength and experience of the New Penn and New Residential brands under one umbrella, and we look forward to the benefits we will collectively bring to borrowers through our wholesale, correspondent lending, direct-to-consumer, and joint venture/retail business channels,” said Kevin Harrigan, president and CEO of New Penn.

Since the acquisition, New Penn has had access to more capital and corporate backing from New Residential to grow and to expand New Penn’s product innovation capabilities.

The company has continued to develop flexible loan products such as the SMART Series line, which create more opportunities for qualified borrowers to purchase or refinance homes. During the year New Penn has also invested significantly in technology designed to streamline the loan approval process and improve the overall customer experience.