Brandt Schumacher Named President at New Penn

New Penn Financial announced the addition of a former nonprime mortgage executive to the company's senior management team.

New Penn, based in Plymouth Meeting, Pa., named Amy Brandt Schumacher president to oversee the company's information technology operations, along with all of its origination channels: consumer direct, retail (both traditional branch and joint ventures) and third-party originations.

Brandt Schumacher most recently was chief operating officer for Prospect Mortgage, after she was hired as president of correspondent lending and servicing in 2012. Previously, she was CEO of Vantium Capital, which she formed in 2007 with Apollo LP, a private equity firm. Most notably, Brandt Schumacher was CEO and president of WMC Mortgage, a leading player in the subprime mortgage origination business that GE purchased in 2004 and shuttered in 2007 due to the financial crisis.

"Amy's expertise in customer acquisition and loan origination systems will be key in advancing New Penn's customer-first initiative," Jerry Schiano, origination division CEO at New Penn, said in a new release about the hire.

In her new roles with New Penn, Brandt Schumacher will commute between the company's Pennsylvania headquarters and its offices in Dallas. Founded in 2008, New Penn has more than 130 offices nationwide with more than 1,700 employees.