EMERYVILLE, Calif., July 26, 2017 /PRNewswire/ -- Newfi Lending, a technology-enabled residential mortgage lender and portfolio company of Warburg Pincus, today announced that it has originated over $1 billion in loan volume. The company reached this milestone just 24 months from the time it launched lending operations in April 2015. The $1 billion in mortgage volume is a combined result of Newfi Lending's direct-to-consumer and wholesale lending operations.
"These incredible results in such a short period of time validate our dual-channel business model," said Newfi Lending CEO Steve Abreu. "We achieved this significant milestone despite the challenges of ramping up a new company in a limited geography. This bodes well for Newfi as we accelerate the growth of our sales organization and the expansion of our national footprint."
Newfi Lending has experienced significant growth in 2017. The organization has now expanded operations to 9 states: Arizona, California, Colorado, Florida, Oregon, Pennsylvania, New Jersey, Utah, and Washington. The company has received licensing approval for 16 states and plans to operate in over 20 states by the end of 2017.
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, product innovation, and personal touch. 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 140 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 780 companies in more than 40 countries. For more information please visit www.warburgpincus.com.
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SOURCE Newfi Lending